37% of tenants in Quebec have no home insurance: IBC

Many do not realize they could be held liable for damage caused to property

The Insurance Bureau of Canada (IBC) is reporting that 37% of tenants in Quebec do not have home insurance, based on a survey of 3,076 tenants in the province.

Related: Best practices for demonstrating your value to clients

The main reason given for having no home insurance was the cost, with 48% of respondents saying it was too expensive, even though 70% of insured tenants pay no more than $22 a month.

Fifteen percent of respondents believed the property owner’s insurance would cover their personal property in the event of a loss. This belief was most common among respondents who were 65 and older.

Related: Canadian insurance, reimagined

Sixteen percent of respondents had not even considered purchasing home insurance.

“This new survey shows that the general public still needs to be made aware of the risks they run if they have no home insurance,” said Anne Morin, the IBC’s supervisor, public affairs. “In addition to losing everything and being homeless, uninsured tenants may have to indemnify the owner if they were responsible for the loss.”

Most survey respondents knew that home insurance covers theft and fire coverage. Fewer than half knew they could be held liable for damage caused to the property through their own fault.

A TC Media site,
Business Solutions

TC Media

Transcontinental Media G.P
1110 René-Lévesque Bldv W.
Montréal, QC H3B 4X9
(514) 392-9000