Cardinal Protects Renters Insurance: Why You Should Consider It

Renters insurance offers protection for you, the renter. It covers personal property, losses to common areas of the building that you rent from or live in (i.e., sidewalks), accidental damages caused by children living at home under 18 years old who are not yet driving a car

What is renters insurance?

Renters insurance is an insurance product offered by the provider to provide protection from the damages caused by events you do not expect to occur. It may offer protection from many different kinds of events that can occur to your landlord’s property.

For example, an auto renters insurance would provide protection from an auto accident occurring on the property and then entering your vehicle. Or, if you live in an apartment building, it may cover damage from other tenants’ belongings breaking and spilling onto your property. A renters insurance policy may provide coverage for you, the renter. It covers personal property, losses to common areas of the building that you rent from or live in (i.e.

Cardinal Protects Renters Insurance

Cardinal Protects Renters Insurance
Cardinal Protects Renters Insurance

Why should I consider it?

A few reasons I like renters insurance:

Homeowners insurance may be too expensive for some people who rent. Especially if you rent from a family member.

Insurance agents charge a lot to sell it. This means the insurance will be more expensive, but it also means it will cost less.

It can provide some protection in case of a fire or other disaster.

Who pays for it?

The policy is paid for through your homeowner or renter’s insurance, and the rental company pays an agent to work on their behalf. The agent is responsible for the customer’s claims.

How do I go about finding a good agent?

Go to a website like Homeowners/Renter’s Insurance and then click on “Renter Insurance” to find agents based near you.

How much does renters insurance cost?

This varies greatly depending on the amount of coverage you want. For example, in Canada, coverage for personal property alone for a one bedroom suite in Toronto is about $16/month. A one bedroom suite in a typical house is likely covered with auto insurance, so there are no differences to know about.

Why insurance is essential:

Most people will face theft, damage or damage caused to your possessions without having this protection in place. In Canada, theft is the most common type of claim, occurring almost every week, according to Insurance Bureau of Canada.

Children or family members of tenants often cause property damage when they become careless or mischievous and end up ruining someones things.

Who is covered under renters insurance?

Roommates: If you live with a roommate, you may want to consider this product as well, since they may have shared possessions or liabilities that could be covered by renters insurance.

Where does renters insurance come from?

The insurance is not new and has been around for several decades. The company first filed for protection from FEMA in 1977 and the company is based in Boston, Massachusetts, the largest insurance market in the country. It has subsidiaries in several other states.

Types of coverage offered by renters insurance

Homeowners insurance will cover things that are owned by the renter, like appliances, furniture, personal property (e.g. your TV), etc. It will not cover things that are “common” (i.e., the walls or the carpet).

Anyone living in the rented home

Anyone living at an apartment

Pet owners, as they are typically leasing their home

Anyone who lives in a residential building

If there’s a fire

Renters insurance is designed to protect you if any of these types of events occur. If you live in a home where the home owners’ insurance isn’t covering your deductible, you may need to choose to purchase a renter’s policy.

Renter’s insurance does not have to be for the entire home. You could opt for a property coverage or a dwelling coverage plan for one or more of the spaces in your home.

People who are visiting the rented home

It helps replace any household items that you lose or break during a break-in. Renters insurance covers items such as

Internet connected televisions and electronics

Home electronics

Cameras and equipment for game consoles

Cameras and equipment for security cameras

Cameras and equipment for audio recording

Satellite dish

Computer equipment

Tablet computers and other electronic devices

Electrical cords

Laptops, laptop computers

Business and computer equipment

Coffee makers

Flat-screen TVs

DVD players

Renting a home is one of the most common ways for people to own a home without ever owning it outright. However, in reality, most people do have to buy a house or a condo one day.

The renter’s spouse or partner

may be covered if the renter is married or in a civil union and has lived with them for at least one year

may be covered if the renter is married or in a civil union and has lived with them for at least one year The renter is over 21 years old and does not currently have a child under 18 living at home

Renters insurance can also be bought at the time of renting, for the duration of your tenancy. This is a great way to ensure you don’t miss out on insurance coverage. Many landlords require renters insurance, and it is also one of the few insurance policies a tenant can choose to skip during their tenancy.

A child over 18 years old who is not yet driving a car

Sudden home fires caused by faulty electrical wiring

Loss or theft of personal property in the event of a building fire

Personal property in the event of theft

Medical emergencies that require immediate attention outside of the home

Yard clean up and property repairs caused by inclement weather and power outages caused by inclement weather and power outages

Damage to your property due to renters negligence

Negligent home/townhouse owner

When should I consider insuring my rental property?

When you own the home outright, this is something you should be aware of. Often when you become the owner of a home and rent it out, you have no idea what sort of claims you’ll be liable for or how you’ll pay for them.


Renters insurance has increased over the last few years in popularity. Even though you are required by law to have insurance to rent a dwelling, there are also many problems that renters insurance can protect you from.

These include household accidents and, of course, the one of the largest risk in renting a dwelling — the theft of one’s possessions. The risk is particularly elevated when renters insurance is used as an additional, rather than a primary, protective coverage.

Finally, renters insurance offers protection against price hikes in utilities.

In some ways, renting a dwelling is like dating. You take a leap of faith and decide to pursue someone that you may not meet in the “real world.” You are cautious, unsure, and fearful. Then you meet. And, you get along.

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