Have Tenant, Must Have Tenant Insurance!

Have Tenant, Must Have Tenant Insurance!


This week in Ottawa we had a rain storm that dropped copious amounts of rainwater onto our streets and catch basins – apparently more than we ever could have expected in such a short time. Welcome to our new world climate. These last couple of years have shown us phenomena we just haven’t seen before. According to climatologists, hang on for a long ride of changing weather patterns. And these new events – floods, tornadoes, hail, lightning – can all directly affect your tenants and you!

Insurance for Contents and Living Expenses

As a landlord, you always want to require your tenant to have Tenant’s Insurance, and this should always be included in any lease. It is not mandatory in Ontario, so always a good idea to include it. Why should you care if they get it or not? Take this week’s storm. A flooded basement apartment means a tenant could be out of his or her home for however long it takes to dry it out and do any repairs. When a storm happens and so many people are affected, try getting the equipment and people to do those repairs! Tenant’s insurance will cover alternate living expenses for your tenant, in addition to coverage for damaged furniture and contents that don’t survive. It’s the living expenses that matter the most. Not everyone has a place to stay. As a landlord, you may then feel compelled to pay out of pocket to help your tenant. And this is why you should care about your tenant having insurance.

Why Care?

Whether you have a tenant occupying part of your residence, or you own investment property, tenants need to have insurance for them and for your own peace of mind. Remember that your own insurance will not cover a tenant’s belongings. As we move into more unexpected weather territory, it’s easy to forget small details like this one. So while you’re dealing with getting the water out of your property, you don’t also have to worry about someone else’s well-being.


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