Hey, object insurance!

Hey Ashtray

Hey, I'm a Canadian. I'd like to get object insurance for my objects. I rent an apartment in a university town, and I don't know what kind of insurance comes with being a leaser, but you guys probably can fill me in.

Here's what I want: full value of all my stuff covered from theft, damage, stupidity, whathaveyou. One of these items is a very expensive musical instrument that is used professionally, if that makes a difference, and I travel with it in and out of the country. So let's say the total of the assets that I'd actually claim is around... 12 000$ CDN$. I don't own much, just a couple big ticket items that if they were to become unusable I'd be totally screwed.

I don't know anything about getting insurance.
1. Will any old insurance company handle this?
2. Is there going to be large price differences between different companies?
3. Is this foolproof? Meaning is there any scenario that the company could refuse to pay for any stolen/damaged/lost item, even if it is totally my fault? Say my front door was unlocked and someone just waltzed in and took all my stuff. Is that still covered?
4. I'm sure there are other concerns I'm not thinking of, but you guys can let me know.

I'm 21 if that makes a difference. Cool, thanks! I'm sure there will be lots of great advice, and I appreciate it.

Crashtard

Sounds like what you want is renters insurance, but I don't know much about canadian insurance.

noir_blood

I think he wants more than that, seeing as one thing he wants to insure is an instrument he takes with him. Would renter's insurance cover him if it gets damaged on a trip?

Hey Ashtray

Yeah, it's not renters insurance, I just mentioned that in case it was included while leasing. What I need is something that covers my horn, my laptop, and a couple other easily stolen/lost items without conditions. So if I were to leave my bookbag or instrument on a bus by accident and never saw them again, everything would be covered.

Djeet

Not sure if it's called the same thing in Canada, but in the US you'd want to get a Personal Articles policy. There's usually a minimum coverage amount (say $25K), and different items are scheduled differently (e.g. jewelry at one rate, electronics at another, musical instruments at another, etc.). You would only schedule things that are high risk for loss (things you carry around with you, like all the stuff you mentioned). In addition to outlining everything you want protected, you'd also want to provide serial numbers, model numbers, and receipts (pictures can't hurt). If you were to suffer loss, you'd have to file a claim. There will be a deductible. If it was stolen your claim probably won't get processed without a police report.

Acts of stupidity might be covered but not intentional acts of owner-inflicted damage (you destroying your musical equipment to file a claim would be fraud), though you'd have to look at the policy as there may be invalidations of coverage due to policy-holder "negligence." Like any insurance policy, the best way to know if you're covered is to talk to a good agent/rep who knows what he's talking about and ask "when is it NOT covered." Acts of God are not covered for example, though it might be called force majeure.

Lord Yod

The person I spoke with earlier today about renter's insurance told me that my policy would cover my personal belongings outside my home, within the specified limits. (Not covering flood, for example) I don't know anything about Canadian insurance but surely it's kinda similar?

Red_Cascade

Another person not from Canada

In the UK we have "contents" insurance, which covers the contents of the place you live. It dosn't matter if you own / rent the property, it just covers whats in the building. You can then usually pay an extra fee to cover items that travel (so your musical stuff etc). A quick google for "contents insurance canada" brought up hits for RBC, Kanetix and WellsFargo, so I guess you can get it over there.

From RBC "Tenant’s insurance is for people who rent an apartment or house. This type of insurance, sometimes called contents insurance, provides coverage for your possessions and also protects you financially if someone is injured while visiting your home. It does not protect the actual building in which you live, because the owner of the property is responsible for that. "

As you are in a University town, does that mean you are at University, if so I guess your Uni would have a housing office of some sorts that could probably advise the best course of action and recommend some companies.

