Reasons you really need renters insurance

Have you considered how much it would cost to replace everything you own? From your laptop and phone to your bike, furniture and clothing, most renters have far more to lose than they realize. That's where renters insurance can help. 

Unlike home or car insurance, it isn’t mandatory for renters to purchase insurance (unless your landlord requires it). In fact, 40% of renters don’t bother with insurance, often because they feel they live in a safe building or they aren’t fully aware of the protection it provides themselves, their belongings and against accidents to others.

If something unexpected happened, like a water leak in your building or a kitchen fire, and you had to replace your electronics, jewellery, furniture, bicycles, clothing, bedding and more that could easily cost you tens of thousands of dollars to replace everything.

Insurance may seem like an easy ‘expense’ to forgo, in a time where the cost of living keeps increasing. But accidents and the unexpected do happen, and insurance is a small price to pay to protect your wallet from taking a big hit.

There’s more reasons you need renters insurance than you’d probably think.

Reason 1: Your belongings are your responsibility

One common misconception is that your landlord’s home insurance or your roommate's insurance policy will cover you in the event of a loss. In reality, a tenant’s belongings are not covered by the landlord’s insurance, and if your roommate has a policy, you'll only be covered if you're a direct relative or under 21. It's up to you to purchase your own insurance policy.

Reason 2: Your stuff is worth more than you think

Some renters don’t purchase insurance because they don’t believe they have much of value, but consider the cost of re-purchasing all of your clothing, electronics, furniture, kitchen utensils, and sports equipment.

As an example, the lowest personal property coverage limit we offer is $20,000. That might sound like a generous amount to replace your wardrobe and second-hand belongings, but things like clothing and furniture add up quickly and most people would find themselves out tens of thousands if they had to replace their entire home's worth of things in one purchase.

Use our Personal Property Calculator to figure out how much your stuff is worth and help guide you to what your contents coverage limit should be. 

Reason 3: A change in living arrangement can knock your budget

Accidents happen which means you could find yourself temporarily without a home. Say 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? Renters 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.

With vacancies low and rents rising across BC, finding a comparable temporary place on short notice is harder and more expensive than ever. Which makes additional living expense coverage one of the most valuable parts of a renter's policy.

Reason 4: Accidents to others can be costly

Renters insurance covers more than your belongings at home. If someone injures themselves in your home or you damage someone else's property, having insurance could protect you from being hit with expensive hospital or repair bills, lost wages and more. For example, if a guest slips and falls in your home or you accidentally cause water damage that impacts neighbouring units, liability coverage may help protect you from costly expenses.

Protect What Matters Most

A renters insurance policy offers peace of mind for many of life's little mishaps, so even when the unexpected happens you can keep moving forward. For many renters, the monthly cost of renters insurance is far less than the cost of replacing even a single smartphone or laptop.

When you're insured with a trusted BC insurance brand like BCAA, you can have confidence that when things go wrong, we'll make them right with our strong record of paying claims. BCAA paid out over 95% of claims related to fire, water, weather and theft.*

You can save 5% when you buy BCAA Renters Insurance online and save an additional 10% when you're a BCAA Member. Get a quote today

^{Home Insurance is sold through B.C.A.A. Holdings Ltd. dba BCAA Insurance Agency, a licensed insurance agency, and underwritten by BCAA Insurance Corporation.
*From 2021 to 2025, BCAA paid out over 95% of home insurance claims related to fire, water, weather and theft. Past performance is not a guarantee of future results.}