Renters and Tenant Insurance in Calgary: Compare Quotes

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Protect your valuables with tenant insurance in Calgary

Tenant insurance in Calgary is an invaluable form of protection for renters. Even though you don’t own your home, you still have a lot of valuable things to protect. This stuff adds up to a lot more money than most people realize. All it takes is a fire, flood, or break-in and you could be out of pocket thousands of dollars. Having tenant insurance in Calgary gives you the protection you need and peace of mind knowing you are covered.

With ThinkInsure it's easy for you to compare the best rates and plans for tenant insurance in Calgary from the top insurance companies. Keep reading to learn more about getting tenant insurance coverage in Calgary and what you can do to get a cheaper rate on your policy.

How to get tenant insurance in Calgary

You can get tenant insurance in Calgary by comparing quotes from the top providers. Choose the lowest rate and call us to buy your policy.

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How Calgary tenant insurance works

Tenant insurance in Calgary works just like in the rest of the province where the same rules apply for Alberta tenant insurance. Regulations are outlined by the Insurance Act. The Alberta Superintendent of Insurance (SOI) oversees insurance matters. Tenant insurance is also commonly called renters insurance or apartment insurance, depending on where you live or the insurer you use. It works similarly to home insurance in Calgary. It is offered by the same insurance companies and provides you with similar protections. Where it’s different is it’s designed to supplement what is not covered by a property owner's (landlord) policy – your stuff. It also ensures you are protected against liability claims. You have access to accommodations if your unit has a fire, flood, or experiences other damage, forcing you to live elsewhere temporarily. A tenant policy provides you with additional financial protection when bad things happen.

What does tenant insurance in Calgary cover?

Renters insurance covers more than Calgary residents realize. It covers most of your personal belongings as well as protects you against liability. There are generally two types of policies to choose from - comprehensive and named perils. You can also customize your policy with add-on protections.

Comprehensive: This is similar to comprehensive home insurance. This protects you against a variety of perils. This includes fire, theft, water damage, weather damage, and most other threats. Only perils specifically excluded in your policy are not included.
Named perils: This is similar to named perils home insurance. This is a basic more affordable plan. It protects perils specifically listed in your policy. If a peril is not listed, it is not covered. But you may be able to add it to your plan as an endorsement.

Perils included in Calgary tenant insurance policies

Here’s a list of the things you’ll have protection from:

Fire and smoke
Some types of water damage
Wind, hail, and storm damage
Electrical current
Theft
Vandalism, riots, and malicious acts
Snow damage
Falling objects

Types of Calgary tenant insurance coverage

There are three main types of protection included:

Personal property: All your belongings in your residence. This includes items in a storage locker, garage, or shed. Minimum plan amounts start at $25,000 and can be increased from there.
Tenant liability: You have protection if someone is injured when on your property. You also have protection if you unintentionally harm another person’s property. Liability is typically $1 million. Many increase it to $2 million.
Additional living expenses: You are compensated for hotel and food expenses while your rental is being repaired after an insured loss. Additional living expenses limits are commonly 20% of your content limit.

You can add optional protection for high-dollar-value items. This includes:

Jewellery insurance
Art and collectibles
Sporting equipment, bicycles, musical instruments
Wine collections

You can also increase coverage limits (floaters) on certain types of protection.

What is not covered by Calgary tenant insurance?

Tenant insurance does not include your rental's physical structure, or anything belonging to the property owner in Calgary. This is covered by landlord insurance. There are other things not typically included:

Deliberate damage to your unit or a third party’s property
Damage because of illegal activity
Pest issues
Overland flooding (you can add coverage)
Earthquakes and landslides (you can add coverage)
High-value items
Frozen pipe water damage because you were away
Other things specifically listed as exclusions

Is tenant insurance mandatory in Calgary?

Tenant insurance is not legally required in Calgary. It is optional throughout the province. However, it has become increasingly common for property owner to include it in their lease agreements. So, even though it's not mandatory, you’ll need insurance to rent most places. Without insurance, you limit the number of properties you will be able to rent in the city. You also expose yourself to financial risk if something bad happens.

How much does Calgary tenant insurance cost?

The average cost of tenant insurance in Calgary is about $20 to $50 per month. This is about $250-$600 per year. Individuals who live in the downtown core typically pay slightly higher rates than those in other areas of the city.

Comparatively, rates for Edmonton tenant insurance fall within a similar range.

5 star tenant insurance in Calgary

Rated 4.7 out of 5 stars in 1378 Google reviews

Check out what our customers in Calgary are saying about getting tenant insurance with us.

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Robert Storey

2024-04-19

Thanks to Evan for his great advice and great service!

SHIRAZ HUDDA

2024-04-17

Great experience with Todd Allen, very personable and excellent customer service! Highly recommend wish I knew earlier could have saved thousand$

Paul Ricketts

2024-04-16

I would like you to know how thankful i am to have been assisted by Neil Sullivan. His courteous, prompt and thorough service should be acknowledged and applauded.

Eric Kim

2024-04-11

**Updated to 5-stars - Felicia (Supervisor) called almost immediately after this review went up - validated my concerns (ie. confirmed with system notes, that I wasn't crazy), checked everything was good now on my end, and will use the experience as coaching points. This one call has completely changed my view** Terrible broker. I was "assigned" to them when I signed up for CAA insurance (via CAA's website). In the last two weeks alone, I've had to follow up with several different agents on my request (updates to my policy, because the initial set up was also incorrect for deductible, coverage, etc). It's almost as if the agent listens to my words, says they'll get to it and call back, but in reality just hang up and move on. I mean, they're all super friendly on the phone, but actions speak louder than words, and there hasn't been much action on their end. Easily the worst insurance broker I've interacted with.

M Matin

2024-04-08

Shakir was very professional and friendly, excellent service!

