7 Top Benefits of Tenant Insurance – Why Tenants Need It and Why Landlords Should Require It

When buying a home, it is typical that the lender requires the buyer to have home insurance – to protect their funds in case of an unfortunate event leading to damage or destruction of the home. However, when this home is deemed a rental property there is a common misconception that home insurance is enough. In fact, a high percentage of renters skip getting insurance all together! Here are some key points why Tenant Insurance is so valuable, to both the Tenant and the Home Owner:

  1. To Protect the Tenant’s Possessions in Case of Accident (eg. Flood or Fire)

The home insurance policy held by the home owner typically only covers the property and building structure, in case of damage or destruction. Therefore, if there was a fire the tenant would have no coverage for his/her possessions if they do not hold tenant insurance.  Content replacement cost is widely underestimated.  Even if an individual has minimal possessions, the cost to replace everything kept in their home, from spices in the kitchen cupboard to clothing, to basic hygiene supplies adds up extremely quickly.  Add in furniture, electronics and jewelry and this would accumulate to be a large loss for someone without insurance.  In comparison to the cost of tenant insurance, it seems quite simple that it is not worth not having an insurance plan in place to cover a potential disaster.

  1. To Protect the Tenant’s Possessions in Case of Theft

Unfortunately theft and burglaries do happen. When a home owner experiences a home burglary, their stolen possessions are typically covered by their home insurance policy.  If you are a renter and someone breaks into your home, the insurance policy held by the home owner will not cover your stolen possessions.  These possessions would only be covered if you held a tenant insurance policy that included this. In addition, this coverage could also protect the tenant’s belongings while they are away from home, for example in their vehicle or while travelling. When looking for a tenant insurance policy ensure you explore which cases of theft would be covered.

  1. Liability Coverage

Tenant’s insurance provides coverage in case of an incident of unintentional bodily injury to others.  This could include a situation in which a guest was injured during a visit to the home, such as a fall on a slippery step or even in the instance that a family pet (dog) was to bite.  If such a situation was serious, the tenant could be responsible for costs including the cost of medical expenses and loss of wages due to injury. Most individuals do not have the financial means to compensate others that are injured, or the cost of defending a lawsuit without this liability coverage.

  1. Accidental Damage to Property not Owned by You

In addition, accidents happen and have the potential to be very costly.  If a tenant causes damage to the property of the landlord, whether it is as small as breaking a window or as large as an unattended candle causing a fire throughout an entire apartment building, the tenant is responsible to repair these damages.  From a hundred dollar repair to millions of dollars in repairs, holding tenant insurance can cover unintentional damages.

  1. Living Expenses during Repairs

If a home did incur such damages that it needed extensive repairs and was not fit to live in, the living expenses of the tenant while these repairs were being made would only be covered if the tenant had his/her own insurance policy. Could you imagine having to leave your home for a few weeks or a few months as it goes through repairs resulting from a flood or fire? Just a few weeks, let alone a few months would be extremely pricey to find immediate short term accommodation. A typical person would not be able to afford such expenses.  A tenant insurance policy could provide the safety net of covering such expenses in this emergency situation.

  1. Affordability

Another great benefit of tenant insurance is how affordable it is.  Rates of course will depend on the coverage chosen within each individual policy, but regardless the low cost of these policies in comparison to the financial hardship that could arise from not having a policy in place is peanuts.

  1. Happy Tenant = Happy Landlord

In all cases of unfortunate events in which tenant’s have their own insurance policies, you can see it can provide a lot of resources and comfort in these situations. Without holding an appropriate policy, chances are the tenant will incur a lot of undue hardship and financial strain. Therefore, tenant insurance can provide security, peace and comfort to the tenant. The landlord depends on the financial commitment and responsibility of the tenant.  Therefore, as described above there are many benefits of having tenant insurance both for the tenant and the landlord.  At the least, landlords should be encouraging all their tenants to acquire this type of insurance, to ensure security for all. A Happy Tenant = a Happy Landlord.

Don’t forget to contact Maxxam Insurance for all your Tenant Insurance needs!

5 Top Tips for Safe Summer Motorcycle Rides

Motorcycle Safety, Maxxam Insurance, Motorcycle Insurance

Top 5 Tips to Keep You Safe on your Motorcycle this Summer

The Sun is out, the rain has stopped, temperatures are rising and scenery is at its peak.  Every biker is eager to get their bike out and go for a ride!  Unfortunately, with heavier traffic and the busy summer time rush comes the increase of Motorcycle accidents.  Here are your top 5 tips to keep you safe as you enjoy your ride this summer…

  1. Once Over – Chances are your bike may have been sitting in the garage for a long winter. Before you hit the road the first thing you need to do is ensure your bike is safe and ready to go. Check to ensure tires are full and ready to go, give the bike an oil change, check for any loose bolts or clamps, check all fluid levels and of course get a nice fresh tank full of gas!
  2. Be Aware – Just as you can’t wait to hit the road, remember so is everyone else. These summer months see a rise in traffic including many oversized recreational vehicles. Always be aware of your surrounding and what other drivers are doing. Drive Defensively!
  3. Be Seen – As Motorcycles are smaller than all other vehicles, it’s easy to remain hidden amongst other traffic. Make sure to avoid cruising in blind spots and wear reflective clothing so other drivers can easily spot you!
  4. Safety Gear – With warmer weather it’s hard to think about wearing extra gear but remember without it there is nothing between your skin and the road if you go down. There is a lot of advanced gear out there that is designed to keep you safe and cool. Invest in a vented helmet, vented jacket, vented gloves, and a cooling vest. Remember safety is paramount to being able to enjoy your ride over and over again!
  5. Hydration – Now that you’re equipped with your nice cooling safety gear, you may forget about the heat as you are cruising with the wind. However, dehydration can happen quickly when you’re under direct exposure from the sun. Dehydration can be dangerous as it could lead to dizziness and fatigue. Using a hydration pack and stopping for regular water breaks is crucial to staying safe on the road.


