Additional Considerations
- Personal liability “umbrella”
- Replacement cost valuation
- Fire & burglar alarms
- Business in the home
- Value of home contents
- Jewelry, collections, silver
- Sewer Back / Water Damage
- Earthquake coverage
Did you know?
Home insurance has not been made mandatory by the government.
Not all valuables are covered under your home insurance policy.
Condominium corporations may not provide insurance that covers your condo.
Do you have protection in place for one of the biggest purchases in your life?
A roof over your head gives you security, pride and, also, liability. Whether you’re renting, insuring your first home or protecting your dream home, you need to ensure that you have a good policy in place to shield you against financial losses if your property or belongings take a hit.
Thank you for reading this post, don't forget to subscribe!At AP insurance, we dedicate to helping you find the best policy that provides the right protection at the right cost. We also have special programs for people who operate a business in their home.
Types of insurance we cover
Single Family Residence
Condo Insurance
Renters' Personal Property
Seasonal Residences
Home-based Business Insurance
Dwelling Fire Policy
Up to 6 Family Dwellings
Vacant Home Coverage
Discount Programs
- Auto and home bundle
- New home discount
- Installed alarm systems discount
- Non-smoker discounts
- Mortgage free
- Senior discount
- Mature discount
- Higher deductible discount
Tenant Insurance
Renters need insurance, too.
Make sure you are protected.
Do you have insurance to protect you if your apartment or rental house is damaged by fire, theft or accident?
Renter’s property and liability insurance is one of the most overlooked and under-used coverages. Many people don’t know that the landlord is responsible for the building, not your personal belongings.
Even more, if you were found to be liable for damages to the building, the landlord’s insurance company could sue you to recover the cost of repairing or rebuilding the structure. Tenant insurance can offer you financial protection in these scenarios and more.
Tenant insurance can cover not only renters’ personal property but also personal liability, such as accidental damage to property not owned by you or unintentional bodily injury to others.
How Tenant Insurance
Protects You
Personal Belongings
Helps protect you financially against insured damage or loss to furniture, clothing and other personal belongings inside your rental place or vehicle.
Living Expenses
Helps cover expenses like moving costs, a hotel room and more if you have to leave your rental place while it is under repair.
Liability Claims
Helps protect you financially if you cause accidental damage to property not owned by you or unintentional bodily injury to others.
Additional Considerations
- Value of all your personal property – furniture, clothing, electronics, jewelry and collections.
- Personal liability for accidental injuries to visitors or guests.
- Medical payments to others in case of accident.
- Additional living expenses if you lose use of your apartment.
- Silverware, securities, jewelry protection.
Condo Insurance
Condo insurance includes both townhouse type and high-rise type of home ownership where you have an additional financial interest in the building or common property.
There will be a master policy that insures the whole building(s) and you would have a complementary policy to cover your possessions, personal liability, and a suite of backup coverages when the master strata building policy may not apply.
Similar to a tenant policy, your coverage includes:
- Contents – sufficient to replace, brand new, all your belongings in your unit, and any storage areas on the premises, including the appliances that you buy with the unit.
- Additional Living Expense – if you have a claim, it will pay the extra costs for you to live elsewhere until it is fit to move back in.
- Personal Worldwide liability – for losses of others for something you have done or failed to do.
In addition, coverage has been added specially to dove-tail to your strata building, including:
- Deductible coverage for the strata’s deductibles on building, water, or earthquake damage,
- Assessment coverage for any shortages in the strata building or liability policy
And you can select options to add:
- Earthquake on your contents (which will extend to other losses)
- Water damage such as Sewer Back-up
- An option if you are going to rent the condo to others
Additional Considerations
- Value of all your personal property – furniture, clothing, electronics, jewelry and collections.
- Personal world-wide liability for accidental injuries to visitors or guests.
- Medical payments to others in case of accident.
Landlord Insurance
Rental Houses or Rental Condos are insured with a specific policy to protect landlords from a loss to their investment.
Basic and Broadform policies are available.
More coverage, such as Tenant Vandalism is available on the Broadform policy.
Options include
- Earthquake coverage on the building
- Various water damage endorsements
- Rental Income loss – due to a claim, your tenants may have to vacate during repairs
- Glass coverage
- Vacancy Endorsement– if not added when tenants move out, you may have no coverage.
AP Insurance Agent Tip
Landlords can secure additional coverage by requiring their tenants to purchase a tenant policy. More reliable tenants will give more peace of mind to the landlord. Ask an AP expert for more details
Additional Considerations
- Value to replace, new, all your personal property – furniture, clothing, DVDs, jewelry et al.
- Personal world-wide liability for accidental injuries to visitors or guests.
- Medical payments to others in case of accident.
The amount of insurance you need to protect your home depends on the value of your home’s physical structure as well as the total value of your personal belongings in your home. It’s important that you conduct a thorough evaluation of your assets to determine how much insurance coverage you need. Note that there may be specific assets excluded from coverage, so be sure to understand your policy’s coverage criteria and any exclusions in your policy.
Several factors may impact your home insurance premium, including but not limited to:
- The age and construction of your home;
- Your home’s replacement cost;
- Your insurance score; and,
- The location of your home.
For more information, please visit our website or contact an AP Insurance advisor.
Rental or tenant insurance is important for you to have if you’re renting a property and wish to protect yourself from damages and loss. Tenant insurance may also protect you from liability claims involving your rental property.
While tenants insurance is not mandatory in B.C., some landlords may require tenants to purchase insurance to ensure that both parties (i.e., tenant and landlord) will be compensated for any damages resulting from an accident involving the rental property.
With condo insurance, you’re able to purchase coverage for:
- The condo structure along with any improvements;
- Your personal belongings;
- Your personal liability resulting from damages you cause to another’s property;
- Your personal liability resulting from damages brought against you from death or injury sustained by a third party while visiting your property;
- Liability from an event that starts in/on your property and causes damages to another person’s property; for example, the electrical system in your home is damaged due to overload which causes a malfunction to the electrical system in an adjacent property.
Please contact an AP Insurance advisor for additional information on the type(s) of condo insurance that will best suit your unique needs.
It’s a good idea for a landlord to have insurance to ensure they’re compensated for damages to their rental unit. If you live in the same property as your tenant (for example, you’re renting out a room in your house), you may be protected under your regular home insurance policy and not require landlord insurance. However, some policies require landlords to purchase separate insurance for rental activity.
If you’re renting out a separate property, or a unit in a building where you don’t reside, you’ll need landlord insurance.
Usually, landlord insurance provides coverage for loss of rental income if your tenants must move out from your property following an insured event (e.g., fire or flood). Furthermore, landlord insurance may provide coverage for damages resulting from natural disasters, vandalism, theft, and liability claims.
Because there are many different rental property scenarios, please contact an AP Insurance advisor for a free consultation to evaluate your landlord insurance needs.
