Compare Tenant Insurance Quotes in Alberta | Ratehub.ca (2024)

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The liability portion of your tenant insurance policy pays out claims related to third-party bodily injury or property damage. This means that if someone sues you because they get injured in your unit (e.g. a slipping and falling) or you damage their property (e.g. breaking a neighbouring unit's wall), your insurer will help cover related expenses, such as legal bills and settlement fees.

The standard liability limit on most tenant insurance policies is $1 million in coverage, but you can also increase this amount for the added peace of mind.

Arguably, the most likely claim you'll need to make is for the loss or damage of your personal items. This is where contents insurance comes in – it's a coverage on your renters insurance policy that pays to repair or replace your belongings in the event of risks, such as theft, vandalism, and fire.

The amount of money your contents will be valued at after making a claim depends on whether you have an actual cash value policy or a replacement cost policy. An actual cash value (or ACV) policy means your insurer will account for the age, wear and tear, and depreciation of your items. So a three-year-old laptop that was originally purchased for $2,000 may only be valued at $500 during the claims process. Replacement cost policies are more expensive, but you'll be compensated with enough to purchase brand new replacements.

Also, keep in mind that certain valuables (e.g. artwork, jewellery) may have a set limit that your insurer will cover. In most cases, however, you can purchase an endorsem*nt to increase this limit – just be sure to ask your insurance representative ahead of time.

If you have to vacate your rental while it’s being repaired, your renters insurance policy will also cover your additional living expenses. Essentially, this can include any added costs you’re hit with due to the temporary relocation, such as hotel fees and takeout bills. But like most coverages on your insurance policy, there will be a set limit on the amount you’re able to claim.

Note that this isn’t supposed to be a freebie on all your regular, ongoing expenses. You’ll only be able to claim the increased costs of living you’re facing – not ones like groceries and phone bills.

While a standard tenant insurance policy provides coverage for liability claims, the loss and damage of your contents, and any additional living expenses, you can also customize your plan with optional endorsem*nts. Let’s take a look at a few popular choices for renters in Alberta.

Overland water insurance – This type of coverage protects you against any loss and damage caused by above-ground freshwater. This can include melting snow or the flooding of a nearby lake.

Sewer backup insurance – This coverage protects you against any loss and damage caused by sewage backing up from city lines. Consider adding this to your policy if you rent out a basem*nt unit.

Identity theft insurance – This endorsem*nt provides the funds needed if your personal information (e.g. banking password, credit card, passport) is stolen with the intention of committing a crime.

Personal valuables insurance – This is a top-up on your policy’s existing contents insurance limit. It ensures specific valuables (e.g. artwork, jewellery) are adequately protected in the event of risks, such as fire and theft.

1. Property type

   Basem*nt units come with different risks than a high-rise apartment. The age and construction materials of your rental may also be factored into your tenant insurance quote.

2. Location

   The specific Alberta address you're renting from will matter to your insurer. High-crime neighbourhoods and flood-prone areas tend to lead to hike up your insurance premium.

3. Personal belongings

   The more stuff you own, the more coverage you'll need – and therefore, the more expensive your insurance will be. For high-value objects, you may even need an endorsem*nt for extra protection.

4. Pets

   Having certain pets, such as a vicious dog breed, can impact your tenant insurance rate negatively. This is because you're more susceptible to a liability claim (e.g. if your dog bites a guest).

1. Living situation

   If you rent with other people, you'll want to let your insurer know. It's also a good idea for roommates to get separate policies to ensure everyone is adequately protected.

2. Credit score

   Some insurance companies may use your credit score to calculate your tenant insurance rate. You won't be penalized for bad credit, but a good score can help lower your bill.

3. Claims history

   The more claims you've made in the past, the more likely (or seemingly more likely) you'll need a payout in the future. Therefore, insurers will increase rates for those who don't have a clean insurance history.

4. Applicable discounts

   Be sure to ask your insurance representative about any applicable discounts. For instance, you can save money by bundling your tenant insurance with your car insurance.

Yes, your landlord can require you to carry an insurance policy as a stipulation in the rental agreement.

Keep in mind that even if your landlord doesn't make it a requirement, it's a good idea to get the proper coverage anyway. You wouldn't want one small incident to put you in deep financial trouble. Tenant insurance is an investment that can pay off immensely in the long run. And even if you don't end up using the coverage, it's worth having peace of mind, knowing you're protected at all times.