Alberta Condo & Tenant Insurance

Why do I need tenant or condo insurance in Alberta?

If you’re a tenant in Alberta, your landlord’s insurance won’t cover you. If you’re a condo owner, your condominium corporation’s insurance will only cover the structure and public areas. Your personal belongings and personal liability won’t be covered. Plus, you’re missing out on other coverage provided by a comprehensive tenant or condo insurance policy, like additional living expenses and identity theft protection.

Understanding tenant or condo insurance costs Alberta

Tenant and condo insurance in Alberta is very affordable. The exact cost will depend on factors like the value of your personal belongings and your insurance options.

Your landlord or condo corporation’s policy won’t cover your personal liability or belongings – tenant and condo insurance do.

In Alberta, what affects the cost of tenant & condo Insurance?

The following factors affect the cost of tenant and condo insurance:

• Your demographics
• Your credit rating
• Your insurance and claims history
• Proximity to a fire hydrant and fire station
• The building type (i.e. house, high-rise, rowhouse)
• The building material
• The age and type of roof
• The age and type of electrical, plumbing and heating systems
• Proximity to hazards like rivers
• Damage mitigation devices like alarms, sump pumps, and more
• The replacement value of your personal belongings
• The replacement value of your condo (everything within the walls like flooring and appliances)
• The claim rate of your neighbourhood
• The crime rate of your neighbourhood
• Your insurance options like deductible, policy limit, loss settlement, and coverages

The riskier your home is to insure, the higher your rates will be. This is determined by complicated calculations by the insurance company – and every single one is different. That’s why it’s important to shop around for the best coverage and rates.

How to get the best tenant & condo insurance rates in Alberta

Here are some tips to get the best tenant and condo insurance rates:

• Work with a broker. A broker can take care of the price shopping for you as well as advise on balancing coverage with the price.
• Create an inventory. This way you can ensure you have enough coverage for your personal belongings, and you won’t pay for coverage you don’t need.
• Install mitigation devices. Smoke, carbon monoxide, water and monitored security alarms can all get discounts from insurers. So can devices like sump pumps and backwater valves.
• Review your insurance. Be sure to look at your policy at least once a year or when you experience a major life change.
• Allow your insurance company to run a credit check. This will not impact your credit rating.
• Stay insured and stay on top of insurance payments. Insurance companies reward those who’ve been consistently insured with lower rates. You can usually pay your tenant or condo insurance in instalments if annual payments are too difficult to make. Acera Insurance also offers premium financing.
• Only submit a claim if you can’t cover the damage yourself. Small claims can lead to big increases in your rates.

Talk to one of our experienced tenant and condo insurance brokers for tailored advice to your individual situation.

What does tenant & condo insurance cover in Alberta?

There are three main areas of coverage for Alberta tenant & condo insurance:

• Physical Damage
• Personal Liability
• Additional Living Expenses

Physical Damage

Tenant & condo insurance can cover physical damage to your personal belongings like clothing, furniture, and anything else you own.

Keep in mind that there is a “single item limit,” which is the maximum amount that you will receive for any one item. If you have high-value electronics, jewellery, art, sports equipment or collection items, you should consider “scheduling” them to ensure they’re properly covered. One of our tenant & condo insurance brokers can help with this.

For condo owners, your insurance will also cover physical damage to your unit.

Here is a list of commonly covered perils (causes of physical damage) for tenant & condo insurance:

Some perils require special endorsements to your insurance to be covered. This includes earthquake, sewer backup and overland water (flooding) coverage. These endorsements may not be offered by all insurance companies or to all customers. Talk to your broker for more details.

Personal Liability

Tenant & condo insurance provides personal liability coverage to the policyholders. This covers your legal expenses in the event someone sues after they are hurt or has their property damaged while visiting your home or due to your unintentional actions.

Additional Living Expenses

If you have a covered claim or are mandated to evacuate your home by a civil authority, you are eligible for additional living expenses. This covers the extra costs for things like accommodation, transportation and food while you must vacate your home.

What isn’t covered by tenant & condo insurance in Alberta?

Tenant & condo insurance doesn’t cover everything. It is designed for unexpected events. Here are some perils not normally covered by tenant & condo insurance:

What is and isn’t covered will be outlined in your tenant & condo insurance policy documents.