Tenants: do a thorough assessment of your home insurance needs
When it comes to home insurance, many tenants do not have adequate coverage. National Bank Insurance understands the risks involved and wants to call attention to the importance of having adequate coverage.
“If you take a quick inventory of what you own, you may quickly realize that you do not have enough home insurance. This is especially true for tenants. Many underestimate the value of their property. But when you total the dollar value of all the items you own, both big and small, it can really add up. At National Bank Insurance, our home insurance advisors suggest taking coverage of about $8,000 to $10,000 per room,” explained Danielle Aubin, Vice-President – Operations at National Bank General Insurance.
Another important aspect of home insurance is civil liability. For example, if a fire or other type of disaster causes damage to a neighbour's apartment, the expenses could run high. It is therefore a very good idea to have insurance to protect against this type of situation. The average premium for basic tenant's insurance, including civil liability coverage and personal property coverage, typically costs about $200 annually. That means that for less than $20 a month, a tenant can have the peace of mind of being properly covered against theft or other mishaps.
Whenever there are news reports of a fire leaving people homeless, we often learn that the victims had no insurance. For this reason the insurance experts at National Bank Insurance stress how important it is for tenants to take out adequate property and civil liability coverage.
Tenants, homeowners and owners of condominiums can obtain additional information on property insurance as well as auto insurance from the National Bank Insurance website at www.insurance.nbc.ca
National Bank Insurance is a trade mark used by National Bank General Insurance Inc., an insurance firm that distributes InnovAssur assurances générales inc.’s insurance products.
About National Bank of Canada
National Bank of Canada, which is celebrating its 150th anniversary in 2009, is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $137 billion in assets and, together with its subsidiaries, employs 17,199 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):
Senior Manager – Public Relations
National Bank Financial Group