According to a poll by TD Insurance over half the renters in Canada under the age of 35 don’t have renters insurance, aka ‘tenants insurance.’

What Are the Consequences of No Insurance?

This is leaving young people vulnerable to losing thousands of dollars due to theft or accidents.

Why Don’t Young Tenants Want to Be Protected?

It”s all about some myths that exist in Canada, says Dave Minor.  Minor is the VP of TD Insurance.

Minor wants these myths debunked.

Myth #1  Affordability

Minor says many renters simply believe they can’t afford insurance.

According to Minor, liability coverage for $1-million ($500 deductible) will cost tenants only approximately $150 for an entire year.

That works out to about $12 dollars/month.

Myth 2  “It Will Never Happen to Me”

The second myth, Minor states, is many tenants think accidents and theft won’t happen to them.

This is untrue because in reality, damages to the property, frozen pipes, etc. are common.  Fires and other tragedies happen.

What Can Landlords Do?

With over 25% of British Columbia landlords renting out some part of their homes, encourage your tenants to get insurance.

To discuss this topic, join the British Columbia Landlord forum.