Frequently Asked Questions about Tenant Insurance
Do I have to get tenant Insurance?
If you are in residence at the University of Calgary the answer is yes. If you are off campus the simple answer is no. However, many rental agreements include a clause which states that the renter understands that personal property of the tenant is not covered by the landlord, and the landlord assumes no liability for loss or damage. This means that without tenant insurance, your belongings which can total over $15,000 for many students would be lost. Simply put this means you are responsible for obtaining your own coverage.
One drawback for buying insurance is thinking you do not having enough items to insure. However, its important to consider your belongings as a laptop is often worth $1,000 to $3,000. Clothes and shoes can easily cost over $1200 considering: shoes, shirts, formal wear, undergarments, jeans. Kitchen items such as knives, forks, bowls, pans, toasters, kettles and your magic bullet can cost over $500. Bedding costing $150. All these costs could result in your dorm room costing $3100 at a minimum. Add in electronics or extensive clothing collections can easily increase these costs.
I don't own own a lot of items, why do I need tenant insurance?
How much does Tenant’s Insurance cost
Tenant insurance cost is affected by several aspects such as how much coverage you need, where your home is located, how your unit is constructed, the value of your property inside your home, and your insurance history. A typical range for tenants insurance is from $15 a month to $25 a month, or $150 to $260 a year.
How much is enough coverage for my contents?
Only you know your belongings and their value. Be sure to choose a limit that will cover the cost of replacement in the event of a total loss. We have attached an excel spreadsheet to help you estimate the value of your items. In the case of loss many insurers ask for a contents schedule of loss. The form below can help you recall the items which need to be replaced.
Each situation is different, typically the individual who causes the damage is on the hook. However, tenant insurance makes sure that you are protected and you are compensated, while the insurance company will handle the claims and legal liability side of the case. If you don't have coverage yourself you can be liable.
If another tenant or someone else causes damage to my apartment, who covers the damage?
Students in residence must have a minimum of $1,000,000 in liability coverage and have coverage against fire, flood damage and theft of your personal property. We suggest tenant insurance as it will cover you in a wide variety of situations.
What type of insurance do I need in residence at the university of calgary?
What benefits does tenant insurance provide me with?
Most policies provide you with many of the same benefits. Many of the policies also replace your belongings when what are called specific perils occur. This is a fancy way of saying, Fire, Lightning, Explosions, Smoke, Falling objects, impacts by aircraft or land vehicle, riots, vandalism or malicious acts, windstorm or hail,. Many tenant insurance policies also provide the benefit of relocation costs which is the cost to stay in a hotel while your rental unit is repaired.
The last important part of your coverage is liability and fraud protection. You will most likely be covered in the event that you are found liable for causing a fire in your rental unit, or if you are on vacation in Hawaii accidentally throw a baseball at someones head. In these events if someone took litigation against you the insurance would cover you up to the amounts you purchased. Regarding fraud many policies cover you in the event your identity is stolen or your credit cards are forged. This can help releive you of financial obligations that could occure during these events.