MONTREAL, June 25, 2015 /CNW/ – With many Quebecers planning to move in the next few weeks, belairdirect wanted to learn more about tenants’ attitudes towards home insurance, so we commissioned a survey of tenants.1 It revealed some interesting statistics.
The survey found that 33% of Quebec respondents carry no insurance for the residences they rent and a quarter of them (25%) admit to never even having considered this kind of protection!
Myths and truths about tenant insurance
When it comes to home insurance for tenants, Quebecers may be making some important decisions without having all the right information.
- Myth #1: Since my landlord is insured, I am too!
A number of Quebec tenants who have no home insurance believe that insuring their belongings, as well as their civil liability, is their landlord’s responsibility. Twenty-eight per cent of the Quebec tenants surveyed think that if their landlord is insured, they are as well. Unfortunately, that is not true. Even if the owner of the building carries insurance, it does not cover the tenants’ belongings or civil liability. To be indemnified for a total or partial loss of his or her belongings in the wake of a fire, for instance, a tenant must carry a personal home insurance policy.
- Myth #2: My belongings are not valuable enough to warrant insuring them.
Twenty-one per cent of Quebec respondents who do not carry tenant insurance say that their belongings are not sufficiently valuable to justify buying home insurance. Before making that decision, it is recommended that tenants take stock of their belongings and determine what they are worth. Of the Quebec tenants surveyed, 64% said that they have never taken an inventory of their belongings, while 35% of them do not have a clear idea of the value of their belongings. It’s important to know how much all your possessions are worth – from furniture to clothing, electronic equipment to jewellery – to make the most informed decision about the level of protection required. Taking inventory can be as simple as making a list and taking photographs of your belongings or making a video using your smartphone. Just imagine having to replace everything you lost by buying it all new at today’s prices. That drives home the importance of carrying tenant insurance.
- Myth #3: Tenant insurance is too expensive!
Among the Quebec respondents who do not carry tenant insurance, 38% said that they made the decision because they couldn’t afford that kind of insurance. Based on belairdirect‘s current book of business for new customers inQuebec, tenant insurance with belairdirect can cost as little as $16 per month. Given that $16 is what it costs to buy four cups of coffee at the local coffee shop, it might be time to reconsider buying tenant insurance!
“We were surprised by some of the results of the survey. They demonstrate the need to promote greater understanding of tenant insurance. Tenants, new and existing, should take advantage of movoing to do some research, and find out what their home insurance options are,” said Sébastien Bernier, Vice-President, Quebec Region, belairdirect.
Founded in Quebec in 1955, belairdirect is an insurance company that provides home and car insurance products to consumers and currently employs more than 1,600 people. The company offers a simple and complete insurance solution, allowing customers to communicate directly with an agent by phone, online, or in person through its network of branches. belairdirect was the first car insurance company in North America to offer a car insurance quote online to its customers (www.belairdirect.com), attesting to the company’s spirit of innovation. belairdirect is a subsidiary of Intact Financial Corporation (www.intactcf.com), the largest provider of property and casualty insurance in Canada(TSX: IFC). For more information, visit www.belairdirect.com.
1The online survey carried out on behalf of belairdirect was conducted from January 15 to January 25, 2015, among 4,084 Canadian respondents aged 16 to 64, including 2,073 respondents in Quebec, who rent their main place of residence.