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A licensed insurance advisor can offer tenant insurance in Calgary. If you contact the broker channel they can provide you with more than one option, so you can see comparables in price and coverage!
Tenant insurance in Calgary (also called renters’ insurance) is meant for people who rent the place where they live, whether home, condo, or apartment. It provides coverage against common risks like theft, fire damage, and personal injury that occurs on the property.
Tenant insurance is necessary because a landlord’s home insurance policy won’t cover these perils on behalf of the renter.
No, tenant insurance is not mandatory at the city level. However, many property managers won’t lease their unit without tenant insurance coverage in place.
Tenant insurance generally covers three main things.
If your belongings are damaged or stolen while in your rental property, tenant insurance in Calgary will help cover the cost of replacement or repair.
This is among the most important aspects of tenant insurance since most people don’t have the money to replace thousands of dollars in lost items out-of-pocket.
If an accident on your property causes financial harm to a third party, tenant’s insurance with personal liability coverage can help cover lawsuit and settlement costs.
For example, if a guest slips, falls, and injures themselves on a wet floor in an apartment you’re renting, tenant insurance will shield you from the financial fallout of a potential lawsuit.
- Relocation cost reimbursement
If the property you’re renting is rendered uninhabitable, tenant insurance will help shoulder the costs of relocating.
For example, if you’re forced to stay at a hotel for a few weeks because your rental apartment flooded, tenant insurance may help with your hotel bill along with the cost of purchasing meals.
Tenant insurance in Calgary typically won’t cover replacement costs above a certain amount for extraordinarily expensive items (i.e. jewelry). To make sure you’re covered for the items that matter most to you, it’s important that you read the policy thoroughly. Your Surex broker can help you find the exact policy you need.
Frequently Asked Questions About Tenant Insurance in Calgary
This depends on where you reside, the value of your total contents, your liability limits. Policies normally start at $300/yr and increase as the content values and liability limits increase.
The cheapest tenant insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. For example, one insurer might weigh your age more heavily than another. This is why it’s a good idea to compare rates from various insurers with Surex. The cheapest tenant insurance provider isn’t always evident
Tenant insurance in Calgary typically renews automatically each year. You’ll receive new policy documents detailing any changes to your premium and confirming your coverage. Keep in mind that you do have the option to switch policies before your existing one renews.
Tenant insurance is rated based on the type of unit you rent, number of tenants in the unit, value of your contents, physical location of the unit, prior tenant or home claims in the past under your name.
No. If you rent the unit you live in you only require tenant insurance which is often more affordable than home insurance. You want to be properly insured, and tenant insurance will do that for renters.
You can contact your assigned broker/advisor or contact the insurance company directly. Make sure you have your policy # and details of the claim prepare when you call.
Many policies hover around the $20 to $30 range. Since there’s no minimum coverage requirement, you can achieve lower rates by purchasing only the coverage you need.
The law does permit landlords to include tenant insurance coverage as a lease requirement. Many landlords in Calgary do so as a tenant’s policy serves to reduce their overall risk. You may need tenant insurance the rental you want.
You’ll need to provide basic information about yourself and the property you’re renting, including:
- The address
- Your belongings’ cumulative value
- Who else will be occupying the rental property