4-in-10 Canadian renters do not have tenant
insurance
Survey finds almost half of Canadian renters
list electronics, including phones, cameras, televisions and
laptops as top priority items to protect
TORONTO, Jan. 11, 2022 /CNW/ - Canadian renters often
think of home insurance as protecting against the loss or damage of
the big stuff – like pipes, appliances, and the physical structure
of a home or building – and can mistakenly assume their landlord's
insurance will protect their most valued and personal belongings
against common risks such as theft, fire or water
damage. According to a recent TD
Insurance* 2021 Tenant Insurance Survey ("the
Survey")**, almost half of Canadian renters (41%) do not have
tenant insurance with 43% of survey respondents naming personal
electronics, including mobile phones, cameras, televisions and
laptops as the most valued possessions they would want to
protect.
"Insuring a home isn't just for homeowners. It's a savvy way
for renters to protect their valued belongings and help cover
potentially expensive replacement or repair costs when an
accidental or unexpected loss happens," says Craig Richardson, Vice President, Claims, TD
Insurance. "If you're renting, your landlord's insurance policy
won't cover your personal belongings, like furniture, jewelry, or
expensive technology like that new laptop or mobile phone that you
may have just received as a gift over the holidays. Consider the
New Year as your fresh start to review your insurance needs and
determine what coverage is best for you."
Although tenant insurance is not mandatory, many landlords make
it a condition of the rental agreement. In fact, 49% of survey
respondents say their landlord requires them to have tenant
insurance and for good reason. Without tenant insurance, renters
could be liable for damages to the rental unit and could face steep
expenses for repair costs, in addition to the costs of replacing
personal belongings.
More than half (51%) of survey respondents stated they would
have trouble replacing any of their belongings without insurance.
Only two-in-10 stated they could replace all or most of their
personal property without the aid of a tenant insurance policy.
"Protecting personal property that often can be expensive to
repair or replace makes sense for homeowners and renters alike. As
we continue to move through this global health pandemic, personal
electronics like mobile phones and laptops have become incredibly
important to staying connected with friends, family, the workplace
and they've become some of our most valued
possessions." adds Richardson.
Top five most valued possessions Canadians want to
protect:
- Electronics, 43%
- Furniture, 22%
- Jewelry, 8%
- Clothing 5%
- Recreational equipment 2%
Tenant insurance is the same as renter's insurance – these terms
are often used interchangeably. Here are some frequently used
tenant insurance terms that are also worth knowing:
All-Risk insurance covers your belongings for losses
caused by a wide range of risks (or perils) aside from some
explicitly mentioned exclusions in the policy.
Personal Liability insurance coverage protects you
if someone is unintentionally injured in your home, or if you've
damaged someone else's property and now have to pay for
damages.
Replacement Cost means that in the event of a
covered claim, items which cannot be repaired, can be replaced with
new items of like kind and quality with no deduction for
depreciation.
Additional Living Expenses coverage will help you
pay for additional costs that are both necessary (like hotel and
extra food costs) and reasonable in a situation where you are
forced to leave your home following a covered loss.
In addition to protecting personal belongings against common
risks such as theft, fire, and water damage at home, tenant
insurance coverage applies to items that are both in your home and
temporarily away, including while on vacation.
For more information on TD Tenant Insurance, or to get a quote
& buy online in just minutes, please visit
www.tdinsurance.com
*TD Insurance refers to
the following personal lines insurance companies: Security National
Insurance Company, Primmum Insurance Company, TD General Insurance
Company and TD Home and Auto Insurance Company, all of which are
subsidiaries of the Toronto Dominion Bank.
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** TD Insurance* 2021
Tenant Insurance Survey ("the Survey")**, conducted between August
24-26, 2021
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About TD Bank Group
The Toronto-Dominion Bank and its
subsidiaries are collectively known as TD Bank Group ("TD" or the
"Bank"). TD is the fifth largest bank in North America by
assets and serves more than 26 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in The Charles Schwab Corporation; and
Wholesale Banking, including TD Securities. TD also ranks among the
world's leading online financial services firms, with more than 15
million active online and mobile customers. TD had CDN$1.7
trillion in assets on October 31, 2021. The
Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
SOURCE TD Insurance