The following is an article published by the Residential Tenancies Branch in "Open Doors" Newsletter - Edition 33, Spring 2015
The Importance of Having Tenant Insurance
Did you know the insurance a landlord carries on a building will not cover a tenant's belongings if they are lost or damaged in a fire or by vandalism? Take a moment to look around at your furniture, clothes, books, toys, computers, electronics and jewelry. Imagine if you had to replace all of it at once.
Even if you don't own a lot of expensive things, this can be very costly.
It is also important to remember that if you cause accidental damage to a landlord's building or to another tenant's belongings (ex: you accidentally start a fire while cooking that spreads to other units in the building or causes smoke damage), you can be held financially responsible.
Tenant insurance can protect you from the cost of paying for damages you may accidentally cause. It can also pay to replace your personal property that is lost to fire, theft, vandalism or other similar acts whether it is caused by you or others.
Tenant insurance is widely available at a reasonable cost. Prices and coverage vary, so shop around and check to see exactly what each policy covers.