There are many different ways to create a happy home, and not all of them involve property ownership. While we’re always thrilled when our credit union members are able to purchase a house or condo, there are also plenty of benefits to renting—and sometimes, it’s a necessity. In a white hot real estate market like British Columbia, saving enough funds for a healthy down payment can take some time, so renting is likely to be a part of your short or long-term plan. Fortunately, there are some excellent properties on the rental market—it just takes some time and effort to find the right one!


A recent report on Population and Housing in Kelowna stated that 26% of the housing units in Kelowna are tenant-occupied. Across the province, there were approximately 660,000 rental households in 2021. This works out to about one in three households in BC being renters rather than property owners.


Whether you enjoy living in a rental unit or are renting until you can afford to buy your first home, there are a few things you should know about how your housing arrangements impact your insurance needs. Today, we’re looking at tenant insurance —what it is, who and what it protects, and why it’s a smart part of many renters’ financial plans. If you have any questions or would like personalized advice from Interior Savings, please contact us. We’re here to help and would be glad to speak with you about your needs and goals.

What is tenant insurance?

Tenant insurance protects you and your belongings against unexpected circumstances that could have a negative impact on your financial well-being. It’s not mandatory in British Columbia, but there are many benefits to having it. Tenant insurance may be more affordable than you think, and it’s a great way to protect yourself and get peace of mind.


One of the primary benefits of tenant insurance is the protection it affords to your personal belongings. If you end up dealing with a fire, flooding or even a home break-in that results in theft, your coverage will pay for the replacement or repair cost of the affected items. It may also cover the expense of temporary housing, if necessary, and can help you avoid costly hotel or Airbnb fees while your rental unit is undergoing repairs. Tenant insurance policies often include liability coverage as well—this means you have financial protection in case someone is injured in your rental unit and you’re found legally responsible. Liability coverage typically pays for any legal fees and/or medical costs you’re found responsible for, which can be significant. Most home insurance policies have liability coverage for this reason—it’s a good thing to have whether you own or rent your home!


While we hope you never have to make a tenant insurance claim, it’s important to have this type of policy in place as it protects you from unnecessary financial hardship in already challenging situations (a house fire, flooding, theft, etc). Tenant insurance is similar to critical illness insurance in that ideally, you won’t ever need to use it—but if you do find yourself in a tough situation, you’ll be incredibly grateful you put a policy in place. We all have something of value in our homes, however practical or extravagant—it could be electronics, jewellery, furniture, appliances, art, clothing or other everyday items. No matter what you’re protecting, tenant insurance is a smart move that secures your financial well-being while alleviating financial stress.

Can I afford tenant insurance?

In a word: yes. Tenant insurance policies are typically very affordable—in some cases, they start at around $40 a month (that’s just $10 a week, or the price of two small lattes from your favourite local coffee shop). You can choose a tenant insurance policy that reflects your needs in terms of coverage and deductible levels, and the peace of mind these policies offer is invaluable.

Contact Interior Savings to learn more

At Interior Savings, we’re here to support your goals through effective, personalized financial advice. We can help you budget, save, invest and plan ahead, and part of that planning involves putting the right insurance coverage in place. Our skilled, dedicated advisors are available to help you identify the best insurance policies for your unique needs, making sure that these choices align with your budget, lifestyle and long-term goals. Please contact us to learn more or get started—we look forward to hearing from you.