Think protection when renting

As a renter, you are responsible for what happens in your unit. Household insurance should include a liability clause that will cover you should someone get injured in your apartment and sue. You may also be unaware that if you cause damage to other units in the building through your own carelessness, like water damage, for example, you could be liable for the repairs.Renters who have not done their “homework” sometimes assume that the landlord’s insurance will cover them, when in fact, it does not. The property insurance which landlords purchase covers the building and their own personal liability. This means that your personal belongings are not protected unless you purchase tenant insurance that covers your stuff.Let’s say the apartment building burns down. The landlord’s insurance would cover repairs to the structure, but you would have to purchase replacements for all of your personal furniture and other possessions. If that sounds like it’s not a big deal – think again.People are usually astounded at the value of what they own. The best way to appreciate this fact is to take one room and list the items in it. Then write down what it would cost to replace each one and add it up. Clothing, shoes and coats can cost thousands.And, most people today own computers, entertainment equipment and other items that would be difficult to afford all at once if they were ruined by fire or water. Discuss the policy possibilities with your insurance agent. You can purchase a policy that covers what your possessions are worth in their used state, or you can buy a policy that covers replacement costs.Another reason to consider insuring your contents is that sometimes your items are covered outside of your apartment. If your laptop is stolen on a trip, as it is part of your property, it may be covered under your policy. It’s always worth checking with your agent or broker.Additionally, if you are a student renting housing while in university, have your parents check as to whether you might be covered under their home insurance policy.If you choose an apartment building that has successfully completed the Certified Rental Building Program (CRBP), be sure to ask the building manager or property manager for advice about insurance.The CRBP was created by FRPO to help ensure a high quality of life for tenants in certified buildings. Part of that commitment is to provide information to potential tenants that helps them to make their rental decision with confidence. It’s all about peace of mind.For information on a variety of topics regarding renting an apartment in Ontario, visit frpo.org and crbprogram.org.