Toronto is Canada’s largest urban center, with almost double the population of the next largest city. With a huge number of people living in a relatively small geographic area, it makes perfect sense that more people live in apartments than detached houses—and many of them rent rather than own their homes. It’s common for renters to assume they don’t need insurance since they don’t own the property, and it’s the landlord’s responsibility to hold insurance for the apartment building. But when it comes to apartment insurance, Toronto tenants can’t afford to go without it.
The experienced Toronto insurance brokers at Morison Insurance can help you find the right Toronto apartment insurance so you can rest easy knowing you can get financial assistance to replace your personal items in the event of a covered peril, or to defend yourself in court should you be accused of causing harm to a third party. Give us a call today to find out more about apartment insurance. Toronto residents can rely on our team for knowledgeable advice.
Toronto apartment insurance is a type of personal insurance for people who live in a rental unit. Also known as tenant insurance or renters insurance, it is designed to provide protection to apartment residents, allowing them to avoid paying out-of-pocket expenses should their personal items be damaged, destroyed, or stolen. It also provides the apartment liability insurance Toronto renters need for legal expenses in the event of a lawsuit. If you have legal action brought against you for allegedly causing property damage or injury to a third party, you can file a claim for the resulting legal costs with your insurance provider.
Anyone who rents an apartment needs to have apartment insurance. Toronto tenants sometimes don’t realize that the insurance a landlord holds to cover a rental property does not extend to renters’ personal belongings. That means if your apartment—and everything in it—is damaged or destroyed by a peril such as a devastating fire, and you don’t have Toronto apartment insurance, you will not be eligible to receive any insurance compensation to cover the cost of replacing your belongings, from clothing and electronics to furniture and art. Furthermore, if you are sued because a third party alleges you caused them harm, you need apartment liability insurance in Toronto in order to receive financial assistance to deal with legal costs.
The government does not mandate that you must have apartment insurance in Toronto, so there are no legal requirements for tenants to be insured. However, it’s well worth noting that it’s common for landlords to include a requirement for apartment insurance in their lease agreements. If you’re unable to provide proof of insurance for the right types and amounts of coverage, they will be unwilling to rent an apartment to you. So in that sense, it is often necessary to have apartment insurance.
Toronto renters know all too well that finding and securing the right apartment in the current market can be a challenge, and you don’t want the perfect place to slip through your fingers because you couldn’t provide the landlord with a certificate of insurance.
Personal property, liability, and additional living expense coverage are generally included with apartment insurance in Toronto, although additional endorsements are available for more customized extra coverage.
Also known as contents insurance coverage, this part of Toronto apartment insurance protects against the cost of repairing or replacing your belongings if they are destroyed or damaged by common perils, such as fire or natural disasters. With personal property coverage, you can file a claim for the expenses associated with replacing your lost items, up to the coverage limits on your apartment insurance policy. The specific perils that are covered depend on the type of policy you have and how it is written. For example, some types of water damage may be covered by a base policy, while other types will require an endorsement to be covered.
If someone suffers bodily injury as a result of your actions or while they’re in your home, or if they allege that your actions somehow caused accidental damage to their property, they could choose to bring legal action against you and sue you for damages. In a scenario like that, the personal liability coverage on your Toronto apartment insurance policy would enable you to file a claim to receive insurance compensation for legal costs such as attorney fees, court fees, and, should you be found liable, settlement expenses. It’s important to keep in mind that even if you aren’t held liable for the injury or damage, you’ll still incur the cost of your legal defense, which can be substantial. With apartment liability insurance, Toronto renters can rest assured that financial assistance is available to deal with those expenses.
If the worst happens and your apartment is damaged to the point where you can’t live there, your landlord will need time to get repairs taken care of and get the unit back in livable condition. That process can take anywhere from weeks to months, and in the meantime, you’ll need somewhere to stay. The additional living expenses coverage portion of your Toronto apartment insurance can get you the funds you need to cover additional expenses during that time period, potentially including hotel costs and more.
Additional coverages can be added to your Toronto apartment insurance quote to provide further protection. Some common endorsements include:
Not sure what coverage you need? Contact a Morison Insurance broker. They will get you a Toronto apartment insurance quote that is tailored to your needs and budget.
Like other types of insurance, Toronto apartment insurance does not cover damage that was purposely caused by the policyholder. It also does not cover damage to the building or anything that is not owned by the tenant. For example, if your rental unit includes appliances or furniture that are owned by the landlord, the landlord would need to have them included on their property insurance policy, as they won’t be included on your apartment insurance in Toronto.
There are also a number of perils that may or may not be covered based on your specific policy. If you’re not sure exactly what is covered, the best course of action is to call your Morison Insurance broker and discuss the details of your policy with them.
When a quote for apartment insurance in Toronto is requested, insurance companies begin by evaluating the information provided about the policyholder to determine the cost of insurance premiums for that individual. Some of the key information they look at includes:
Using this information and more, insurance providers come up with a unique cost for your insurance premiums that reflects the customized nature of your Toronto apartment insurance coverage and your particular circumstances.
There is a common misconception that there’s no real difference between condo insurance and apartment insurance in Toronto. It’s an understandable assumption, because after all, a condo unit and an apartment unit could be nearly identical in appearance. But the key difference is that individual condo units are typically owned by the people occupying them, while apartments are rented to tenants. Therefore, condo insurance must include coverage for the unit itself, while apartment insurance doesn’t cover the apartment unit. Instead, the actual apartment is covered by the landlord’s property insurance, while the contents of the apartment that belong to the tenant are covered by Toronto apartment insurance.
If you have questions or are ready to look at Toronto apartment insurance quotes, give the team at Morison Insurance a call at 1-800-463-8074. Our friendly, reliable brokers provide expert assistance with everything from tracking down the best coverage for your unique needs to handling the claims process when the time comes. Contact our award-winning team today to help you get the best Toronto apartment insurance quote.
