Tenant's InsuranceTenant's Insurance Ensures Your Possessions are Protected with the Coverage You Deserve. Get Your Free Alberta Tenants Insurance Quote from Leibel Insurance.
- Coverage Against Liability Claims
- Protect Yourself from Fire, Water, Theft, Vandalism and More
- Secure All of Your Prized Possessions with Replacement Cost Coverage
What is Renter’s Insurance?
Renter’s insurance is a form of insurance that protects you and your belongings financially from unexpected events. Renter’s insurance is not the same as home insurance. Renting a home you do not own exempts you and your belongings from protection under your landlord’s insurance policies.
Do You Need Renters Insurance?
July 21, 2014 a condo fire in Edmonton Alberta forced nearly 400 people from their homes. Many of these people were left without options as to living arrangements, and they lost everything they had; this is because they did not have a Tenant Insurance Policy. Thinking your belongings are insured by your landlord is a tenants biggest and most common mistake.
What’s Covered In Your Policy?
A Tenants Insurance policy will cover your personal property in the event of an insured peril, this includes but is not limited to fire, theft, vandalism, and specific water damage. Most Insurance companies have minimum limits of contents coverage. Your basic tenant’s policies minimum limit is $40,000 worth of contents, and if you’ve never had insurance before you will likely have a $1000.00 deductible. Don’t worry as Renters Insurance is very affordable, and can provide you with peace of mind.
Edmonton Tenant Insurance is becoming a requirement as many landlords are realizing that not only do they want their tenants covered, they want to have themselves covered for any liability arising from the actions of a tenant. A tap left running can overflow and cause millions in damage to units below and surrounding your own. When you have Tenants Insurance your liability will respond to these damages as it is deemed an unintentional negligent act.
Some other important coverage’s to consider when purchasing a policy are:
- World wide liability – This covers you the tenant anywhere in the world for unintentional negligent acts. Per say you’re in an airport, and your bag falls over from beside you, and someone trips and breaks their ankle. If you are sued by the injured third party, your Renters Insurance policy will respond.
- Additional living expenses – This will help cover additional costs incurred by you, due to an insured peril. If you can’t live in your rental for an estimated amount of time, this coverage will cover a hotel, or even moving expenses to a new rental if yours won’t be repaired in a timely manner.
Renter’s Insurance Questions
As a conscientious renter, you are looking into obtaining renters insurance. A great idea, but now you have some questions. Here are the top seven questions about renter’s insurance and their comprehensive answers.
What Doesn’t Renter’s Insurance Cover?
Renter’s insurance will likely not cover costs associated with bed bugs or property damage stemming from some natural disasters like earthquakes or pests. Any intentional actions are not covered. For example, if you intentionally burn your house or flood your apartment, your claim will also likely be denied.
How Much Does Renter’s Insurance Cost?
The cost in Ontario for renter’s insurance is just over $200 a year for most people. For approximately $17 to $20 a month, this is a small price to pay when you consider the extremely expensive alternatives. Your exact price will depend on a variety of factors such as content limit, location, and specific risks that will factor into the cost.
Who Does My Insurance Cover?
Each renter’s insurance policy typically only covers the named insured and the immediate family that reside with them at that location. Coverage-wise, it is best if you and whoever you rent alongside (roommates) each have separate policies.
Is Pet Damage Covered By Renter’s Insurance?
In short, yes. In most renter policies, property damage done by your dog will be covered by a renter’s insurance policy. In fact, your policy may even cover liability claims in the event your dog bites someone on the property. Of course, there are a few cases where your pet will not be covered. Most insurance policies do exclude certain dog breeds like Rottweilers and Pitbulls.
Student Pricing Available!
Leibel Insurance is pleased to offer student policies and student pricing. This includes special rates for students attending post-secondary schools across Alberta including; MacEwan University, University of Alberta, University of Calgary, NAIT, SAIT, Bow Valley College, and more. Speak to one of our experienced brokers today about student tenant insurance.
Factors that affect your renter’s insurance rate
Renters who want to buy renter’s insurance can turn to Leibel Insurance because our team is always ready to help. We will provide you with the right coverage and will make sure your policy protects both your personal property as well as provide you with liability coverage.
Landlords generally insure the building or home, but their policy will not provide tenants with full protection, which is why so many renters choose to purchase renter’s insurance. If you are wondering about rates, the answer will vary from one renter to another, as we will look at a number of different factors when determining your premium. Everything from the location of the building to your personal insurance requirements will be considered, so you need to be aware of this information.
The amount of insurance you require will affect your rate as the more insurance you need; the higher your premium will be. It is recommended that you take a personal inventory of your personal belongings to determine how much insurance you need. This will allow us to provide you with an accurate rate. Not sure where to start? It is always easiest to start with the higher-valued items in your home (electronics, furniture, clothing, etc.). Your desired deductible will also affect your premium. The more you are able to cover before your insurance kicks in, the lower your premium will be. This, too, is something we will discuss in more detail whenever you give us a call.
Where you live is another factor that affects tenants’ insurance. Living in close proximity to bodies of water, high-crime neighbourhoods, and the distance from the home to the closest fire department will all make a difference when it comes to your rate. Apartments are generally less expensive to insure when compared to full houses, and the construction and age of the house can influence premium as well. The structure and upkeep of the building will play a role in your premium, and we will look into recent upgrades when providing you with a rate. Recent updates to the roof, pipes, and heating system will result in cheaper rates as they are less likely to fail.
We specialize in providing high-quality renter’s insurance, so if you have any questions or are interested in more information, contact us today, and we would be happy to set up your very own tenant’s insurance for you!
Get Your Tenants/Renters Insurance Quote Today!
Don’t wait till it’s too late, contact Leibel Insurance Group today, and let one of our educated, and experienced broker’s take care of you.