Why you need tenant insurance in Manitoba
There are some things you don’t need: a roller coaster in your backyard, a broken watch, twelve swimming pools… we could go on and on. However, if you’re renting a house, condo, or apartment, tenant insurance is definitely a need. The following is a quick guide on why you need tenant insurance in Manitoba.
It may not seem like your stuff is worth a lot, but you’d be quite surprised how fast it adds up. Here’s a rough estimate of the cost to replace items for one person living in a 700 square foot space. Keep in mind that our estimate doesn’t include items like laptops, cellphones, and art.
- $5,000 – clothing
- $1,200 – jewelry (costume)
- $1,000 – shoes
- $1,000 – makeup + toiletries
- $2,200 – bed + linens
- $2,500 – couch + chairs
- $5,000 – other furniture + tables
- $1,200 – TV + entertainment units
- $1,600 – kitchen items
- $500 – pantry + food
That all adds up to $21,200! The good news is tenant insurance covers the cost to replace your belongings, so you don’t have to have $20,000+ in savings replace it on your own. Also, keep in mind that tenant insurance covers what it costs to buy the item new.
Whether you left a tap running, or it was leaky, if that running water causes a flood in the suite under yours you could be considered responsible for the damage. Although your landlord will have property insurance to protect their overall building, that coverage does not extend to you.
But with tenant insurance, you’ll have liability coverage, which would help you out in times like this.
(Keep in mind, a leaky tap is just one of many examples of how things can go wrong.)
Tenant insurance in Manitoba is extensive and your protection is widespread. Not only will tenant insurance cover you for property and personal liability, you can even purchase additional coverage to cover the cost of jewelry if it’s lost or stolen.
Tenant insurance is also very affordable. Costs vary from person to person (depending on where you live and how much you own) but can be as little as $15 a month.
See how affordable this protection can be with a quick online quote. Or you can get in touch with any of our branches. We’d be happy to answer your questions and get you set up at a time that’s convenient for you.