Insurance and liability help
 

We are moving to Toronto on 29th February and have secured a house to rent from 1st February so next week and we currently trying to get the right insurances in place. We understand that we need contents and personal liability and we have lots of question.

1. What level of personal liability do we need. Some say $ 1m some suggest 5m- what is actually required.

2. We are looking for a more comprehensive contents insurance to cover things like laptops, phones etc when we are out and about as well as some jewellery that is worn every day- can anyone suggest a higher end policy provider like Chubb or John Lewis or Barclays finer in the uk?

3. Finally I assume cover needs to be in place for liability from day 1 and contents from the day we arrive.

Any help would be appreciated. Thank you

Re: Insurance and liability help
 

What you need is a tenant's package policy. Such policies cover contents and liability and allow the addition of endorsements/riders for scheduled personal items such as jewellery.

Any broker can sell you such a policy. I personally would look for a company name I know from the UK or a local company that seems as if it would co-operative in the event of a claim. I'd take all the default coverage limits except for the scheduled items; I'd try to get an agreed value for those based on receipts or expert opinions.

Re: Insurance and liability help
 

Welcome to BE!


There's an explanation on TD's insurance website that might be of use.

You may want to look into using a company that will also cover car insurance if you are going to be getting a vehicle - you will likely get a discount.

About Standard Tenant Insurance Coverage - Article from TD Insurance Meloche Monnex

http://www.melochemonnex.com/en/residential/renter

:)

Re: Insurance and liability help
 

You need to find a good insurance broker to help you. Most brokers have preferred insurers they place most of their business with, so you may need to shop around. Chubb is available in Canada, they have an office in Toronto, you could try calling them and asking for a recommendation for a broker who they deal with.

Re: Insurance and liability help
 

We are currently insured with Square One Insurance (and actually made a Claim at the end of November for water damage!).

They were cheapest by a long way for our insurance compared to their competitors.

They also do Tenant Insurance - may be worth a look:

https://www.squareoneinsurance.ca/pe...?ref_id=JYTUGY

(Yes, that's a referral link thingy, but that way you get a $10 gift card just for getting a quote. I get a $10 gift card if you take out insurance)