TENANT INSURANCE – CORNERSTONE
TENANT INSURANCE IN ALBERTA
If you rent a home or apartment in Alberta, it’s very important to secure tenant insurance. Although tenant insurance is not a provincial requirement, more and more landlords request it from their renters. Anyone who rents a living space can purchase tenant insurance to protect their possessions, such as furniture, electronics, and other valued items. Tenant insurance offers excellent protection, including financial assistance in the event of theft, property damage, or natural disaster.
WHY DO I NEED TENANT INSURANCE IN ALBERTA?
There are many benefits that come with renting a home or apartment, and one of those perks is not having to worry about homeowners insurance. That burden falls on the landlord. However, it’s important to note that as a tenant, your personal belongings are not covered under your landlord’s insurance. To ensure your items are covered in the event of damage, theft, or water damage, you need to have your own tenant insurance policy. Cornerstone Insurance brokers work with the top insurance companies in the province to provide competitive rates for our clients.
WHAT DOES TENANT INSURANCE COVER?
Tenant insurance provides coverage for your personal belongings. For example, if there is a fire in your home and your furniture, clothes, or electronics are damaged, your insurance will provide compensation. Many tenant insurance policies also cover living expenses, such as hotel stays, while your living space is repaired. Another perk of tenant insurance is that it goes with you, whether you move to a new apartment or your items are stolen from another location, such as a gym or golf club.
Another bonus of many tenant insurance policies is liability coverage. This means if an individual is unintentionally hurt in your living space, you will be insured against liability for their injuries. Each policy has different restrictions and perks. Our brokers will review your options with you so you can make the best choice for your needs.
WHAT IS NOT COVERED BY TENANT INSURANCE?
Tenant insurance only covers the personal belongings of the individual who purchases the policy and the immediate family that lives with them. If you live with one or more roommates (who are not family), they must purchase their own policies to protect their items. Your insurance policy will not cover their possessions.
Depending on the policy, there may be certain natural disasters that are not covered by tenant insurance, such as earthquakes or flooding (distinct from water damage). It’s essential to review the policy requirements carefully. Our experienced insurance brokers can help explain what is and is not covered by different policies to help you make the best selection possible.
HOW DOES TENANT INSURANCE WORK?
Cornerstone Insurance Brokers offers tenant insurance policies based on replacement cost.
Replacement cost provides you with value of the same items if you had to purchase them new at the time of claim. To calculate this, you’ll provide the insurance company with the value of your items when you purchased them. This type of policy compensation in the event of an emergency provides the most well-rounded coverage.
As always, your specific policy details will be tailored to your budget, needs, and belongings!
CORNERSTONE’S CONVENIENT CLAIMS PROCESS
Here at Cornerstone Insurance, we strive to make the claims process as easy as possible. If you need to make a claim on your tenant insurance policy, you’ll likely have many worries on your mind, which is why we offer several different ways to start the process. You can call our offices to talk directly to your broker, or you can use our online portal or convenient app for your mobile device. Whichever path you choose to start the claims process, our team is here to help you get a fair deal from the insurance companies and advocate on your behalf if necessary.
GET A QUOTE FOR TENANT INSURANCE IN ALBERTA
If you’re a renter and live in Alberta, get in touch with our brokers to get an insurance quote for tenant insurance today. Give yourself peace of mind by ensuring your personal items through Cornerstone Insurance. We look forward to meeting you and discussing your insurance needs!
Our insurance brokers work in direct contact with insurance companies on your behalf to ensure you get the best coverage for your needs. Learn more about Cornerstone Insurance’s partner insurers.