Tenant/Member Content Insurance and why you need it!!.
There are many reasons why you need content and liability insurance when you are a tenant/member renting a townhouse / apartment/ room, such as:
If you do not have content insurance, none of your damaged contents will be replaced unless you buy it yourself
No one will do any cleaning or disposing of your damaged contents, you have to do that all yourself..... rent a bin... go through the unit and throw stuff out... clean your damaged goods. You will have a lot of work ahead of you if you do not have content insurance.
Imagine having a fire or flood and having to deal with all of the smoke damaged or water damaged items by yourself. That is what will happen in the event of your contents being smoke damaged, ruined, water damaged, if you do not have content insurance. You will have to go in and remove items, plus rent a bin and pay for it.
You will be sued personally for all of the repairs and clean up costs associated with a fire or flood.. expect a price tag of over $50,000.00 that you will be responsible for paying. You do not get off scott free from these charges just because you did not have insurance. This will follow you forever. Your content and liability insurance would have covered you for these costs.
To live in this co-op you must have content and liability insurance in place. When you signed your occupancy agreement, you agreed to this as part of our bylaws. Not having it is breach of your contract.
Occupancy bylaw article 5.4 states:
5.4 Members’ Insurance Members must obtain public liability insurance and property insurance for their unit. The co-op, co-op staff, contractors and other members will not have any liability to a member or a person in a member’s household for things that would be covered by a normal renter’s or co-op member’s insurance policy. It does not matter what caused any loss and it does not matter whether the member or anyone in the household had any insurance
The link for the occupancy bylaw is here:
Content and liability insurance should not cost you more than $25.00 a month. Call your insurance provider if you have one and get this added onto your policy. If you do not have an existing policy, call around to different insurance companies for a price. If you are in receipt of Ontario Works or ODSP, you will get this cost covered so talk to your worker.
THERE IS NO GOOD REASON NOT TO HAVE TENANT CONTENT/LIABILITY INSURANCE. IT IS YOUR BEST INTEREST TO GET THIS OTHERWISE YOU WILL HAVE A TERRIBLE TIME OF IT IF YOU HAVE A DISASTER IN YOUR UNIT!
We must have a copy of everyone's content/liability insurance policy on file. The office must receive this no later than April 13, 2021.
If you do not send it to me I will start issuing notices to appear before the Board, for breaching the bylaws. Even if you gave me a copy of it recently, please give it to me again as I will keep a separate file of all policies, so I can track renewal dates etc. You can email it to firstname.lastname@example.org or drop off a copy of it in my mailbox at my office door. Please sanitize hands upon entry to the lobby.
Thank you for your prompt attention to this. This is very important for your own sake!.