|Apartment Insurance Toronto |
|Toronto Apartment Insurance | Renters Insurance|
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Determining whether or not to purchase apartment insurance in Toronto, a renter should consider many factors. It is important for the renter to remember that apartment insurance, unlike homeowner’s insurance, is designed to insure property only. Apartment landlords are required to carry homeowner’s insurance for their single family home or apartment building. This covers damage to the building itself from weather, or possibly other natural disasters.
It also covers liability for the landlord should negligence or defective building construction lead to a renter’s or third party’s injury. Should a fire or flood damage a renter’s personal property, however, it is their responsibility to have apartment insurance to receive compensation for any damaged items. Therefore, a landlord’s insurance will not pay for most types of damage or theft that occurs within their rental property. In Toronto, as well as throughout Canada and the US, renters are responsible to insure their own property.
Toronto apartment insurance coverage can be, in some ways, similar to homeowner’s insurance in terms of site specific considerations. Premiums are higher in areas that have denser populations and a higher crime rate. Apartment insurance rates can also be affected by the geographic area of the rental property. Although earthquakes are not a major risk in Toronto, fire and flood may be, especially in certain areas. Therefore, rates for apartment insurance in Toronto could increase if the personal property is stored in a basement apartment or in an unsecure building. Buildings in Toronto with secure entrances, or single family homes in areas that have a lower rate of property crimes, may provide the renter with lower apartment insurance premiums. Since the expansion of Toronto’s city limits, a diverse collection of neighborhoods have become re-assimilated into the greater city of Toronto, such as York, Etibicoke, and Scarborough. It is important to consider how a specific area can affect apartment insurance rates and how these rates are determined by certain risks associated with certain types of apartment living.
As with other types of insurance, high deductible apartment insurance coverage can usually be purchased at a much more affordable rate. A renter should determine the value of personal property stored permanently at a rental address. If the deductible is as high as, or nearly as high as, the value of a renter’s personal property, apartment insurance may not be worth the expense. Normally, however, apartment insurance in Toronto is still a practical decision if a renter’s personal property can be valued at several thousand dollars, as yearly premiums rarely exceed a few hundred dollars. It is important to remember that renter’s apartment insurance coverage will only cover their own property as stated, and it will not cover a roommate or co-renter’s damaged or stolen items.
Low risk properties in Toronto will inevitably have the lowest premiums for renters considering apartment insurance.
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