That's right, as a tenant you are liable for any harm caused to any part of the building and to other who live or visit there. If your faulty microwave starts a fire that damages the apartment complex, that's on you!
Even if you think your stuff isn't worth much just because you are not swimming in jewels, have the most expensive clothes or the best TV could you imagine having to replace it all at once? Although subject to some exclusions or limits, tenant's insurance will help you recover losses.
For the simple cost of a few coffees a month (yes, that's IT!) you'll have the protection you need in case of a problem. Not only with losses but say you were forced to leave your apartment while being repaired - insurance will pay for necessary expenses such as hotel stays, restaurant meals and even moving costs (subject to some limits).
Statistics Canada says tenant households that bought insurance spent an average of only $309 on it last year.
With many students recently moved into new apartments you may be surprised to know students may even be covered under their parents' home insurance and it wouldn't cost them a cent. Double-check with the insurance provider to find out if this is the case for you.
Did you know about tenant insurance?
Although this post has been generously sponsored by IBC, the opinions and language are all my own, and in no way do they reflect The Insurance Bureau of Canada.
When I was a renter, I always had insurance ... you just never know when you'll need it.
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