Tenant Insurance In Calgary
Are you moving out for the first time? Living on your own is an exciting (and sometimes overwhelming) experience.
You’ve got a lot to figure out before you settle in. Which apartment should you rent? How much will your monthly bills cost? And do you need to buy tenant insurance?
Some tenants think that property insurance is only necessary when you own the property. This is a common misconception that we’re going to clear up:
Even though you don’t own the apartment you’re renting, it’s still important to insure it. You own all the items inside of it; things like your furniture, clothing, and electronics. Your landlord’s insurance only covers the building itself, not the items in your unit. You need your own insurance for that kind of coverage.
At Westland Insurance, we know how stressful moving can be. But figuring out your insurance shouldn’t be. Our advisors are here to help you along every step of the way.
What Does Tenant Insurance Cover?
Let’s start with the basics: what kinds of property damage will you be covered for? Your tenant insurance coverage protects:
Your computer. Your jewellery. Your entertainment equipment. All of your items have value, some more than others. If you don’t have tenant’s insurance, and all of your belongings are destroyed in a fire, you’ll need to pay to replace everything. Even small items add up to a lot of money.
But your insurance coverage may not protect all of your personal property value. Your coverage limits determine how much your insurance company will reimburse you for. If you think the replacement cost of your belongings will be higher than your contents coverage limit, contact your insurance provider to increase it.
Personal Liability Coverage
We think of our home as a safe place. But as cautious as we are, accidents can still happen. For example, someone could be hurt on your personal property. Or, you may cause a fire or water leak that affects your neighbour’s unit.
In the worst-case scenario, you could cause a fire that affects the entire building. Personal liability could protect you from paying the replacement cost entirely.
Additional Living Expenses
Is your apartment temporarily uninhabitable due to an insurance claim? While you wait for repairs to be completed, you’ll need to stay somewhere else. Tenant insurance includes coverage for the cost of additional living expenses and meals.
Coverage Options for Tenants
Looking to add on to your existing policy? You can choose from additional tenant policy options, like:
If you live in a basement suite, you might want to consider sewer backup coverage. This policy gives you coverage when wastewater backs up from a sewage line and into your home. Without it, you won’t be reimbursed for these damages, even with regular tenant insurance.
Do you work from home? If you have office equipment in your suite and clients that visit you at your apartment, you need additional coverage (especially when it comes to liability).
If your suite is damaged by a flood, this type of water damage falls outside of your regular insurance. This is the most common type of insurance claim in Canada.
Do All Tenants Need Tenant Insurance?
While most landlords will require proof of tenant insurance before they accept a tenant, not everyone does. If tenant insurance isn’t required, should you still invest in it?
The answer is a resounding yes! Here’s why you should purchase tenant insurance:
First, tenant insurance protects your belongings and your bank account. Replacing everything you own is no small expense. On top of that, you could be responsible for covering property damage repair costs. Keep your finances healthy by purchasing renters insurance.
Secondly, it helps you get approved to rent a unit. Many landlords are hesitant to rent to those without insurance. When you provide proof of renter’s insurance, it shows them you take the safety of their building seriously.
And lastly, it gives you peace of mind. If your unit is damaged by a fire, water leak, or thief, you can rest assured knowing you have the protection you need to recover. Keep your possessions safe with tenant insurance.
Ways To Save on Tenant Insurance
What can you do to reduce your monthly premiums? You can receive a discount on your renter’s insurance by doing the following:
- Increase your deductible. By choosing to pay a higher deductible, you can lower the cost of your monthly payments. But if you ever make a claim, you’ll need to pay more to cover the loss. Keep this in mind when choosing your policy deductible.
- Make fewer claims. One insurance claim will affect your premiums for years to come. By making fewer claims, you can avoid increases in your monthly payments. Try to pay for repairs yourself whenever possible, and only make claims when necessary.
- Inquire about a mature client discount. If you’re older than 50 years of age, you might be eligible for a discount; we can help you find the best price.
- Install a security system. A monitored alarm or camera is a great way to deter thieves. Not only does it offer better protection for your belongings, but it reduces the likelihood that you’ll make an insurance claim. That’s why many insurance companies offer discounts for tenants with security systems.
Renter’s Insurance FAQ
Protect yourself against common risks with tenant insurance. If you still have questions about your policy, we’ve compiled this FAQ to help you out:
Not necessarily. Instead, you can update your current policy with your new information, and carry it over to your new apartment.
Yes; with every renter’s insurance policy, you have several deductible options to choose from. You can raise or lower your deductible as you need. We’re always happy to discuss your options with you. Contact one of our advisors to learn more.
You can pay your tenant insurance monthly or annually. Some providers offer discounts if you pay your insurance in one lump sum rather than monthly installments. Before your tenant insurance is approved, your provider may perform a soft credit check.
Most renter’s insurance providers only offer 1-year terms or more. If you’re only renting an apartment for 6 months, you might consider transferring your policy to your next location once your lease is done.
Without it, your items are entirely unprotected in the event of a fire, break-in, or water leak. If you’re sued for causing damage to the building, you will not have coverage for those expenses.
And finally, if you need to stay somewhere else while your building is being repaired, you’ll need to cover those additional living expenses yourself. Investing in insurance is the wisest choice for your finances and your sense of security.
As you look around your apartment, it’s hard to imagine what all your possessions are worth. We recommend taking it one room at a time. Start in a smaller room, and make a list of each item you own. Then, estimate its individual value (you might have to look up the item to find this out). Repeat this until you’ve listed every belonging in your apartment, and add up the numbers.
If you have any items that are particularly expensive, we suggest documenting them with photos or videos. Save the receipts of new items that you purchase for verification purposes.
Do your items have a higher value than what your policy offers? If they are damaged, and you need to replace them, you won’t have the funds you need. Increasing your coverage limit is easy; give us a call, and one of our advisors can help you out.
In general, the cost of your renter’s insurance is about the price of one meal a month. However, the cost fluctuates from tenant to tenant. Your insurance premiums will vary depending on factors like:
- Your claims history
- The crime rate in your neighbourhood
- Your deductible
- The age & condition of your building
- Your credit score
Request an Online Quote Today
Are you seeking a personalized tenant insurance quote? At Westland Insurance, we know that everyone’s circumstances are unique, from their finances to the places they live. That’s why we take a personalized approach to insurance.
We help renters find affordable policies that offer comprehensive coverage. Our advisors offer our tenant insurance services in:
Make sure you have the coverage you need. Contact Westland Insurance today.