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According to Statistics Canada, less than half of renters in Canada have renter’s insurance1 (also known as tenant or contents insurance).

We often think of home insurance as protecting the big stuff—like pipes, appliances, and the physical structure of the home or building. If you are renting, your landlord may have his or her own insurance policy to cover these kinds of items. But their insurance will not cover your personal belongings, such as furniture, jewellery, or entertainment equipment. Your landlord’s insurance will also not protect you if someone is injured on your property.

That’s where renter’s insurance comes in. Renter’s insurance could protect you from liability if guests injure themselves in your home. Renter's insurance could also help replace your possessions in the event of a loss or damage due to a covered risk. Speak to an Advisor to see how we can tailor your insurance to fit your needs.

Let’s start by understanding the importance of liability insurance.

Accidents happen and sometimes those accidents can be quite costly.

For example, a candle in your apartment could cause a fire. If that candle affects other units, you may be deemed responsible to pay for damages to your rental unit.

Or, if someone trips and falls in your apartment, you could be held financially responsible for the cost of medical expenses and lost wages.

Liability insurance could protect you in the event of a lawsuit, and help you cover the cost of any damages.

Next you need to understand a few basic terms:

Find the home insurance coverage that best fits your needs

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[spacer height="20px"]1Home Insurance Spending in Canada in 2008, Statistics Canada, 2009, Ottawa, Ont.: Statistics Canada.

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