What Renter’s Insurance Covers in Fort McMurray

Contents Insurance for Renters in Fort McMurray

This coverage is very important for every home renter. It gets activated when you have to replace or repair any of your household items, such as furnishings and personal possessions.

There are also two important things you need to know about this coverage:

1. It doesn’t cover the financial cost of repairing or replacing items that your friends or family members (who don’t live in your house) ask to store in your basement or your storage room unless you add their names on your tenant insurance policy.
2. It’s customizable, which means you can request a personalized limit for certain content coverage to be added to your policy to protect your high-value items, including stereo, TV, computers and other electrical appliances, clothing, jewellery, sporting equipment, etc.

Remember! As a renter/tenant, your possessions aren’t covered by your landlord’s insurance policies.

Tenants/Renters Liability Insurance

This coverage takes care of the financial expenses that you may incur if you were involved in an accident that occurred in your dwelling (or in any part of the world) and caused bodily injury or property damage to others.

Here are some possible scenarios that require this type of coverage:

• Your unplugged iron is left on the ironing board facing down for a couple of hours and catches fire, damaging your unit and part of your neighbour’s unit.
• One of your dinner guests slips on a spill on your kitchen floor and injures her back.
• While vacationing in the Maldives, you throw a ball while at the beach and smash a hotel window.

These are just very few examples of the unfortunate accidents that can happen to all of us on a daily basis. This is why Sharp Insurance always recommends a $2 Million Liability Coverage. It’s always a wise call to aim for maximum liability coverage to be prepared for the alarmingly increasing amounts that you may be charged in nowadays legal settlements resulting from similar accidents.

Extra Living Expenses Coverage

This coverage provides compensation to you when you’re unable to live in your home while it’s being repaired for damages incurred due to sudden accidental events 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 was deemed uninhabitable, your Additional Living Expenses insurance responds by paying for any necessary expenses such as, hotel bills, restaurant meals, and moving cost while your apartment is being repaired.

Still have more questions about your tenant/rent insurance in Fort McMurray? Not a problem! Call one of our insurance brokers at Sharp Insurance and learn more about getting the best tenant insurance rates in Fort McMurray.