Alberta Tenant Insurance Broker
Comprehensive Tenant Insurance in Alberta
Choosing between renting or buying a space to live can be a tough decision. For some people, renting is a no-brainer. Think of it this way: you have no maintenance or repair costs, and you’re exempt from paying property taxes. That can be a huge weight off your shoulders.
Depending on your unit or home, you may have access to free amenities. Renters must pay rent, but they also aren’t on the hook for a considerable down payment or a mortgage. Renters often have more flexibility about where they can live, lower utility bills, and in some cases, your rental space may have access to a fitness centre or a pool. Overall, renting is a great alternative to homeownership.
In Alberta, many tenants choose to buy tenant insurance, also called renter’s insurance. Tenant insurance isn’t like home insurance where it protects the actual structure of the building. Tenant insurance protects your possessions from unexpected losses. Items protected often include furniture, clothing, electronics and more.
In addition, Alberta tenant insurance offers liability coverage. If you are sued after a visitor has a slip and fall on your premises or there is property damage, your tenant insurance policy may cover you for legal fees.
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How Does Renters Insurance Protect You?
Did you know your landlord’s insurance won’t cover your personal belongings? A tenant insurance policy covers you for your personal stuff. Tenant insurance is a form of insurance protection that is designed to protect the tenant’s belongings, and provides liability coverage for additional living expenses and identity theft protection.
Tenant insurance is also designed to cover any items that a landlord’s master policy does not cover. While renter’s insurance is not mandatory, it’s sometimes requested by a landlord and contained as a clause in your lease.
Like any policy, tenant insurance can vary based upon the type of policy you require for your living situation, including how much coverage you need.
What Does Tenant Insurance Cover in Alberta?
Policies vary from insurer to insurer, but you can expect a standard tenant policy in Alberta to cover the following items.
Contents Insurance for Renters
Contents coverage insures your personal items against unexpected losses. It allows you to replace your stolen, damaged or lost belongings up to the limit stated on your policy or for the loss settlement option selected. Your policy may also include coverage for your personal belongings not contained within your rental unit and may insure your belongings stored in your vehicle.
A tenant insurance policy may also include added coverage for special high-value items, such as musical instruments, wine collections, art, watches, sporting equipment, bikes and more. The value of your personal belongings add up. Until you calculate what your items are worth, you won’t know how much insurance you require, so it’s a good exercise to get started on before you purchase tenants insurance.
It’s easy to get a tenant insurance quote. You can speak to a Sharp Insurance broker today for your coverage and price options.
Liability Insurance
Most renters will choose a $2 million liability coverage plan. This portion of your coverage protects you if you are ever faced with a lawsuit. For example, if your dog bites a visitor and causes an injury, you may get sued and require financial help.
Coverage limits vary between every tenant insurance policy. Sharp often recommends choosing the higher limits to protect yourself against the costliest of potential lawsuits. That’s why it’s essential to work with one of our tenant insurance brokers to gauge what the best limits are for your situation.
Extra Living Expenses
Although we never hope you have to leave your home due to a fire or flood, some circumstances may require you to evacuate your rental place temporarily while it’s being restored or repaired. If this is the case, your tenant insurance policy may include coverage for temporary living arrangements. Your policy may cover food, childcare, clothing and expenses.It’s advised that you save your receipts so you are eligible to reimbursement for your expenses.
Identity Theft Protection
Identity theft protection isn’t always included in a standard renters insurance policy, but may be included as an add-on. Identity theft is becoming more common. In 2021, there was a rate of 18.78 identity thefts per 100,000 Canadian residents. By comparison, the rate of identity thefts in Canada was only about 2 per 100,000 people in 2010.
With identity theft protection, you can receive reimbursement for the expenses needed to restore your identity. Often, there is no deductible with identity theft protection and you’ll be put in touch with a restoration specialist to help you contact relevant authorities, including the police and financial institutions. Identity theft protection may also cover lawyer fees in the event of a loss of income.
Ask your tenant insurance broker for more information or to help you create your individualized policy.
Additional Coverage Options for Tenants and Renters in Alberta
There are several add-on coverage options under a tenant insurance policy in Alberta. It’s helpful to review insurance options with a skilled Sharp Insurance broker to ensure you’re getting the coverage you need.
You may choose from a number of optional coverages not otherwise included in your standard renters policy, including:
- Sewer backup insurance
- Overland water insurance
- Earthquake insurance
- Floaters (which increase coverage limits for specific items)
- Groundwater insurance
Ask a Sharp Insurance Alberta tenant insurance broker for more information about add-ons.
Alberta Commercial Tenant Insurance
Tenant insurance isn’t solely purchased by individuals who are renters. Tenant insurance is for business owners who are looking to lease or rent a commercial space. In this case, a landlord who owns the commercial space requires you to purchase commercial tenant insurance — similar to how a residential landlord would ask their prospective tenant to purchase tenant insurance.
If you’re a business owner looking to rent a commercial property, you’ll require commercial tenant insurance. Get in touch with one of our commercial tenant brokers for more information.
Tenant Insurance Alberta FAQ
Alberta tenant insurance can be one of the most affordable policies you can purchase. See below for our FAQ.
Every tenant insurance policy may cover different items, based upon the complexity of that particular policy, the coverage you purchase and the insurer. However, a standard policy might likely include the following perils:
- Explosions
- Fire and smoke
- Wind damage
- Electrical current
- Hailstorm
- Weight of snow
- Impact by vehicle/aircraft
- Falling objects
- Riots, vandalism, theft
- Some types of water damage
- Sewer backup*
- Overland water*
- Earthquakes*
* These items may require an endorsement on your insurance policy. You must specifically request these add-ons as insurers will not automatically include them on your tenant insurance policy.
Unlike auto insurance, tenant insurance is not provincially mandated and therefore you can rent a home, apartment or condo without an insurance policy. However, landlords often request you hold a renter’s insurance policy. In this case, your tenant insurance can protect your finances in the event of a lawsuit and your personal belongings.
Under a tenant insurance policy, it will state your loss settlement, which is the payout you’ll be eligible to receive following an insured loss, such as a fire or theft. The majority of insurers will give you the following two options to select from.
- Replacement cost: Replacement cost is the reimbursement for what your item(s) would cost you to replace them, not including depreciation.
- Actual cash value (ACV): Actual cash value reimburses you for the current market value of your items, subtracting depreciation.
For example, with ACV you may receive $3,000 to replace a full speaker set that was initially worth $7,500. Whereas the replacement cost would grant you enough money to purchase a new speaker set.
You’d be pleasantly surprised to learn that renters insurance in Alberta is relatively inexpensive. You could equate a rental policy to a Netflix subscription, or four to five Starbuck coffees a month. If you want an accurate estimate of what your renters insurance might cost you, request a free tenant insurance quote in Alberta. We partner with some of Canada’s top insurers to get you quick quotes.
Your rental insurance premium will be impacted by a number of factors, including:
- The total value of your belongings.
- The number of high-value items included.
Like any policy, there are limitations to a tenant insurance policy in Alberta. Standard policies exclude intentional damages, maintenance costs, wear and tear, vacancy-related losses, infestation, war or terrorism, nuclear incidents and any damages resulting from your illegal activities.
You may also never expect a tenant policy to cover belongings not owned by the tenant — for example, if you store items at your place that belong to a friend.
How to Get a Tenant Insurance Policy Quote in Alberta
We make it simple and quick to get a tenant insurance quote. Reach out to one of our skilled brokers today. We get you great coverage for an even better price thanks to our innovative tools and our dedication to client service.
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