Chilliwack Rental Tips: The Importance of Rental Insurance

At BE Investments, we understand the importance of rental insurance and how beneficial it can be for renters living in Chilliwack and the surrounding areas. That is why we have put together a list of the top reasons for getting rental insurance.

The Top Reasons for Getting Rental Insurance

While most Chilliwack renters tend to think that they are covered under their landlord’s insurance policy, this is not always the case; therefore, getting rental insurance will help protect both you and your belongings from theft and damage. Some of the top reasons for getting rental insurance include:

1. Covers Losses to Personal Property

Rental insurance is designed to protect against losses to your personal property, including clothes, jewelry, computers, furniture, electronics, etc. Even if you do not own much, the value of your property can add up quickly, making it hard to replace all of your belongings without the help of insurance. Most Chilliwack rental insurance policies cover a long list of perils, such as:

  • Damage caused by aircrafts and vehicles
  • Damage from water or steam
  • Explosions
  • Falling objects
  • Fire or lightning
  • Smoke
  • Theft
  • Vandalism
  • Volcanic eruption
  • Windstorms, hail, ice, snow, or sleet

2. Provides Liability Coverage

Liability coverage is also included in rental insurance policies in order to protect you in the event that someone is injured while in your Chilliwack home or you accidentally injure someone. Liability coverage will pay for any court judgements and legal expenses, up to the policy limit.

3. Covers Additional Living Expenses

In some cases, rental insurance offers coverage for additional living expenses in the event that your Chilliwack home becomes uninhabitable due to one of the covered perils. This policy covers costs associated with living somewhere temporarily, including food. Make sure to find out if additional living expenses are covered under your rental insurance and how long the coverage will last for.

4. Some Landlords Require Rental Insurance

While your landlord’s insurance covers the structure and the grounds, it does not cover your personal belongings. In some cases, your landlord may require you to purchase rental insurance in order to ensure that some of the responsibility for damages can be shifted away from the landlord and their Chilliwack insurance company.

If you would like to learn more about the importance of rental insurance for renters in Chilliwack, or if you are interested in renting at one of our properties, please contact BE Investments at 604-855-0078 or by filling out a contact form on our website.