What is Tenant Insurance? What It Covers and How to Get It [2020]

Often called tenant insurance, renters insurance or apartment insurance, this insurance policy is undoubtedly one that is lesser-known types of coverage we offer, yet incredibly essential to those renting their place of residence. Wondering what tenant insurance is and what it covers?

Let’s dive in… 

1. What is Tenant Insurance?

Tenant Insurance is a type of insurance coverage that protects individuals living in rental units; whether that is an apartment, condo or home. Most commonly, this coverage is purchased by university or college students, young professionals, or simply those who prefer renting to owning. Tenant insurance, in layman’s terms, is essentially home insurance for renters.

2. Is Renter’s Insurance Necessary in Alberta?

A frequently asked question is whether or not Renter’s Insurance really is necessary. While apartment insurance is not legally mandated or required in Alberta, the property owner or landlord may choose to require that you purchase a tenant insurance policy before they will approve your application.

3. What does Tenant Insurance Cover in Alberta?

Do you really need tenant insurance? Stuck wondering exactly what tenant insurance will cover?

The answer is, in Alberta, Tenant Insurance covers a wide range of valuables that you most likely own, including:

  • Clothes including expensive purses or jackets
  • Textbooks that can quickly add up to hundreds of dollars
  • Electronics like digital cameras, headphones, iPhones, iPads and laptops
  • Kitchen tools and appliances including premium blenders, food processors and juicers
  • Musical instruments like guitars or violins
  • Bicycles, snowboards or skateboards

4. What are the Advantages of Renter’s Insurance?

Renter’s Insurance boasts a wide range of important benefits, including:

  • Compensation for any additional living expenses incurred while displaced from your home
  • Replacement of your personal property
  • Affordable for any budget
  • Personal peace of mind

5. How Much is Tenant Insurance? (Tenant Insurance Cost)

The cost of renters insurance pales in comparison to the amount of benefit it can provide should you ever have to make a claim. Apartment insurance is one of the most affordable policies we offer and often costs as low as $25/month, although the price of each policy will vary based on a number of factors.

6. What does Tenant Insurance Protect Against?

Apartment Insurance protects against a number of conditions for all risk of loss or damage, subject to exclusions. These include, but are not limited to:

  • Theft
  • Lightning
  • Wind
  • Hail
  • Water
  • Explosion
  • Fire

7. Why do I Need Renter’s Insurance?

Imagine you’ve just started to fill the bath tub and turn around to grab your adorable little puppy when all of a sudden, he’s nowhere to be found!

After searching high and low, you realize the door to your apartment has swung open and he’s wandered out in to the hall.

In a panic, you start searching high and low, knocking on doors to see if anyone has seen little Tucker, and running up and down the stairwells shouting your dog’s name.

Of course, your priority immediately becomes finding your little puppy and bringing him back home safe; and you’ve completely forgotten that the bath tub stopper is in, and the water is running.

Water begins to overflow and flood not only your unit, but starts to seep down through the flooring into the unit below you.

Before you know it, the water spot on your neighbour’s bathroom ceiling is growing and beginning to drip through their vent into their bathroom.

Although it may be shocking, you now hold the legal personal liability for the damage to not only your rental unit, but to the unit you have accidentally damaged, as well as any other damage to the building.

Regardless of the scenario; if you accidentally leave a candle burning and it starts a fire, or leave your window open on a frigid winter day and freeze the pipes in the apartment building; if you don’t have a renter’s insurance policy, you will be held personally liable.

8. Does Homeowner Insurance Cover Tenant Damage?

Sadly, the most common misconception about tenant insurance is that the homeowner’s insurance policy would cover the cost to replace your personal belongings if they were to be stolen, damaged or destroyed.

9. What are some Renter’s Insurance Tips?

The most important tip for tenant insurance is simply to ensure that the high-ticket items you own are disclosed to your insurance agent in the quoting process.

If the correct value for your belongings isn’t included in the quote, you may risk a compromised replacement cost in the case that you do need to file a claim.

10. How to Get Tenant Insurance

You’re convinced. You’re realized you’d really rather be safe than sorry and are wondering how to get tenant insurance. 

Getting covered with tenant insurance is a quick and easy process. Simply get in touch with one of our experienced insurance agents over the phone or request a quote online. 

Get Your Tenant Insurance Quote Today

Sadler Insurance has been providing reliable, affordable insurance to Edmontonians and Albertans for over 80 years. We are proud to have been chosen as your insurance company of choice, Edmonton!

Learn more about tenant insurance or connect with our team to get your quick and easy tenant insurance quote today!