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Reasons Why You (Really) Need Renter’s Insurance

Renter’s insurance can be an easy thing to overlook. Unlike home or car insurance, it isn’t mandatory for renters to purchase insurance (depending on your rental agreement). In fact, 50% of renters don’t bother with insurance, often because they feel they live in a safe building or they aren’t fully aware of their responsibility to protect themselves, their own belongings and others.

One common misconception is that the landlord’s home insurance will cover everything in the event of a loss. In reality, a renter’s belongings are not covered by the landlord’s insurance, and it’s up to the renter to purchase their own insurance policy.

Some renters don’t purchase insurance because they don’t believe they have much of value, but they should consider the cost of re-purchasing of all their clothing, electronics, furniture, kitchen utensils, and sports equipment to see the true potential cost of a loss.

As an example, the average person owns close to $20,000 worth of clothing. That might sound like something you’d only have to worry about if you have a walk-in closet full of designer shoes, but clothing adds up quickly and most people would find themselves out tens of thousands if they had to replace their entire wardrobe, including jackets and shoes at one time.

Renter’s insurance covers more than your belongings at home. If someone gets hurt in your home, if you injure someone, or if you accidentally damage someone else’s property, having insurance could protect you from being hit with expensive hospital or repair bills, lost wages and more.

It also protects you in case of accidental damage to your home. If your upstairs neighbour leaves the tap running or forgets to take their dinner out of the oven and causes extensive damage to your home, where are you going to stay while it’s all being repaired? Renter’s insurance covers additional living costs such as hotel rooms, so you can relax while your home is being restored to its former glory. If your home is deemed uninhabitable and you’re forced to move out, your insurance policy will help cover your extra costs. Renter’s Insurance can even cover the cost to stay at a hotel if needed.

Learn more about BCAA Renters Insurance or get a quote today. Everyone welcome, but Members save up to 20%*.

* BCAA Member savings on insurance products are only available with Basic, Plus, or Premier Membership plans. For full details, please visit