Renters are not covered by landlordís home insurance.

20 December 2013 - Which Way To Pay

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A recent survey has highlighted the importance of home insurance for renters

Home insurance costs just a few pennies a day, but a recent survey suggested a large number of tenants donít have property or home insurance. Renters have long been advised to buy themselves an insurance policy to protect their belongings and policies can start as low as $10 a month.

Home insurance starts at just $10 a month

Despite the low cost of home insurance policies, Canadian Direct Insurance has found that 30 per cent of tenants in Alberta do not have the correct insurance in place. "People donít think they need insurance because they donít have a lot," says Karen Hopkins-Lee from Canadian Direct Insurance. "They donít know what the cost would be, and I think all of that is an issue."

Renters are not covered by their landlordís home insurance policy

Findings suggest that 34 per cent of renters are not aware that they not covered by their landlords home insurance policy. "Most people feel Ďitís not going to happen to me so why do I need it?í" explains Gerry Baxter from the Calgary Residential Rental Association. "But if a tenant starts a fire, theyíre at fault. The landlordís insurance company will actually go after the tenants for the damage thatís caused. So, if the tenants have insurance they have liability coverage which means their insurance company will look after it." Experts advise landlords to ask tenants to have property insurance, before signing a lease.

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