Don’t think you have that much stuff? Take a minute and think of
what it might cost you if you had to replace every single thing you own
in your unit, right down to your kitchen utensils and bathroom
toiletries. Adds up quick, doesn’t it?
Just like with home insurance, you can choose between Comprehensive and Broad coverage. What is this? Well, comprehensive will give you additional coverage for things like accidental loss or damage and mysterious disappearance.
This means that if you accidentally drop your fancy new laptop or you lose your gym bag with some of your electronics in it, your policy can provide you with coverage! In addition to contents coverage you also will have the following included in your package:
Can provide coverage for a hotel room or other living expenses if you are unable to stay in your rental unit after a claim.
Can provide coverage in the event you are found at fault for damage caused to the building you are renting. For example, if you forgot to shut off the tub and caused water damage to your unit or the unit below you
Can provide you with coverage in the event water comes into your home through your sewer lines or your sump pump fails.
Items such as jewellery, furs, collections, watercraft or bicycles can be subject to a limit in the policy. If you have a higher valued item, scheduling the article on your policy might be in your best interest.
If you have just moved into your first apartment, things can seem pretty expensive! Or if you are downsizing and looking to cut your costs, here are some ways you can save on your insurance: