Half of renters under 35 don’t have home insurance – Metro Vancouver Real Estate Update August 2012

According to a new TD Insurance poll, half of renters under 35 in Canada don’t have renter’s insurance.

This is leaving young people vulnerable to losing thousands of dollars due to theft or accidents.

There are a couple of myths about insurance that need to be debunked, says TD Insurance VP Dave Minor.

“They don’t believe they can afford it,” he explains. “One of the things we want to do is help break down that myth. It’s not really that expensive, understanding especially young folks and students particularly, and money’s hard to come by so everything is relative.”

He says that liability coverage for $1-million, with a $500 deductible, costs about $150 a year, or approximately $12.50 dollars a month.

Another problem is people think the chances of theft and accidents happening to them are low.

But Minor adds things like frozen water pipes or damage to a landlord’s property are very common.

If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Greater Vancouver REALTOR® — Real Estate Agent at [email protected] or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!

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Source, Image: News 1130, Design.Shuffle