Reader Question: Do I need a tenants insurance policy when I rent?

It Pays To Do Your Research When You Rent   A reader question about tenants insurance and whether you need it or not if you are a renter is a great question especially for those of you who are still not insured. The most important tip I would give is to read the terms and conditions before you agree to anything. One thing many of us do is sign on the dotted line or agree to a policy without reading it in full until it comes time that you might need it and find out you’re not covered. Dear Mr.CBB I’m moving out of my parents house for the first time into my apartment and was wondering if you could answer a question for me please. Do I need a tenants insurance policy when I rent? Thanks for any help you can give me. SG Dear SG, The easy answer is, Yes. Any time you rent an apartment, condo, town-house or house you need tenants insurance also called Renters Insurance. No matter what you think, you need it and don’t ignore the value of a cost-effective insurance policy. According to Insurance In Canada, Many Canadians 35 and under don’t have tenants insurance. When […]

How We Calculate Our Net Worth~Now Calculate Yours!

What is Net Worth? An easy definition for net worth is that it is a simple calculation where you add up all the things you OWN which is also called an “Asset” and minus the total of everything you still OWE also known as a “Liability“. Net Worth = Assets – Liabilities How to Determine Net Worth Items like your house value, current value of cars if sold today (remember cars depreciate over time meaning they will always be worth less in the future), any investments you have which could be TFSA’s, RRSP’s, stocks, bonds, work or private pensions or cash in the bank are all assets. Assets can be liquid cash or less liquid items such as bricks and mortar (house), less liquid items would have to be sold to generate cash. What Is A Liability? Then, add up all the things you still owe money on like your mortgage, car loan, line of credit etc. All these are called Liabilities which simply means, you are still liable for  them. In other words they still need to be paid whether you have a job or not. After working out what my Net Worth is, what’s it gonna do for me? Calculating your net worth […]

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