Is tenant insurance legally required in Edmonton?
No. Tenant insurance is not mandatory in Edmonton or Alberta. You do not require insurance to be able to rent. However, property owners do have the right to require you to have a policy as part of a lease agreement. So, even though it’s not mandatory, you will still need to get insurance to rent in many instances.
How much does renters insurance cost in Edmonton?
The average tenant insurance in Edmonton is between $250 and $350 per year. This works out to about $20 - $30 per month. How much you pay will largely depend on the overall value of your contents and your plan limits.
Location matters as well. Calgary tenant insurance could differ from what you pay in Edmonton, even if the apartment, personal items, and coverage were the same.
Top things that affect Edmonton tenant insurance premiums
There are a variety of factors that can affect how much you pay for your plan:
- Plan choice (basic or comprehensive)
- Policy limits
- Deductible amount
- Property location
- Property type (house, condo, apartment, townhouse)
- Endorsements for high-value items
- Your insurance history
- Safety and security features
- If your plan is part of an insurance bundle
Ways to get cheap tenant insurance in Edmonton
There are many things you can to to get cheap tenant insurance in Edmonton.
- Use a brokerage to comparison shop
- Explore your options at renewal time
- Take advantage of discounts
- Don’t over-insure
- Combine your tenant plan in an insurance bundle
- Pay annually
- Stay claims-free
Why do tenants need contents and tenant liability insurance in Edmonton?
There are a lot of reasons why you should have tenant insurance in Edmonton. Here are some of the main advantages of this type of insurance:
- It’s a requirement by most property owners: Many landlords require you to have coverage to rent from them.
- Property owner plans won’t cover you: Your personal belongings are not covered by your landlord’s insurance.
- Financial protection: You will have financial compensation if your personal items are stolen or damaged because of a fire, flood, or break-in.
- Legal protection: You will have access to legal help if you are accused of a libellous act.
- Peace of mind: You can rest your mind knowing you are protected.