Compare the best tenant insurance quotes in Calgary
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How much is tenant insurance in Calgary?
There isn't one fixed price for tenant insurance – instead, insurance companies look at your renting situation and coverage needs to determine a personalized premium. For reference, however, here are four hypothetical quotes we received in November 2023 from our Alberta tenant insurance partner. Policy limits have been changed to match the recommended amount for each renting situation.
- $17/month
for a couple
renting out a basement unit in Calgary, AB
- $20/month
for 1 tenant
renting out a studo unit in Calgary, AB
- $28/month
for a family of 4
renting out a townhouse in Calgary, AB
- $47/month
for 2 roomates
renting out a condo unit in Calgary, AB
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What is tenant insurance in Calgary?
Matt Hands, VP, Insurance
Tenant insurance (or renters insurance) is an agreement between you and your provider – it's there to protect you in the event you run into a financial emergency due to the various risks of being a home. While you probably won't be taking on the same level of risk as a homeowner, one seemingly small incident – such as an unlocked door or kitchen fire – can still turn into one hefty bill. But by paying regular premiums to your insurer, the burden won't be all on you. Instead, your tenant insurance policy will be there to bail you out.
What does tenant insurance in Calgary cover?
A standard Calgary tenant insurance policy comes with three main coverages. You'll also be able to customize your plan further with optional endorsements.
Tenant liability
Personal belongings
Additional living expenses
Optional coverages
Why do I need tenant insurance in Calgary?
Renting out a property in the big city comes with all different types of risks – here are four common claims you could face (and how having the right tenant insurance in place can save you financially).
Rental unit damage
Your landlord can hold you liable for damage caused to the rental property. Renters insurance is there to help cover legal fees, settlement costs, and repair bills.
Stolen property
If a thief grabs your laptop while you leave it unattended at a coffee shop, tenant insurance has you covered. It can help replace all kinds of personal items – in or out of the home.
Kitchen fire
So an unattended oven turns into a hefty bill from your landlord, and you need to move into a hotel temporarily. Your renters insurance policy can help cover these costs.
Is tenant insurance mandatory in Calgary?
While renters insurance isn't a requirement by law in Calgary, it's common practice for landlords to make it one before the move-in. And even if yours doesn't, you should highly consider purchasing coverage anyway. Financial protection doesn't need to be so costly – find out how little you could be paying with us today.
start my quoteFactors that impact your Calgary tenant insurance cost
Property type
Different properties bring different types of risks; for example, a basement suite is much more likely to flood than a condo unit. The more susceptible your rental property is to damage, the more expensive tour insurance will be.
Living situation
You'll require coverage if you live with your entire family compared to living alone. And if you have a roommate, it's a good idea to purchase separate policies to ensure everyone has protection.
Coverage needs
The more expensive your contents are to repair or replace, the more expensive your insurance will be. Specialty items may also need to be topped off with extra coverage (for an added cost).
Pets
Certain pets will increase the cost of your tenant insurance. This is because you're much more susceptible to making a liability claim (e.g. due to a dog attack).
Location
Where you live within Toronto matters. Areas with high crime rates are much more likely to face theft and vandalism, causing your insurance premium to increase. Living in flood-prone areas can also impact your rate negatively.
Insurance history
Having an extensive list of claims on your property insurance record is a bad look. Providers typically offer the cheapest rates to those who stay claims free as it's a telltale sign of a low-risk tenant.
Credit score
Not all tenant insurance companies look at your credit score, but some do. Generally speaking, you won't be penalized for a poor credit score, but good credit can help you out immensely.
Discounts
Each tenant insurance insurance company offers their customers different ways to save (e.g. bundling, group rate). You won't know all the discounts you're eligible for until you ask.
How to get the cheapest tenant insurance in Calgary
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 Calgary.
Compare tenant insurance quotes
Every tenant insurance company quotes their customers differently. You won't know which insurer offers the lowest rate until you shop around and look at all your options.
Bundle insurance products
Did you know that you purchasing multiple insurance products under one provider leads to more savings? So consider bundling your tenant insurance with your auto needs.
Install safety systems
Insurers in Toronto like to see low-risk policyholders. Depending on your provider, installing a monitored alarm or even just having a fire extinguisher on hand can lead to a lower renters insurance premium.
Keep a clean insurance record
Insurance companies look at your past claims history to calculate your future rate – more claims, equals to more risk (also known as pricey insurance). So before you file a claim, make sure it's worth it.
Pay annual premiums
When binding your policy online, choosing to pay an up-front, annual premium (instead of multiple, monthly premiums) usually comes with a renters insurance discount.
Set a higher deductible
A deductible is the out-of-pocket cost you'll be paying before your insurer foots the rest. So weigh your risk carefully – the higher you set this, the cheaper your tenant insurance will be.
Ready to secure cheap tenant insurance in Calgary?
We can help – in just a few minutes, find out how much you'll be paying for renters insurance in Calgary.
A snapshot of the Calgary rental market
Before you get familiar with tenant insurance in Calgary, here's a brief overview of the city's overall market. We found a few interesting statistics from Canada's Housing Mortgage Corporation's Rental Market Report – while the study was released at the start of 2024, it analyzes the nationwide rental market trends from 2023.
The purpose-built rental market saw a vacancy rate of 1.4% – Calgary saw a sharp decline in vacancy, dropping from 2.7% to 1.4% for purpose-built rentals within a year – this was the lowest vacancy rate the city has seen in almost a decade. The Canada-wide vacancy rate was only slightly higher at 1.5%.
The average rent for a 2-bedroom Calgary unit cost $1,695 – While this is representative of Calgary's purpose-built rental market, the average rent for a 2-bedroom unit in the condo apartment market was $1,819. Comparably, the prices in the Canada-wide market were $1,359 and $2,049, respectively. Tenants in Calgary also saw a substantial increase in rent year-over-year as 2-bedroom purpose-built units saw an astonishing 14.3% inflation rate.
- 1.4%
Rental vacancy rate
for the purpose-built rental market in Calgary (2023)
- $1,695
Average 2-bed rent
for the purpose-built rental market in Calgary (2023)
- 14.3%
Rental cost increase
for the purpose-built rental market in Calgary (2023)