The wide variety of insurance types is fantastic. Giving people the opportunity to protect themselves and the things they value is an integral part of the insurance industry. For example, home insurance in Calgary and auto insurance provide coverage for the biggest expenses people typically assume. 

Thankfully, there are also types of insurance for smaller expenses. One of these is tenant insurance or renter’s insurance. Tenant insurance is a form of insurance that people who rent or have alternative living arrangements can purchase to protect their personal property. However, not all tenant insurance is made equal, and knowing the differences can be essential to your choice. 

The Different Types of Tenant Insurance

Typically, the differences between insurance policies boil down to types of coverage. For example, consider your home insurance in Calgary. Every basic package includes the same coverage, but you can optionally pay more for added protection. Examples of additions would consist of fire and flood insurance, theft, accidental damage, and many more. 

Ultimately, the same logic applies to tenant’s insurance. The primary coverage will take care of any issues with your own property at your lodging. This coverage will protect from damage, theft, and loss of property. Additionally, your tenant insurance will cover any damage you cause to other’s property or belongings. Typically, you can label this coverage as “liability” and “contents”. 

Happy family couple renters tenants handshaking realtor landlord at meeting

However, there are also additional benefits that relate to tenant’s insurance. Easily the best example of this is temporary living expenses. This coverage is ideal when there are periods where you cannot reside in your home as they cover the costs for your temporary domicile. Naturally, your policy may have differing options, but typically this will include issues of fumigation, natural damage, fires, and more. 

Another benefit of tenant insurance is the coverage it can provide for your valuables. Although there is a relevant stipulation to make at this point. This stipulation is that you should create an inventory of your valuables. Of course, it follows that the most pertinent information for an insurance claim is what exactly you are claiming. 

Plus, there is no better time to start the list than right now. You will accrue more belongings as time goes on, and adding to the list is much simpler than the initial inventory. As well, if you are keen on ensuring your insurance company stays in the loop, feel free to send them a copy of the list. Then, if there is a claim, you will both be working under the same assumption about the estimated value of your belongings.  

Find Your Tenant Insurance Broker Today

If you are looking for tenant insurance or any other form of insurance, give us a call today. Our professional staff looks forward to getting you the best coverage possible, and we love to share helpful tips and information!

Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]