Should I get a tenant insurance?

By Tom Zhang

Should I get a tenant insurance? 

This is one of the questions I am being asked the most. The answer is simple, absolutely Yes. and Here is why. 

It protects you when things happen.

It is a true story. One of my tenants moved in a beautiful single family house, her teenage daughter had a few friends over and things went wrong: a fire was started. Good news was no one hurt. Bad news? the house was being burned half, absolutely not livable anymore. and here is the good news, because we have enforced policy that it is MANDATORY for all of our approved tenants to have tenant insurance in place. They called their insurance company, the adjuster showed up, did his thing, and sent all the families of tenants living in hotel, all expenses covered for the next 2 months till they found the new home to move-into. 

it is what insurance for, it protects you and your family when unexpected things happens. 

So what is the cost? 

In Alberta, a typical tenant insurance policy should cost you around $10 to 30.o0 per month, which is a small cost comparing thousands of dollars of losses if something happens. Please inquire a few insurance brokers by simply google tenant insurance in Edmonton, or Alberta. There should be some good options to call after. Just make sure you talk to 3 or more before you make final decision. 

Next, what if I am in a shared accommodation?

Again, it is highly recommended. Normally, the shared accommodation has been insured by the landlord/owner, but it does not included any liability insurance and the cost to cover your personal belongings. 

If you use to live in home with parents who own or rent a home, as long as they are cover the house, call their insurance broker to update you are moving out on your own for study. Certain policy actually covers your insurance under your current parents house insurance with little or no cost. 

One concern is that what if I am an international students, it maybe difficult to get one. That is not the case. Simply make a few searches and follow up a phone calls will lead you to the great information.

To sum-up, tenant insurance does cost a small fortune, around $20 per month depending on who you are going with and what you have under the policy, but for peace of mind, it worth a barrel of gold.