An often overlooked part of renting a home is tenant’s insurance.
Andrew McNair is the CEO of the Insurance Brokers Association of New Brunswick, he says everyone should get coverage in case of a fire
“Unfortunately sometimes people realize the necessity of it once they don’t have it, and should have had it if they have a potential claim or a loss,” says McNair.
McNair says one of the big myths is renters automatically have insurance.
“The landlord or property owner would have their own insurance for the building but it wouldn’t typically cover contents,” says McNair. “I would want to have tenant’s insurance for my belongings in my own unit.”
McNair says steps should be taken to educate renters about their options.
“The people who are on the front lines renting to people could certainly help educate and brokers in the industry,” says McNair.
He says renters can sometimes get a discount rate on their tenant’s insurance if they are also insuring a car.
