Tenant insurance in Nunavut (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 many property managers won’t lease their units without tenant insurance coverage in place. Renters in Nunavut can expect that getting a personal insurance policy quote is a part of renting.

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

1. Contents

If your belongings are damaged or stolen while in your rental property, tenant's insurance in Nunavut 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.

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

Tenant insurance in Nunavut 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.

Content insurance is a benefit provided by most tenant insurance policies. It covers the cost of repairing or replacing stolen or damaged items.

Tenant insurance (also referred to as renter’s insurance) helps renters cover the cost of replacing or repairing their personal belongings in the event of an incident (i.e. fire or break-in) on the property.

No. Your landlord’s insurance policy will not cover your contents or belongings. It only protects their items as the policyholder. If you want coverage for your belongings, you’ll need tenant insurance.

Tenant insurance will also cover the cost of additional living expenses if your home is ever rendered uninhabitable by some sort of disaster or incident.

Typically, a tenant insurance policy covers only the policyholder’s belongings. You can purchase insurance jointly, however, but don’t assume you’re automatically covered by your housemate’s policy because you probably aren’t unless specified.

It all depends on where you reside, the value of your total contents, and your liability limits. Tenant insurance typically costs between $20 and $50 per month. The exact amount can vary, however, depending on various factors, including your location and insurance record. Some are as low as $10 a month, but typically people need more coverage than that. 

The law does permit landlords to include an insurance policy as a lease requirement. Many landlords do so as a tenant’s policy serves to reduce their overall risk.

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.