Frequently Asked Questions About Tenant Insurance in Calgary
If you are renting an apartment or a home, you may be thinking about getting tenant insurance in Calgary. However, many people question what exactly it is, if it is needed and if it is worth the cost. Here is a list of frequently asked questions about tenant insurance in Calgary and the answer.
What is Tenant Insurance in Calgary?
Tenant insurance protects you, as a tenant, in two different ways. First, if the space you were renting were to be damaged and that damage damages your property or belongings, the landlord has no legal obligation to reimburse you for your damaged items. If you don\’t have tenant insurance, you are out the money for those belongings. However, if you have the insurance, that insurance compensates you for your belongings. Secondly, in Canada, tenants are responsible for any damage that they or their guests cause to a home or apartment building. If you leave a candle going and the candle starts a fire, you are responsible. Or, if you cause a clog in the plumbing line and the pipe bursts, you are responsible for those damages and repairs. This can amount to thousands of dollars, so it is best to get tenant insurance to protect yourself.
Do I Need Tenant Insurance?
Many landlords and apartments do require you to submit proof that you have tenant insurance in Calgary before they will allow you to move in. This is completely legal. However, if the landlord does not require it, there is no law that states you must carry it. If the landlord does not require it, it is up to you to decide if you need it or not.
Is Tenant Insurance in Calgary Worth the Cost?
Many tenants feel that tenant insurance is well worth the costs. There are many things that can cause a lot of damage to a property that are beyond your control. Unfortunately, you can held responsible for these damages and they can amount to a lot of money. If you don\’t have the money to pay for damages, the landlord can sue you and garnish your wages. This can affect your credit and how much money you bring in. Many people feel that purchasing the insurance is well worth the cost simply because of the peace of mind you are given. You don\’t have to worry about what would happen if you accidentally started a fire while cooking or how you would replace all of your furniture if there was a flood.
Are There Different Types of Tenant Insurance Policies?
There are two basic types of tenant insurance types. One is called basic liability tenant insurance. Basic liability insurance covers damages that are accidentally done to a building, such as starting a fire or causing a pipe to burst. The second type of coverage is contents coverage. This covers your possession and belongings that are stored in the unit. If someone breaks in, if there is a flood or if there is a fire and your possessions are destroyed or missing, insurance will cover them. If you want both types of tenant insurance, you should look for full coverage tenant insurance, which combines both of these.
Where Do I Get Tenant Insurance?
There are a number of different places you can look for insurance. Basically, any insurance company that offers homeowner\’s insurance, will offer tenant insurance. If you are having a difficult time finding insurance, ask your landlord who they insure their home through and there is a good chance that the company will also offer tenant insurance. In addition to going through insurance companies directly, you can go through an insurance broker. A broker can help you compare prices amongst many different insurance companies, helping you to find the most affordable plan or the plan with the best coverage.
Eric Melara is a free lance writer who works on behalf of http://www.acinsurance.ca/insurance-brokers-calgary-products/personal-insurance/tenants-insurance-calgary.html specializing in all of your tenant insurance needs. He enjoys hiking, literature and country dancing.