Tenant Insurance: A Complete Guide for Renters in Alberta

Renters enjoy freedom from many responsibilities that landlords must shoulder. They are not responsible for repairs, outdoor maintenance and yard work. Landlords must also carry insurance on the property to protect their interests. Some tenants do not realize that the property owner's insurance does not cover their personal property. If you are a tenant in Alberta or elsewhere in Canada, you need to look for a good insurance policy to protect your belongings from loss and theft. Otherwise, you can end up having to replace those items at huge cost.

Why You Need Tenant Insurance in Alberta

You may not think your stuff is particularly valuable. Maybe you wear modestly-priced clothing and have furniture that's a few years old. Your laptop is nothing special and your television isn't the latest model. But you need to consider how much money it would take to replace your possessions. Whether you are just starting out or have accumulated a lot of quality things, it will take thousands of dollars to replace just the basics. Plus, you may have precious items like heirloom jewelry that has both financial and sentimental value. You need to be as protected as possible.

If your home is robbed of only a few items, that partial loss can still add up, especially if you lose your electronics, something many thieves target. A fire or other natural disaster could cause you to lose everything you own. Without tenant insurance, it could take years to replace what you have lost.

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Benefits of Tenant Insurance

With tenant insurance, you can get coverage for your belongings, living expenses to cover hotel costs, if necessary, and liability protection in case a visitor is injured while in your home. Liability coverage also protects you in the event that you cause damage to your neighbour’s home, such as water in your bathtub overflows and damages your neighbour’s unit below you. Without it, you and your family are extremely vulnerable.

Tenant insurance not only covers your items while they are in your home, the insurance also "follows" your possessions wherever you take them. So, if your laptop is stolen while you are at work or in a coffee shop, you are covered. This feature is especially important for people who travel frequently and who take some of their prized personal possessions with them. Perhaps your diamond ring is stolen from the hotel room? Under your tenant insurance policy, you should be covered.

How to Get Tenant Insurance in Alberta

Comparing quotes for tenant insurance is the easiest way to find the best rate. Websites like InsuranceHotline.com can make it easy to find affordable tenant insurance. In under five minutes, you can start a quote, compare your rates and choose your policy. You will be able to compare policies from more than 30 top home insurance providers so you can find the best possible coverage for your situation.

While you are not legally required to have a tenant policy, some landlords will require that you show proof of this insurance before they will rent to you. They have the right to do so in order to make sure that you and their other tenants are properly protected.

If you rent or plan to rent property in Alberta, you need to invest in tenant insurance because paying for tenant insurance is much more affordable than paying for your losses.