TD Canada Trust is a top-10 North American bank and operates the number one Canadian mobile banking app. TD offers various bank account options, credit cards and lines of credit, mortgages, and loans. In addition to all your banking needs, TD also has your insurance needs covered. They have a wide variety of insurance policies to choose from including, house insurance, mortgage insurance, business insurance, liability insurance, and renter’s insurance.
What Is Renter’s Insurance?
Renter’s insurance, also known as tenants insurance, offers protection to people who rent a house or apartment. Most renter’s insurance policies cover your belongings, the cost of moving if you experience a loss covered by your policy, liability, and more. Although you don’t always have control of your surroundings as a homeowner, you may have even less control as a tenant. Experts recommend tenants purchase insurance because:
- It’s affordable
- Landlords often require it
- Your belongings are protected if you leave the unit
- You may save money on additional living expenses depending on individual scenarios
What Does TD Renter’s Insurance Cover?
There are three main categories that TD Renter’s Insurance covers:
Contents & Belongings
This protects your possessions against damage incurred inside the rented unit. Some examples of contents covered could be your television, jewellery, computer, furniture, or artwork. For more expensive content, like gold jewellery, you might need to purchase an additional policy add-on.
Liability
This protects you against legal obligation if someone sues you for injury, damages or lost wages from incidents that occurred within your rented unit. For example, liability insurance protects you if someone sues you for slipping on your unit’s steps and hurting themselves.
Additional Living Expenses
This provides financial support for meals and overnight accommodations if you have to leave the unit for a covered reason. For example, if your unit has a bedbug infestation and you’d like to stay elsewhere while the exterminators treat the unit, renter’s insurance would cover your stay in a hotel.
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Extra Coverage Offered By TD
In addition to insurance for general contents, liability, and additional living expenses, TD’s Renter’s insurance has extra coverage options.
Family Coverage
TD’s Renter’s Insurance offers up to $45,000 in family coverage for expenses resulting from harassment, invasion of privacy, violent threats, etc. This applies to parents in nursing homes, as well as cyberbullying scenarios. Eligible expenses include the costs of psychiatric services, private tutoring, and forensic analysts and cybersecurity consultants.
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Claim Forgiveness
Usually, filing a claim increases your premium on your insurance policy when it comes time to renew. TD offers claim forgiveness, meaning that after your first claim, the cost of the insurance won’t increase when you renew the policy.
Enhanced Limitations
Coverage is higher for high-value items, such as collectibles and expensive jewellery.
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TD Renter’s Insurance Add-On Options
TD’s Renter’s Insurance offers various add-on options to customers with more specific needs from their insurance policy.
Personal Umbrella
Personal Umbrella coverage extends your liability insurance higher than the typical limits from other insurance policies you may have. For example, if you’re found liable for damages and end up having to pay more than the limit of your liability coverage, your personal umbrella coverage would kick in and cover the rest of the cost.
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Settle Your Way
If your home or belongings are damaged by a covered scenario, the “Settle Your Way” add-on offers you flexibility in how you receive the coverage. For example, you can decide to either rebuild the damages done to your home or settle in cash without any deduction. If you choose the cash settlement option, you can spend the money however you please.
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Personal Valuables Coverage
Personal Valuables coverage lets you increase your insurance coverage amount for a particular possession that may be of high value. If you’re a collector and have various high-value items of a similar category, personal valuables coverage allows you to add an amount of insurance for all similar items. Some examples of item types include jewellery, bikes, and art.
TD Insurance Identity Plus
Being the victim of identity theft is a scary, costly experience. Rebuilding yourself after identity theft can be taxing both emotionally and financially. This add-on allows you to consult with an Identity Restoration Specialist to help you manage all of the administrative tasks, such as contacting credit bureaus and other authorities. The extra coverage also provides up to $30,000 to help with legal fees and $5,000 to help with unexpected loss of income.
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How To Get A Quote For TD’s Renter’s Insurance
To obtain a quote for TD’s Renter’s Insurance, you have to answer a few questions on TD’s website. You’ll need to provide the following information:
- Address
- Anticipated Coverage Start Date
- Presence of business on property
- High-value items
- Alarm systems on the property
- Claims history
- Student status
- Name, Birthday, Gender and Marital Status
- Phone Number and email address
If you have any high-value items, you may need to contact a representative from TD to discuss your situation further.
Cost Of TD Renter’s Insurance
Renter’s insurance usually costs between $20-30 per month, assuming you don’t have any add-ons or premiums. If you have a more unique scenario, like high-value items in your belongings, you might be subject to a higher monthly fee. Lots of factors affect the price of your renter’s insurance:
- Address – Crime rates in your neighbourhood may affect the quote, as well as your proximity to a fire station or fire hydrant.
- Claims History – Insurance providers might perceive any claims made in the last 5 years as riskier
- Building Information – If your unit is in a relatively new building, there is a less perceived risk of problems with old appliances and foundation issues. Older buildings tend to indicate higher risk, so the quotes are often higher.
- Liability Limit – If you have a high liability limit, you will likely pay more money in premiums. However, a higher limit will protect you in the event of a more expensive lawsuit.
- Deductible – If you put down a higher deductible, you’ll pay less in premiums.
- Policy Bundle – If you have a car or anything else that might require insurance, try bundling the insurance policies. Providers will often give you a better rate if you purchase more than one policy.
Want to switch providers? Learn how to cancel your renter or home insurance policy.
Additional Reading
TD Renters Insurance
Does TD renters insurance offer any discounts?
Is tenant insurance mandatory?
Should you get renters insurance?
Final Thoughts
Renter’s insurance is a cost-effective way to protect yourself against many of life’s unexpected troubles. With additional flexibility, add-ons, and family coverage, TD’s Renter’s insurance offers reasonable rates and significant add-ons and adjustments to help customers get the most out of their renter’s insurance.
