Get Cheap Tenant Insurance in Calgary

Tenant insurance in Calgary

With more than 1.3 million people in Calgary proper, the largest city in Alberta is a hotbed for growth and immigration. As the city grows, more and more people are planting roots – either through home ownership or rent. As a renter living in Calgary, you should consider purchasing tenant insurance to protect your belongings in case you lose them due to theft, fire, flooding or some other calamity. If you’ve decided against purchasing tenant insurance, make sure it’s not because of these common tenant insurance myths.

Tenant insurance coverage

Tenant insurance in Calgary will cover the following:

1. Your possessions: Any contents within your unit you own or deem valuable can be insured. Even items that are held in a storage locker, or stolen from your office or lost, can be covered by Calgary tenant insurance. Choose to opt out of tenant insurance, and you’ll pay out-of-pocket to replace or repair those items. If you have more valuable items you need insured, you can talk to your provider about adding extra coverage to your policy.
2. Renter’s liability (if you’re sued for property damage or personal injury): If an accident happens on your property and an injured party chooses to sue you, this liability coverage can help you pay medical and/or legal expenses. Lawsuits can cost many millions of dollars, in the extreme, and are something you’ll want to avoid, and can, with the right coverage. The minimal recommended coverage is $100,000, but if it is within your means, it might make sense to go higher for potential liability risks.
3. Living expenses (should your home become temporarily uninhabitable): If your home is deemed unlivable due to fire or flooding damage, for example, this coverage will help pay for temporary accommodations, food and sometimes transportation. So long as it is an expense that is caused by displacement, you can be reimbursed. Some Calgary tenant insurance providers put caps on living expenses, so talk to your provider about your specific coverage.

Add-on tenant insurance coverage

You can always build on top of your regular tenant insurance coverage to protect yourself further. Here are some add-on options to consider:

1. Extra protection for high-value items: This will cover items like jewelry, collectables, fine art and other expensive possessions – also known as ‘floaters.’ The standard coverage may not do the job, so be sure to consult with your insurer to get those items covered.
2. Coverage limit increase: If you have a lot of possessions, standard coverage may not be enough to cover them all. Be sure to take stock of everything you own and try your best to correctly estimate their value. You may find out that you need to increase your coverage limit.
3. Sewer back-up and flood damage: Standard tenant insurance doesn’t cover water damage caused by overland flooding or sewer back-up. If you sense that you’re at risk of one or the other, be sure to include this coverage in your policy.
4. Identity theft: This will cover you in case you suffer identity theft by paying for the replacement of personal identification documents, such as your passport, and other legal fees.

Is tenant insurance mandatory in Calgary?

Tenant insurance is not legally mandatory in Calgary. However, it does provide peace of mind should an accident, damage or theft occur.

In addition, some landlords require new tenants to take out insurance as part of their lease agreements.

For more information, check out our complete guide for renters in Alberta.

Factors that determine your Calgary tenant insurance premium

Tenant insurance premiums differ per renter based on multiple factors, including the following:

• Your credit score: A good credit score indicates to your Calgary tenant insurance provider that you are a low risk – meaning that you have a low likelihood of filing a claim. This can assist you with lowering your premium.
• The amount of contents coverage you require: The more stuff you own and want to insure, the more it will cost you.
• The location of your home: Homes in high-crime or high-flood areas can have more expensive tenant insurance due to the risks they pose. Interestingly, homes near fire stations can get discounts, as it lowers the risk of fire damage.
• The construction of your unit: Newer and better-built homes can help reduce your tenant insurance. Older homes may have old wiring, be not up to code and pose greater risks for damage.
• The deductible chosen: A higher deductible reduces risk on the insurance provider and helps decrease your tenant insurance premiums.
• Whether you have some form of a home security system: Greater security and home protection will deter thieves. Hopefully, this risk reduction translates into lower theft claims and a decreased tenant insurance premium.
• Your claims history: Calgary tenant insurance providers will assess past claims as a potential risk for future claims. The fewer you have, the better off you are in terms of rate reduction.