Buying a home will probably be the largest single financial investment you will ever make. For most people, their home is their life savings tied up in bricks and mortar – bricks and mortar that, no matter how well built, are vulnerable to fire, theft and other disasters. Could you possibly afford to replace absolutely everything you own? Recovering from even a partial loss, like having your home broken into and many possessions stolen, would cost more than most people could manage on their own. Home insurance is there to protect you from having to pay out a huge amount at once, often at the very worst time emotionally.

As a tenant, you may have even more to lose. If you don’t have insurance and your actions (for example, leaving the bathtub running) caused damage to your, or your neighbours, apartment or the apartment building itself, you would be held financially responsible for the cost of repairs to the structure, and of replacing the damaged property of your neighbours. The resulting claims would be paid by the landlord’s and your neighbours’ insurance…but their insurance companies will come to you to recover their costs. Tenant insurance is there to protect you from having to cover these costs out of your own pocket.

If you are like most people, you will probably never need to submit an insurance claim. But home (or tenant) insurance is peace of mind that you really shouldn’t live without