Northwest Territories Tenant Insurance: Coverage Basics
Tenant insurance is designed around the renter rather than the building: personal belongings, personal liability and eligible additional living expenses after a covered loss.
✓ The landlord's property insurance does not automatically insure a tenant's belongings.
✓ Personal liability and contents coverage answer different claim questions.
✓ Additional living expenses may apply when a covered loss makes the rental unlivable.
✓ Limits, deductibles and exclusions vary by policy.
Start with three coverage columns
Record the contents limit, liability limit and additional living expense limit separately. A single premium does not show whether two tenant policies provide the same protection.
The building and your belongings are different property
The landlord generally insures the structure and landlord-owned property. Tenant insurance addresses the renter's covered possessions and liability, subject to the policy.
Check the deductible and settlement basis
Ask whether personal property is settled at replacement cost or actual cash value and which deductible applies. Sublimits may apply to jewellery, bicycles, electronics or other categories.