So, to your questions;

1. It seems most big insurers in Canada do offer Contents / Tennants insurance.

2. There will be differences between companies. So get a couple of quotes. Really to get a quote all they will need to know is where you live, the overall value of your stuff, and if there are any special items over XYZ dollars. (Most places should do basic online quotes... RBC does at least) Link

3. No insurance is foolproof and companies will always try not to pay if they can. Sucks, but thats how it works. Leave your door unlocked, then the insurance will probably not pay out as you didnt take "due care" to protect your stuff. However if the door was kicked down and you have a police report, then they probably will pay.

4. Whatever happens, read the fine print before you sign anything if you do find a policy. You need to know exactly what is and isn't covered.

RUNN1NGMAN

noir_blood wrote: »

I think he wants more than that, seeing as one thing he wants to insure is an instrument he takes with him. Would renter's insurance cover him if it gets damaged on a trip?

Renter's insurance covers your possessions even when you are not at home. If I was walking down the street and my laptop got run over by a car, my renter's insurance would cover it.

EggyToast

Renter's insurance can also be extended for items that frequently travel, or for particularly expensive things. But you have to get the insurance first, and then extend it.

So, for example, my wife and I have an addition to our policies that includes more coverage for musical instruments, rather than the standard. I think back when we had renters insurance, we had the standard $1000 coverage upped to $5000 for electronics, which covered the TV, computers, and musical instruments. Increased the policy by a dollar or two, I think.

Cycophant

Yep, as a fellow Canadian I can attest that "Renter's Insurance" can or does cover personal articles in the way you're looking for. I've got some expensive camera equipment that I wanted to be assured would be covered while I was traveling, and it was easy to get it added onto my policy. The greatest thing too is that it's dirt cheap. My policy's about $9 a month, and that's for probably around the same amount of coverage you're looking for.

One thing to note though, is they cannot cover items used for business purposes. So if that musical instrument is used for a business, or used at a business for business purposes, it has to be covered under that business' policy. Your personal policy cannot cover it. I found that one out when I tried to insure the $10k or so I have in mechanics tools, particularly since I have to travel a lot with them.

onceling

I think you should look over the terms of your existing renters insurance. I think you'll find it pretty unlikely that they are going to cover a specific $12,000 item.

And honestly, these things are not foolproof. Pretty sure if your buddy spills a glass of wine into your $12,000 item during a party they aren't going to cover it... at least I know my policy does not (which is actually home and property insurance not renters).

Theft will be covered but damage? I don't think so, especially where you get into grey areas about wear and tear. I'm just saying, I think you do need another policy in addition. I unfortunately don't have much advice to offer on that though.

Hey Ashtray

Yeah, for most of my stuff, renters insurance should be fine. I'll talk to an insurance person (broker) sometime soon about the instrument. I'm not talking damage as in wear and tear. If it needs an overhaul due to use or something, that's on me, and is normal, but if like I am playing a gig at a local club, and Mr. Drunk stumbles up on stage and sits on my horn (or I do, haha), that needs to be covered.

So does it matter who you go through for this stuff? Are there many many different insurance agencies, or is it like McDonalds, where there's just a ton of the same ones with the same menu?

Gilbert0

Canadian here.

You can go through just about anyone. Sounds like you want basic Renter's Insurance with a specific amount ($15,000) for all you stuff. Covers theft, fire, flood, etc. I go through my bank (TD) and it was $130 for a year. That was cheaper than going through my gf's bank (BMO was ~140-145ish for a year).

I have to have it in the apartment building I live in so if I say, leave the oven on and burn down the building, my renter's insurance will all/part of the $texas to rebuild.

You can go through lots of other banks (TD, BMO, Royal) or companies (StateFarm) too. I think most have online quotes too so you can price out how much each costs.

an_alt

First off, talk to a broker, not an agent. Agents only deal with one company and those companies tend to compete on price and skimp on coverage. A broker deals with several companies compete on price and coverage. The basic coverages all look the same, but the policy declaration (the fine print) differs significantly between companies. The fine print is especially important to you.

What you'll need is tenants insurance and in all likelihood, you'll have to schedule your musical instruments separately. Don't worry though - there's a special coverage for musical instruments used professionally.