Do you rent in New Brunswick? Here is why you need to have renters insurance!

As a renter in New Brunswick, you might think your landlord's insurance has you covered. Unfortunately, that's one of the most common misconceptions among tenants across the Maritimes. Your landlord's insurance protects the building structure, but your personal belongings, additional living expenses, and liability risks? Those are entirely your responsibility.

Whether you're renting in Saint John, Fredericton, Moncton, or anywhere else in the province, tenant insurance (also called renters insurance) isn't just a good idea—it's essential protection that costs far less than most people expect.

What Tenant Insurance/ Renters Insurance Actually Covers

Tenant insurance typically provides three key types of protection:

Personal Property Coverage: protects your belongings against perils like fire, theft, vandalism, and water damage from burst pipes. This includes everything from your furniture and electronics to clothing and kitchen appliances. Given New Brunswick's harsh winters, this coverage is particularly valuable for damage caused by frozen pipes or ice dams.

Additional Living Expenses coverage helps pay for temporary accommodation if your rental becomes uninhabitable due to a covered loss. With New Brunswick's tight rental market in cities like Moncton and Fredericton, finding alternative housing quickly can be expensive. This coverage helps with hotel costs, restaurant meals, and other extra expenses while your home is being repaired.

Personal Liability Protection covers you if someone is injured in your rental unit or if you accidentally cause damage to someone else's property. This protection extends beyond your home too—if your dog bites someone at Reversing Falls or you accidentally damage a friend's property, you're covered.

Why New Brunswick Renters Especially Need Protection

New Brunswick presents unique risks that make tenant insurance particularly important. The province experiences severe winter weather that can lead to frozen pipes, ice dams, and power outages. Atlantic storms can cause flooding and wind damage. Many of the province's rental properties are older homes that may be more susceptible to issues like electrical problems or plumbing failures.

The economic reality in New Brunswick also makes tenant insurance crucial. With median household incomes lower than the national average, most renters can't afford to replace all their belongings out of pocket after a loss. A comprehensive tenant insurance policy typically costs between $15-30 per month—far less than replacing even a single major appliance or piece of furniture.

Common Misconceptions Among New Brunswick Renters

Many tenants believe their landlord's insurance will cover their belongings, but landlord policies only protect the building structure and the landlord's property. Your television, computer, furniture, and clothing aren't covered under your landlord's policy.

Some renters think they don't own enough to justify insurance, but when you add up the replacement cost of everything you own—from basic furniture to electronics, clothing, and kitchen supplies—most people are surprised by the total value. Even students and young professionals typically have thousands of dollars worth of belongings.

Others assume tenant insurance is expensive, but in New Brunswick, basic coverage often costs less than a monthly phone bill. Many insurance companies also offer discounts if you bundle tenant insurance with auto insurance.

What to Look for in a Policy

When shopping for tenant insurance in New Brunswick, pay attention to coverage limits and deductibles. Make sure your personal property coverage is adequate—create an inventory of your belongings to determine how much coverage you need.

Consider whether you want replacement cost or actual cash value coverage. Replacement cost coverage pays to replace items at today's prices, while actual cash value factors in depreciation. Replacement cost coverage costs more but provides better protection.

Look for policies that include coverage for additional living expenses, and make sure the liability coverage limits are adequate. Most experts recommend at least $1 million in liability coverage.

Getting Started

Most major insurance companies operating in New Brunswick offer tenant insurance, including local brokers who understand the specific risks in the Maritime provinces. Many allow you to get quotes online, and some even offer digital policy management.

Before purchasing, take photos or video of your belongings for your records, and consider what endorsements you might need for high-value items like jewelry or electronics.

The Bottom Line

Tenant insurance is one of the most affordable forms of financial protection available to New Brunswick renters. For the cost of a few coffee shop visits each month, you can protect yourself against potentially devastating financial losses.

Don't wait until after a loss to wish you had coverage. With New Brunswick's unpredictable weather and aging housing stock, tenant insurance isn't a luxury—it's a necessity. Contact a local insurance broker or get quotes online today to find coverage that fits your budget and needs.

Your peace of mind is worth far more than the small monthly premium, and your future self will thank you for taking this simple step to protect your financial security.