A couple weeks ago I got my renewal letter from Wawanesa for our tenant’s insurance. It is awfully expensive: $516.00/year. I have the letter right here so I’ll summarize what that covers:
- Rating information: tenants package broad form, commercial occupancy, metro A, frame, more than six apartments, within 300m of hydrant, within 13km of firehall, deductible $500 Section I, 0.5% inflation protection, replacement cost of contents section I Coverage C
- Property coverages:
- Property coverages: Personal Property $30,900 and additional living expense $6,180
- Legal liability: $1 million each occurrence
- Voluntary medical payments: $5,000 each person
- Sewer backup/water damage
- Replacement cost on contents
The $30,900 personal property is the minimum. I am pretty sure our personal belongings are worth less than that. We didn’t bother to insure extra items like jewellery because my parents said they have never had their jewellery insured because as they said, “they don’t have much jewellery, and they are always wearing their wedding/engagment rings.” If my wife starts taking her ring off for work or something, then maybe we will list it.
I bought tenant’s insurance in Waterloo, Ontario before and it was only about $150/year or so. But this is Vancouver, in an urban area and the other thing that I think made ours more expensive was the fact that it is in a “commercial occupancy” dwelling. Essentially, we have businesses below us, including a coffee shop and a Bikram yoga place (Bikram yoga has something to do with sitting in a sauna and sweating, so I guess the fire risk in a sauna would be high). My family was robbed while we were sleeping when I was younger. Our computer was stolen as well as a few other electronic items. We got covered for everything which was nice, not only that but we got replacement value for them so we were able to buy a brand new computer that was much better than the old one. Robbery is one of the main things I am worried about. Our building does not feel overly safe compared to some of the places I have seen in Yaletown or anywhere else for that matter. I guess fire would have to be the other. $500/year does seem like a lot, especially compared to what I used to pay in Ontario, but it is nice to have the peace of mind that if one day something very bad should happen that financially we will be ok.