10/01/2022 0 Comments
Why Do I Need Tenant Insurance?
Would you be surprised to find out that only 37% of renters have tenant insurance? Or are you a part of the 63% that are uninsured? Either way, having the protection of tenant insurance as a renter is imperative!
If you don’t have a policy, you should change that. But if you’re not totally sold right now, that’s okay too. Keep reading to learn more about tenant insurance in St. Albert, and we’re sure to change your mind!
Who Should Get Tenant Insurance?
The answer is simple: every renter should have tenant insurance.
It may seem like common sense, but as 2 out of 3 renters don’t have coverage, perhaps it is not. Tenant insurance is for you whether you’re a student, a young adult, or an established professional who has opted to rent!
What’s Covered by Tenant Insurance
You may think, “if every renter should have tenant insurance, what does it cover?” If so, let us answer that for you.
In the scenario that someone gets hurt while in your home, having liability coverage makes sure that you’re not paying out of pocket if they sue you.
Liability coverage is helpful in cases like dog bites or other accidental damage to people’s belongings or self while they’re on your property.
Personal Property Coverage
In the wake of a “qualified event,” having personal property coverage will assist with repairing or replacing the belongings in your home.
Examples of qualifying events that would trigger this coverage are fire, explosion, riot or civil unrest, smoke, theft, vandalism, and accidental damage caused by sudden electrical surges. Personal property coverage also includes natural disasters such as damage caused by lightning, hail, windstorms, volcanic eruptions, and excess weight of ice, snow, or sleet.
Additional Living Expenses
If one of the above qualifying events were to occur and make your space unlivable, having tenant insurance could ensure your additional expenses are covered.
This means anything above and beyond your typical expenses, such as hotel stays and the cost of food while you’re unable to cook in your home, would be compensated.
The Cost of Tenant Insurance
Tenant insurance in St. Albert is surprisingly affordable for the amount of coverage offered! On average, Canadians spend between $21 and $26 a month on their policies.
Is Tenant Insurance in St. Albert Required?
Having tenant insurance is not a legal requirement, but many landlords and property managers will require it as detailed in your lease. If you’re unsure about whether or not you’re required to have it, check with your landlord directly!
With the knowledge you now have, it would be absurd to continue without coverage. Don’t continue to risk your belongings and your savings!
When you’re ready, go ahead and give us a call to get set up with tenant insurance in St. Albert today.