Nearest broker: Searching for a broker nearby…
Nearest broker: 2607 Ellwood Dr SW, Edmonton, AB, T6X 0P7 Phone: 780-732-8616 10060 Jasper Ave, Edmonton, AB, T5J 3R8 Phone: 780-435-3632 , Calgary, AB Phone: 403-532-4882 322 Avenue C S, Saskatoon, SK, S7M 1N4 Phone: 639-398-4170 10325 Bonaventure Dr SE, Calgary, AB, T2J 7E4 Phone: 403-695-1050 5317 50 Ave, Taber, AB, T1G 1V3 Phone: 403-223-2377 110a McLeod Ave, Spruce Grove, AB, T7X 2H8 Phone: 780-571-1144 496 Marquis Rd, Prince Albert, SK, S6V 8B3 Phone: 306-970-8080 335 Hwy Avenue N, Picture Butte, AB, T0K 1V0 Phone: 403-732-6023 103-5020 Lac St Anne Trail S, Onoway, AB, T0E 1V0 Phone: 780-967-2282 2201 Box Springs Blvd NW, Medicine Hat, AB, T1C 0C8 Phone: 403-487-5132 550 Wt Hill Blvd S, Lethbridge, AB, T1J 4Z8 Phone: 403-394-1123 734 13 St N, Lethbridge, AB, T1H 2T1 Phone: 403-328-9114 5 St SE, High River, AB Phone: 403-652-4104 9901 103 St, Fort Saskatchewan, AB, T8L 2C8 Phone: 780-998-0881 , Edson, AB, T7E 1T6 Phone: 780-440-0075 16612 109 Ave NW, Edmonton, AB, T5P 1C2 Phone: 780-486-4488 201-4271 23 Ave NW, Edmonton, AB, T6L 5Z8 Phone: 780-466-2136 3908 97 St NW, Edmonton, AB, T6E 6N2 Phone: 780-465-6900 8170 50 St NW, Edmonton, AB, T6B 1E6 Phone: 780-469-9378 52 Ave, Drayton Valley, AB Phone: 780-621-1707 264 Midpark Way SE, Calgary, AB, T2X 1J6 Phone: 403-251-2926 1331 Macleod Trail SE, Calgary, AB, T2G 0K3 Phone: 403-278-1050 1331 Macleod Trail SE, Calgary, AB, T2G 1E1 Phone: 403-255-2252 234-7 Westwinds Crescent NE, Calgary, AB, T3J 5H2 Phone: 403-775-2100 , Calgary, AB, T3K 0S8 Phone: 403-719-9995 4632 70 St NW, Calgary, AB, T3B 2K6 Phone: 403-247-6435 5114 2 St, Boyle, AB, T0A 0M0 Phone: 780-689-3946 50 Ave, Bonnyville, AB Phone: 780-826-3147 12931 20 Ave, , AB, T0K 0E0 Phone: 403-562-2191 2903 Kingsview Blvd SE, Airdrie, AB, T4A 0C4 Phone: 403-945-8885

5 Reasons to Get Renter’s Insurance

Renters Insurance

By Smart Bug | September 24, 2015

Many renters incorrectly assume that they don’t need insurance. Only 37% of renters have renter’s insurance, compared with 95% of homeowners who have home insurance coverage. Why do so few renters have insurance protection? There are a few reasons:

  • Renters assume they’re covered by their landlord’s insurance coverage.
  • Renters don’t think they have anything worth insuring.
  • Renters may undervalue the total worth of their belongings.
  • They don’t realize renter’s insurance also covers personal liability and additional living expenses in addition to property coverage.

This article will give renters five reasons they should get a renter’s insurance policy today.

#1. The cost of your stuff really adds up (and renter’s insurance can cover it).

A renter’s insurance policy protects against losses to your personal property including:

  • Furniture (that doesn’t belong to the landlord)
  • Electronics
  • Jewellery
  • Clothing
  • Sports equipment like bikes
  • Books
  • Toys
  • Musical instruments
  • Kitchen gadgets

Even if you don’t think you own much replacing all your stuff all at once can really add up. The average renter owns between $20,000 and $40,000 worth of personal property. Start researching the cost of replacing everything you own and you’ll see it starts to add up quickly!

Renter’s insurance would replace your belongings if they’re damaged or destroyed by an insured peril such as theft, fire, and more.

Make sure you have a rough idea of how much your property is worth. One question you’ll be asked when buying renter’s insurance is how much insurance you want. You should choose an amount that is close to the value of all of your belongings to ensure you’re not under-insured or over-insured.

#2. Renter’s insurance is affordable.

Compared to home insurance, renter’s insurance is very affordable. Typical policies will cost between $15 to $20 per month or around $200 per year.

Of course, your actual rental insurance premiums will depend on a few factors:

  • Where you live
  • Which coverage you choose
  • Your deductible
  • Your demographics
  • Your insurance history
  • Damage mitigation devices in your rental unit
  • The type of rental including building materials, age of the building, type of heating/electrical/plumbing systems and other factors

You may also get discounts, particularly if you get renter’s insurance with the same company as your car insurance, as many insurers offer bundle discounts.

Regardless, renter’s insurance is very affordable for a lot of protection.

#3. Renter’s insurance provides personal liability coverage.

Renter’s insurance includes personal liability coverage which helps cover expenses if someone is hurt or has their property damaged by your unintentional actions. This includes medical payments and legal expenses such as defence costs and settlements.

We recommend at least $1 million of liability coverage, although additional protection is available.

#4. Renter’s insurance covers your belongings when you travel.

We don’t all stay at home all the time and with renter’s insurance, your personal belongings are covered whether they are in your home, car or with you while you travel. This applies whether you’re camping in Alberta or travelling to Mexico.

#5. Renter’s insurance can cover additional living expenses.

If you’re forced from your home due to a covered claim or a mandatory evacuation order for a covered peril such as a fire, renter’s insurance can cover your additional living expenses. These are the extra expenses incurred while you’re unable to be at home including accommodation, transportation and food costs.

There are limits to the amount of additional living expenses are covered and you’ll likely need to pay upfront and keep receipts to be reimbursed later.

The bottom line is that as a renter, you’re not covered under your landlord’s insurance. Renter’s insurance is affordable and offers a lot of benefits for the price. If you’re interested in learning more or getting a renter’s insurance quote, contact one of our brokers today.

Get A Quote From A-WIN

Get the best insurance deals and stay on budget.

Get A Quote

Life Events - It's Time to Reassess Your Insurance

Whether it’s heading off to university or deciding to start your own business,...

Download

Rogers Insurance and CapriCMW Merge to Become Acera Insurance.

A-WIN Insurance, as part of the Rogers Insurance Group, is now Acera Insurance.

As one unified company, we are now one of Canada's largest independent and employee-controlled brokerages.

LEARN MORE