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 because landowners are including it in their lease agreements. Without insurance, you limit the number of properties you will be able to rent in the city.
How much does Calgary tenant insurance cost?
The average cost of renters insurance in Calgary is about $20 to $30 per month. This is about $250-$350 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.
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 the cheapest tenant insurance in 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 cheapest price. Here are some ways 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 insurance with one provider.
- Safety: Take steps to make your unit more safe and secure.
- Claims: Stay claims-free if possible.