One of the most common myths about insurance is that renters just don’t need it, plain and simple. Your landlord has insurance, so you’re covered, too…aren’t you? 
Not to burst your bubble, but whoever started that rumor was terribly misinformed. In the event of a fire or extensive damage to your building, your landlord’s insurance would likely cover the walls around you and any major appliances that came with your unit, but everything else is on you. This is where tenant insurance comes in.

Tenant insurance, sometimes referred to as renter’s insurance, doesn’t just cover the items inside your rented space — it can protect you in ways you never even knew you needed. Let’s take a look at some of the biggest perks.

Liability coverage
Sometimes accidents just happen, despite our best efforts to prevent them. Sometimes your puppy chews a slobbery hole in your best friend’s leather backpack while she’s supposed to be asleep in her crate. And sometimes you accidentally hit your teammate in the face with a baseball and break his nose…not to mention his designer sunglasses. With liability coverage, you won’t be stuck paying to replace Lena’s leather backpack or Shane’s shades, and Shane’s medical bills could even be covered, too. Thankfully, third-party liability coverage is a component of many tenant insurance policies, and it tags along with you wherever you go.

Everything you own — even outside of your home
You’re always on the go, and that’s why tenant insurance protects your stuff, wherever you may take it. When your designer gym bag is stolen from your locker — along with your new iPhone, your laptop, and all of your basketball gear — tenant insurance could have you covered. Without tenant insurance, you’d be stuck replacing it yourself. You may think you don’t own anything worth insuring, but your stuff might be worth more than you think.

When your gym bag is stolen from your locker — along with your new iPhone, your laptop, and your basketball gear — tenant insurance could have you covered.

Additional living expenses
If you need a place to stay while your landlord gets your apartment back in order (following a fire or water damage, for example), tenant insurance can put a roof over your head. Plus, you’ll probably be a little hungry after dealing with the stress of leaving your home in a hurry, and your renter’s insurance can even cover the costs of keeping you well fed until you can get back in the kitchen. Learn more about other expenses that may be covered under this section of your tenant insurance policy.

Replacement costs
Have you ever come home after a weekend getaway to find that your freezer has broken down and everything inside is rotten, including those steaks you were planning to cook up for that special someone? Without tenant insurance, you’d have to bite the bullet and replace those filets mignons — not to mention the rest of your groceries — on your own dime. But with tenant insurance, a foul smell will be your only worry. Learn more about replacement cost coverage and how it could affect you.

Identity theft
Identity theft is also covered under many tenant insurance policies. Your insurer could reimburse you for things like legal fees, the cost of sending certified mail, and the wages you lost when you had to miss work to resolve the issue. Identity theft coverage is just another way that tenant insurance protects you — the real you, that is.

Whether you’re a recent grad getting ready to rent your first apartment or a long-time renter who has never considered the value of having tenant insurance, talk to a licensed insurance broker to learn more about your options.

Tenant insurance doesn’t just cover the items inside your rented space — it can protect you in ways you never even knew you needed.

Source

With housing prices on the rise, many Canadians are choosing to renovate their homes instead of moving.  If you love your location and get along with your neighbours, updating your current space might be the right move. Remodeling your home will also allow you to customize your space to suit your needs and likely increase the value of your home.

Things to consider when planning a home renovation:
Investing in a home makeover doesn’t have to be stressful if you build a plan for a smart renovation: 

• Ask for supplier and contractor referrals from friends and family. Community Facebook groups can be a great place to get referrals for contractors who work in your area.
• Research the company and/or contractor before signing a contract. Checking online review sites like Homestars is a good place to start. You can also ask your local business bureau to see if any of their former clients have made complaints.
• Do a legal check – find out if the contractor is licensed and has insurance.
• Find out if you need drawings created by an architect and/or a permit for your renovation
• Notify your insurer 
  
  

Typically, home insurance will not cover liability or damages caused by the contractor. Before hiring your contractor, it’s a good idea to ensure that they’re covered under the Workplace Safety and Insurance Board (WSIB) or the equivalent board in your province, have commercial general liability coverage and that their insurance will cover any damages on your property during construction.

