Contents Insurance for Renters in Edmonton
Content insurance covers the financial cost of repairing or replacing your household personal possessions and furnishings. This policy covers household items belonging to you and to family members who live with you, but it doesn’t usually include coverage for items friends or visitors bring into your premises unless you list their names on the policy.
At Sharp Insurance, we can customize your content insurance policy to include extra coverage for high-value items, such as white goods, stereo, TV, computers and other electrical appliances, clothing, jewellery, sporting equipment, and motorized wheelchairs.
Give us a call and learn more about the several coverage options and prices we have for your most valuable belongings.
Remember! As a renter/tenant, your possessions aren’t covered by your landlord’s insurance policy.
Tenants/Renters Liability Insurance
This coverage protects you financially if you unintentionally cause bodily injury or property damage to others while inside the building in which you live or anywhere in the world. Sharp Insurance recommends purchasing as much liability coverage as you can afford. In the past, it was common for insurance brokers to recommend people carry $1,000,000 liability insurance coverage. However, we have now seen judgements and settlements exceed that figure. In an effort to give our clients the best tenant insurance coverage, Sharp Insurance now recommends $2,000,000 liability insurance coverage. Without this coverage, you may be personally responsible for paying a judgement in excess of $1,000,000. This means your personal assets (vehicles, savings, other properties, etc.) can be subject to seizure and other enforcement proceedings. The cost for the extra coverage is usually minimal, but the peace of mind it brings is huge.
Extra Living Expenses Coverage
This coverage helps you manage out-of-pocket expenses when you’re forced to leave your home while it’s being repaired as a result of an insured incident, such as fires or water damage.
In May 2016, a wildfire started at Horse River in Fort McMurray and destroyed more than 2,400 buildings in the city. This horrific natural disaster forced 80,000 people in northern Alberta to flee their homes and the city altogether. Wildfire information officers announced that it took a whole year to distinguish the fire and that they had to wait for winter to be over to see if any smoke or heat remained from the massive fire because it was so fierce and unpredictable.
If your rented suite was damaged in a similar natural disaster and is deemed uninhabitable, where would you live? This is when your Additional Living Expenses insurance responds by paying for any necessary expenses such as, hotel bills, restaurant meals, and moving cost while your home is being repaired.
If you still have questions about tenant/rent insurance in Edmonton, please give us a call, and one of our award-winning brokers at Sharp Insurance will be happy to introduce you to the best tenant insurance rates in Edmonton.