Have you purchased Tenant Insurance for your Winnipeg apartment yet?
You’ve just rented an apartment in Winnipeg and you’re ready to move all your worldly possessions into your new home. But are you? Have you purchased Tenant Insurance?
You may be asking yourself, why do I need Tenant Insurance, surely the landlord of a large apartment building has insurance to cover me, no? The truth is your landlord most likely has commercial insurance to cover the physical building, and liability insurance to cover accidents at the building. Tenant Insurance generally covers important things that your landlord’s insurance does not cover.
You need Tenant Insurance to cover your personal property such as furniture, electronic equipment and clothing in case of perils such as fire or theft. Tenant Insurance will also protect you if a visitor to your apartment home injures themselves while in your apartment. As well, tenants must pay for any damage they may accidentally cause in the landlord’s building, such as flooding due to water left running or a fire caused by cooking. Tenants can also be held financially responsible for damages that extend to other apartment suites, including any personal property in those suites.
Tenant insurance covers two basic areas – Liability and Contents
Liability protects the tenant if they or their guest does something to damage the building or if a visitor to their apartment injures themselves and sues for damages.
Content covers personal possessions.
Another feature of Tenant Insurance to consider is additional living expenses. This can cover costs associated with living outside of your apartment home while repairs are being made, should the damage be sufficient enough to prevent you from living there. Ask about limits on additional living expenses, such as whether meals are covered. Sometimes insurance companies will limit the costs allowed.
You will also need to decide on the type of coverage you wish to purchase. All Risk insurance covers a wide variety of possible misfortunes while Named Perils covers only those situations specifically named in the insurance policy.
Make sure to ask whether the Tenant Insurance policy covers your possessions at replacement value or at a depreciated value. You’ll also want to know what the deductible on the policy is, and if there are discounts available based on the apartment construction type or life safety equipment available on the apartment site.
Ask the right questions and ensure you have adequate Tenant Insurance. You cannot afford to be under-insured!
Remember, when renting an apartment in Winnipeg, or anywhere else for that matter. Location! Location! Location!
Taking the next step out of your parent’s basement or downsizing from a home to an apartment in Winnipeg can be a frightening experience, but it doesn’t have to be. When you have completed this article you will be armed and dangerous…to rent an apartment in Winnipeg with knowledge and efficiency. Let’s start with the basics.
What is an apartment?
An apartment is a self-contained housing unit that occupies only part of a building. This is especially important to note for those of you who come from a “house” or “condo” environment. In an apartment you will share a common hallway, front and back entrance, parking lot and laundry room, with 10, 12, or even 50 other people. Are you okay with that? Good! Let’s keep moving.
The most important question you need to ask yourself is, where do you want to live?
Do you want to live in Winnipeg or outside the city in another area of Manitoba? Apartment buildings are located throughout Winnipeg and Manitoba. And remember, not all apartments are created equal. Rental rates depend on the apartment building size, amenities and of course location, location, location.
Below is a brief summary of the different communities and neighbourhoods in Winnipeg along with some of the amenities that are available in each area.
Winnipeg Communities and Neighbourhoods
Southwest Winnipeg : Charleswood and River Heights – Close proximity to Grant Park Mall, Pan Am Pool and Clinic, Manitoba’s famous Assiniboine Zoo and Park, and the Asper Jewish Community Campus.
Northwest Winnipeg: Garden City and Maples – Close proximity to Garden City Shopping Centre and Kildonan Park.
Northeast Winnipeg: East Kildonan and East Elmwood – Close proximity to Kildonan Shopping Centre, Club Regent Casino and Habour View Golf Course.
Southeast Winnipeg: St. Boniface and St. Vital – Close proximity St. Vital Shopping Centre , Southdale Shopping Mall, St. Boniface Hospital and the Riel House National Historical site.
South Winnipeg: Fort Richmond and Pembina Highway – Close proximity to several shopping complexes, Victoria Hospital and the University of Manitoba.
Central Winnipeg: Downtown Winnipeg and the West end – Close proximity to the MTS Centre, Portage Place Shopping Centre, The Forks, University of Winnipeg, Red River College, and the Health Sciences Centre.
West Winnipeg: Crestview and Winnipeg’s St. James – Close proximity to Polo Park Shopping Centre, Courts of St. James, Grace Hospital and the Assiniboine River Walk.
Questions to Consider before Renting an Apartment in Winnipeg
Before you even pick up the phone or pack a lunch to tour the apartments in your desired area, make a list of things that are a must as far as amenities go and put a star beside items you could compromise on. Make a list of questions you would want to ask. Typical questions include:
Can I have pets in my apartment? If Fluffy or Fido are part of the family, which apartment complexes will accept them? Are there limits on how many pets or how big. If pets are a must, don’t waste your times with apartment complexes that note “No Pet’s Allowed”. And if pets are acceptable, will the deposit be higher?
Are you a smoker? Can you compromise and smoke outside if the complex does not allow smoking?
If a deposit is required, will it be accepted in cheque, cash, or half and half? Don’t be caught off guard and lose an apartment because you forgot your cheque book or didn’t stop at the ATM.
What does the rent include? All utilities? All except phone and cable? None, tenant pays extra for all utilities and extras? This is Winnipeg after all and it’s gets cold in the winter and hot in the summer. Can you afford the additional utilities?
What appliances come with the apartment? Can you bring your own? If so are you required to have additional insurance?
Is parking included? If not, what is the extra cost? Most families have two vehicles. Will the complex be able to accommodate this?
The majority of maintenance is covered by the building management, but what is not? What will you be responsible for?
How Much Can You Afford for an Apartment in Winnipeg?
What can you afford? Different management companies differ on their approval process, but basically three items are reviewed – ability to pay rent, rental reference, and credit reference. As a guideline to what you can afford and get approved for, take your annual salary, divide by 12 and multiply by 30% to come up with your maximum rental payment for the month.
Remember, even if it is your intention to split the rent with a roommate, each applicant should have the ability to pay the rent on their own. Anyone living with you that is over the age of 18 must fill out a separate application. You will be bound to a lease for a period of time and should be happy with your new home. When in doubt, ask! Most leases are for a one year period, if you’re taking the apartment on an assignment for the term of the lease, the management company may add a year on to the remaining term. For example, if a current tenant is assigning their lease for four months, a year may be added on and you will be in a 16-month fixed lease. Most companies do not do month-to-month leases. If this is something you require, make sure you ask the question up front to avoid miscommunications.
After You Have Found Your Apartment
Congratulations! You have found an apartment you are happy with and you have been approved! Always read your lease before you sign! Has something changed? Are the quoted rental rates, parking rates etc. still the same? If not, why? Make sure you are informed to your satisfaction. Most companies will not release apartment keys without receiving the first month’s rent, so make sure you are prepared.
An Apartment Move in Unit Condition Report? What is that?
The Move In Unit Condition Report is extremely important. It documents the exact condition of the apartment when you receive your keys. Documenting the condition of the apartment may be a long process, but it is very important. Pay attention to the details – this will help avoid potential tenant charge backs when you move out. Again, make sure to read this document over in detail, as your signature will constitute a binding agreement.
Ask about the process of moving in your furniture. Do you need to book an elevator? Are there allotted times for moving in. Do you have to use specific doors? And don’t forget to ask about rental payments. When are they due and who do you have to get them to? Thi is very important, as many companies charge late fees if the rent is not on time.
You’re done unpacking, all is put away, you’ve figured out how to work the entry system to your new apartment and you are now an official renter.
Uncategorized | admin May 7, 2010 | 
Comments (0) 
