Compare cheap tenant insurance quotes in Alberta
Looking for affordable renters insurance in Alberta? We can help – get a customized, low-rate quote with us today.
How to get renters insurance in Alberta with Ratehub.ca
- Share information
Tell us a little about yourself and your property coverage needs.
- Compare quotes
We instantly show you tenant insurance quotes from top Alberta providers.
- Save money
Choose your plan and secure your tenant insurance rate online.
Alberta renters insurance quoting breakdown
Tenant insurance is priced on an individualized basis – each renter will pay a different bill, according to the risk level their housing situation brings. As a baseline, here are four approximate quotes we received from our partner for four different policies in Alberta. Coverage limits have all been adjusted to match the standard, recommended amount.
- $12/month
for 1 tenant
renting out a basement unit in Edmonton, AB
- $22/month
for 3 roomates
renting out a townhouse in Lethbridge, AB
- $23/month
for a family of 4
renting out a house in Red Deer, AB
- $52/month
for 2 roommates
renting out a condo unit Calgary, AB
A few things we're proud of
1,200,000
monthly users
11 years
young
Over 1M
better choices made
Trusted partner
to Canada’s top financial institutions
What is tenant insurance in Alberta?
Matt Hands, VP, Insurance and MoneySense
Just because you aren't a homeowner, doesn't mean you won't face any property-related risks. Renting a home comes with its own set of coverage needs – your guest could sue you after a slip and fall; your jewellery collection could be stolen after a break-in; and your unit could be deemed unliveable after a fire. This is why tenant insurance exists.
Tenant insurance (also known as renters insurance or apartment insurance) is an agreement between you and your insurer. While you continue to pay your bill on a regular basis, your insurer agrees to provide the funds needed during a tenant-related emergency. This can include all sorts of expenses, such as the legal fees for a liability suit, the replacement bill for your damaged items, and the additional expenses incurred due to a temporary eviction.
Is tenant insurance mandatory in Alberta?
Tenant insurance isn't required by law for Albertans, but landlords can make it a stipulation in the lease agreement. You'll often need to show proof of coverage before you can settle into the rental home.
Keep in mind that even if your landlord doesn't require you to get coverage, you should go ahead with the purchase anyway. It's commonly misconceived that a landlord insurance policy will also protect you as the tenant. This is not the case – these policies are there to protect the landlord financially from specific claims, such as building damage caused by a renter. You'll need your own policy to make sure you're adequately protected.
What does tenant insurance cover in Alberta?
The liability portion of your tenant insurance policy pays out claims related to third-party bodily injury or property damage. This means that if someone sues you because they get injured in your unit (e.g. a slipping and falling) or you damage their property (e.g. breaking a neighbouring unit's wall), your insurer will help cover related expenses, such as legal bills and settlement fees.
The standard liability limit on most tenant insurance policies is $1 million in coverage, but you can also increase this amount for the added peace of mind.
Arguably, the most likely claim you'll need to make is for the loss or damage of your personal items. This is where contents insurance comes in – it's a coverage on your renters insurance policy that pays to repair or replace your belongings in the event of risks, such as theft, vandalism, and fire.
The amount of money your contents will be valued at after making a claim depends on whether you have an actual cash value policy or a replacement cost policy. An actual cash value (or ACV) policy means your insurer will account for the age, wear and tear, and depreciation of your items. So a three-year-old laptop that was originally purchased for $2,000 may only be valued at $500 during the claims process. Replacement cost policies are more expensive, but you'll be compensated with enough to purchase brand new replacements.
Also, keep in mind that certain valuables (e.g. artwork, jewellery) may have a set limit that your insurer will cover. In most cases, however, you can purchase an endorsement to increase this limit – just be sure to ask your insurance representative ahead of time.
If you have to vacate your rental while it’s being repaired, your renters insurance policy will also cover your additional living expenses. Essentially, this can include any added costs you’re hit with due to the temporary relocation, such as hotel fees and takeout bills. But like most coverages on your insurance policy, there will be a set limit on the amount you’re able to claim.
