Don’t have renter’s insurance for your Toronto apartment? Here’s what you’re risking (It’s pretty serious!)

Imagine you’re creeping the Facebook profile of a cute girl you met on the weekend while sipping your home brewed kombucha. You set the glass down and just then, a geyser of water comes shooting out of the wall adjacent to your bathroom, blasting your kombucha across the room and systematically frying your motherboard, ruins your silk kimono and the $48 glass you bought at the artisan fair last fall, which has shattered on the ground.

Renter’s insurance is for that.

Basically, like homeowner’s insurance, renter’s insurance covers the belongings in your home against loss, theft and damage, depending on your policy. The difference between the two is that homeowner’s insurance covers the structure as well, while renter’s insurance doesn’t.

Even better, some policies cover your belongings even when you’re not at home. For example, you might be covered if you’re travelling and your camera gets stolen by a sacred monkey in Thailand or your iPhone is smashed by an elephant in Cambodia. In those cases, renter’s insurance could help you recover the cost of replacing your stolen, lost or broken belongings even while travelling.

Renter’s insurance definitely covers your belongings should there ever be a break-in at your apartment, but always check out the details with your policy provider.

Shopping around is key to getting a renter’s insurance policy that fits your needs and your budget. Generally speaking, renter’s insurance is very affordable for the massive benefits it can provide to renters like you.

If you need a little more information, Investopedia has a great Renter’s Insurance guide which you can find here.

There are a ton of Toronto agencies that provide renter’s insurance – this list isn’t exhaustive, but can give you an idea of what to expect:

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Born on the Prairies, Erin Cardone grew up knowing there was more to life than canola fields and AAA Alberta Angus. So she escaped, living in Europe and Australia, white-knuckling it through plates of calf brains and raw horse meat, and learning languages she can't remember anymore. After a stint as a jaded, skeptical journalist, she changed tack and began writing rather awesome blogs and showing businesses that advertising is dead, so long live social media, with her businesses Legendary Social Media. She now splits her time between various Canadian cities, Costa Rica and wherever else the wind blows.

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