Residential Tenancies Act
Residential Tenancies Act Website: Provincial legislation governing relations between landlords and tenants. Note: This legislation will not apply if you share a bathroom and/or kitchen with the landlord (owner) or their immediate family.
Landlord and Tenant Board
Landlord and Tenant Board Website: Provincial body that resolves disputes between landlords and tenants through a board process.
It could happen to you.
- You return to your rental accommodation after a night out to find your place has been broken into. All of your belongings have been stolen.
- You come home from class one day to find your rental home burned to the ground. Firefighters are everywhere. All of your belongings have been destroyed.
While these are horrible situations to be in, what will make it worse is if you don’t have an insurance policy to reimburse you for your loss. If all of your personal items need to be replaced, the cost would likely be in the thousands. An insurance policy covering your personal belongings can help ease the tragedy of a loss like this.
Why should student tenants purchase insurance?
- Insure your personal belongings in the event of theft, fire or flood.
- In the event of disaster or theft, you will be able to file a claim with your insurance company to get money in order to replace your lost belongings.
- In addition to insurance for your personal belongings, consider liability insurance. In the event a tenant causes damage or destruction to the rental property, the landlord’s insurance company could seek payment from any tenant or guarantor on the lease.
- Minimal monthly fee (price will range depending on your coverage, but can be under $20/mo).
What should I do if I want insurance?
- Call a few insurance companies in London
- Get estimates from companies to compare the price and offered coverage.
- Ask your parent/guardian to find out if their home insurance policy will cover the loss of your belongings at your rental unit. You may already be covered by their existing policy.
- Take photos and write down serial numbers of all valuable items (Eg. Jewelry, electronics, etc.). Store in a location other than your rental accommodation.
Did you know that once a property is rented, there is a different classification for landlords to ensure their property is insured. While this insurance does not usually cover the tenants if they suffer a loss, it could come into play if a tenant does suffer a loss and they can show that the landlord was negligent in some way to cause the fire. It is always a good practice to ask if the landlord has proper insurance.