Incredible: 37% of Quebec tenants have no home insurance. In times of pandemic, it's playing with fire.
Most scientists believe that a vaccine against COVID-19 will only be available in the summer or even in the fall of 2021. Telecommuting is therefore here to stay for quite a while.
However, too many tenants mistakenly believe that their property is covered by their landlord's insurance. It's wrong. In the event of a disaster, they can lose everything.
Others feel that insurance is too expensive. However, the average annual premium in Quebec is $ 292, or less than a dollar a day, according to the Insurance Bureau of Canada (IBC). The organization mentions that the average cost of a claim with a Quebec tenant (the compensation paid by the insurer) is $ 6,327. Why do without it?
Especially since your tenant's liability coverage makes all the difference if you set fire or cause major water damage, which could cost hundreds of thousands of dollars, or even over a million dollars. . Without insurance, you pay out of pocket.
If you are teleworking, tell your insurer. Most of the time, it doesn't change the contract or the premium, but not always.
On the other hand, some insurance contracts provide for a maximum in terms of insured values, in particular for bicycles or software (but not computer equipment).
But there may be limited coverage if you take your high-end computers, tablets, bikes and outdoor gear with you to the cottage. Is it covered by the chalet's home policy or that of your main residence? In the latter case, the contract may only cover 10% of the value of your property in the event of theft or damage (but many insurers offer more).
And it depends on the time you spend away from the main home. Two days a month does not equal three days a week or a full summer. Check your coverage or contact your insurer or broker.
- Before shopping for insurance, take an inventory of all your belongings. You will be surprised at their value and you will know your real insurance needs (free inventory grid from the BAC: https://infoassurance.ca/fr/assurance-habitation/s-assurer/inquête-des-biens.aspx) . Photograph and scan invoices for your most valuable possessions.
- Sometimes, increasing the deductible (the amount you pay in the event of a loss) by a few tens of dollars lowers the premium considerably. But paying $ 2 less per month to hit a $ 1,000 deductible in the event of a claim doesn't really make sense either …
- We have said it over and over again: insure your main residence (rent or property), your chalet and your vehicle in the same place to save money.
- A lover now lives with you? Notify your insurer (especially if he has children). In a year, he will automatically recognize your lover as a common-law partner.
- Do you have a new roommate? Contact your insurer. He could have his own home insurance or be registered with yours.