Tenant & Condo
Insurance
Tenant & Condo Insurance on the Spot
Why do I need Tenant or Condo Insurance?
If you’re a tenant, your landlord’s insurance won’t cover you. If you’re a condo owner, your condominium corporation’s insurance will only cover the structure and public areas. Your personal belongings and personal liability won’t be covered. Plus you’re missing out on other coverage provided by a comprehensive tenant or condo insurance policy, like additional living expenses and identity theft protection.
How much does Tenant or Condo Insurance cost?
Tenant and condo insurance is very affordable. The exact cost will depend on factors like the value of your personal belongings and your insurance options.
Your landlord or condo corporation’s policy won’t cover your personal liability or belongings – tenant and condo insurance do.
Areas We Serve
- Calgary
- Red Deer
- Fort McMurray
What affects the cost of Tenant & Condo Insurance?
The following factors affect the cost of tenant and condo insurance:
- Your demographics
- Your credit rating
- Your insurance and claims history
- Proximity to a fire hydrant and fire station
- The building type (i.e. house, high-rise, rowhouse)
- The building material
- The age and type of roof
- The age and type of electrical, plumbing and heating systems
- Proximity to hazards like rivers
- Damage mitigation devices like alarms, sump pumps, and more
- The replacement value of your personal belongings
- The replacement value of your condo (everything within the walls like flooring and appliances)
- The claim rate of your neighbourhood
- The crime rate of your neighbourhood
- Your insurance options like deductible, policy limit, loss settlement, and coverages
The riskier your home is to insure, the higher your rates will be. This is determined by complicated calculations by the insurance company – and every single one is different. That’s why it’s important to shop around for the best coverage and rates.
What does Tenant & Condo Insurance cover?
There are three main areas of coverage for tenant & condo insurance:
Physical Damage
Personal Liability
Additional Living Expenses
Personal Liability
Tenant & condo insurance provides personal liability coverage to the policyholders. This covers your legal expenses in the event someone sues after they are hurt or has their property damaged while visiting your home or due to your unintentional actions.
Additional Living Expenses
If you have a covered claim or are mandated to evacuate your home by a civil authority, you are eligible for additional living expenses. This covers the extra costs for things like accommodation, transportation and food while you must vacate your home.