I believe that a lot of people understand the concept of insurance – 'you pay to cover yourself for any unforeseen circumstances that may result in a substantial financial loss'. For tenants who live in a Mainstreet Equity property, or any other apartment, may have a misconception that the landlord covers their insurance and therefore, they do not have to buy their own insurance.
In fact, Mainstreet, like all other landlords, only buys insurance to cover the potential loss of its own properties and third party liabilities and there is no coverage for tenants' personal belongings and any interruption of their tenancy due to any unforeseen circumstances. The tenants have to cover themselves.
What Mainstreet is doing to help our tenants is to use its negotiating power to keep the cost of tenants' insurance as low as possible. Mainstreet has already achieved a very low insurance rate of $15 per month for our tenants and are currently negotiating a rate of $5 per month (this may be the lowest tenant insurance rate in Canada). If the negotiations are successful, all of Mainstreet's tenants will enjoy the benefits of the tenant's insurance coverage at a very minimum cost.
A good source for additional information on tenant insurance is Insurance Bureau of Canada.
Mainstreet Equity Corp. is a publicly-traded (TSX: MEQ) residential real estate company in Canada. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Lethbridge, AB; Edmonton, AB; Fort Saskatchewan, AB; and Saskatoon, SK.
Mainstreet provides affordable, renovated apartment suites to Canadians, and is committed to creating real value without diluting shareholder interests.