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For all tenants looking for a place to rent, there are typically five steps to the process:

Step 1: Set a price range and make a budget

Step 2: Choose a location

Step 3: Begin the search and take a look at what could be the potential home

Step 4: Make a decision

Step 5: Start packing

Now, it may seem like a straightforward guide in looking for a rental home, however, all tenants should consider adding tenant insurance to the list. Oftentimes, landlords may require the tenant to have tenant insurance as an agreement when they apply to rent.

Tenant insurance, which is also known as renter’s insurance, is a property insurance that provides coverage for the renter’s belongings, liabilities and in certain cases their living expenses in the event of a loss. Tenant insurance is available to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhouse.

At Oracle RMS, we are able to provide you the best tenant insurance coverage for the best price. With tenant insurance, you will receive the following coverage: 

Contents Insurance: This type of coverage will cover the cost to repair or replace clothes and most household items in the event of fire, theft or other accidental damage.
Additional Living Expense: This type of coverage is typically included within the Contents insurance package. By having additional living expense coverage, it pays for any necessary expenses, depending on the circumstance.
Legal Liability: This type of coverage will pay for the cost of defending you in the case of a lawsuit.

Although renters are already balancing their budget and additional expenses, it is important to include tenant insurance to their finances. The cost of tenant insurance depends on what you’re looking for, such as:

How much insurance you require
When your unit or apartment was built
The location of your residence
Your insurance company
Your claims history

If you currently reside in Ottawa or Richmond Hill, learn more about Tenant Insurance in Ottawa or Tenant Insurance in Richmond Hill.

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Check out some of these articles to learn more about Oracle RMS:

Request a quote for tenant insurance that is uniquely tailored to your coverage needs or contact us to speak directly with one of our licensed brokers who will gladly provide more information.

Should you have any further questions regarding your insurance quote for Toronto or surrounding areas, please feel free to contact us and one of our representatives will gladly assist you.