28 Sep Insuring the Contents of Your Kamloops Apartment
Is your Kamloops apartment insured? If you ask the question to renters, many would guess that somehow, it is. Surely, the property owner has insurance. Although McGill Ridge Apartments (and all rental apartments) have insurance, it doesn’t cover the cost of replacing your belongings if they are lost or damaged because of theft, fire, flood or other calamities.
Tenant’s insurance, also called “contents insurance” or “renter’s insurance” is often misunderstood by Canadian renters, who make assumptions about costs, value, and coverage.
Approximately 50% of Kamloops Apartment Renters Don’t Have Insurance
According to the Canadian Rental Housing Index, there are over 10,000 renters in Kamloops (600,000 in BC). Insurance Canada (IC), an insurance information website for consumers and industry professionals, cites a study by Kanetix, which found that 48.5% of Canadian rental tenants don’t have renter’s insurance. That means approximately 4,850 apartment renters in Kamloops aren’t covered. The IC news article suggests that the reasons so many tenants rent without the safety net insurance provides is because they are misinformed or make false assumptions about their insurance needs.
According to the study, the most common reasons given for not having renter’s insurance are:
- Cost
8% of respondents said insurance cost was a factor, assuming it’s too expensive, even though in reality tenant’s insurance can cost as little as $15/month. - Assuming that they don’t have enough contents make it worthwhile
3% of respondents said that they felt they didn’t have enough belongings to warrant insurance, though consider that event the smallest Kamloops apartments will contain thousands of dollars (or more) in contents. - Assuming their contents are covered by the landlord’s insurance.
3 % of respondents said they believed that their apartment contents are covered by their landlord’s insurance. While apartment landlord’s have insurance for the building, the coverage does not cover tenants’ belongings.
The fallacies listed above could cost tenants more than they think. Imagine how much it would cost to replace everything in your apartment right now. Also imagine what it might cost, if through some accident (e.g., leaving a tap running and causing a flood in an apartment or apartments on the floor below you) another tenant holds you liable. In addition to covering contents, most tenant’s insurance policies also include personal liability coverage and living expenses should you have to temporarily vacate your apartment and rent elsewhere because of an insured loss.
Before You Get Renter’s Insurance for Your Kamloops Apartment
There are many insurance agencies in Kamloops that offer apartment renters affordable insurance, but before you start shopping for the best rates, we recommend educating yourself about the basics of insurance. The resources below should be helpful to get you up to speed quickly.
- Tenant’s Insurance PDF by the Insurance Bureau of Canada.
A broad overview of tenant’s insurance. - Tenant Insurance page at the Insurance Bureau of Canada.
A concise, one page consumer education article describing why you need tenant’s insurance, what it covers, and replacement cost vs. actual cost. - Insurance Policy Checklist by the Insurance Bureau of Canada.
Learn everything you need to know about the language of insurance policies. - “What every renter needs to know about tenant’s insurance” article at CBC.ca.
Rent at McGill Ridge Apartments in Kamloops
If you are looking for a Kamloops apartment with modern amenities in an excellent location (Kamloops Southwest Business district just steps to TRU), look no further than McGill Ridge. McGill Ridge is one of Kamloops’ newest apartment communities. We currently have suites available for lease in two buildings, and a third building is under construction. If you’re interested in renting, view our floor plans and pricing then request apartment availability. We’ll reply with information and next steps within two business days.