As a Calgary tenant or renter, you still need insurance coverage. Landlords are mandated to carry coverage for the building in which you dwell, but that coverage does not extend to your personal belongings, or protect you from liability. That means that if a visitor robs you, or if somebody hurts him or herself in your apartment, you are not protected.
The personal property protection afforded through tenant insurance will also travel with you wherever you happen to be in the world. Polices we recommend will pay the full replacement cost of any lost valuable – regardless of where you may be – without deduction for depreciation, up to the limits you select.
Tenant Insurance For When The Worst Happens
Because most renters live in what are generally well-secured buildings, they are considered relatively low risk. That makes tenant insurance very affordable.
Tenant insurance can ensure you will always have a roof over your head. If a catastrophic covered loss happens to your building and it becomes uninhabitable, your policy can cover your living expenses while repairs are made.
Extra Coverage Doesn’t Have to Cost a Lot
The more information you provide, the better we can assist you in creating a tenant insurance policy that’s right for you. Take a comprehensive inventory of your possessions. Most people own more than they think! Catalogue everything of value in your home, and build digital and physical records of everything. Keep multiple copies, store each securely, and also provide one to your insurance company. And remember to keep everything updated! It all makes sure you get the coverage you need.
Many people supplement their tenant insurance coverage with personal umbrella liability insurance for broader protection. If you have high value possessions such as jewellery, art, antiques, sports equipment, or collectibles, these items can be subject to special limits of insurance. It is always recommended to schedule these articles on your tenant policy.
Accidents happen when you least expect them, that’s why it’s good to plan ahead. Your liability coverage ensures that if anyone is injured in your home and requires costly medical attention or decides to sue, your policy should cover the expenses of a costly legal procedure.
Your policy will also cover you for any minor medical expenses insured, as well as any material damages caused to the property of others, provided they result from your personal activities or they occur on the insured premises.
Even if you are not liable, you can make a claim under this coverage. There is a maximum amount payable by the insurer, which can vary from one company to another.
Combine to Save
It is always advantageous to use the same insurer for both your condo insurance and vehicle insurance. This allows you to maximize and discounts offered.