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Why Content Insurance is Important

Ontario leases include a clause regarding Content Insurance- what is it? And is it necessary?

Content insurance is protection for your personal possessions in your home that will be covered should there be theft, damage or vandalism and covers the financial cost of replacing or repairing belongings such as furniture, electronics, electric appliances, clothing, jewellery, etc.

It is inexpensive, with basic plans starting at $10 per month, all depending on your estimation of the value of your home contents.

Tip #1 - How to Value your Home Contents

Many insurance companies have their own policy on how to receive an estimate- here is a basic summary of what is usually required:

  1. Go room to room and make a list of all your possessions.

  2. Estimate the value of each possession.

  3. Get professional evaluations for jewellery and other high-value items.

Tip #2 - Replacement Cost coverage vs Actual Cost coverage

Replacement cost coverage helps reimburse you for the cost of replacing a damaged items with one of similar type and quality.

Actual cost coverage usually pays you the cash value of the contents you insured, but factors in depreciation of the item.

"Keep in mind that if you choose replacement cost coverage, your policy premium may increase." – Insurance Information Institute.

Tip #3 - Coverage limit and deductible

Limit is the maximum amount your policy will pay toward a covered claim.

Deductible is the amount you pay out of pocket before the insurer will help pay toward a covered claim.

Tip #4 - Taking Inventory

For a more detailed description of how to take inventory of contents in your unit, visit

Content Insurance is Important!

With a better understanding of how insurance helps protect the contents of your house or apartment, you can be prepared to select the coverages that are right for your situation.

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