September 24, 2019
You May Be Eligible for Free Renters Insurance in Ontario
That’s right, if you rent a house, apartment or condo in Ontario you may be eligible for a free Renters Insurance Policy (or an extremely cheap one).
The math works in your favour when you have auto insurance.
If you have auto insurance, we can get you up to a 10% discount off your Auto Insurance policy you purchase a Renters Insurance policy. So, if you’re paying $250 a month for Auto Insurance that discount can easily be $25 per month.
Most tenants or renter insurance policies in Ontario cost $18 to $25 per month, so in reality you can own a Renters or Tenants Insurance policy for free.
If you were a fly on the wall and you heard one of our Excalibur Defenders talking to a client about Renters Insurance – you might be blown away by some of the reasons people don’t believe they need it.
The reason? Most people don’t realize all of the different ways that a tenants or renters insurance policy can protect you.
Sure ‘FREE’ (or extremely low cost) insurance is a no brainer, but here are 6 largely unknown ways Renters Insurance will save you:
1. Your stuff right now might be worth much – but imagine you have a fire and need to replace all of it tomorrow. It would likely cost 6 months or more worth of pay checks to buy everything new – cash most of us don’t have sitting idle in the bank. A Renter’s Insurance policy in Ontario includes Replacement Cost, which means the insurance company will pay to replace your old stuff with new.
2. Liability Insurance – Anyone at any time can be hurt at your place, and there are people who may be forced to sue you if they’re severely injured. In addition to any lawsuit settlement – liability insurance also covers court costs, including a lawyer.
3. Additional Living Expenses – Remember the fire we discussed earlier in point #1? If you needed to find a hotel until damages are repaired, or until you can find another place to live – Renter’s insurance policies in Ontario pay for these costs until life returns to normal.
4. Tenants Legal Liability and Premises Liability – You accidentally caused a grease fire or flood and damaged your place, as well as your neighbor’s. Your landlord is going to want their money back for the damages – and this part of your Renters Insurance policy pays for the damages in Ontario.
5. An Ontario Tenants Policy builds insurance history – someday, you may want to buy a house or condo of your own. You will receive big discounts on your Home Insurance policy in the future for having prior insurance.
6. Identity theft – this is becoming more common and can happen to anyone. Renter’s Insurance policies in Ontario have coverage included to assist should you be the victim of identity theft.
7. The Renter’s Insurance Bonus – your landlord is at your door, or on the phone saying you need to show them proof of insurance or you are going to be kicked out! If you don’t have insurance, your landlord can file for an eviction. Most landlords state that Renters Insurance is required right in your lease.
if you have an Auto Insurance policy your Renters Insurance policy could be free or heavily discounted. Even if you don’t own a car – Renters Insurance in Ontario is one of your best investments as a tenant.
Want more information on renters insurance? Watch our Bite-sized Breakdown video here.
If you are exploring on your own check out our interactive coverage map below to learn more.
Getting cheap tenants insurance is fast and easy here, https://excaliburinsurance.ca/ontario-personal-insurance/tenant-insurance/. You can also go to our website here to get a quote and purchase a policy online right away.
Interested in knowing how much we can discount your tenants insurance in Ontario?
Call your Excalibur Insurance Defender Toll Free at 1-800-561-0183