If you are a tenant you may be wondering whether or not you should purchase tenant insurance. Here are few things for you to consider when making your decision:

Your landlord’s insurance will not cover your liability as a tenant, or your belongings. This means that without tenant insurance:

• your belongings will not be covered in the event that they are lost due to fire, theft or damage.

• if you cause accidental damage to your rental house, you are responsible for covering the cost of repairs. For example; if you leave a burner on accidentally and it causes a fire, you would be responsible for covering the extensive cost of repair.

• if your rental suite becomes unlivable due to damage or evacuation, a tenant policy may cover costs of alternate accommodation.

• if a visitor hurts themselves due to your negligence, you could be held responsible for their medical and other expenses.

Landlords may require tenants to carry tenant insurance as a material term of their tenancy, please read your tenancy agreements carefully and understand what you are signing.

Tenant insurance policies vary from company to company, and will also be dependant on your personal situation. Shop around and find a policy that works the best for you, you may be surprised to find out the policies are more affordable than you thought. Some companies to start with are: BCAA, RHC Insurance and Kootenay Insurance Services (KIS).