Tenant Insurance - British Columbia - Westland Insurance (2024)

FAQs

What does tenant insurance cover in BC? ›

Personal Belongings

This includes items such as furniture, electronics, clothing, jewelry, and other valuables. In the unfortunate event of a fire, theft, or damage caused by natural disasters, tenants insurance can help cover the cost of repairing or replacing your belongings.

According to recent statistics, the average cost of tenant insurance in BC is around $25 per month or $300 per year. However, this cost can vary depending on where you live in the province and the coverage you choose.

First, a common question is: can a landlord evict you for not having tenant insurance? The answer is, no, not directly—Tenant insurance in BC isn't a requirement by law. However, landlords in BC are permitted to require tenant insurance in the lease agreement.

Renters insurance may cover fire damage to your belongings, up to the limits of your policy's personal property coverage and minus any deductible. Your policy's loss of use coverage may also pay for you to live elsewhere while your residence is being rebuilt due to damage from a fire.

Renters insurance (sometimes referred to as "tenant insurance") helps cover unexpected events — otherwise known as covered perils. You may not always be able to prevent certain situations, such as theft, a break-in or a visitor's injury, and that's where renters insurance comes in.

Landlord insurance covers the property itself (and any unit improvements), the landlord's contents (i.e. appliances, furniture, etc.), loss of rental income, and premise liability. Our landlord insurance policy is customizable to suit your coverage needs.

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Average Cost of Tenant Insurance in Canada

Generally, you can expect to pay between $15 and $30 per month for a basic policy. Here's a breakdown of average costs by province: British Columbia: $20 – $35 per month. Alberta: $15 – $25 per month.

The average monthly cost for homeowners' insurance is approximately $100 to $142 monthly or $1200 to $1700 annually. Tenants' insurance costs approximately $300 – $400 per year, and condo insurance costs approximately $800 a year.

If your tenant is late paying by even one day, or the rent is short by any amount of money, the landlord has the right to serve them with a 10 day eviction notice for non-payment of rent. Tenants have 5 days to dispute their eviction and apply for dispute resolution after receiving a 10 day notice.

What can a landlord not do in BC? ›

Tenants have rights during a tenancy, including their rights to dispute problems and their quiet enjoyment rights. Landlords can't physically remove tenants or lock them out of their rental units.

Based on the regulations outlined in the Residential Tenancy Act, tenant insurance is not explicitly mandatory for all renters in BC. However, landlords can require their tenants to obtain tenant insurance as a condition of the rental agreement.

Items not covered with renters insurance include: Personal property loss that exceeds the coverage limits on your renters insurance policy. Liability situations that exceed the limits on your policy. Damages caused to the structure of the building you are renting (which is covered by your landlord's homeowners policy).

In most instances, an adjuster will inspect the damage to your home and offer you a certain sum of money for repairs, based on the terms and limits of your homeowner's policy. The first check you get from your insurance company is often an advance against the total settlement amount, not the final payment.

Luckily, smoke-related damage is also covered in renters insurance policies — even if the fire wasn't in your apartment. Smoke can seep in from a fire in a neighboring apartment or house, and you would still be covered.

BCAA serves 1 in 3 BC households with industry-leading products including home, car, travel, and small business insurance, Evo Car Share, roadside assistance and full auto repair at BCAA's Auto Service Centres across the province.

The average monthly cost of car insurance in B.C.

The base premium for basic insurance is $1,063. The base premium either rises or falls depending on your driving and insurance history. According to the Insurance Bureau of Canada, drivers pay an average of $1,832 a year for car insurance.

In order to cancel your policy or transfer your insurance to a new location, you will need to speak to a BCAA Advisor so please reach out to us via phone at 1.888. 268.2222, by email, or by visiting your nearest BCAA Service Location.