How Much Does Renters Insurance Cost in Calgary, