Insuring your apartment
As a tenant, you don't think you need home insurance?
Should you get insurance?
Too many tenants in Quebec are not insured. The value of your insurable belongings may not be as high as if you owned your own home. Nevertheless, they are worth insuring.
For example, if a fire were to destroy your apartment and all of its contents, your home insurance would help you to buy new clothes and other essential items. The compensation you'd receive would help you start from scratch.
Have you considered civil liability?
In addition to your belongings, your home insurance offers liability coverage. This would help if you were held liable for damages caused unintentionally to a third party.
And, in case of a loss, the insurer would settle any damage to the building directly with the owner. If you're held liable for the loss and are not insured, you'll have to pay the amount of the claim. However, if you're insured, it's the civil liability coverage under your policy that will reimburse the building owner's insurer.
Home insurance also allows you to receive compensation for additional living expenses if you could no longer live in your apartment (depending on the coverage chosen).
Your personal property isn't covered by the building owner's insurance.
It's up to you to have it insured!
There are a number of home insurance products on the market with different levels of coverage. Take the time to shop around and choose the insurance you need in terms both of coverage and premium. It can cost about $300 per year for a tenant to get insurance.