Frequently Asked Questions
Here we talk about the Insurance’s most frequently asked questions. There are so many questions about insurance policies that often people just want to speak to an expert. We have taken years of conversations from 1000’s of clients and created our broad database of frequently asked questions. We are always adding questions, so if you don’t see the answer here, reach out and we will try to add yours here to help the next client.
The phrase “Act of God” is an old insurance term used to describe claims that are natural and NOT human-based. Tenants insurance policies cover almost all “Acts of God” such as – windstorm (tornado, hurricane), snow & hail, lightning, forest fires, rain and snow. Your policy can also be extended to cover earthquake and flood damage.
Jewelry is automatically covered up to $5,000 for condo policies and $10,000 for tenants policies. You can add specific items that exceed these limits.
Your policy covers you from claims happening IN your residence, such as a guest tripping on a carpet or a delivery person slipping on a walk you were suppose to shovel. It also protects you internationally for property damage that you could cause while on holidays (letting a tub overflow in a hotel room)
The landlord’s insurance policy protects their assets. The building itself, and some cases, more permanent appliance (think shared laundry). Your tenant’s insurance protects your personal property.
When you start to add up your clothing alone, could you really pay for it all again out of pocket? When you factor in the low cost of tenants insurance and small deductible, how can you afford NOT to?
Natural disasters are very broad, especially in Canada. From snowstorms and hail to earthquakes on the west coast. Tenants policy cover for most natural disasters (forest fires, tornados, even earthquake can be added).