Consumers: tenants insurance too expensive at $15 per month
Published: April 13, 2018
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Home Insurance
Tenants insurance may seem affordable on the surface, with the average premium starting at as low as $15 per month. However, nearly half of consumers asked in a survey said that they could not afford to pay renter’s insurance.
Kanetix used a Google Survey of 1,000 Canadian home tenants, with 485 of them not having any rental insurance protection. President and CEO of the online company, Andrew Lo explained to Canadian Underwriter that the main reason (47.8%) for not getting insurance was the cost, but insurance can be as low as $15.
Other reasons for not having coverage included:
- Didn’t have much to insure (24.3%). “It seems people underestimate the value of their possessions,” Lo said.
- Believed they’re covered by the landlord’s policy (17.3%). This is a commonly held myth, but the reality is the landlord’s policy typically does not include coverage for a tenant’s personal property or possessions.
- Believed they’re covered under their roommate’s policy (10.5%). “This is also a myth,” Lo said, “because unless your name is specifically listed on the policy, you’re related or in a relationship with the roommate, it’s unlikely a roommate’s policy would extend to the other tenants.”