The Solution to Your New Brunswick Tenants Insurance Needs

Tenant's InsuranceWhen you rent a home or apartment in NB, you need tenants insurance (or renters insurance as it's often called). It's as simple as that. Here's why:

  • Your landlord will insure only the structure of the building and appliances provided but they cannot insure the contents that you own.
  • Our experience is this. The value people place on their home/apartment's contents is usually underestimated. Most consumers do not realize how much it really costs to replace everything they have collected over the years.
  • You could be found liable or responsible for the cost of any damage you cause to the building.
  • You could also be found liable or responsible for any injury or damage others suffer while they're visiting your home/apartment.

The good news is that renters or tenants insurance is not expensive and can quickly and easily be put in place. Pearson Insurance in New Brunswick can find the right policy for you, quickly and at a great cost.

How Does Tenants Insurance Work?

Tenants insurance is available to cover the contents of the property you rent. It could be a house that you live in, an apartment, a single room, a condo or a college dorm.

renters insuranceIt covers your personal property, such as clothing, furniture, jewelry and appliances that you own up to an agreed amount. This agreed amount is usually based on what it should cost to replace the contents you have at today’s prices.

It also pays for loss of personal property you have with you when you're traveling or while it's in your car. Most people think that their automobile insurance covers those items. It does not, but your tenant’s policy will.

The policy coverage responds to a number of things that could happen such as fire, theft, lightening, explosion, vandalism, windstorm or hail.

Also if, for some reason, you can’t live in your rental home while it's being repaired after a covered loss, there is part of the policy will help to cover temporary living expenses, including hotels, restaurants and moving costs.

Tenants Liability Coverage

The other big protection renters insurance provides is liability coverage. This protects you against lawsuits that someone might bring if they're injured at your residence, if their property is damaged while visiting, or if you accidentally cause damage to your rental home. It is in the news a lot, where a fire started accidently in the kitchen and there is substantial damage to the building. Your tenant legal liability would respond.

Your Renters Insurance Questions Answered

How much renters insurance do I need?

That depends on the value of your personal property. Liability coverage is usually for $1 million but can be higher.

How much does tenants insurance cost?

It's not expensive but depends on where you live, the value of your personal property and the discounts you could qualify for.

Pearson Insurance can secure discounts for NB tenants policy holders. For example if you have more than one policy with the same insurance company, or if you have a higher deductible. (The deductible is the amount you pay yourself before your policy kicks in)

Also, because we are an independent brokerage, not tied to one insurance company, we can shop around for the policy that provides the coverage you want and need and at the most competitive rates.

Can a landlord require renters insurance?

Yes they can. And they often do. If you are signing a tenancy agreement or lease, that maybe part of the requirements. We have had occasions where we needed to send in a confirmation of coverage in place before the lease agreement could be finalized.

Does renters insurance cover theft?

Yes, theft of your personal property. Certain high value items such as jewellery, furs, coins and art collections may need to have extra, specific coverage.

Do I need renters insurance for a dorm?

Almost certainly, although you may have coverage through the college or through your parents' own homeowners or renters insurance policy.

Check this out carefully. Pearson Insurance experts might be able to find the answer for you.

Do both roommates need renters insurance?

If you're sharing a room, like a dorm, or an apartment you can always split the cost of a single policy. But this can be messy, especially if your roommate leaves or there is a claim.

In most cases, we recommend that roommates each have their own coverage, but feel free to speak to us about this.

More Questions?

Here at Pearson Insurance, our experts are ready to answer all your questions about your New Brunswick tenants or renters insurance. You can call and we can discuss more of the benefits that come with having a Tenants insurance policy.

It won’t cost you a cent to ask us questions. Just give us a call at (506) 432-1550 or email us at info@pearsoninsurance.ca.

Get a Fast, Free Quote

Get a Fast, Free Quote

How inexpensive could your tenants insurance be? Find out fast, without cost or obligation, from Pearson Insurance right now. Simply call, email or use the website quote form to contact us and we'll give you the information you need.