When you’re a renter, your landlord’s insurance doesn’t cover you.
Many renters believe that the owner of the property they rent is going to take care of them if something happens to the building. And that’s just not true. Landlord policies only cover damage to the building. As a renter, your personal possessions aren’t covered at all.
Tenant’s insurance can cover the cost of property damage and replacing your belongings.
Tenant insurance (sometimes called Renter Insurance) is insurance specifically created to protect tenants in the event something happens to their belongings, visitors, or rental unit. When you’re deciding what coverage you need, it helps to discuss your situation with an insurance broker.
Property damage is one thing few renters consider when looking at the value associated with renter’s insurance. And yet if you cause major damage to the apartment, condo or house that you’re renting, you’re responsible for the cost of the damage. Seems like a rare scenario until you consider a situation like a clogged toilet that causes water damage to both your unit and the unit below you. Repair costs can add up quickly and your damage deposit isn’t meant to deal with such scenarios.
Contents insurance is the most common coverage that people consider when renting. But sadly, most people don’t take the time to value their belongings properly to ensure that they have enough coverage to repair or replace everything in the event of fire, flood, etc. The basic contents coverage amount is $10,000. But that won’t last long if you have to replace all your electronics as well as all your clothes!
Additional Living Expenses is a coverage that can really save you – and it’s included.
Additional living expense (ALE) provides you with the means to find temporary accommodations if you are unable to live in your rental. Remember the flood of 2013? Over 100,000 people were displaced and in need of shelter. When you have ALE coverage, you can move into a hotel or furnished apartment while repairs are being done – with some or all of those costs being covered.
Only you can decide what level of tenant’s coverage is right for you.
It’s our job to inform you of your insurance options, discuss potential scenarios and find appropriate coverage for your situation. Once you feel you can make an informed decision about what you need, we work on your behalf to negotiate the best combination of rate and coverage possible. And, if you never need to make a claim, we’re here to support you through the claims process. That’s what being your professional insurance advisor is all about. Let’s talk about getting you the right tenant’s coverage.
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My husband and myself have been with company for at least 25 years. They never disappoint always best rates.
Highly recommended and always delivers the best service for home and auto insurance. Able to navigate for best value, and listens to our needs.
Jennifer Mohler is absolutely outstanding. I was given Jen's contact information from a friend after moving to Calgary several months ago. Her professionalism and efficiency on finding me the best quote for auto is what led me to contact her again when I needed home insurance. She is very pleasant to work with as she is patient with explaining policies and has an eye for detail. Looking forward to dealing with Jen in the future!
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