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More than half of British Columbia renters have no home insurance
Over half of renters surveyed did not have home insurance because of some confusion about cost, liability issues, and the true value of their property.
Mirkovic is referring to their findings from a 2-day event earlier this month at the Burrard Skytrain and Vancouver Centre Canada Line stations. After speaking with over 7,000 people, Square One found that 60% of those who rent homes, don't actually have home insurance. The most commonly cited reasons among this group for not having home insurance include:
*I don't have a lot of things to protect.
*Home insurance is too expensive.
For renters, the cost of insurance depends on the value of your personal property. For lower limits of personal property, policies are available for as little at $10 a month. And, you can reduce your monthly premium further by increasing your deductible.
*Liability? Nothing could ever happen to me.
While we all like to think that our friends would never sue us or accidents won't happen, are these risks you want to take? If you lose control while you're skiing, and crash into someone, you can cause serious injury, possibly resulting in a lawsuit for your negligence.
"I thought tenant's insurance would be too expensive," states Janice Dalupang of Vancouver. "But my new landlord required I have it. So, I did a bit of research and ended up finding a policy that provided me with great protection. Best of all, it only cost me $12.50 a month."
Most home insurance policies also include coverage for additional living expenses, which is something most renters don't consider. If your home is uninhabitable due to a fire, for example, your insurance will pay the extra expenses you incur from temporarily living in a hotel. Home insurance protects so much more than just your personal property.
To learn more about Square One and its unique policy, visit http://www.squareoneinsurance.ca/