Compare the best tenant insurance quotes in Edmonton
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How much is tenant insurance in Edmonton?
Insurance companies look at your own risk factors and coverage needs to provide you with a customized quote – therefore, there is no one-size-fits-all cost for Edmonton renters. For reference, however, here are three sample quotes we received from our Alberta tenant insurance partner in November 2023 – coverage limits have been adjusted to match the recommended amount for each renting situation.
- $17/month
for a couple
renting out a basement unit in Edmonton, AB
- $18/month
for a family of 4
renting out a house in Edmonton, AB
- $41/month
for 1 tenant
renting out a studio unit in Edmonton, AB
- $64/month
for 3 roomates
renting out a condo unit in Edmonton, AB
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What is tenant insurance in Edmonton?
Matt Hands, VP, Insurance
A tenant insurance policy (or renters insurance policy) is an agreement between you and your provider – it provides financial coverage for the various risks of renting out a property. While home-renting doesn't usually come with as much risk as home-owning, there are still many different types of financial emergencies you could face. One break-in, dog bite, or unattended stove can turn into one costly claim, but by paying out regular premiums for an active tenant insurance policy, you won't be on your own – instead, your insurer will be there to help foot the costs.
What does tenant insurance in Edmonton cover?
A standard Edmonton 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 Edmonton?
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 Edmonton?
While renters insurance isn't a requirement by law in Edmonton, 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 Edmonton 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 Edmonton
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 Edmonton.
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 Edmonton?
We can help – in just a few minutes, find out how much you'll be paying for renters insurance in Edmonton.
A snapshot of the Edmonton rental market
Before you become an expert on Edmonton renters insurance, let's take a quick look at the overall rental market within the city. Here are a few key statistics found in the Canada Housing Mortgage Corporation's Rental Market Report – while the numbers were released in 2024, the data is representative of the 2023 rental landscape nationwide.
The purpose-built rental market saw a vacancy rate of 2.4% – While the vacancy rate for purpose-built rental homes in Edmonton was much higher than Canada's national rate of 1.5%, tenants still saw a sharp decline – the city's vacancy rate from the previous year was 4.3%. This is reflective of Alberta's large population surge (as the province has the fastest-growing demographic).
The average rent for a 2-bedroom Edmonton unit cost $1,398 – While this is true for the purpose-built rental market, 2-bedroom properties in the condo apartment market saw an average rent price of $1,359. These numbers were comparable to the nationwide averages of $1,359 and $2,049, respectively. When comparing the cost of rent for 2-bedroom purpose homes year-over-year, tenants in Edmonton saw a large price hike of 6.4%.
- 2.4%
Rental vacancy rate
for the purpose-built rental market in Edmonton (2023)
- $1,398
Average 2-bed rent
for the purpose-built rental market in Edmonton (2023)
- 6.4%
Rental cost increase
for the purpose-built rental market in Edmonton (2023)