Tenant Insurance in BC: Everything You Should Know, According to an Expert | Birds Nest Properties

While the landlord is responsible for insurance on the property itself, it’s up to you (or rather, your renters insurance policy) to cover your belongings.

This type of policy, also known as renters insurance, provides coverage for your contents, liabilities, and even living expenses in the event of loss.

Reading: What does renters insurance cover bc

plus, it’s relatively affordable. Depending on the value of your belongings, a typical renters insurance policy can cost as little as $25 per month.

On Bird’s Nest properties, we require each tenant (and property owner) to obtain a policy to protect against flood, fire, or other emergency situations. To clarify what’s covered and why it’s a worthwhile purchase, we sat down with expert insurance agent gigi wong of rand & bird hunter for more information.

Why should I buy renters insurance and what does it cover?

Renters insurance protects a tenant’s personal property, additional living expenses, and liability, in the event of an insurable loss. For example, if a flood occurs and his personal property is destroyed, the insurance will help replace his belongings. your additional living expenses coverage will cover the costs of your temporary relocation. and say, in a truly unfortunate scenario, that you caused the flood, your liability coverage would support any needed repairs to affected common areas and/or neighbors’ homes.

How do you know how much your content is worth?

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I usually advise clients to make a list of their personal belongings: everything they bring into their home, such as furniture, kitchen items, clothing, shoes, bags, and jewelry. give that list a total value and that is the limit of its content in your coverage.

How much liability coverage should I get?

We normally quote $2 million to cover accidents or scenarios for which the insured may be responsible, and the cost difference between $1 million and $2 million is relatively minor.

Are there any additional coverages I should consider?

earthquake coverage is something a great vancouver agent will generally recommend and include, where possible. An agent will also determine if you need to add a “program” to insure more expensive jewelry or art when the value exceeds the policy limit.

how much does renters insurance cost in bc?

The premium for a renters insurance policy is based on the value of the contents, the location of the home, the age of the renter, and the renter’s insurance history. With $30,000 worth of content, the average premium is typically between $300 and $400, or around $25 to $35 a month.

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worst case scenario: someone doesn’t buy renters insurance, what does that look like?

well… my brother-in-law’s neighbor’s toilet overflowed… and the “flow” circulated throughout the apartment. the entire floor had to be replaced, along with the furniture. my brother-in-law didn’t have renters insurance, so he had to pay for everything, including hotel stays and repairs. Does he have renters insurance now? yes.

Why should an insurance claim be reserved for emergency scenarios only?

We receive many inquiries about insurance claims for relatively small amounts. For example, let’s say your claim is $1,300 and your deductible is $1,000; the total profit is only $300, but you will lose your no-claims discount for the next three to five years. It’s also important to note that insurance companies regularly deny renewals to those with two or more claims, regardless of the amount claimed.

last question, what do you need to bring/share with your insurance agent when you buy your policy?

Take a look at this checklist before you show up or call your insurance agent. it’ll get things moving faster and you’ll have a policy in no time!

1. ID showing your name and date of birth
2. rental details including address, year of construction, number of floors and type of construction (wood/concrete frame)
3. details of previous insurance history, including company and years insured
4. value of contents: everything that would fall to the ground if you tipped over your apartment, plus appliances
5. a list of special items (for example, jewelry, artwork) that may fall outside the typical policy limits due to their rarity or high value

Source: https://amajon.asia
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