Edmonton Tenant Insurance
When you first moved into your rental suite, you learned just how much stuff you have. You packed box after box with your electronics, clothing, and accessories. Now imagine what it could cost to replace all your personal property.
If you’re a tenant, then you’ve probably heard of renters insurance. But do you really need it?
Your landlord pays to insure the building itself. That does not include the contents of your suite. In the event of a fire or theft, your belongings will not be covered.
To protect your personal property, you need to purchase tenant’s insurance. This coverage will protect you from common risks like water damage, fire, or theft.
Your landlord’s insurance also may not cover damage that you or your guests cause. That’s why your landlord might require insurance as part of your rental agreement.
Without the right policy, your new apartment may not feel like home. Protect your belongings and finances with renter’s insurance.
Why Choose Westland Insurance?
We offer personalized insurance solutions. Our insurance advisors want to get to know you. Based on your information and our discussions, we’ll identify an affordable policy that gives you the coverage you need as a renter.
How Much Does Tenant Insurance Cost?
Tenant insurance is relatively affordable, especially when you consider all the expenses that arise when you live on your own. Typically, the monthly payments are comparable to the cost of dinner at a restaurant.
Various factors will affect the cost of your tenant insurance, including the value of your personal property, the deductible, and any discounts that you’re eligible for.
Tenant Insurance Explained
If your landlord pays to insure your building, do you still need to buy tenant insurance?
Yes. Otherwise, you could lose everything due to theft or fire. Here’s what tenant insurance has to offer:
Protect Your Belongings
When you consider the cost of all your personal belongings, tenant insurance coverage becomes a lot more affordable.
Remember, your insurance policy will have a limit on these replacement costs. If you have high-end electronics or equipment that will be costly to replace, consider choosing higher coverage limits.
Liability Coverage
What might happen if you cause a fire in your building? You could be responsible for paying thousands of dollars in damages. With personal liability coverage, you will be reimbursed for the cost of damage to your unit and the building itself.
Additional Living Expenses
If your apartment is temporarily uninhabitable, you’ll need an alternate arrangement for the time being. Somewhere to cook meals, store your belongings, and sleep at night. Tenant insurance will cover the cost of these expenses.
Unit Improvement Coverage
If you plan to live in your unit long-term, you might have upgraded a few aspects of your space. From walk-in closets
Coverage Options for Tenant Insurance
At Westland Insurance, we’re passionate about giving our clients a personalized experience. Your tenant insurance is completely customizable. From your contents coverage to additional living expenses, you can choose the insurance coverage amounts that you’ve comfortable with.
Optional Protection
Looking for more coverage? If you’d like your tenant policy to be more comprehensive, you can choose from these optional add-ons:
- Identity Theft
- Home-Based Business
- Sewer Backup
Ways To Save on Tenant Insurance in Edmonton
The cost of living is always increasing. What can you do to secure the coverage you need, while still saving on insurance costs? Here are a few ways you can cut the cost of your tenant insurance:
- Local or Monitored Alarm
By increasing the security of your rental unit, you put yourself at a lower risk of vandalism or theft. These systems can potentially get you savings on your insurance policy. - Claims-Free
Whenever you make a claim, it causes your insurance premiums to increase. Try to make fewer claims to save on your tenant insurance costs. - Mature Client
Are you 50 years of age or older? You may be eligible for a mature client discount. - Increase in Deductible
A deductible is an amount you pay for making an insurance claim. Many policies offer several deductible options, each with different price points. By increasing your deductible amount, you can lower your monthly (or annual) premiums. - Water Leak Detection Service
Many tenants don’t find out about a water leak until it’s too late. By installing a water leak detector, you can identify issues with plumbing before it causes damage to your rental property. Since this lowers the likelihood of an insurance claim, you may be eligible for a discount on your tenant policy.
Claim Examples
What kinds of insurance claims might you make at your rental property? One that our insurance providers often see is water damage. From burst pipes to sinks left running, water damage is caused by all sorts of things. But no matter the cause, one thing stays the same: these claims often result in thousands of dollars in damages.
Do you live in a basement suite? If so, it’s a wise idea to add sewer backup coverage to your tenant insurance. A tenant could cause accidental damage by flushing the wrong thing down the toilet.
This can create havoc on the sewer or septic tank, leading to thousands of dollars of water damage. Even with tenant insurance, your provider may not cover these costs—unless you have sewer backup coverage.
Fire damage is another common claim; it may result from an oven that’s been left on or an overloaded power circuit. With the right tenant insurance coverage, the replacement costs will be reimbursed.
FAQs
Do you have questions about your tenant insurance in Edmonton? Our advisors want you to feel confident that you have the coverage you need. We’ve put together a few answers to the most common questions about tenant insurance:
Instead of cancelling your existing policy, you can simply update it with your new information and address.
If your roommate is related to you, they might be covered under your policy (it’s best to check this with your broker). But if you’re living with a friend or partner, they probably aren’t covered. Still, it’s best to let your broker know if you’re living with someone else.
Depending on your provider, the minimum coverage is around $25,000. This is intended to cover all of your belongings, including your furniture, electronic devices, wardrobe, and jewellery.
You might not think you have $25,000 worth of belongings, but once you add up the costs of everything you own, you might be surprised.
This depends on who you’re renting from. Some landlords require tenants to purchase renter’s insurance, while others do not. Even if tenant insurance isn’t mandatory, we always recommend it.
To provide you with a quote, we’ll require a bit of information, including:
- Your address
- The value of your belongings
- Any roommates you’re living with
You can never predict when accidental damage will occur. Give yourself peace of mind with a comprehensive tenant insurance policy.
Looking for a personalized tenant insurance quote? The right insurance looks different for everyone. At Westland Insurance, we’re committed to finding you a tenant insurance policy that meets your needs.
We offer insurance services at the following locations:
Ready to insure your apartment or rented home? For a tenant insurance quote, contact Westland Insurance today.
We’re Here to Help
Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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