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Reasons you really need renters insurance

Renters insurance can be easy to overlook. Unlike home or car insurance, it isn’t mandatory for renters to purchase insurance (depending on your rental agreement). 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 flood or fire, and you had to replace electronics, computers, monitors, smartphones, jewellery, art, musical instruments, furniture, appliances, kitchen utensils, bicycles, sports gear, tools, power equipment, luggage and clothing, that could easily cost you tens of thousands of dollars – and double it if two people live in your home.

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: Accidents to others can be costly

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

Reason 4: 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.

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. And when you’re insured with BC’s Most Trusted Insurance Brand*, you can have confidence that when things go wrong, we’ll make them right as. Over a one year period, BCAA Home Insurance paid out 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 20% 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.
*BCAA, in association with CAA, was chosen as the #1 Most Trusted Insurance Brand by British Columbia participants in the 2023 Gustavson Brand Trust Index
**From 2019 to 2020, BCAA paid out on average 95% of home insurance claims related to fire, water, weather and theft. Past performance is not a guarantee of future results.
***BCAA Member savings on insurance products are only available with Basic, Plus, or Premier Membership plans. For full details, please visit