Compare cheap tenant insurance quotes in Alberta
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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 three hypothetical quotes we received in March 2023 from our partner for three different policies in Alberta. Coverage limits have all been adjusted to match the standard, recommended amount.
- $24/month
for 1 tenant
- $40/month
for a family of 4
- $45/month
for 2 roommates
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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.
Examples of Alberta renters insurance claims
Rental unit damage
Stolen property
House fire
Basement flood
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
Shop and compare
Bundle insurance products
Install safety systems
Pay annual premiums
Increase your deductible
Stay claims free
Get an online renters insurance quote today.
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.
406,210 households in Alberta rent instead of own – Over 400,000 households in Alberta rent, but there are also nearly 1.5 million households in the province that own their home. So about 27% of the total household population is renting.
The average cost for rent and utilities in Alberta is $1,279 – The Canada-wide average is $1,002. Therefore, tenants in Alberta pay about 28% more than the national number for rent and utilities.
The average renter household income in Alberta is $74,184 – That's a big jump from the Canada-wide number of $53,163. In Alberta, an average of 21% in household income is spent on rent and utilities. 16% of households, however, spend over half of their income on these necessary expenses.
27%
of households in Alberta rent their property instead of own.
16%
of Alberta households spend over half their income on rent and utilities.
Frequently asked Alberta renters insurance questions
Do you need renters insurance in Alberta?
How do you get tenant insurance in Alberta?
Can you buy Alberta tenant insurance online?
What is tenant liability insurance in Alberta?
Can landlords require renters insurance in Alberta?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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