When renting a new place, there's a lot to consider—from where to place your potted plant to how you'll decorate your bedroom. Nonetheless, don't let tenant insurance get lost in the shuffle. As you shop for tenant insurance, you may encounter a great deal of information, but how much of it is accurate? Let's break down some of the most common myths about tenant insurance.

Myth 1: Your tenant insurance policy also covers your roommates' belongings.
Tenant insurance policies only cover the renter named on the policy, not everyone living in the same space. Each roommate needs to have their own tenant insurance policy to protect their belongings. It's worth mentioning that tenant insurance does protect more than just belongings. Still, any coverage included in the policy applies solely to the renter whose name is on it, so it's important for each roommate to have their own tenant insurance policy.

Myth 2: Your tenant insurance policy covers damage to the building, such as a broken window.
As a renter, your tenant insurance doesn't cover any part of the building or structure you live in, including its windows, doors, walls, or any appliances and fixtures that belong to your landlord. For example, if someone breaks in through your window and steals your belongings, your insurance policy would cover your stolen items. However, the damaged window itself would be covered by your landlord's insurance policy.

Myth 3: "Additional living expenses" or "loss of use" coverage handles the full cost of alternate housing when you must vacate your rental unit due to a fire or other events.
Additional living expenses, or loss of use coverage, covers any extra costs you incur due to an insured event beyond your usual living expenses. For example, if your rent was originally $900 per month, but you now have to pay $1,100 per month for a temporary place to stay, you would be reimbursed for the additional $200 per month. And if your apartment had a kitchen, but the temporary space doesn't, you would be reimbursed for extra food costs that exceed your typical grocery bill.

Myth 4: Your tenant insurance policy will cover all your belongings, including electronics and valuable items.
Your standard tenant insurance policy typically covers most of your belongings. However, certain valuable items (e.g., electronics, sports memorabilia, jewelry, collectibles, bicycles, etc.) may have specific limits or require additional coverage. It's important to ensure all your high-value belongings are adequately protected in case they're damaged or lost.

Myth 5: You can purchase tenant insurance even after an incident occurs and then make a claim right away.
Like any other type of insurance, you need to have a tenant insurance policy in place before an incident occurs that may require you to make a claim. Insurance won't cover any events before you purchase a policy, and you never know when the unexpected might happen. It's a good idea to contact your licensed insurance broker for coverage before your move-in day so you're not taking any chances.

These are just a few of the most common myths about tenant insurance, but there are many more. It's important to consult a broker to make informed insurance decisions that suit your needs. Our brokers provide personalized support and can advise you on various coverage options. They will help you find the right coverage that fits your lifestyle and debunk any other myths that might come up along the way.

If you're a current OTIP policyholder, contact us at 1-833-615-9329 to review your existing tenant insurance policy and discuss enhancing your protection. If you're not insured with OTIP and are shopping for tenant insurance, call us at 1-833-494-0085 to get a quote and receive a $20 gift card of your choice!