Jennifer Kan-Hodgson

2024-04-07

Todd Allen is prompt, efficient and courteous! Thinkinsure has the best rates!

Dan

2024-04-04

Todd Allen was able to help me find a low rate for home and auto. Thanks Todd!

Matt Amaral

2024-04-04

I had my first call with Bailey Molella, and right from that call I knew I was good hands with getting me a suitable quote for my insurance . I had to do some thinking about it still so I let Bailey know that I would contact him at a later date , and he was very understanding . When I did call back it was like we had just picked up from where we had left off , lots of support lots of help from him in making sure I had the right insurance company to move forward with . He was an absolute pleasure working with and highly recommend having him as your broker .

What factors impact Calgary tenant insurance rates?

Tenant insurance costs are different for each resident in Calgary. There are a lot of factors considered by insurers when assessing your insurance requirements. Answering these questions will help you get a better sense of the things that will affect how much you pay for your premiums:

How much coverage do you need? Choosing a basic versus a comprehensive plan will affect how much you pay.
Where are you located? Your location informs insurers about the average cost per claim in the region and the crime rate. This will help them assess your level of risk.
What type of building do you live in? The age, size, and type of building matter. Living in a condo versus a high-rise, multi-unit apartment or basement unit makes a difference.
Do you have a good insurance history? Being claims-free and having a history of insurance will help you save more.
What is your deductible? The higher you set your deductible, the more you will lower your premiums.
Do you have other insurance? If you have other insurance, such as auto, you can combine it with your renters plan and save on both policies.

How to get cheap tenant insurance in Calgary

cloudy sky in urban area with great townhouse, Calgary

Getting affordable insurance is important for Calgary renters. But it is just as important to consider the value you receive for how much you pay for insurance. Having protection is the priority. Once you know what you need, then you can focus on finding the lowest price. Here are some ways to get the cheapest tenant insurance in Calgary:

Coverage: Know the amount you want before shopping around.
Compare: Comparison shop and see what multiple insurers have to offer.
Discounts: Inquire about applicable discounts.
Location: Choose your rental location wisely.
Payment: Pay your insurance annually.
Bundle: Combine tenant coverage with car insurance in Calgary
Safety: Take steps to make your unit more safe and secure.
Claims: Stay claims-free if possible.

Calgary tenant insurance FAQs

Why do I need tenant insurance in Calgary? Is it worth it?

Tenant insurance offers Calgarians a variety of invaluable types of protection. You need this coverage because it offers financial protection. Most cannot afford to pay thousands of dollars to replace lost or damaged stuff. If you had a fire and lost everything, could you afford to replace it all? Where would you stay while your apartment is uninhabitable? Insurance helps you get back on your feet in these situations. So, is it worth it? Absolutely! You have protection for only about $1 per day.

What is tenant liability insurance in Calgary?

Tenant liability insurance is a form of protection that is included in a renters policy in Calgary. It protects you from liability claims against you. This includes if a third party was injured on your property or if they are accusing you of causing damage.

How much Calgary tenant insurance do I need?

The amount of tenant insurance coverage you require in Calgary will largely depend on the overall value of your personal items. The more stuff you have, the greater need you will have to increase your plan limits. Keep in mind that increasing your limits will also increase your premiums. Speak with your insurance advisor to find the right plan for your specific situation.

Who are the best companies for tenant insurance in Calgary?

The top insurance company for tenant insurance is the one that can provide you with the coverage you need at an affordable price. Who this is specifically will depend on your situation. Insurers all use unique formulas to assess risk and determine premiums. The most effective way to find the best insurance company is to compare quotes and see what coverage and pricing individual insurers can offer.

Can my landlord require me to have tenant insurance in Calgary?

Yes. All building owners in Calgary can require their occupants to have valid renters insurance. It is increasingly common for insurance to be included as part of your lease agreement.

Why should I still get Calgary tenant insurance if my landlord doesn’t require me to get it?

Even if you’re not required to get tenant insurance in your Calgary rental agreement it does not mean you should skip out on it. It is important to have protection against liabilities and for your belongings. Renters insurance is relatively low cost and worth the small expense. Your landlords insurance will not cover you.

What is the minimum amount of Calgary renters insurance I can get?

Most Calgary insurers will issue you a basic tenant policy with $25,000 worth of contents insurance, in addition to liability and additional living expenses. But remember, your things can add up quickly, and the minimum amount of coverage may not be enough. Do a quick assessment of your belongings to get an idea of how much you require.

Do I need to cancel my tenant insurance policy if I move?

There is no need to cancel your policy as long as you are moving within Alberta. Simply contact your insurer to update your new address. Your coverage will remain in place. If you need to cancel your policy, you will be subject to early cancellation fees.

Calgary rental market statistics

Here’s an overview of the rental market in Calgary from the Canadian Rental Housing Index:

There are 155,060 rental units.
The average monthly rent and utilities is $1,404 (+$72 higher than the Alberta average).
34% of Calgarians spend over 30% of their income on rent/utilities. 13% spend over 50% of their income.
8% live in overcrowded living conditions.
5% live in homes in major need of repairs.
The majority of renters are non-family households (76,530).
The 30-44 is the most popular age group among renters (59,700).

Find the best Calgary tenant insurance

Finding the best tenant insurance in Calgary is easy! Whether you are getting coverage for the first time or renewing, ThinkInsure can help you compare the best quotes for tenant insurance in Calgary. See the most affordable rates from the top insurers in Canada in a couple of minutes. You can also call us and our advisors can compare quotes for you.

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Tenant Insurance in Calgary

Find the best quotes for Calgary tenant insurance and protect your belongings for a lower rate!

Compare Calgary tenant insurance quotes from top providers

Protect your valuables with tenant insurance in Calgary