Although British Columbians are concerned about their personal property, less than half of renters have tenant insurance, according to a new survey by Canadian Direct Insurance.
A quarter of the tenants who participated in the survey didn't realize they aren't covered by their landlord's insurance.
There's a general misconception that renters don't need insurance, and some believe they're covered under their landlord's policy, said Karen Hopkins-Lee, chief underwriter at Canadian Direct Insurance, in a press release. Uninsured tenants also lack liability coverage, which protects them from being sued if they accidentally damage someone's property or injure another person, she added. For example, tenants could be held responsible for damaging a building if they start a kitchen fire.
Thirty per cent of homeowners and tenants are concerned about fires, while only 10 per cent are worried about earthquakes. Approximately 19 per cent of surveyed residents are worried that their homes will be broken into, and 17 per cent are concerned about water damage.
Falling trees, rock slides, wind and pests are also concerns for B.C. residents.
The poll revealed that approximately a third of B.C. tenants and homeowners haven't calculated their personal property's value, which is important for insurance purposes.
The value of kitchen items and linens needs to be included with the price of electronics and jewelry, Hopkins-Lee said. Homeowners should consider the cost of buying all those items new, she said.
Residents should take photos or videos of their personal property. These should be updated periodically, particularly after making large purchases, and stored offsite.
