Wondering what your tenant insurance policy covers? Read our article to find out more about this essential coverage for renters.
As a tenant, it’s essential to protect your belongings and yourself from any unforeseen events. Tenant insurance, also known as renters insurance, is a type of insurance that protects your personal belongings and provides liability coverage in case of any accidents or damage to the rental property. In this article, we’ll discuss what tenant insurance covers in Alberta.
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Coverage for Personal Belongings
Tenant insurance in Alberta covers your personal belongings, such as furniture, electronics, clothing, and other items. If your belongings are stolen, damaged, or destroyed due to a covered event like fire or water damage, your insurance policy will cover the cost of replacement or repair. However, it’s essential to note that there are limits and exclusions to the coverage provided by tenant insurance policies. For example, items like jewelry, furs, and artwork may have lower coverage limits.
Liability Coverage
Tenant insurance also provides liability coverage that protects you in case you are found responsible for causing damage to someone else’s property or causing bodily injury to someone. For instance, if you accidentally cause a fire that damages the rental property, your insurance policy will cover the cost of repair. Additionally, if someone gets hurt while visiting your rental property, your policy will cover the medical expenses and any legal fees if you are sued.
Additional Living Expenses Coverage
If your rental property becomes uninhabitable due to a covered event, tenant insurance will provide additional living expenses coverage. This coverage pays for the cost of temporary accommodation, food, and other necessary expenses while your rental property is being repaired. However, it’s essential to note that there are limits and exclusions to this coverage.
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Optional Coverages
In Alberta, tenant insurance policies offer optional coverages that tenants can add to their policy for an additional fee, including water coverage. Water coverage protects tenants from damages caused by water-related events like sewer backup, flooding, or water damage caused by heavy rain or snowmelt. Alberta is prone to water-related events, making water coverage a crucial optional coverage to consider adding to your tenant insurance policy. Without water coverage, tenants may be responsible for paying for the damages caused by water-related events, which can be costly. Therefore, having water coverage as part of your tenant insurance policy is a smart investment to protect yourself and your personal belongings from water-related damages.
Cost of Tenant Insurance in Alberta
The cost of tenant insurance in Alberta varies depending on several factors, including the coverage limit, deductible, and optional coverages added to the policy. The average cost of tenant insurance in Alberta is around $20 to $30 per month, which is a small price to pay for the peace of mind that comes with knowing your belongings and yourself are protected.APOLLO offers tenant insurance policies starting at just $12/month for affordable, customizable coverage for Albertans.
Related Read:How Much is Tenant Insurance in Alberta
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The Importance of Having Tenant Insurance in Alberta
The importance of having tenant insurance in Alberta cannot be overstated. As a tenant, you may think that your landlord’s insurance policy will cover any damage or loss to your personal belongings, but this is not the case. Your landlord’s insurance policy only covers the building, not your personal belongings. Tenant insurance provides coverage for your personal belongings, liability, and additional living expenses, giving you peace of mind in case of any unforeseen events. Additionally, some landlords may require tenants to have tenant insurance as a condition of the lease agreement. Therefore, having tenant insurance is not only essential for your protection but also a requirement in some cases.
APOLLO offers effortless tenant insurance for renters in Alberta and across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
Looking to learn more about tenant insurance? Read our article What Insurance Do I Need for My Apartment? to learn more.
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