Between juggling leases, organizing move-in dates, and every other logistical detail, moving into a new rental can be overwhelming for renters and property managers like yourself. Sometimes moving homes is chaotic, so essential to-dos like purchasing tenant insurance are easily forgotten.
Now, we may sound biased, but this coverage is essential for tenants like yours. From protecting precious collectibles to fostering a genuine sense of security in a new place, let’s get into why tenant insurance should be a non-negotiable for your renters this year and why they should know about our partnership.
1. Tenant insurance works to protect against damage from unavoidable events, like severe weather
After witnessing the intense fires that affected Los Angeles in January of this year, we can’t help but think of the severe weather events that often occur in our country. Canada’s weather can be unpredictable, and depending on the region, it can be notorious for extreme freezing or wildfires.
Here’s a quick scenario: Let’s say a tenant’s pipes froze over one frosty January evening. This resulted in a burst and flooded their unit, forcing the renter to leave their home for repairs. Since the tenant had a tenant insurance policy and eligible pipes*, they were able to cover the cost of temporary accommodations—like a hotel or Airbnb−until their unit was back in shape.
2. Tenant insurance works to protect belongings within a rental, not just the rental itself
There’s a common misconception that tenant insurance only helps to protect a unit from something like water damage. From new laptops to odd collectibles to spoiled food, folks often forget that tenant insurance covers a wide range of items within a covered rental.
Here’s another scenario: A tenant accidentally starts a small fire in their unit and unfortunately, their new comfy couch, electric guitar, and some clothes caught embers and left severe damage.
It’s a good thing they were covered. With a tenant insurance policy*, this tenant has the chance to replace or repair a wide range of their damaged belongings without paying out of pocket and draining their bank.
3. Tenant insurance works to cover renters in the event someone is injured in their home
In the insurance world, this is what we call “personal liability,” a.k.a. renters are protected if they unintentionally cause injury or property damage to someone else.
We’re human, sometimes accidents happen when we least expect it. Here’s an example of where personal liability coverage comes in handy.
Let’s say a tenant hired a babysitter to watch their kids and the babysitter slipped on a wet kitchen floor, resulting in a severe concussion and a broken wrist. The babysitter had multiple rotating jobs and, as a result, had to miss work for weeks on end, ultimately leading them to file a lawsuit against the renter (Yikes!).
With a tenant insurance policy*, renters can be better protected against these kinds of claims and, where applicable, be covered for nasty medical bills.
Help keep your buildings and your renters safe
A recent survey showed that 41% of Canadian renters don’t have tenant insurance, making it clear that there could be a knowledge gap among this demographic.
As a property manager, clearly understanding the differentiating responsibilities between you and your renters is key to smoother interactions and proper protection for everyone.
Whether you make insurance mandatory in your buildings or add Duuo by Co-operators’ quoting journey to your digital lease agreements, we want your tenants to be well-informed this year**.
Did you know? We have a Property Manager Referral Program!
Click here to learn more about how you and your industry peers can earn rewards from Duuo by Co-operators.
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