Enjoy the ride and don’t forget to contact Maxxam Insurance for all your insurance needs!

How to Prep Your Boat for Summer

Yay! Summer is just around the corner. Well… if it ever decides to stop raining that is. Here on the WestCoast, we have lots of boating options available to us, some of them year-round. For most people though, their pleasure crafts have been winterized and stored safely out of the rain since last year. Spring is the time when us hopeful WestCoasters see a glimpse of sunshine and jump on outdoor activities. So what can you do to de-winterize (springerize?) your boat? Well before you go delivering your beautiful vessel into the water you’ll want to follow at least these few steps to ensure the safety of you and your fellow boaters:

  1. Check the Engine. If you didn’t change the oil and oil filter at the end of last season, now is the time to do it. Changing the oil will help prevent corrosion and excessive wear which can lead to loss of power, poor fuel economy, or even engine failure. You’ll also want to flush the cooling system and replace the antifreeze. Also, check the battery and see if it needs replacing.
  2. Inspect the Exterior. Check over the entire hull and look for any scrapes or cracks that might need to be fixed before hitting the water. If the boat’s exterior appears chalky it could mean oxidation has occurred and you may need to refinish the gel coat. While you’re inspecting you can polish the hull with a marine safe cleaning solution.
  3. Check over the Vinyl and/or Canvas. Inspect your seats, covers, etc for tears or rips and have them repaired. While you’re at it, you should give the interior of your boat a good clean.
  4. Test Electronics. Make sure you test all of your electronics and check that they are in working order. Replace or repair when needed.
  5. Check your Safety Equipment. Make sure all of your safety equipment is available and that nothing has broken or expired. Review this guideline from discoverboating.ca:

    Required and Recommended Equipment

    • Sound signaling device
    • Check distress signals and expiration date
    • Check PFDs
    • Inspect life rings
    • Check fire extinguishers and recharge if necessary
    • Check and adjust compass
    • Check navigation lights
    • Check charts and replace as necessary
    • Check radar reflector
    • Check and replace first aid supplies
    • Check bailer and hand pump
  6. Get Insured! Call the experts at Maxxam for all of your marine insurance needs!

3 Things You Should Know About Choosing Life Insurance in Canada


Do I need life insurance?

Purchasing life insurance can be overwhelming, but it is an important aspect of your long-term financial planning. Not everyone needs life insurance, but speaking with an advisor is your best option for making that decision. If you don’t have any debt or dependents, for example, you may not need insurance. However, if you are the main income earner in your household with a mortgage and several dependents, then you will definitely want to consider choosing a plan that will cover your payments.

How to do I decide how much coverage I need? 

We are often asked how much life insurance to purchase, but the answer isn’t that simple because it is different for each individual. Most Canadians purchase under $500,000 of life insurance. When deciding on your coverage you will need to look at your current monthly expenses like mortgage/rent, utilities, debt repayment, etc. You will also have to consider any future costs your family will incur, such as post-secondary education for children, replacement of vehicles and/or home, etc. If you and your spouse pass away at the same time, you will need to consider the cost of living for your children as well. You should also consider funeral costs and if your dependent(s) will extra compensation for extended time off of work.

How do I choose a plan?

There are a few options for choosing a life insurance policy including whole life, term life, variable life and universal life. The cost will depend on the plan you choose, as well as your age and current lifestyle. Your insurance advisor can help you choose a plan that will be the most beneficial for you in the long-run. Term plans are generally less expensive but expire after a set period of time. Whereas whole life plans will be more expensive but once the premium runs out, you will still have the coverage.

The Jist.

Make sure you educate yourself when choosing a life insurance plan. Do your homework before you meet with your advisor and make sure you ask about all of the fees associated with setting up your plan. Life insurance policies can be used as a financial investment, but again, that will depend on your situation. One of our experienced agents will be happy to assist you in choosing the plan that is best for you and your family.

The Benefits of Benefits

Benefits Newsletter

Prescription drug benefits are the most used employee benefits in the country. This is mostly because the reimbursement is easier than other benefits, and of course drug costs can often be high. Having an employee benefit program in place can entice qualified job seekers to apply to your company over one of your competitors. Maxxam Insurance offers several employee benefit packages that will work with your budget. People routinely overlook the health benefits that are available to them; as a part of the set-up process, our experts will meet with your staff to make sure they understand their compensation.

There are several benefits to providing your employees with a comprehensive benefit plan. The biggest advantage to offering a benefit package is that you have a better chance of getting highly qualified applicants. The work force is highly competitive right now, meaning employers are having to be more creative with the design and generosity of the benefits they offer. Employers who continue to provide limited programs may find it more difficult to find and keep different generations of employees.

Below you will find some examples why benefits are beneficial!

For employers:

  • Recruit highly qualified individuals
  • More effective employees who feel valued through their compensation
  • Premiums are tax deductible, which means savings in your pocket!