The last thing anyone renting their housing in Metro Vancouver wants to do is add another expense to their monthly budgets. But experts caution that there’s at least one extra cost they shouldn’t skip: Renter’s insurance.
For over a year, Canada’s top five rental markets have been located in Metro Vancouver. This October, it costs an average of $2,406 to rent a newly-listed one-bedroom, unfurnished unit in the region, according to liv.rent’s monthly report.
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Vancouver Lawyer Kyla Lee notes that renter’s insurance can also “cover liability if you do anything negligent to destroy the property,” such as if you forgot to turn off the stove or left your water running.
“That would protect you from being sued in such circumstances. So getting tenants insurance with a provision to cover liability for damage to the structure is a good idea, even if it is more expensive,” she told V.I.A.