Compare the best tenant insurance quotes in Edmonton

Q: How do I get tenant insurance in Edmonton?

We can help by connecting you with one of the top renters insurance companies in the city. All you need to do is fill out a few quick details about your coverage needs and your renting situation. You'll then be able to view your customized quote online – and if you're happy with it, you can secure the policy, all from the comfort of your own home.

Q: Can a landlord evict you for not having tenant insurance in Edmonton?

Generally speaking, no – renters insurance isn't a requirement by law in Edmonton, so landlords can't evict someone for not carrying a proper policy. However, a landlord can make purchasing tenant insurance a requirement in the lease agreement. While the tenant should have agreed to this before the move-in, breaking lease terms can potentially be grounds for eviction.

Looking for cheap tenant insurance in Edmonton? We've got you covered. Get a personalized, low-rate quote with us today – it only takes a few minutes.

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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 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 and MoneySense

November 29, 2023

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

Learn more about Edmonton renters insurance

Compare cheap Edmonton tenant insurance quotes
The cost of Edmonton tenant insurance
Why do I need tenant insurance?
Is Edmonton tenant insurance mandatory?
Factors affecting your tenant insurance quote

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.
Basement flood
If your basement unit floods, your insurance can help you replace your damaged items and pay for accommodation – provided you have flood coverage in place.

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.

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Factors 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

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.

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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 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%.

4.3%
Vacancy rate in Edmonton
in the purpose-built rental market
$1,304
Average 2-bed Edmonton rent
in the purpose-built rental market

Frequently asked questions on Edmonton renters insurance

How do I get tenant insurance in Edmonton?

What is the cheapest tenant insurance in Edmonton?

Tenant insurance isn't a one-size-fits-all product, so you won't know which company offers the cheapest rate for your needs until you look at all your options. So to find the cheapest tenant insurance in Edmonton, be sure to shop around and get multiple quotes. Also, keep in mind that price shouldn't be the only factor you're looking at – you want to make sure the provider you choose can meet all your coverage needs.

Does landlord insurance cover the tenant in Edmonton?

Landlord insurance is designed specifically to protect the landlord, not the tenant. For example, if a thief breaks into the rental unit, this type of policy can help your landlord recover funds for repairing the unit damage, but you'll be on your own when it comes to replacing your belongings. That's why it's a good idea to purchase your own renters insurance – it ensures you're adequately protected from the various risks of leasing out a property.

Can a landlord ask for tenant insurance in Edmonton?

Yes, while tenant insurance isn't required by law in Edmonton, it's possible that your landlord will require you to get it before finalizing the move-in. And even if yours doesn't ask you to do so, you should highly consider making the purchase anyway. One small incident – such as an unattended over or a dog bite – can spiral into an expensive claim quickly. You wouldn't want to be on your own when you could've protected yourself ahead of time with the right coverage in place.

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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