Tenants insurance coverage options
Tenants insurance is designed to help protect you from losses. This page provides more information on the coverages available and factors that can affect the cost of your tenants insurance.
If you have questions about tenants insurance, contact your Desjardins Agent.
Personal property (contents)
This coverage helps protect against losses to your personal property (contents) while it is in your home or with you while you travel.*
Coverage for your personal property is an all-risk insurance coverage. It covers you for everything, except what's specifically excluded in your insurance policy. For example, it protects you against things like:
- Fire or lightning
- Impact by aircraft and land vehicle
- Windstorm or hail
- Falling objects
- Certain water damage
Additional living expense
This coverage provides payment for certain losses when your home is damaged and uninhabitable because of an insured loss, including your additional living expenses for the reasonable time required to repair or replace the premises, or for members of your household to settle elsewhere.
The amount of insurance for your property coverages are automatically increased as inflation changes the cost of replacing your property.
Liability coverage protects you or a member of your household against bodily injury and damage you may involuntarily cause to someone else or their property.
In addition to compensatory damages costs, this coverage may pay defence costs—even if a suit brought against you is groundless, false or fraudulent.
It is essential that you select a liability amount of insurance high enough to protect your assets.
This coverage pays medical expenses up to the amount of insurance selected for people who are on your premises with your permission and who are unintentionally injured.
The coverage also extends if you unintentionally injure another person.
However, the coverage does not pay for medical expenses for you or members of your family who live with you.
Losses not insured
While our tenants policy provides comprehensive coverage, it does not provide coverage for every loss.
All property coverages are subject to the common exclusions of the insurance policy.
Examples of losses not insured include but are not limited to:
- Water damage caused by sewer back-up, seepage and flood
- Damage caused by earth movement including earthquake or landslide
- Damage caused by nuclear hazard
Some exclusions, for example earthquake, seepage, sewer back-up and flood can be insured with optional protection if eligibility requirements are met.
Please refer to your insurance policy or talk to a Desjardins Agent for a complete list of losses not insured.
Optional tenants insurance coverages
Coverages available for an additional premium include but are not limited to:
- Additional liability coverage.
- Identity restoration.
- Earthquake coverage.
- Additional business property.
Personal property special limits
While the personal property amount of insurance determines the loss payment on those properties, it's important that you know that special limits apply to certain types of property.
Here is a typical list of the types of property that may have "special limits" in a tenants policy:
- Money, bank notes, coins (including collections)
- Property used or intended to be used as a business property
- Watercraft including trailers, accessories, motors, furnishings and equipment
- Cardstocks, bonds and other securities
- Jewellery and furs (applies to theft only)
- Silverware and goldware (applies to theft or loss only)
Tenants insurance deductibles
The deductible is the portion of a covered loss that is your responsibility. Most tenants' insurance deductibles are in the $500 to $1,000 range.
For example, if you have a $500 deductible, you are responsible for $500 of the covered loss.
Higher deductibles lower your premium, but increase the amount of a covered loss you must bear. Ask yourself how much of a covered loss you’re willing to bear in order to save on premium.
*Coverage is limited, except with the purchase of an additional coverage to insure up to 100% of the personal property amount of insurance.
This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some provinces. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and in any endorsements.