Compare cheap Calgary tenant insurance quotes for free.

Calgary tenant insurance 

Tenant insurance, also known as property insurance, is used by renters to protect contents and costs from unforeseen events.   

In Calgary, tenant insurance isn't mandatory. However, many landlords and lease contracts require renters to have it. 

Most landlords have property insurance, but it protects against damage to their rental property, liability, and loss of income. On the other hand, tenant insurance protects the tenant's contents against fire damage or theft. It also protects a tenant's (a.k.a., your) liability if someone injures themselves in your rental due to your actions and sues for damages. 

Tenant insurance is usually a good idea if you rent a home in Calgary. LowestRates.ca can help you find a policy quickly at the best price possible.

Calgary tenant insurance coverage types and endorsements

Calgary tenant insurance comes in all shapes and sizes, but here are some basic and additional coverages to consider.

Coverage included in a standard policy

Here's which coverages are automatically included in a tenant insurance policy.

• Contents: This can include your belongings inside your unit and in any designated locker or storage in your building. Ask your Calgary tenant insurance provider whether your policy limits will sufficiently cover more expensive items like fine art or jewelry; you may need to purchase additional coverage.

• Tenant liability insurance: This is meant to protect you if someone injures themselves in your home or you unintentionally injure someone or harm their property.

• Additional living expenses: In the case of extreme damage where your home is uninhabitable, this endorsement will help pay for living expenses in a hotel, for example, while you are displaced. It can also help with moving costs or a short-term rental in another home.

Additional tenant insurance coverage  

There are also additional coverages beyond the broad items that may be useful to you. They include:

• Additional contents: While basic Calgary tenant insurance policies cover the contents of your home, there may not be provisions for expensive items such as rare collections, art, and jewelry. Adding this endorsement to your Calgary tenant insurance will provide further protection.

• Identity theft: It's a growing problem across the country. Having this endorsement will cover costs and damages if your identity is stolen.  

• Flood: Climate change can no longer be ignored when considering your Calgary tenant insurance coverage. Damage from storms and floods can occur. This endorsement will protect you and help with the cost of damages should water (caused by the weather) make its way into your home.  

• Sewer backup: This endorsement again protects you from water damage. In this case, it can protect you from sewage spilling back into your home, either because a storm overwhelmed the sewer near your home, debris or tree roots have clogged your sewer backup or pipes malfunctioning. It often happens following a storm or tree roots causing damage to the infrastructure.  

How to choose your best tenant insurance in Calgary

A risk, also known as a peril, is the cause of loss or damage. When choosing your tenant insurance policy for your Calgary rental, it's important to consider these differences.

Tenant insurance types

There are two types of Calgary tenant insurance policies. They either cover “all perils” or “named perils.”

• Named perils: Any peril mentioned specifically (or named) in the policy is, by default, covered by your Calgary tenant insurance provider. If it's not in the policy, you're not covered.

• All-perils: This comprehensive plan casts a wide net to protect you against all insurable risks. Rather than explicitly naming each peril you want protection from, everything is automatically covered.

It’s also important to be aware that even with all-perils insurance, there are specific scenarios that home insurance excludes. Extreme cases are war and nuclear accidents, but flooding and earthquake damage are more common. Check the fine print and understand what you are (and aren't) covered against. 

Tenant insurance coverage amount 

Tenant insurance coverage amount reflects the total amount of coverage you will get for a loss of possessions if they are damaged or destroyed.   

The best way to assess this is to take a home inventory of all your possessions, determine their value, and keep a record with photos and receipts.

It’s wise to reassess the value of your insurance coverage amount right before your policy renews or once a year.

Actual cash value vs. replacement cost

Insurance companies will settle your claim in one of two ways, and you have a say about what form of compensation you want. The choices are 'replacement cost' and 'actual cash value.'

Replacement cost is exactly what it sounds like. It’s the cost of replacing something with a brand-new version. If your TV stops working after a lightning strike, your insurance will let you buy a comparable model brand new.

Cash value is slightly different. It’s the actual cash value of an item, as opposed to what it would cost to replace that item with a brand-new version. Everything depreciates over time, so the cash you receive may not be enough to cover the cost of a new one.

Why you’ll love using LowestRates.ca to find cheap tenant insurance quotes. 

How much does Calgary tenant insurance cost on average?

While the cost of Calgary tenant insurance varies from person to person, renters can expect prices can range from as low as $15 per month to as high as hundreds of dollars a month. 

Price will also depend on your needs. Someone who needs basic tenant coverage in Calgary will pay less than someone who requires additional endorsements to cover fine art and jewelry.

However, some people looking at Calgary tenant insurance quotes will want to add liability coverage to protect against financially devastating lawsuits. Suppose someone were to hurt themselves in your home and sue you for loss of income due to their inability to work. In that case, you could be responsible for hundreds of thousands of dollars. A tenant insurance policy can help protect your financial future in such an event.   

Factors that determine your tenant insurance rate in Calgary

Here are some of the major determinants of a tenant insurance premium. 

• Claims history: More claims signify that you're at higher risk to insure. Insurance companies assume that claims made in the past could inform your future claims. You can be sure they won't offer you their preferred rate.

• Credit score: Another assessment associated with risk is your credit score. Insurance providers want to know that you are low-risk. A good credit score could mean discounts on your Calgary tenant insurance. You have to consent to the credit check, and your score must meet the provider’s threshold.

• Home inventory: Basic home inventories will likely lead to lower Calgary tenant insurance quotes than someone with more valuables. Talk to your provider to see how your rates would change based on the contents of your home.

• Location: Insurance providers will consider your area when determining Calgary tenant insurance quotes. Areas known for flooding would cost more than other areas. Similarly, high-crime areas would likely add to your insurance premiums because of the risk factor.

How to get the cheapest tenant insurance in Calgary

1. Bundle coverage: Insurance companies often provide discounts to clients that bundle services, such as auto and tenant insurance, in one plan. Providers offer savings of between 5% and 15%.

2. Compare quotes: Your policy will come up for renewal every year. This is a great time to shop and compare the market. Make sure you compare rates from multiple insurers before committing to an insurance provider. You can save hundreds or even thousands of dollars on your insurance costs annually.

3. Customize coverage: Only take out the Calgary tenant insurance you need. You can save money on your policy by lowering your policy limits and reducing optional coverages.

4. Increase deductibles: Raising your deductibles will lower your monthly premium. Insurance companies see their risks decreasing as fewer claims and less expensive payouts may occur. A good rule of thumb is to set aside your deductible amount in an emergency account so you can pay it whenever you make a claim.