March 20, 2017 by Canadian Underwriter
A survey indicates that most renters in Alberta, Ontario and British Columbia have home insurance, Square One Insurance Services Inc. suggested Monday.
The Vancouver based firm “recently surveyed over 1,500 renters in British Columbia, Alberta and Ontario.”
More than a third (35%) of Alberta renters do not have home insurance, while 46% and 43% in British Columbia and Ontario respectively did not, Square One reported.
Square One did not state how the survey was conducted or what the margin of error was. The firm suggested that 41% of renters surveyed from all three provinces did not have home insurance.
“We conducted this survey because we’ve been receiving more inquires for home insurance by those living with roommates,” stated Square One president Daniel Mirkovic.
“With the high cost of rent, it makes sense that most renters have roommates for financial reasons,” added Mirkovic. “However, it is surprising how many renters (and their roommates) go without home insurance given the increased risks faced when living with unrelated persons.”
Square One added some policies for renters are available for $15 a month.
“Renters need a home insurance policy to protect their belongings, cover extra expenses if their homes are damaged and can’t be occupied, and pay amounts for unintentionally injuring someone else,” Square One added.