Towers Realty Group is making it easier than ever for our residents to get tenants’ insurance.
Partnering with BFL Canada, Towers is now offering residents the opportunity to purchase a tenants’ insurance policy through BFL Canada when signing their lease, and will collect their monthly premium payments with their rent.
Residents can also add the insurance at any time during their lease term by contacting the Towers Realty Group leasing office, or downloading the Agreement to Purchase Tenant Insurance from the comfort of their own homes.
And if you’re a resident paying your rent on a pre-authorized payment plan, you can include your insurance premium, making it even easier.
Tenants’ insurance is important because it offers a number of protections for tenants that aren’t covered by the building or landlord’s insurance. The landlord’s insurance only covers the building itself and appliances supplied by the landlord, and does not cover a resident’s personal belongings.
Personal Property Coverage
Some people tend to think that if they don’t own anything that is worth a lot, things like antiques or art, then they have no need for insurance. But have you considered the cost of having to replace ALL of your belongings? All of your clothing, all of your electronics, your bed, your furniture, all of your plates, pots and pans, and utensils? That really adds up fast.
Say you don’t have insurance, and your neighbour experiences a fire in their suite. The smoke from the fire and the water used to extinguish the fire could damage your belongings. With no insurance, you would have no help covering the costs of replacing any damaged items.
Tenant’s insurance helps you pay for damage or loss to your personal property caused by fire, smoke, water damage, theft, or in many other situations.
With the tenants’ insurance offered by BFL Canada, you can be covered for up to $30,000 for the replacement of personal property, plus additional living expenses and liability coverage.
Additional Living Expenses
Imagine that same fire left your suite unlivable. Staying with a friend or family member for a couple days is probably not a big deal. But if the damage is more severe and you need to stay in a hotel or another apartment while your suite is being repaired, your tenant insurance will cover those costs.
Personal Liability Insurance
Now, say that you (or a guest in your apartment) are responsible for that fire. Whether through an unattended candle, an improperly maintained space heater, or a grease fire while cooking — without insurance, you would be responsible for paying for the damage caused to your suite, the building and the appliances, as well as damaged caused to any other suite if the fire spreads, as well as those residents’ property. These are major expenses.
And it doesn’t have to be something as major as a fire. Even the damaged caused by an unattended bath tub overfilling can be significant.
Personal liability insurance also protects you in the event that a guest is injured in your suite (for example, a delivery person tripping on a rug) and decides to sue you.
These are all scenarios that are worth considering. The most comprehensive plan costs only $20 per month (including administration fees), and can potentially save our residents from financial ruin.
Towers Realty Group strongly recommends that all residents purchase tenants’ insurance, however tenant’s insurance is not a requirement for tenancy under the Residential Tenancies Act.
