Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
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Financially speaking, renting is a relatively low-risk option. Your landlord is responsible for paying for maintenance and upkeep costs. So if damage occurs, as long as you’re not at fault, you typically won’t need to worry.
There’s a catch, though, and it’s this:
If something goes wrong at your rental and you are at fault—like if one of your guests is injured—or if something happens to your personal property—like damage from a fire or theft…
Then you are on the hook. Both financially and legally speaking.
Thankfully, tenant’s insurance exists. And, it was designed to protect you and your money from exactly these types of situations.
If you’re a Winnipeg renter, tenant’s insurance is a must-have. In this post, we’ll help you understand what it is, get an idea of what it costs, and buy the coverage you need online.
You can buy your tenant’s insurance online with us—it just takes a few clicks.
Even though you don’t own your rental, you still need to protect both yourself and your belongings while you live in it. Tenant’s insurance protects the contents of your apartment or other rental property against common forms of loss, like fire, burglary, and liability claims. It ensures that, if something were to happen in your rental, you — and your belongings — would be protected and covered.
Tenant’s insurance protects you in the event of:
No, there’s no difference. Renter’s insurance and tenant’s insurance refer to the same thing.
Tenant’s insurance includes Contents Coverage, Personal Liability Coverage, and funding for additional living expenses.
Contents Coverage: Use the funds from your Contents Coverage to replace your stuff if it gets damaged or stolen. (Note: Contents Coverage is subject to your policy deductible.)
Personal Liability Coverage: If you were negligent and that negligence resulted in losses for yourself or others in your unit or building, Personal Liability Coverage would protect you against any lawsuits filed. You can secure Personal Liability Coverage up to $1 Million or $2 Million.
Additional Living Expenses: Coverage for Additional Living Expenses gives you access to funds that you can use if you’re unable to stay in your rental property due to an insured loss, like a fire.
You can purchase tenant’s insurance in Manitoba for as little as $15/month, depending on your policy limits.
If you’re considering purchasing tenant’s insurance in Manitoba and not sure how much coverage you’ll need, consider the following:
The content limit you choose is the maximum financial support you would receive if your property were to be damaged or stolen. Do not sell yourself short on this! Pick a limit that will help you recover financially, and get you back to the same situation you were in at the time of loss.
We see far too many people underinsure themselves on this. Take our advice: get the coverage you truly need. It will be well worth it!
Opt for sewer backup coverage to protect yourself against any sewer backup losses. With sewer issues, in particular, remember that damage could easily occur to neighbouring suites. Without the right insurance, you could be deemed financially responsible for making any repairs.
Be sure to pick a deductible amount that’s well-suited to your needs. A range of deductibles is available, from $500 to $1000 or even higher. Take the time to consider your financial situation, and choose the deductible that works best for you. If you’re unsure, talking to an Insurance Consultant is a great option!
It depends on your lease terms, but often, yes! Many leases require renters to have tenant’s insurance. In cases like these, failing to secure coverage could result in your lease being terminated.
Yes! As a Winnipegger or Manitoban who rents, you should always secure tenant’s insurance, for two major reasons:
If you keep certain specific high-value items in your rented property — things like jewelry and tools — make sure to schedule them onto your policy with special limits, to ensure that you have adequate coverage so that you’ll receive the right funding to replace them post-loss.
Without tenant’s insurance, if you were to accidentally or inadvertently cause damage to your rented property, or if someone got hurt in your unit, you could face:
Considering that tenant’s insurance is so affordable and easy to secure, there’s really no reason to leave yourself open to these significant risks!
Scared of what other coverage you may be missing that may leave you open for major financial losses, or worse, lawsuits? Check out our Young Adult Resource page.
Here you’ll find a comprehensive list of different insurance policies that will help you maximize your coverage and financial potential. Getting started now means you could save by taking advantage of lower premiums and better coverage.
If you’re renting, tenant’s insurance is a no-brainer. Plus, securing your coverage is easier than ever before! Simply head over to our website and purchase your insurance policy online.
No more playing phone tag or waiting in line. So say hello to the security and financial comfort tenants’ insurance can offer, and goodbye to long insurance quote processes.
We can get you insured in just a few quick clicks!
Insurance tips,
right at your digital doorstep.
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We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
We love it here, too.
We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
Winnipeg Insurance Brokers Ltd. serves our clients and operates on Treaty One land; homeland of the Anishinaabe, Cree, Oji-Cree, Ojibway, Dakota, and Dene Peoples, and the homeland of the Red River Metis. Our drinking water comes from Shoal Lake 40 First Nation, in Treaty Three territory. We respect the treaties, the land, and the water that sustain us.