Moving Into a New Place? Here Are 6 Reasons to Consider Tenant Insurance

Why should you consider tenant insurance when moving into a new home?

If you’re a renter, then tenant, or rental insurance in Alberta is crucial. Not only do most property managers require it before they lease a unit, however and most importantly,  it could save you financial hardship in the future.

Tenant insurance is a type of home insurance catering to renters. It offers three types of coverages that includes: 

  • Liability
  • Personal Property
  • Living Expenses

Rental insurance protects you from damage caused by a variety of risks, such as:

  • Fire
  • Lightning
  • Hail
  • Theft
  • Vandalism
  • Wind
  • Falling objects

Having served Canadians for more than 40 years, Bow Valley Insurance receives many questions about whether rental/tenant insurance in Alberta is worth the cost. To help renters better understand the advantages of this product, we’ve compiled a list of 6 reasons why tenant insurance could be a lifesaver.

1. Rental insurance in Alberta covers cost of relocation and living 

If your rental unit becomes uninhabitable due to an insured peril, rental insurance protects you from paying out of pocket for relocation. Whether a pipe has burst and flooded your building, or your unit has smoke damage from fire in the next unit, tenant insurance in Alberta helps cover the costs of:

  • Hotels
  • Transportation
  • Fuel to commute
  • Other living expenses

When you request a rental or tenant insurance policy, be sure to ask about living expense coverage. Not all insurance policies are created equally. At Bow Valley Insurance, we work closely with our clients to develop insurance packages that cover your biggest concerns.

2. You are protected from theft 

One of the major advantages of rental insurance in Alberta is that you’re covered if a robbery occurs. Your belongings in your unit all fall under the protection of your personal property coverage. This includes items such as:

  • Linens
  • Clothing
  • Electronics
  • Furniture

You can extend your personal property coverage to protect specialized items such as jewelry and works of art as well. Speak to your broker about your additional insurance options.

3. Financial responsibility for injuries to others in your unit 

If a person trips over your dog while helping you carry in new carpet, for example, you could be on the line for medical expenses, court fees in case of a lawsuit, and more. With rental or tenant insurance in Alberta, your Liability coverage would insure you up to the the policy limit if you were deemed negligent.  Other examples of liability injuries to someone else may include:

  • Slipping on an icy driveway
  • Dog bites
  • Tripping on stairs
  • Falling off a ladder

You never know when something may occur and you may be held responsible because you are the tenant.   

4. Rental insurance provides security if you are negligent 

If your rental home is damaged by fire, rental insurance in Alberta keeps you safe from the financial burden of repairing the property. If you are deemed negligent for the fire starting then  you could be held responsible for the repairs.  From the roofing and siding to the integral structure of the house or apartment, you can be secure that if you are deemed negligent that you will have coverage. 

Another important coverage for rental insurance are all of your belongings are covered as well, up to the policy limit. This ensures you aren’t left empty handed, trying to start over in a new home with no furniture, clothing, or other essential items. While mementos and keepsakes can’t be rebought, rental insurance guarantees that you have the financial protection to make new memories and buy new keepsakes with your loved ones.

At Bow Valley Insurance, we often recommend our clients make a list of all the belongings in their home. It may sound tedious, but this master list will help you if any belongings go missing or are damaged. After a claim it is difficult to remember everything that you owned, this master list will ensure you get the money you are owed based on the value of your property. 

5. Rental insurance can often be combined to save you money

When you buy rental insurance, you can save money by combining your tenant insurance with your automobile. This bundling allows you to save money and provide some additional benefits such as one deductible with certain Insurance companies. 

Bundling insurance services is smart if you have multiple policies. What’s the point of paying extra when you could save a few bucks here and there? If you’re curious about bundling, ask your broker about current deals and discounts for multi-policy clients. You might be surprised at the amount you can save.

6. Rental insurance is customizable 

No two living arrangements are exactly the same, which is why we customize our rental insurance options to fit your individual needs.

When you select rental insurance in Alberta, you can change your coverage to fit your budget and lifestyle. Creating a specific policy ensures you aren’t paying for services you don’t want or need. Bow Valley Insurance is happy to work with you to determine which policy is the best for your rental unit.

Contact Bow Valley Insurance for More Details on Rental Insurance in Alberta

Interested in learning more about rental insurance in Alberta and Bow Valley Insurance services? We’re happy to help.

Bow Valley Insurance has been serving Canadians for decades, and we’re proud to call Alberta home. When we work with our clients, we see more than customers, we see our friends and neighbours. Helping you protect yourself and your loved ones from potential financial hardship is a rewarding task. We pride ourselves in providing customized insurance solutions by helping our clients and protecting their assets.  

To speak to an experienced member of our staff today, we invite you to call us at 1-844-310-9918 or request a quote online

Coverage is subject to policy wording, terms, conditions, and deductibles. Protection is limited to the perils, coverage, exclusions, and limits shown on the policy