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Tenant Insurance and Landlord Insurance – What’s the Difference?

Updated: Jul 6

A Landlord handing over keys to a tenant

If you live in Alberta and you have recently decided to look for property insurance, you have probably stumbled upon the terms Tenant Insurance and Landlord Insurance. But what exactly is the difference between them and why are they considered to be two different things? In this blog we try to clarify the differences between Tenant and Landlord insurance, highlighting the unique claims applicable to each one. 

Tenant Insurance

If you are about to rent your first place in Alberta, you should probably look for tenant insurance. These policies offer coverage to individuals who are renting or leasing a property and they are commonly aimed to protect the individual’s personal belongings in case of unfortunate events.  

What Does a Tenant Insurance Cover?

One of the primary goals of tenant insurance is to cover your personal belongings. This is particularly important if you are about to move to an unfurnished place and have to equip the property yourself. Tenant Insurance usually covers furniture, electronics, clothing as well as other personal items. In many cases it also covers items that are stored in lockers that are not necessarily in the property, but in a different area of the building, which is particularly important for those living in apartments. It is worth noting that in Alberta, where climate change has recently imposed extreme conditions, protecting your belongings can give you peace of mind in case something is damaged due to extreme weather events such as storms and wildfires. 

Tenant Insurance can also provide liability coverage, which is also critical for those renting a place. For instance, if a visitor is injured while in your rented space, or if you accidentally cause damage to the property, liability can protect you against legal and medical expenses. 

Landlord Insurance

If you have recently acquired a property in Alberta, you are strongly advised to look for landlord insurance. This type of policy is essential for protecting the property itself and the landlord’s liability. Contrary to auto insurances, you are not obligated to have your property insured, although it is commonly required by mortgage lenders that you do so. 

What Is Usually Covered by Landlord Insurance?

Typically, landlord insurance covers the property against unfortunate events that might damage the property. These include fires, storms, theft, and other unforeseen events. Since both criminality rates and extreme weather conditions have raised in the province, this coverage is crucial for landlords that want to avoid substantial financial loss. 

Similar to tenant insurance, landlord insurance also offers liability coverage, which is vital if a tenant or visitor is injured on the property. For this reason, it is common for some landlords require tenants to have their own tenant insurance coverage when renting the property.

Home Insurance in St. Albert

Now that you have read valuable information regarding tenant and landlord insurance, why not take the next step? Whether you are a renter seeking to protect your belongings or a landlord looking to safeguard your property in St. Albert, Grandin Agencies offers a wide variety of reliable and comprehensive insurance coverages. Reach out to us today and let us find the insurance solution that best fits your needs. 


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