Tenant Insurance in Ottawa

Ottawa Tenant Insurance from Oracle RMS

While Ottawa tenant insurance may vary between insurance providers, most tenant insurance policies include the following:

Contents Coverage

Contents coverage protects your personal belongings–from clothing, to electronics, and other items from a variety of common risks including theft, vandalism, fire and smoke damage, water damage, and more.

Should a covered loss occur, renters can file a claim with their insurance company for their lost items and property damage, up to their coverage limits. Policies are reimbursed based on actual cash values or replacement cost value.

Tenant Liability Insurance

Tenant insurance also protects renters against liability claims. For example, if someone injures themselves on your rental property, or accidental property damage is caused to a neighbour, visitor, or someone else’s property, you can rest assured knowing you won’t have to pay out of pocket for any liability claims filed against you.

Specifically, tenant insurance covers the cost of repairs, replacements, legal fees, medical bills, and other associated costs, up to your policy limits.

Additional Living Expense Coverage

If a covered claim occurs in your rental unit that renders the property unsafe to live in, the additional living expenses portion of your tenant insurance plan will cover the cost of a hotel room, meals, and other living expenses during the period where you are unable to live at home.

Optional Coverage for Ottawa Renters

Beyond standard tenant insurance, Ottawa residents also can purchase optional coverages to supplement their overall protection levels:

Flood Insurance

Flood insurance is designed to provide coverage to renters should their personal belongings be damaged as a result of flooding from nearby lakes, rivers, heavy rainfall, and other water damage.

Sewer Backup Coverage

Sewer backup insurance protects your belongings when severe rains force the municipality’s main lines to become full and back up into your rental home. If you live in a basement suite or older property, this tenant insurance is worth the investment.

Asking your landlord to install a sump pump and backwater valve is also recommended.

High-Value Items Insurance

For renters with high-ticket items like musical instruments, artwork, sporting equipment, and other items, standard renters insurance may not be enough to cover the full cost of replacing or repairing your items.

With high-value items insurance, you can confidently know that following an insured loss, your belongings will be fully covered.

Identity Theft Coverage

Identity theft coverage comes in handy in the event someone breaks into your rental property and steals important documents and information with the intent of committing fraud, like your driver’s licence, SIN, banking information, or birth certificate.

Once a tenant insurance claim is filed, your insurer will help cover the cost of recovering your items, replacing your documents, and other incurred expenses.

What Does a Tenant Insurance Policy Not Cover?

With a customized insurance plan in place, renters in Ottawa can have peace of mind knowing they’re protected against the unthinkable. But, like every insurance plan, some risks aren’t covered, including pest infestations, intentional harm or damage, criminal acts, or sinkholes.

Ensure that you read and understand your policy wordings, so you can purchase additional coverage if needed. An Oracle RMS broker will be happy to clarify any gaps that may be present in your plan.

How to Save Money On Ottawa Tenant Insurance Premiums

If you rent in Ottawa, Ontario, but don’t currently have renters insurance due to costs or because your landlord hasn’t listed the need for insurance in your lease agreement, you’re putting yourself at risk.

To ensure you’re comprehensively protected while saving money, here are some ways you can save on your premiums:

• Premiums vary depending on the insurer you work with. Make sure to shop around and compare tenant insurance quotes from different providers.
• Increase your deductible options to lower your monthly rates.
• Pay for your tenant coverage upfront, rather than monthly to avoid paying additional fees.
• Work with an insurance broker in Ontario to find the best coverage available at an affordable cost.
• Bundle your tenant and car insurance with the same insurer to unlock discounts.

Purchase Tenant Insurance with Oracle RMS Today

Protect your belongings and interests from the unexpected. When you partner with the insurance brokers from Oracle RMS, you can confidently know that we’re working on your behalf to ensure you find the right coverage for your needs and budget.

With years of experience in the industry and access to top providers across the country, our brokers will help you compare online quotes, unlock savings, and answer any questions you may have about your coverage.

Contact Oracle RMS directly or get an insurance quote from the comfort of your own home using our free quote tool.

FAQs

How does tenant insurance in Ottawa handle claims for accidental damages during political events?

Unless your tenant insurance policy specifically states that accidental damages from political events are covered by your insurance company, this type of protection is likely not to be automatically included in a standard policy. If you already have a renters insurance plan in place, we recommend reading the policy wordings, which should list what is and isn’t considered an insured peril.

Does tenant insurance in Ottawa cover properties with shared housing arrangements?

If you live in a rental with roommates, you can purchase one tenant insurance plan. However, your roommate won’t automatically be included in your plan. The plan will only offer protection to those whose names are on the policy. Therefore, if you purchased coverage on your own and now live with a roommate, you will need to speak with your insurer and specifically add them to your plan. Alternatively, your roommate can purchase a separate policy for themselves. This ensures that all parties living on the property have sufficient protections in place should damages or liabilities occur.

How are high-value items secured under tenant insurance in Ottawa?

Standard tenant insurance plans have coverage limits for specific items under the contents portion of your plan. If you own high-value items, you may not be reimbursed for the full cost of your items, should they be lost or. damaged. Therefore, you would need to purchase a high-value item endorsement from your insurance company to ensure that you have enough coverage should a claim need to be filed.

What is the process for upgrading tenant insurance coverage in Ottawa for international students?

If you are an international student who has moved to a new address in Ottawa and need to upgrade your coverage, you’ll need to speak with your insurance company and notify them of the address change. Once you’ve notified them, they will conduct a new risk assessment on the address and help you choose updated coverage limits, deductibles, and policies to ensure you are sufficiently protected.

Have further questions about tenant insurance? Contact the insurance team from Oracle RMS today for more information!

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