Bow Valley Insurance highly recommend that all renters take out tenant or renters insurance to prevent severe financial hardship in case of an insured loss.
One aspect of rental insurance is coverage for accommodations for the amount of time you may need to spend out of your rental. Rental insurance could also cover you in the event that a water pipe bursts or if damage that is not your fault occurs to your property. When renting a living space, tenant or rental insurance replaces your possessions after an insured loss such as a fire, theft or water damage occurs.
Rental Insurance for Tenants: Replacing Your Possessions
While you may not think that your possessions have great value, if you lost everything, could you afford to replace it all at once?
Just to replace the necessities such as clothing and personal items could cost a few thousand dollars. Next, think about your furniture and electronics. It’s very likely that replacing everything all at once would be extremely difficult.
Rental insurance for Calgary tenants allows you to rest easily knowing all your belongings are protected. Rental insurance is also very affordable, and in comparison to what it would take to replace everything you own, that monthly premium really is a good deal.
Rental Insurance Calgary: Liability Coverage
As a tenant, you’re free from the responsibilities of owning a home such as doing yard work and replacing heating and air conditioning units and appliances, however, you’re not immune from liability (legally responsibility) for any damage you cause to your building, any harm to others living in your building, or accidents involving your visitors. For example, if one of your visitors falls inside your apartment, you could be found liable for their medical care as well as their pain and suffering.
A standard rental insurance policy provides protection from liability damages. This type of coverage protects you from incurring the costs of defending yourself in a lawsuit as well as the payments you would need to make should someone successfully file a suit against you.
Another example involves liability for fire damages. If your own a small appliance and faulty wiring causes a fire that damages your home, you’ll likely be found liable for the cost of repairs. If the damage spreads to a neighbour’s unit, their belongings, or even an entire building, those costs would add up quickly!
As your Calgary insurance broker or provider will explain, your renters insurance will not only pay the cost of repairs, it also covers your necessary expenses while your rental unit is under repair. These expenses are called additional living expenses. While this type of coverage is subject to certain limits, it generally pays for unexpected costs you incur because you cannot live in your home such as hotel accommodations, meals out, as well as any moving expenses you incur as a result of an insured loss.
Calgary Insurance Brokers: Bow Valley Insurance
Tenant insurance protects you from liability issues, pays to replace lost belongings and reimburses for additional expenses to help you get back on your feet should you suffer an insured loss. If you’re looking for rental insurance for tenants, consider working with one of the brokers at Bow Valley Insurance. Our experienced insurance specialists work with several leading providers of rental insurance and will find you the most comprehensive package at the most affordable rates. Please contact us if you have any questions or request a free online tenants insurance quote today!