Note that this isn’t supposed to be a freebie on all your regular, ongoing expenses. You’ll only be able to claim the increased costs of living you’re facing – not ones like groceries and phone bills.
While a standard tenant insurance policy provides coverage for liability claims, the loss and damage of your contents, and any additional living expenses, you can also customize your plan with optional endorsements. Let’s take a look at a few popular choices for renters in Alberta.
Overland water insurance – This type of coverage protects you against any loss and damage caused by above-ground freshwater. This can include melting snow or the flooding of a nearby lake.
Sewer backup insurance – This coverage protects you against any loss and damage caused by sewage backing up from city lines. Consider adding this to your policy if you rent out a basement unit.
Identity theft insurance – This endorsement provides the funds needed if your personal information (e.g. banking password, credit card, passport) is stolen with the intention of committing a crime.
Personal valuables insurance – This is a top-up on your policy’s existing contents insurance limit. It ensures specific valuables (e.g. artwork, jewellery) are adequately protected in the event of risks, such as fire and theft.
Examples of Alberta renters insurance claims
Tenant insurance can come in handy for all types of financial risks associated with renting – while policy terms can differ, we outline three common scenarios that a comprehensive plan can cover below.
Rental unit damage
If you damage the rental property, your landlord could hold you liable. But having tenant insurance can prevent you from paying legal fees and settlement costs out-of-pocket.
Stolen property
One small mistake, such as unlocked door, can turn into a huge financial implication. After a break-in, tenant insurance can help you replace all kinds of personal items.
House fire
So lightning strikes, causing your roof to burn down. It's a good thing your renters insurance can help pay for a hotel while you await the repair of your rental property.
How much is tenant insurance in Alberta?
The cost of renters insurance in Alberta is generally quite affordable. Depending on the tenant's specific needs, some policies may even cost less than $20 per month. Find out how much you'll be paying with us today.
find out nowFactors that impact the cost of renters insurance in Alberta
- Property type
Basement units come with different risks than a high-rise apartment. The age and construction materials of your rental may also be factored into your tenant insurance quote.
- Location
The specific Alberta address you're renting from will matter to your insurer. High-crime neighbourhoods and flood-prone areas tend to lead to hike up your insurance premium.
- Personal belongings
The more stuff you own, the more coverage you'll need – and therefore, the more expensive your insurance will be. For high-value objects, you may even need an endorsement for extra protection.
- Pets
Having certain pets, such as a vicious dog breed, can impact your tenant insurance rate negatively. This is because you're more susceptible to a liability claim (e.g. if your dog bites a guest).
- Living situation
If you rent with other people, you'll want to let your insurer know. It's also a good idea for roommates to get separate policies to ensure everyone is adequately protected.
- Credit score
Some insurance companies may use your credit score to calculate your tenant insurance rate. You won't be penalized for bad credit, but a good score can help lower your bill.
- Claims history
The more claims you've made in the past, the more likely (or seemingly more likely) you'll need a payout in the future. Therefore, insurers will increase rates for those who don't have a clean insurance history.
- Applicable discounts
Be sure to ask your insurance representative about any applicable discounts. For instance, you can save money by bundling your tenant insurance with your car insurance.
How to get the cheapest tenant insurance in Alberta
While insurers are the ones that quote you, that doesn't mean you can't take a few matters into your hands to ensure you're getting the best rate possible. Here are six different tips that can lead to cheap tenant insurance in Alberta.
Shop and compare
Different insurers will quote customers in different ways. Therefore, you won't know which insurer offers the cheapest Alberta tenant insurance until you shop around.
Bundle insurance products
By purchasing tenant insurance along with other coverage products (e.g. auto insurance, home insurance), you'll be eligible for a multi-insurance bundle discount from your provider.
Install safety systems
Home safety systems, such as a monitored alarm, can help lower your tenant insurance rate in Alberta – insurers like to see low-risk renters and will reward you accordingly.
