Tenant Insurance Fort-Mcmurray

All About Tenant Insurance in Fort McMurray

Fort McMurray is the largest community in the Regional Municipality of Wood Buffalo. It’s located in northeast Alberta, about 60 kilometers to the west of Saskatchewan. This lively urban service area is best known today for its association with the oil sands industry. It’s the top employer in the region with many available jobs in oil sands and supporting industries and is also considered to be the heart of one of Canada’s major oil production hubs.

Fort McMurray has a diverse and multicultural community and attracts people from all corners of Canada and the world. This can create fierce competition in the community’s home rental market, especially as Fort McMurray continues to pay the highest rent prices in Canada according to recent reports.

Moreover, with a population of mostly oil and gas professionals with very busy schedules and long, outdoor working hours, a new tenant in Fort McMurray may not have enough time to shop for tenant/renters insurance in the city.

At Sharp Insurance, our expert brokers are happy to take this time-consuming task off your busy schedule as a new renter in Fort McMurray. We’re partners with the country’s top insurance companies. We’ll shop our wide network of insurance providers and find you the best tenant insurance policy in Fort McMurray.

We understand that everyone’s lifestyle and insurance needs are unique. That’s why we don’t expect you to conform to a one-size-fits-all approach with our tenant insurance coverage plans. Unlike basic home insurance coverage, our approach is to customize our coverage plans to suit your individual needs. We design insurance policies tailored specifically for you

If you’re a new Fort McMurray tenant looking for renter insurance for your newly leased home or a tenant who’s been renting in the city for a while and are curious about other renters insurance policy prices and would like to know what else is out there, give us a call at Sharp Insurance and one of our award-winning brokers will be happy to answer all your questions.

You can also start by getting a quick tenant/renters insurance quote in Fort McMurray by filling the form below now!

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Why Renter’s Insurance?

In Alberta, renters insurance is almost always a requirement. Landlords simply don’t even begin to negotiate the signing of a new lease with a prospective tenant without a valid tenant insurance policy to protect both the landlord and the tenant.

Before you jump to the conclusion that the rental market in Alberta has no flexibility, we invite you to consider two facts:

Albertans spend an average $25 a month on their tenant insurance policy premiums (barely the amount you pay for a decent breakfast meal!).
The underlying risks of not being insured and the substantial financial strain that you may experience in absence of a valid tenant insurance policy should immediately convince you to vote for the safer path, one that offers you peace of mind at a minimal cost.

Renter’s Insurance in Fort McMurray

Before you start shopping for tenant insurance in Fort McMurray, there are a few thigs you need to know. Give us a call at Sharp Insurance and let us walk you through all the details you need to learn about getting the right coverage for your personal belongings and your personal liability claims.

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Average Cost of Tenant Insurance in Fort McMurray

There are a few things to factor in before you decide how much you want to spend on a tenant/renters insurance policy in Fort McMurray. So why don’t you start by completing the form below now to find out how much you can save by signing / switching your tenant insurance policy in Fort McMurray.

The Number and Monetary Value of Your Belongings
Preparing a list of all the items in your household that need to be insured is the first step to determining the cost of your tenant insurance.
The Location of Your Dwelling
Busier neighbourhoods near Fort McMurray’s urban community centre usually have more modern buildings where rent prices are generally more expensive and tenant/renter insurance premiums are subsequently higher. On the other hand, dwellings that are located on the outskirts of the community’s business centre and have a more suburban style of living are more affordable in both rent and tenant insurance policy prices. So make sure to pick a neighbourhood that matches not only your lifestyle and family needs, but also your budget.
The Structure of Your Building
Not many people know that a building that consists on a large number of suites ranks lower in tenant insurance policy prices. Yes! You can actually save some money by living in a high-rise building where there are tens of neighbouring suites as opposed to living in a rented townhouse or a duplex.
Your Current Deductible Amount
Most tenants are tempted to automatically choose lower deductibles so they won’t have to break the bank in the event of an unfortunate accident in their suites. But did you know that selecting a higher deductible also has its perks? It can cause a noticeable decrease in your monthly premium. So take a minute to think about your budget and monthly expenses before you decide to pay a higher premium in favour of a low deductible.
Other Insurance Policies You Currently Have on Other Properties
If you have existing insurance policies on your vehicle/s or other properties, share this fact with your broker at Sharp Insurance. Bundling your multiple insurance policies is an excellent way to save money on insurance.

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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:

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.
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.

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