Canadian renters take tenant insurance as a precaution to safeguard all their items including legal responsibility coverage and to get additional accommodation if the property becomes inhabitable after an event that is covered by the policy. he times come when you need to use your renter's insurance; but How To File a Renters Insurance Claim?
In this blog post, Summit Insurance will help you understand the process while answering some frequently asked queries!
The Need for Renters Insurance in Canada
This policy shields your personal belongings from various risks, including:
- Fire
- Theft
- Vandalism
- Water damage
- Power surges
- And many others (according to your policy)
Besides that, it also covers liability insurance which ensures you are protected in the case of injury within the space you rented amidst the occurrence of a lawsuit. These might as well include the additional living cost that you may have to bear if your property is destroyed as a result of covered losses.
Step-by-Step Process for Filing a Claim for Renters' Insurance Under SummitCover
Follow this step-by-step guide to file a renters insurance claim with SummitCover:
- Inform Your Landlord: You should report the problem to the landlord promptly, especially if it concerns the lease. Give enough details of the incident so the landlord will be able to assess the situation
- File a Police Report: In case your things are stolen or damaged somehow, you must report to the police to have it recorded. This report will be useful to SummitCover in their decision-making process, thus be ready to send the report along with your claim when you want coverage.
- Contact Your Renters Insurance Company: You should contact your renters insurance company. Their customer support team is on hand to assist you in completing the claim process. They will also clarify your doubts.
- Document Your Losses: Keep taking pictures or filming to record the destruction of your property. Furthermore make a list of the broken or destroyed things, with their descriptions, a receipt (if any exists) and the estimate of the value of each of them.
- Complete Your Claim: At SummitCover, we will direct you to adjust your claim, fill in the forms for you and submit any document you might need like a police report and a list of your losses.
- Update Your Inventory: Sort your personal belongings and make a list of them. Updating the list of damages tends to save time in making a claim afterwards.
Benefits and Drawbacks of a Renters Insurance Claim
Pros
- Financial Reimbursement: By supplying your damaged belongings with replacement or repair coverage, a renter’s insurance can help with the cost involved.
- Liability Coverage: If a lawsuit arises against you on the grounds of someone being injured on your rented individual property, renters insurance can be used to cater for the job of lawyers and pay the compensation too.
- Additional Living Expenses: In case your apartment becomes uninhabitable due to a covered event (like a fire), your renter’s insurance can cover a part of the expenses of accommodation.
Cons
- Increased Rates: The number of claims you make has a high possibility of increasing your premium once you renew your policy in the next period.
- Breach of Terms: If there is a loss which is within the limits of your policy and you don't file a claim it could be a violation of the terms of your policy.
- Deductible: It will be your obligation to pay as the insurer will be responsible for paying your insurance portion after covering the losses.
How Filing a Renters Insurance Claim Could Influence My Rates?
Filing a claim may, thus, raise your renewal rate or premium, but for you to decide if it is truly expensive to replace your belongings on your own, consider comparing the two. Please keep in mind that renters insurance is designed to give you financial backup in case of loss of a covered item.
How are Renters's Insurance Claims initiated?
Once the approval of your claim is done, SummitCover will cash out the money to you or your creditors (if necessary) according to your insurance conditions. The payment method will be fixed by your choice and the particulars of the claim.
Errors to Omit by Filing a Renters Insurance Claim
- Delaying Your Claim: Early submission of the claim gives you time to prepare and identify your losses, thereby resolving them faster.
- Underestimating the Value of Your Belongings: Check your lost or stolen valuables with the accuracy that value can be assessed
- Not Keeping Records: Take receipts of your valuable items and update your inventory repeatedly.
- Not Disclosing All Information: Share a detailed and thorough description of your claim with your insurer.
Get Peace of Mind with SummitCover's Renters Insurance: Simplified Claims Process and Outstanding Service
Renters insurance in Canada is one of the most valuable assets you purchase if experience misfortunes that are not in your control. It provides financial protection and at the same time ensures you stay at peace in unforeseen circumstances. Knowing the process behind claims and getting ready for this situation will help you become sufficiently efficient in handling the claims processes.
Summitcover is committed to ensuring outstanding service to clients coupled with a simplified claims process. We provide different insurance services namely Renters Insurance, Rental Property Insurance, and Commercial General Liability. Contact us today for a free estimation and find out how the SummitCover is different from the rest!
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