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Rental Insurance

Toronto Blog Last Activity 10 months ago 307 views 5 comments

Rental Insurance

I'm just renting a studio in downtown Toronto and never thought about insurance, but lately I've started to. I have a number of designer shirts, not exactly Jay Gatsby, but certainly the main character in The Boys in the Band (Jim Parsons played him in the remake). But as soon as I tell the broker I work from home, they give me some ridiculous quote like $65/mo. Just for fire and theft I think that is. What are people doing these days for insurance if one is renting an apartment? (There is less competition in Canada than the US so we don't have really cheap insurance.)

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oldrbuttwizer55
oldrbuttwizer55
10 months ago

I'm in the US so costs/coverage not comparable, but from experience:


You can judge the value of your possessions vs insurance costs.....BUT possibly more important to be protected against liability (a guest trips and falls in your apartment and sues you . . . your dog bites someone . . . . you let the bath overflow and it damages other units . . . .cost of living elsewhere if a fire (even in another unit) displaces you . . . and in your case:  loss of income when you can no longer work from home.


 


If your $85/month (Canadian) is only fire/theft - it seems high;  I pay $900/year (US) for full coverage including $75,000 contents coverage, $30,000 living elsewhere allowance, $300,000 liability.

Toronto
Toronto
10 months ago

@oldr Yup, I hardly have guests and no pets, no bathtub, are you getting the picture that my place is hardly the Taj Mahal? lol but I think everyone needs to think about liability these days. Canada is less litigious than the United States (lower damages awards). 


@Anton, what's self-insure? Feel free to answer via DM if you're not comfortable posting on this blog.


@dam wherever I lay my head, I resign. 


@take5 no car. by finances and by choice.   this city is getting so crowded. Lots of people and few new roads. 


 


 


 

AntonLaV
AntonLaV
10 months ago

That's ridiculous, $1020 a year. I don't pay much more for a whole house. I'd self insure. Good luck.

Toronto
Toronto
10 months ago

Sorry, I meant $85/mo. (CAD, ofc)

damsreyes4000
damsreyes4000
10 months ago

I have farmer insurance and I pay $26.00 a month every month. I resigns in Kansas City KS.

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