Tenant insurance in New Brunswick (also called renters’ insurance) is meant for people who rent the place where they live, whether home, condo, or apartment. It provides coverage against common risks like theft, fire damage, and personal injury that occurs on the property.

Insurance is necessary because a landlord’s home insurance policy won’t cover these perils on behalf of the renter. You want to be covered in case something happens to your home or your belongings.

Tenant insurance is not mandatory at the provincial level, however, it is highly recommended to protect your personal belongings and have peace of mind.

Also, many property managers won’t lease their units without tenant insurance coverage. Renters in New Brunswick can expect to get a personal insurance policy quote as part of renting.

A licensed insurance advisor can offer the best tenant insurance New Brunswick has in store.  If you contact the broker channel they can provide you with more than one option so that you can see comparable in price and coverage! We can give you peace of mind with our insurance services.

This depends on where you reside, the value of your total contents, and your liability limits. Policies normally start at $300/yr or around $20 to $50 /month and increase as the content values and liability limits increase.

Since there’s no minimum coverage requirement, you can achieve lower rates by purchasing only the coverage you need. Think about your personal belongings and get the policy and the coverage you need.

The following things are generally covered by the best tenant insurance New Brunswick:

1. Contents

If your belongings are damaged or stolen while in your rental property, tenant's insurance in New Brunswick will help cover the cost of replacement or repair.  

This is among the most important aspects of tenant's insurance since most people don’t have the money to replace thousands of dollars in lost items out-of-pocket.

1. Liability

If an accident on your property causes financial harm to a third party, tenant’s insurance with personal liability coverage can help cover lawsuit and settlement costs. 

For example, if a guest slips, falls, and injures themselves on a wet floor in an apartment you’re renting, your insurance policy will shield you from the financial fallout of a potential lawsuit.

1. Relocation cost reimbursement

If the property you’re renting is rendered uninhabitable, tenant insurance will help shoulder the costs of relocating, and your living expenses.

For example, if you’re forced to stay at a hotel for a few weeks because your rental apartment flooded, tenant insurance may help with your hotel bill along with the cost of purchasing meals and other living expenses.

Tenant insurance in New Brunswick typically won’t cover replacement costs above a certain amount for extraordinarily expensive items (i.e. jewelry). To make sure you’re covered for the items that matter most to you, it’s important that you read the policy thoroughly. The best insurance broker can help you find the exact policy you need.

The cheapest tenant insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. For example, some insurance companies might weigh your age more heavily than others. This is why it’s a good idea to compare insurance companies with Surex. The cheapest online insurance provider isn’t always evident.

Tenant insurance is rated based on the type of unit you rent, number of tenants in the unit, value of your contents, physical location of the unit, prior tenant or home claims in the past under your name.

You’ll need to provide basic information about yourself and the property you’re renting if you want to get insurance online over over the phone, including:

• The address
• The cumulative value of your personal property
• Who else will be occupying the rental property (you want to make sure that all renters are covered under their own policies.

Yes, tenant insurance and renter’s insurance are the same. They are policies purchased by a renter to protect themselves financially.