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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 partner in November 2023 – coverage limits have been adjusted to match the recommended amount for each renting situation.
for a couple
for a family of 4
for 1 tenant
for 3 roomates
better choices made
to Canada’s top financial institutions
Matt Hands, VP, Insurance and MoneySense
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.
Additional living expenses
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
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 quote
Factors that impact your Edmonton tenant insurance cost
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.
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.
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).
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).
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.
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.
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.
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
Compare tenant insurance quotes
Bundle insurance products
Install safety systems
Keep a clean insurance record
Pay annual premiums
Set a higher deductible
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.
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 January 2023, the data is representative of the 2022 rental landscape nationwide.
The purpose-built rental market saw a vacancy rate of 4.3% –While the vacancy rate for purpose-built rental homes in Edmonton was much higher than Canada's national rate of 1.9%, tenants still saw a sharp decline – the city's vacancy rate from the previous year was 7.3%. The number of occupied rental units grew by 5,163 within the period; this was the highest single-year growth on record.
The average rent for a 2-bedroom Edmonton unit cost $1,304 – While this is true for the purpose-built rental market, 2-bedroom properties in the condo apartment market saw an average rent price of $1,426. These numbers were comparable to the nationwide averages of $1,258 and $1,930, respectively. When comparing the cost of rent for 2-bedroom purpose homes year-over-year, tenants in Edmonton saw a minimal price hike of 1.6%.
Vacancy rate in Edmonton
Average 2-bed Edmonton rent
How do I get tenant insurance in Edmonton?
What is the cheapest tenant insurance in Edmonton?
Does landlord insurance cover the tenant in Edmonton?
Can a landlord ask for tenant insurance in Edmonton?
Can a landlord evict you for not having tenant insurance in Edmonton?
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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