Tenants rights have been a hot topic over the past 18-months. Last annum, the BC government offered assistance with a Temporary Rental Supplement Program, while the 2020 freeze on rent increases is being extended to the end of 2021. On July 1st of this year, the BC government also announced residential tenancy changes that will prevent renovictions and provide renters with more security and protection. These amendments are important when you consider that with over 600,000 renters, BC has one of the highest proportion of tenants in Canada. Vancouver is partly to credit, or blame. With the most expensive real estate in the country and limited affordable inventory, 53% of all households are forking over hard earned dough to landlords instead of building their own equity. While the aforementioned government-guided initiatives help, renters are having to take matters into their own hands in other ways, namely when it comes to protecting their assets. However, there is limited information available to renters in this capacity. When you inspect the Government of British Columbia’s Residential Tenancies website, you will find a lot of information on Tenancy Laws, but not a word about insurance policy requirements for injury, damage, or stolen property. Without this coverage, a single event can lead to financial ruin. Thankfully, Park Insurance has decades of experience offering insurance protection not only for homeowners, but for renters too. Below is your one-stop tenant insurance resource guide.
Valuable Tenant Insurance Resources for BC Renters in 2021 and Beyond
What You Need to Know Before You Buy Insurance
There are key things to consider when shopping for tenant or renters insurance in BC. These considerations reflect upon responsibility (i.e. who/what caused damage, loss, or injury) and all costs associated with remedy or replacement. When buying tenant insurance, ponder the following:
- Will the policy cover damage to property caused by you or a member of your household?
- Will the policy cover legal expenses?
- Will the policy cover the cost of temporary relocation?
- Will the policy cover other uses of the property (i.e. home-based business)?
- Will the policy cover the full value of all possessions?
- What won’t/can’t be covered in a given policy?
For more insight into these questions, please review our guide to 6 Things Renters Must Consider Before Buying Tenant Insurance.
Tenant Insurance Available to You
Now that you’ve developed an understanding of what to look for prior to choosing tenant insurance, it’s time to go shopping. The good news, is that renters’ policies offer an inexpensive way to protect yourself and the value of your personal property. But of course, not all policies are created equally. Park Insurance takes the guesswork out of the equation and is able to offer you comprehensive coverage. This includes coverage for “named perils” caused by events such as windstorms, theft, vandalism, and more. In many cases, additional coverage can also be purchased for damages or “perils” that are not typically covered, which may include earthquakes, floods, and more. View everything that is available to you when choosing tenant insurance through Park.
A Better and More Convenient Way to Buy Tenant Insurance
Ready to protect yourself, your household, and the value of your possessions? We encourage you to act now. There are many unfortunate stories about what can happen when renters wait another month, week, or even a single day to secure coverage. Mother Nature, and opportunistic criminals wait for no one. But what if it’s after-hours, the weekend, or you’re in the middle of a vacation on the other side of the country? In the past this may have been a problem, but not any longer. Contact one of our brokers today and they will quickly provide you the best rates for your tenant insurance needs.
We’re Here to Help
While tenant insurance is more accessible than ever, you may still have inquiries or concerns. That’s what we’re here for. Whether you prefer to buy renters insurance the old fashioned way, or you would just like to ask a few questions before choosing your package, we encourage you to call us at 1.800.663.3739 to speak to a broker at Park Insurance – BC’s ultimate tenant insurance resource!
