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Landlords and Tenants
in British Columbia            





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Insurance for Tenants

There are a number of really good reasons why renters should have Tenant insurance.

As a Tenant you are liable – yes, legally responsible – for any harm you cause to any part of your building and to others who live or visit there.  If your toaster oven starts a fire that damages not only your apartment, but also the neighbours or perhaps the entire complex, you may have to pay out a lot of money. 

What about your possessions?  You might not think that you own much of real value, but what if you had to replace everything all at once, due to fire or water damage?  Replacing your clothing, alone, could run you a few thousand dollars. And that old futon and bed might not look like much, but buying new ones would be hard on the wallet. When you consider what it would cost to replace everything, monthly insurance premiums may look pretty good by comparison. 

Some people believe they are covered under the building owner's insurance policy if there is a fire or if someone breaks into their home.  Be aware that this is not the case! 



Can a Landlord ask to see a copy of your insurance policy?  Contents insurance may be a necessary requirement for renting a property. A Landlord is responsible for having a purpose for requesting this information and explaining it to you. If, for example, the Landlord must satisfy his or her own insurance company that the Tenant have contents insurance, then it may be reasonable to require some proof.

>> News Article: Renters’ insurance won’t weigh on the wallet

>> News Article: Do renters need insurance?


What does it cost?

We did an online quote with two insurance companies. If you rent a townhouse or condo in the Okanagan that is less than 25 years old, and with coverage of $40,000 for personal property and one million for liability, and $1,000 deductible, the cost per year is:

BCAA - $378               RBC Insurance - $241

Since there is quite a bit of difference in cost, it's best to shop around.  Factors that affect the cost of insurance is if you operate a business in your rental property, the age of the building, and the dollar amount of personal property you need coverage for.

>> More information for BC Renters

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