More than half of BC renters go without home insurance
June 19, 2012
(Vancouver, BC): One in two of the 750 BC renters who recently contacted Square One Insurance had no previous home insurance. “Initially, we thought that we were just attracting a younger demographic that was buying home insurance for the first time,” says Daniel Mirkovic, President & CEO of Square One. “But now we know that the actual percentage without home insurance is much higher.”
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.
You might think your personal property isn’t worth a lot, but when you add up the cost to replace all your belongings with new ones, you may think differently. Even the cost to just replace your clothes and shoes could surprise you.
- 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 $15 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.
Established in 2011 and based in Vancouver, British Columbia, Square One Insurance provides Canadians living in urban centres with modern, relevant home insurance. Square One is one of the few providers in Canada specializing in home insurance and offering truly customized policies that can be purchased over the phone and online. For more information about Square One, visit our www.squareoneinsurance.ca.