Property insurance isn’t just about protecting your investment in your home or condominium unit. It covers your valuable personal belongings too, both inside and outside your home. It can even help safeguard your financial future if you are ever sued for damages suffered as a result of your negligence.
Property insurance is for tenants too
If you rent your home, you may think you don’t need property insurance. However, your landlord’s insurance doesn’t cover upgrades to your rental unit that you’ve paid for yourself – such as a new carpet or built-in shelving in the closets. It also won’t protect you if you are sued for negligence. With all this in mind, it’s a good idea to consider a property insurance policy designed especially for tenants.
Property insurance protects you in two ways
Financial Loss: Your property insurance will reimburse you for losses if your home or personal belongings are damaged by fire, your belongings are stolen or if any other unexpected situation that is specified under your policy occurs.
Your home and other detached structures such as a garage will likely need to be repaired. You will probably be reimbursed for most, if not all the value of items, such as furniture, artwork and computers – or the items themselves will be replaced.
If you cannot live in your home while it is being repaired after a loss, your insurance will pay for some of your additional living expenses, such as accommodation, restaurant meals and storage. For example, if prior to the loss, your total monthly living expenses were $800, and after your loss your total monthly living expenses increased to $1,000 – you would be reimbursed for the difference of $200.
Personal Liability: If someone is injured while visiting your home, they could sue you for damages. If they win and a court awards them a substantial amount of money, your entire future could be in jeopardy. Your wages or salary could be garnished for years to come – and you may find it extremely difficult to recover your financial standing. Property insurance includes protection against this kind of liability.
Your property insurance will also protect you against liability for accidental damage to someone else’s property. For example, if you live in an apartment building and your sink overflows, resulting in damage to a neighbour’s ceiling and carpet, your property insurance will pay for repairs or replacement.
|Select the Insurance That’s Right For You
Don’t pay for more protection than you need. Don’t compromise on your coverage just to save a few cents on premiums.
Learn more about property insurance
The home you live in most of the year.
If you own a dwelling that you rent to generate income, or if you own a seasonal or secondary property.
Your watercraft and other valuable personal articles.
All products and services are subject to the terms and conditions of the applicable insurance contract. In the event of any conflict, the terms and conditions of the insurance contract will govern. All Licensed Insurance Advisors of Roger Menard General Insurance Company are salaried employees.
†This guarantee from Roger Menard Insurance is based on the accuracy of the information given and it remaining unchanged. Information provided is subject to verification.
††The Online Discount is not available in all provinces, and where available varies by province, type of insurance, renewal term, and auto plan membership. Other exclusions and limitations also apply.