Five most popular renovations for Canadian homeowners in 2017
(According to a recent survey)

1. Basic home maintenance - painting, flooring and general repairs 
2. Landscaping - deck, patio, and driveway
3. Bathroom renovations 
4. Kitchen renovations 
5. Replacement of windows and doors
   
   

Inform your insurance company of your home renovation plans
Whether you decide to finish your basement, update your kitchen or bathroom, it’s a good idea to let your insurance provider know about your plans. Your house insurance covers your home and its contents in the event of a loss, but your new renovations could increase the overall value of your home – therefore, affecting the replacement value and premiums of your current policy.

It’s also important to remember that some renovations may not be covered under your current home insurance policy and a surcharge or restrictions may apply to your existing policy due to the risks involved during construction.

Understanding your policy and available add-ons to your coverage will ensure you’re covered for the cost to rebuild your home (including all the new renovations) in the event of a loss.

Every situation is different, contact your insurance broker or Aviva to learn more about the implications of home renovations.

*Source: https://www.aviva.ca/en/blog/renovating-your-house/

As a homeowner you may not realize you’re responsible for underground service lines that run from city/town property lines to your home. The cost of repairing or replacing piping and wiring on your property can be costly and usually isn’t covered by standard home insurance policies.  Service Line Coverage is an optional type of coverage that you can add to your home insurance policy to protect you from losses due to failure of these lines.

What's covered?
Add Service Line Coverage to your home insurance policy to avoid the high costs associated with repairing or replacing failed service lines located on your property.

What's covered in the event of a loss

• Excavation costs – the cost of excavation needed to expose damaged underground service lines for repair or replacement
• Loss of use – additional living expenses and fair rental value if the home becomes uninhabitable because of damage to the service line
• Repair expenses – the extra cost of replacements or repairs
• Outdoor property – the replacement of outdoor property such as trees, plants, shrubs, walkways and driveways damaged as a result of a service line failure

* You should review your policy for other terms and conditions, including any exclusions.

While hotels may have been the accommodation of choice in the past, the home sharing community is becoming an increasingly popular option with travellers and those looking for interim rental options.

What is home sharing?
Home sharing is also an excellent way to bring in extra income by renting out a portion, or the entirety, of your home, condo or seasonal property. Recognized home rental networks like Airbnb, HomeAway and VBRO offer a secure way to list your property and assess perspective tenants, but are your new guests covered under your homeowners policy? Chances are, they probably aren’t. 
Our Short Term Rental insurance is an easy option to give you piece of mind that your belongings and property will be protected in the event of loss or damage, and can easily be added on to your existing Wawanesa Insurance policy.

What does it cover?
Our Short Term Rental insurance ensures you’re covered in the event of:

• Theft and attempted theft caused by tenants and their guests
• Damage caused by tenant vandalism
• Theft of or damage to tenant’s property up to $1,500
• Fair rental value

I have my Short Term Rental insurance! What else can I do?
Even though insurance can offer you piece of mind, it’s always better to be prepared and take additional steps to make the home sharing experience a good one for you and your guests. Here are a few quick tips to help keep your home and contents safe when renting:

• Lock it up: If you’re renting out a space you occupy frequently, or plan on keeping any personal items on the property during your guests’ stay, store them in a spare room, closet, shed, cupboard or similar area that can be easily locked off.
• Change your passcodes: It can be necessary to share passcodes for areas and resources your guests will require access to while they stay on your property – like garage doors, alarm systems and even WiFi. Take care to change them immediately after every checkout.
  
• Take an inventory: Our Property Inventory sheet is a handy resource to keep track of all the contents in your rental space or property, and can be easily referenced in the event of a claim.
  
• Leave a guide: Sometimes, even the best guests can cause damage if they unintentionally misuse household appliances, amenities and electronics. Consider leaving them a quick reference guide for your home and property, which includes what to do and who to call if something goes wrong. 

Ready for worry-free home sharing? Contact Guy R Day Insurance Group to add Short Term Rental insurance to your policy.

Source: https://www.wawanesa.com/canada/news/Short-Term-Rental-Insurance