Personal Property Insurance FAQ
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Renter Insurance FAQ
What does my renter insurance cover?
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Tenant Insurance in Saskatchewan can be broken down into two categories of coverage: Liability and Contents Coverage. Personal Tenant Liability coverage would protect you financially if you were ever deemed responsible for damages or injury to a third party. Belongings and Contents coverage refers to your stuff, such as furniture, clothes, electronics, etc.
What is covered under liability insurance for tenants?
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Liability insurance for tenants offers personal liability protection to safeguard you against legal claims for accidental damage you might cause, especially damage to your building or harm to your neighbours.
Why does my landlord require me to have liability insurance?
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Landlords usually mandate tenants to maintain a liability insurance policy as part of the lease agreement. They often ask for a certificate of liability insurance to verify that you have sufficient coverage. Failing to provide this can result in the rejection of your lease application.
How do I figure out how much my stuff is worth to replace for my insurance?
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Taking inventory is a good place to start. You can take a picture of your closet or a video of you walking through each room so you have a visual record of what you own. Track expensive purchases like a new TV, mattress or golf clubs by having the receipts saved somewhere, such as an email or digital copy. Another option is to record it physically; click here for our downloadable checklist.
Does my renter insurance cover my roommate?
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No, unless the roommate is listed as insured on the Cover Page. However, if your roommate falls under the definition of an unnamed insured, they will still be covered without the need to list their name on the policy. To determine the qualifications of an unnamed insured person(s) living in the same household, please consult your insurer’s wording booklet.
Does my tenant insurance cover me if I have a bedbug infestation?
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No, regrettably, personal property insurance does not cover a claim for eradicating bed bugs or compensating for the harm caused by these pests.
Condo Insurance FAQ
What do I need to know about my condo corporation’s insurance on the building before purchasing my own personal condo insurance?
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Personal condo insurance is designed to address areas that your condo corporation’s insurance policy may not cover. Typically, there are two types of policies your condo corporation may have purchased:
- Only covers the fixtures in your condo, such as appliances, wiring, plumbing, and carpets, but does not cover the personal property you own.
- Excludes anything within your walls and may or may not cover your condo’s plumbing and electrical systems.
It is highly recommended to thoroughly examine your condo corporation’s policy to determine the coverage that you need. Ask your condo board for a copy of the most recent master policy for the building.
As a landlord, can I get insurance for my rental income?
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You can add an additional coverage rider often referred to as ‘Lost Rental Income’ This helps reimburse the income you would have made if your unit hadn’t become unfit for occupancy due to a covered loss (up to the coverage limit).
Do I need to change my insurance coverage if I rent my condo?
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Yes, as a condo owner looking to rent your property, you must change your insurance coverage. If required to purchase Renter’s Insurance, your tenant will not have the coverage to protect your property as their policy only protects them and their belongings, not your unit. For example, a Renter’s policy does not include Loss Assessment or Contingent coverage.
Secondly, it is essential to protect you from any liability claims individuals may make against you if they are hurt on your property. Failure to update your condo policy occupancy if you decide to rent out your property can lead to denial of coverage in case of a claim.
Home Insurance FAQ
What is Personal Liability Insurance?
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Liability insurance is a type of coverage that protects you from financial losses if you’re found legally responsible for causing harm to others or damaging their property. It’s designed to safeguard your assets by covering legal costs and payouts associated with claims brought against you. Unlike other insurance types, liability insurance pays third parties, not policyholders.
Do I need additional insurance coverage for my child’s belongings when they move away to college/university?
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If your teenage child lives away from home for educational purposes like attending college or university and depends on you or your spouse for support and maintenance, their personal belongings taken to college or university will still be covered under your homeowner’s policy. To determine if any unmarried student attending school and residing away from your dwelling would still be considered an ‘insured’, please consult your insurer’s policy wording definition.
Why does the cost of my home insurance go up every year?
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Several causes could have resulted in a premium increase, and to know which is affecting you, you should review the policy with your broker. However, claims and rate inflation are two of the most common causes of rising prices. If you filed a claim in the previous year, your policy premium would be affected due to a change in claims rating.
Based on overall market trends, insurers may adjust prices to stay competitive in the insurance market. An increase in paid claims by the insurance company can also trigger rate increases to help it balance its costs. In recent years, there has been a rise in extreme weather events such as hail, heavy rainfall, forest fires, and floods, resulting in millions of dollars being paid for claims.
Additionally, changes in trends specific to your area based on your postal code, such as a surge in vandalism or theft, may also impact your insurance rates.
How much does home insurance cost in Saskatchewan?
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The general average cost of home insurance is $1,500/year before PST in Saskatchewan. However, costs primarily depend on your individual rating, discounts, and property details. For example, some of the following are factors that impact the cost of home insurance:
- The cost of replacing your home and belongings depends on certain factors, such as the size and composition of your home.
- Your location is crucial in determining insurance rates, especially if you live in an area at high risk of break-ins or windstorms.
*The above are only a few examples of how the cost of your insurance is determined; it is not a complete list.
Property Claims FAQ
How long does it take for an insurance company to pay out a claim?
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The duration of waiting to receive a payout is often proportional to the complexity of the claim. Claims such as liability claims that involve other parties tend to take longer to settle due to the extensive investigation required by the insurer and adjusters.
Other factors, such as the extent of the damage and the availability of contractors, can also influence how long it may take to receive your settlement payment.
What is a deductible, and when would I pay it during my claim?
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The deductible is the amount you, the insured, have agreed to pay in case of an insured claim. After the loss, you would typically pay the deductible amount to the service provider, or the adjuster will subtract the deductible amount from the total amount paid for the claim.
Will my policy cover temporary living expenses if my home is uninhabitable?
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If your home suffers a loss by an insured peril and becomes unlivable, most standard homeowner, condo and renter policies include “Additional Living Expenses” (ALE) coverage. This can help with costs like hotel stays and extra food expenses while your home is being repaired. Important aspects to ask about are: how long the coverage lasts and what documentation they’ll need for reimbursement.
This page is a general guide and for informational purposes only. Refer to your insurance policy for conditions, definitions, or exclusions. In case of discrepancy, the policy wording documentation prevails.
