Tenant insurance in Saskatchewan (also called renters’ insurance) is meant for people who rent the place where they live, whether home, condo, or apartment. It provides coverage against common risks like theft, fire damage, and personal injury that occurs on the property.

Insurance is necessary because a landlord’s home insurance policy won’t cover these perils on behalf of the renter. You want to be covered in case something happens to your home or your belongings.

Yes, tenant insurance and renter’s insurance are the same. They are policies purchased by a renter to protect themselves financially.

Content insurance is a benefit provided by most tenant insurance policies. It covers the cost of repairing or replacing stolen or damaged items.

Tenant insurance (also referred to as renter’s insurance) helps renters cover the cost of replacing or repairing their personal belongings in the event of an incident (i.e. fire or break-in) on the property.

This depends on where you reside, the value of your total contents, and your liability limits. Policies normally start at $300/yr or around $20 to $50 /month and increase as the content values and liability limits increase.

Since there’s no minimum coverage requirement, you can achieve lower rates by purchasing only the coverage you need. Think about your personal belongings and get the policy and the coverage you need.

Even if your landlord doesn't make tenant insurance a requirement of the lease, it's still a great idea to purchase it. Here are a few reasons.

Peace of Mind

Tenant insurance offers incredible peace of mind. If you've ever experienced loss or damage of your personal belongings, you likely know how welcome this peace of mind can be.

Without tenant insurance, you'd be entirely on your own as far as repairing or replacing damaged items, which can make an already stressful situation even worse.

You'll find this peace of mind especially helpful if an incident ever leaves your dwelling uninhabitable. As you look for an alternative housing arrangement, renter's insurance will cover the cost of temporary accommodations. Given that hotels and most other short-term arrangements aren't cheap, this can be a massive help.

Affordability

Tenant insurance in Saskatchewan provides incredible peace of mind for relatively little money. Rates dip as low as $15 per month, which is less than you'd spend on parking for a couple of hours in some parts of Vancouver!

In other words, it's a very small price to pay in exchange for knowing your personal property is protected.

Receive Coverage Out of Your Home, Too

Renter's insurance also typically includes coverage for certain items even when you're outside of your home. Depending on the policy, this may include electronics, bicycles, and other items. Renter's insurance is often much cheaper than dedicated insurance for those particular items.

Keep in mind this coverage typically won't extend to more expensive items like jewelry, which you'd want to insure separately.

Benefit from Legal Liability Insurance Coverage

Even if you don't own anything you're financially incapable of replacing, tenant's insurance offers something very valuable: liability coverage.

If a guest injures themselves at your property and attempts to hold you liable, for example, tenant insurance may shield you from the financial burden.

This is especially important if you frequently have guests over or if you have pets capable of harming someone visiting your home.

A landlord’s insurance policy may cover tenant damage (i.e. vandalism or accidental destruction of property). However, it depends on the policy, including factors such as the landlord’s deductible.

The three main areas covered by renters insurance are:
Contents coverage for personal belongings such as furniture, electronics, and clothing 
Additional living expense coverage (ALE) in the event of a loss and you are unable to reside in the unit until repairs are finished, 
Liability coverage in case someone is injured while in your rental home.

Tenant insurance is rated based on the type of unit you rent, number of tenants in the unit, value of your contents, physical location of the unit, prior tenant or home claims in the past under your name.

No. If you rent the unit you live in you only require tenant insurance which is often more affordable than home insurance. You want to be properly insured, and the best tenant insurance Alberta has to offer will do that for renters.

You can contact your assigned insurance broker/advisor or contact the insurance company directly. Make sure you have your policy # and details of the claim prepare when you call.

The law does permit landlords to include an insurance policy as a lease requirement. Many landlords do so as a tenant’s policy serves to reduce their overall risk.

You’ll need to provide basic information about yourself and the property you’re renting if you want to get insurance online over over the phone, including:

• The address
• The cumulative value of your personal property
• Who else will be occupying the rental property (you want to make sure that all renters are covered under their own policies.