Tenants Insurance

Protecting your assets and the risk of third party liability should be a primary concern for all renters simply because accidents happen and we rarely get to see them until after they happen. An unattended bowl or an overflowing bathtub can cause a great deal of damage to your unit and its contents. Renters insurance covers your contents against losses due to fire, smoke damage, water damage, vandalism, theft and many more risks.

What specific protection can renters insurance provide?

  • Contents – Protect the contents in the policyholder’s unit and other personal property worn or used by the resident inside and outside the building. If you are able to turn your unit upside down and shake it, anything that drops will generally be considered “contents” while whatever is not part of the building is not covered. Contents may include, but are not limited to, furniture, clothing, televisions, bedding, and dishes. Of course, some restrictions may apply.
  • personal responsibility – If a resident is found to be liable for causing damage to the building or another person’s property (for example, if a resident accidentally causes a fire in their room) or causes bodily injury to another person in the building, coverage under the policy will respond until The insured limit for the payment of legal expenses and compensation subject to the terms, conditions and exclusions of the policy.
  • Additional living expenses – If a tenant’s unit is unfit for occupancy as a result of an insured loss or the resident has to move out of his unit while repairs are being made, coverage under the policy will pay the increased expenses up to the insured limit the resident incurs for temporary housing subject to the policy’s terms, conditions, and exclusions. If a resident has to move to a hotel for a few days while their unit is being repaired, these additional costs and increased food costs for restaurant meals may be covered under the policy as per the policy’s terms, conditions, and exclusions.
  • Other Covers – Additional coverages for earthquakes, jewelry, and fine arts may be available. Please check with your insurance broker as required.

Coverage may be subject to a deductible. Please check with your insurance broker for policy details.

Additional benefits

Some renters insurance policies provide access to value-added services, directly from the insurance company, as an added benefit of coverage. Novex Insurance Company, for example, offers Novex Assistance – a program designed to provide renters with services including:

  • Unlimited Legal Information Phone Helpline for advice on property, landlord/tenant relationships, employment, contracts, social benefits, licenses and permits, inheritance and family law.
  • Home care services including housekeeping when property is damaged; babysitting sick children or grandchildren; babysitting while hospitalized; housekeeping upon return from hospitalization; A visiting nurse.

Please note that home care services are subject to certain restrictions and conditions. Please ask for details.

Tenant Insurance Programs

Renters insurance programs exist for a number of different types of renters that may offer customized coverage and pre-negotiated preferred rates. These preferred rates may provide cost savings over renters insurance offerings in the retail market.

  • Building Tenants Insurance Programs – For the benefit of the tenants who live in some buildings.
  • Seniors and renters insurance programs For the benefit of senior tenants who live in some retirement homes. It may specifically include covers for hearing aids, wheelchairs or scooters.
  • University/college tenant insurance programs For the benefit of their students during their stay in certain colleges or universities.

In most cases, renter insurance programs may be provided at no cost to the building owner, retirement home owner, or college/university. Property loss experience and improved general liability for building owners may result due to the insurer’s ability to resolve. This, in turn, may lead to lower commercial insurance rates in the future.


Protecting your contents and protecting yourself from liability risks is a wise move to take regardless of whether or not you own your home. Renters insurance is risk coverage often overlooked by renters and can, in many cases, provide great risk protection at reasonable rates. Ask your insurance broker about the benefits of renters insurance and learn how little it will cost to cover your property and the risks of third party liability.

Leave a Comment

Your email address will not be published.