Choosing the right home insurance in Calgary is essential in order to adequately protect your property and possessions. Indeed, it is the warm blanket you can rely on to keep you comfortable at night, secure in the knowledge that you are covered. Whether you are a landlord or a tenant, you don’t want to be caught without home insurance coverage should the unexpected occur.
Why have renters insurance?
Consider your renters insurance as the same thing as a home insurance policy. The number one reason for home or renters insurance is that it covers structural damage that you may cause to the property. Whether you leave the tub running a little too long or accidentally break a window, a renters insurance policy covers the damages. In Calgary, an increasing number of landlords are requiring tenants to carry renters as an added layer of protection for their rental properties.
Additionally, renters insurance covers your personal property. When you consider the total value of everything you own, it’s a wise investment to make that only costs you a few dollars a month.
What does renters insurance cover?
Each policy varies in its coverage, but in general you can expect the following:
Personal property coverage. This covers your possessions should they be damaged, destroyed, or stolen. When reviewing any renters insurance policy, make sure that you insure your property for its replacement value.
Liability coverage. This covers you in case you do something that causes damage to another person or property. If you are found at fault, this is invaluable coverage to have as it will protect your savings and assets in the event of a lawsuit.
Living expenses. Should the property you are renting become uninhabitable, this coverage provides funds for temporary living arrangements.
How does renters insurance differ from landlord insurance?
The primary difference is that landlord insurance covers the landlord and not the tenant. It provides protection from financial losses should their rental property be damaged or destroyed. It protects a landlord from everything from fire to malicious damage, but it does not cover you or your property. The caveat to this is that if the landlord does something that damages or destroys your property, many policies have liability clauses that would provide a tenant some level of remuneration.
Can I bundle a renters insurance policy with other insurance policies?
Whether you are looking for car, tenant or , combining your policies saves time by allowing to make only one payment per month, and it can also lead to big savings on your insurance policies.
For more information about home insurance in Calgary and to learn more about both renters and landlord insurance policies, contact Bow Valley Insurance. We have proudly served Albertans with their insurance needs and we would be happy to make you our next satisfied client.