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Should Your Landlord Include Your Property In Their Home Insurance Policy?

When you rent a home, you get some benefits that you wouldn't receive if you actually owned the place. Dealing with broken air conditioners, clogged toilets, and mowing the lawn is all the domain of the landlord – and their wallet. You might assume that maintaining insurance for everything on the premises is also the landlord's duty, but unfortunately that's not the case. When you are a renter, you are responsible for insuring all of your personal possessions. Keep reading to learn more about why renters insurance is necessary, even though your landlord has home insurance.

Home Insurance Coverage

A standard home insurance policy in Canada has several different general coverage areas. These include:

  • Liability Insurance: Liability coverage pays for financial damages that visitors to the home may suffer. For example, if a visitor to the home were to trip and break their leg on unsafe stairs, the liability insurance would cover medical costs related to that injury. It is important to note that a home insurance policy covers only the landlord's visitors, not yours.
  • Building Insurance: As the name implies, this type of insurance pays for damages to the house that are caused by situations like natural disasters or vandalism. This usually includes only the main structure on a property but may include outlying buildings like greenhouses or gardening sheds.
  • Contents Insurance: The contents insurance covers all the home contents that are owned by the policy holder and their family. Contents insurance includes furniture, art, appliances, and virtually everything within the home.

Renters Insurance Coverage

Much of the confusion over landlord home insurance happens because the homeowners policy does include contents coverage. However, there is a very clear distinction when it comes to coverage of the contents in a home: If something belongs to the landlord, it's covered. If it belongs to a tenant, it's not covered under the landlord's policy.

As long as you make a comprehensive list of everything that you own, it is easy to get the renters coverage you need. A professional insurance company, like Cambridge Insurance Brokers (Preston) Ltd, can recommend the right policy size for your situation when you provide them with this list. A renters policy is usually based on the total net worth of your possessions.

If your property is stolen, destroyed, or damaged, your renters insurance will compensate you for the losses. Similarly, your landlord's home insurance policy will compensate them for any losses they suffer. But it's your job to make sure that you – or more specifically your belongings – get the necessary coverage via a renters policy today.