How Much Does Renters Insurance Cost in Edmonton?
If you are thinking about renting a property as a tenant, the idea of purchasing a renters insurance policy might be on your mind. You must know that tenants do not get any benefit from their landlord’s property insurance. These policies typically cover possible damages to the building.
However, you need adequate coverage for your personal liabilities and property. This explains why tenants approach reputed professionals like Surex to learn about the best renter’s insurance packages. Considering the wide array of perils threatening your personal belongings, having the proper coverage in place makes sense.
You may be wondering: how much is renters insurance per month? In this article, you will get an idea of the average cost of renters insurance in Edmonton. The experts have also discussed the factors that might affect your premium.
When Do You Need A Renters Insurance?
Although having renters insurance is not mandatory, you need to purchase one if your property management company or landlord requires you to. In the first place, you must understand that these policies are designed in the tenant’s best interest, not the landlord’s.
However, some landlords want their tenants to have renters insurance. It minimizes the risk that, following damages to personal property, the landlord would be asked for compensation. It is easy to compare different renters insurance policies online and purchase one that suits your needs.
You would need renters insurance, as it would cover your belongings against theft, vandalism, or any kind of damage that the landlord’s policy does not cover.
What Would A Renters Insurance Policy Cover?
Have a look at the provisions of a renters insurance policy.
Damage Of Personal Property
As a tenant, you can’t rule out the chances of damaging your belongings. Accidents, riots, theft, and natural calamities may lead to loss or damage of your furniture, appliances, etc. The foremost reason to purchase renters insurance is the coverage you would get in these situations.
Personal Liability Coverage
In case there’s an accident in your home, the policy would provide legal liability coverage. In case someone visiting your residence gets injured, the coverage would help you deal with the medical expenses.
For instance, a pizza delivery person or a guest visiting the property may get injured. The coverage will help you pay for the lost wages, medical bills, and related costs.
Loss Of Use
At times, damage or natural calamities might render the property unfit for use. If you need to make alternative living arrangements while repairs are being done, your renters insurance policy will come in handy.
How Much Renters Insurance Would You Need?
You might end up in a dilemma, wondering the limit you should choose while purchasing a renters insurance policy. Experts recommend having adequate coverage to protect your belongings. Moreover, your policy should provide at least $100,000 in coverage for personal liability.
Personal Property
The reason for covering all your personal belongings would prepare you for the worst-case scenarios. That way, even if the entire property undergoes destruction, you will have adequate coverage. Trying to save a few hundred dollars would put your valuables at stake.
Make sure to know what your policy would cover under extreme cases. Before you jump to your purchase decision, go for a personal inventory assessment. This will help you determine the value of your property in case they need complete replacement.
Personal Liability
In general, tenants go for insurance policies offering liability coverage up to $100,000. This largely reduces the liability exposure for the tenants. However, you might go for a higher amount if you consider high-cost lawsuits.
For instance, the expenses can be much higher if one of your AC units falls out of the window and causes severe injuries to someone passing by. Therefore, your risk tolerance significantly determines the amount you would need for personal liability coverage.
But, how much is renters insurance per month?
Factors That Determine The Cost Of Renters Insurance In Edmonton
The insurance premium you would be shelling out for a rental property in Edmonton largely depends on the real estate market value. Some of these factors include the location of the area, building specifications, nature of construction, build year, upgrades, roofing, electrical wiring, and plumbing.
As well, Edmonton tends to experience a harsh climate. These elements significantly increase the premiums. However, once you compare the best deals from the reputed insurers, you can find an affordable rate.
What is the Average Cost of Renters Insurance?
You may be wondering: how much does renters insurance cost on average?
Renters insurance is one of the most affordable products offered by the insurance industry. To give you an idea, the average monthly premium that households in Edmonton need to pay is around $25.
However, this figure significantly changes, depending on the factors mentioned earlier. Therefore, the cost of renters insurance in Edmonton might range up to $59 in some cases.
Again, in some parts of Alberta, it might be as low as $21 a month. It all depends on your belongings’ value and the amount of protection you seek from the insurance company. Depending on your risk tolerance and financial stature, you need to determine the coverage.
Endnote
Considering the uncertainty of the security of your belongings, it would be a wise decision to purchase a renters insurance policy. These policies are affordable and provide adequate coverage in case of property damage. Even when you travel, your belongings will remain secure.
As there are a lot of insurers around, making a sound decision might take some time. Reach out to the experts for professional guidance. Experts can help you come to a logical decision.