Pay annual premiums
While you can make payments on a monthly basis, paying your provider in full at once often saves you money in the long run. It shows insurers you're planning to stick around for at least a year.
Increase your deductible
Your deductible is the amount you'll be paying out-of-pocket before your insurer meets you with the rest. The more you're willing to pay out, the cheaper your coverage will be.
Stay claims free
Did you know making a claim can increase your future tenant insurance rate? So keeping your insurance history as clean as possible will lead to the cheapest rates.
Get an online renters insurance quote today.
Ready to secure your Alberta renters insurance? We can help – in under five minutes, view how much you'll be paying for your customized policy.
A snapshot of Alberta renters
Now that you've learned all there is to know about tenant insurance, let's take a look at some key statistics on renters in Alberta. Here are some interesting numbers we found, according to the Canadian Rental Housing Index (2021).
459,720 households in Alberta rent instead of own – Over 450,000 households in Alberta rent. This is quite an increase from 2016's number of 406,210 households.
The average cost for rent and utilities in Alberta is $1,332 – The Canada-wide average is $1,208. Therefore, tenants in Alberta pay about 10% more than the national number for rent and utilities.
The average renter household income in Alberta is $76,500 – That's a big jump from the Canada-wide number of $68,100. In Alberta, 34% of households spend more than 30% of their income on on rent and utilities while 12% spend over half of their income on these expenses.
10%
Alberta rent and utilities cost 10% more than the national average.
12%
12% of Alberta renters spend over half their income on rent and utilities.
Frequently asked Alberta renters insurance questions
Do you need renters insurance in Alberta?
This depends – while you don't need tenant insurance in Alberta by law (like you would for auto insurance), some landlords may require you to purchase coverage. And even if you aren't required to do so, it's highly recommended that you get a policy anyway. Renting a property comes with numerous financial risks that you don't want to face alone. For instance, while you may be able to replace your laptop out-of-pocket after a break-in, the same probably can't be said for a million-dollar liability suit.
How do you get tenant insurance in Alberta?
Through us, of course – all you need to do is take five minutes out of your day and provide our partner with a few details regarding your housing situation. In just a few steps, you'll be able to secure the customized coverage you need, completely online.
Can you buy Alberta tenant insurance online?
Yes, by providing some quick information about your renting situation and your coverage needs, you can secure a personalized tenant insurance policy from our partner online, all from the comfort of your home.
What is tenant liability insurance in Alberta?
Tenant liability insurance typically refers to the liability section of your policy. This coverage protects you against claims of bodily injury or property damage from third parties. So if your landlord decides to take legal action against you due to building damage, you won't be on your own to foot all the lawyer bills and settlement fees.
Can landlords require renters insurance in Alberta?
Yes, your landlord can require you to carry an insurance policy as a stipulation in the rental agreement.
Keep in mind that even if your landlord doesn't make it a requirement, it's a good idea to get the proper coverage anyway. You wouldn't want one small incident to put you in deep financial trouble. Tenant insurance is an investment that can pay off immensely in the long run. And even if you don't end up using the coverage, it's worth having peace of mind, knowing you're protected at all times.
Can I get tenant insurance with roommates in Alberta?
It's recommended that each person get their own policy to ensure their personal belongings additional living expenses, and liability are covered. A single policy usually won’t cover multiple tenants unless specified in the policy – and even then, there may be implications.
Does tenant insurance cover natural disasters in Alberta?
Tenant insurance typically covers natural disasters like fires and storms, but coverage for specific events like earthquakes or floods may require additional coverage or a separate policy. It's important to review your policy details to understand what is and isn’t covered.
How do I make a renters insurance claim in Alberta?
If you need to make a claim, start by contacting your insurance provider as soon as possible. They’ll guide you through the process, which usually includes providing details about the incident, submitting any required documentation, and cooperating with the claims investigation.
Can I customize my Alberta tenant insurance policy?
Yes, most insurance providers allow you to customize your tenant insurance policy to suit your needs. You can choose the level of coverage for your personal belongings, add additional coverage for high-value items, or adjust your liability limits.