Tenant Insurance Edmonton
Edmonton is the capital of Alberta and the second most populated city in the province. Its massive oil and oil sands reserves earned it the title “Oil Capital of Canada”. In 2011, Edmonton had the fastest growing economy among the large Canadian cities and the fourth-highest Gross Domestic Product (GDP) of all Canadian cities. The outstanding growth performance, the employment opportunities, and the low Alberta taxes make Edmonton an attractive destination for migrants from other Canadian provinces and from across the world. With such a high flow of newcomers into the city, finding a place to rent in Edmonton can be a time consuming process for many residents. Moreover, in such a very competitive rental market, shopping for tenant insurance for your new home in Edmonton can turn into a part-time job.
Wait! Now that you’ve found us, you don’t need to worry about your tenant insurance in Edmonton anymore. At Sharp Insurance, we understand how busy you are, and we’re happy to shop our network of top Canadian insurance companies to get you the best tenant insurance policy that fits your needs and not the other way around.
So why don’t you start by getting a tenant/renters insurance quote in Edmonton by filling out the form below now!
Who Needs Renter’s Insurance?
Every tenant needs renters insurance. Your renters insurance policy is a requirement that landlords in Alberta almost always insist on having in your file before you sign your rental lease. This shouldn’t be a reason for you to worry. In fact, this should make you feel more protected. At an average monthly payment of $25, your renters insurance coverage policy will give you some peace of mind knowing that an accident in your suite isn’t going to drain your bank account (to replace any damaged belongings) or drag you into the endless loops of the legal system to answer to any liability claims filed against you.
Put another way: You’re buying your family’s safety and your peace of mind for an average of $25 a month. A great deal! Don’t you think?
How to get Renter’s Insurance in Edmonton
Before you start shopping for tenant insurance in Edmonton, there are a few things you need to know. Give us a call and one of our expert, award-winning brokers at Sharp Insurance will be happy to walk you through all the details you need to learn about getting the right coverage for your personal belongings and your personal liability claims.
So let’s start by covering some important facts:
Average Cost of Tenant Insurance in Edmonton
There are a few things to factor in before you decide the cost of a tenant/renters insurance policy that works for you in Edmonton. Call us at Sharp Insurance today or get a tenant insurance quote by completing the form below now to find out how much you can save by signing / switching your tenant insurance policy in Edmonton. We’re partners with the country’s top tenant insurance providers and are confident we can find you the best deal on your tenant insurance policy.
Factors That Affect the Average Cost of Your Tenant Insurance in Edmonton
- The Number of Items You Need Insured
At Sharp Insurance, we’ve created an Inventory Check List to help you make an informed decision about what belongings to include in your renters insurance policy. Check out this new tool and don’t hesitate to give us a call if you still have questions about your insured items: (A link to the The Sharp Rebranded Inventory Checklist).
- The Location of Your Dwelling
If you decide to rent a unit in or around the downtown area in Edmonton, be prepared to pay a higher tenant/renter insurance premium. If you choose to rent a home in the outlying suburbs of Edmonton however, your premium rate should automatically drop unless of course, you move into one of the high-risk neighbourhoods where break-in, burglary, and theft incidents are recurrent. In this case, you should expect your tenant/renter insurance premium rate to be higher than usual.
- The Structure of Your Building
Did you know that living in a building with multiple units where the construction material is fire resistant can significantly reduce your tenant insurance premium rate? Make sure to share these facts with your insurance broker when you call to get a quote for your tenant insurance and let us help you save some money on your premium.
- Your Current Deductible Amount
How much do you have to pay out of pocket before your insurance policy is activated in case of an accident in your suite? This is normally your decision. But remember: If you automatically choose the lowest possible deductible on your policy, your monthly premium immediately increases. So take your time and discuss a payment plan that works for you with your Sharp Insurance broker.
- Other Insurance Policies You Currently Have on Other Properties
Let us know if you have other insurance policies on your vehicle or other properties. Bundling all your insurance needs in one policy is a great way to save money on insurance.
Get the Right Tenant Insurance Coverage in Edmonton
Getting the right tenant insurance coverage in Edmonton is the perfect mix of protection and price.
What Renter’s Insurance Covers
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.
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