{"id":30425,"date":"2021-09-22T11:23:30","date_gmt":"2021-09-22T18:23:30","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=30425"},"modified":"2023-03-02T16:33:48","modified_gmt":"2023-03-03T00:33:48","slug":"ask-an-expert-duuos-tenant-insurance-faqs","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/renters\/ask-an-expert-duuos-tenant-insurance-faqs\/","title":{"rendered":"Ask An Expert: Duuo’s Katie Garland On Tenant Insurance FAQs"},"content":{"rendered":"\n

Welcome to \u201cAsk An Expert\u201d where liv.rent<\/a> introduces you to the folks that know the ins and outs of the Canadian rental and real estate markets.<\/em><\/strong><\/p>\n\n\n\n

In this \u201cAsk An Expert,\u201d we\u2019re talking to Duuo’s Partner Success Specialist. Duuo<\/a> is an insurance distributor that’s backed by The Co-operators, and Katie Garland knows first hand about the concerns landlords and renters have about tenant insurance<\/a>.<\/p>\n\n\n\n

She spoke with liv.rent to help demystify insurance and how Duuo’s automated online services can streamline your business or move-in process.<\/p>\n\n\n\n

Let’s learn more about tenant insurance now and see why both landlords and tenants should keep it at the top of their move-in checklist<\/a>:<\/p>\n\n\n\n
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Table of Contents<\/strong><\/h2>\n\n\n\n
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What is tenant insurance?<\/a><\/strong><\/p>\n\n

Why tenant insurance matters<\/a><\/strong><\/p>\n\n

Tenant insurance tips for renters<\/a><\/strong><\/p>\n\n

Tenant insurance tips for landlords\n<\/a><\/strong><\/p>\n\n

What’s Duuo insurance?<\/a><\/strong><\/p>\n\n\n<\/div>\n\n\n\n

What is tenant insurance?<\/strong><\/h2>\n\n\n\n

We’ll break down the three key features of tenant insurance: personal liability, additional living expenses, and contents coverage.<\/p>\n\n\n\n

Personal liability<\/h3>\n\n\n\n

Personal liability provides coverage in the event that your negligence causes damage to someone or someone’s stuff.<\/p>\n\n\n\n

\u201cSo if someone comes into your apartment<\/a>, trips over a loose power cord, falls, and then decides to sue you for their medical bills or loss of income as a result of their injury, then the personal liability section of your policy is designed to cover you,\u201d Katie said.<\/p>\n\n\n\n

Additional living expenses<\/h3>\n\n\n\n

\u201cIf your home, because of an insured loss or a covered claim, becomes uninhabitable, then the additional living expenses portion of your policy is meant to cover the cost of alternate accommodations,” said Katie.

“It also covers a portion of the costs for food and other items to help get you by until you can go back to your residence.\u201d<\/p>\n\n\n\n

For example, say your upstairs neighbour floods their apartment, and subsequently yours and you need to stay at a hotel<\/a> or Airbnb while your suite undergoes emergency repairs. Additional living expenses can help cover those costs. <\/p>\n\n\n\n

Contents coverage<\/h3>\n\n\n\n

And then finally, there\u2019s contents coverage, and Katie said that \u201cthis element of the policy is designed to cover your personal belongings within your residence or while they\u2019re away from your home in storage.\u201d<\/p>\n\n\n\n

Basically, if your stuff gets damaged, stolen, or misplaced, then this part of your policy is designed to help you replace the items. <\/p>\n\n\n\n

\u201cOne thing I always like to remind people is to make sure that you have adequate coverage for your contents,\u201d she said. <\/p>\n\n\n\n

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Read More:<\/b> 11 Trustworthy Tenant Insurance Providers For Renters In Ontario\n<\/a><\/p>\n<\/div>\n\n\n\n

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Back To Top<\/a><\/strong><\/p>\n<\/div>\n\n\n\n

Why tenant insurance matters<\/h2>\n\n\n\n

Why do renters need it? Doesn’t a landlord\u2019s insurance cover them?<\/h4>\n\n\n\n

Tenant Insurance is designed to protect a renter<\/a> and their stuff. Landlords have their own insurance, but if a renter is responsible for any damage caused to the unit, then a landlord\u2019s insurance company could turn to the tenant to cover the costs.<\/p>\n\n\n\n

\u201cA lot of people think that situations like theft, a kitchen fire, or water damage will never happen to them. It\u2019s something we hear about with other people, but it\u2019s hard to imagine in our own lives.\u201d<\/p>\n\n\n\n

\u201cIt’s better to have it in place and it’s just another thing to check off the checklist when you’re moving into a new space,” said Katie.<\/p>\n\n\n\n

“It doesn’t take very long to sign up for coverage, so it’s something that can be done really quickly and easily,” Katie said.<\/p>\n\n\n\n

Tenant insurance tips for renters<\/h2>\n\n\n\n

What\u2019s a big misconception about insurance?<\/h4>\n\n\n\n

Katie said that one of the largest misconceptions is when people neglect to get insurance because they feel like they don\u2019t own many things or their belongings aren\u2019t of much value. So, if you\u2019re wondering if you need tenant insurance, then it\u2019s time for you to take stock of things.<\/p>\n\n\n\n

\u201cPeople always say, \u2018well, I don’t have that much stuff so I don’t need $25,000 worth of coverage,\u2019 but if you truly sat in your apartment and looked around at everything you have, and if you had to purchase everything again \u2014 It would add up very quickly.\u201d<\/p>\n\n\n\n

Even the small things like your toiletries, kitchen staples, and clothing can be expensive to replace. Having coverage for that is helpful because you don\u2019t want to spend money to replace things you already had.<\/p>\n\n\n\n

What\u2019s a quick tip about insurance you wish renters knew?<\/strong><\/h4>\n\n\n\n

\u201cI think just finding the coverage that works for you is really important,\u201d said Katie.<\/p>\n\n\n\n

\u201cI know with Duuo, we\u2019re very flexible with our coverages, so you can kind of make it fit to what you need. We understand that tenant insurance can be tricky, so people like me are always available to help answer any questions you might have about your coverage,\u201d she said.<\/p>\n\n\n\n

She also points out that you know yourself and you can trust yourself, but there\u2019s something else to consider if you\u2019re on the fence about insurance.<\/p>\n\n\n\n

\u201cYou know what you’re doing, but can you also trust your neighbours to be 100% careful all the time? You never know what’s going to happen.”<\/p>\n\n\n\n

So even if you\u2019re a responsible tenant<\/a>, if your neighbour causes a fire or flood due to their negligence, it will adversely affect you. So, having tenants insurance is a proactive approach that can offer a lot of peace of mind.<\/p>\n\n\n\n

\u201cI know I’ll be safe. I know I’ll be cautious, but I’m also gonna be able to take care of myself should something happen,\u201d is the mindset Katie thinks is important to have.<\/p>\n\n\n\n
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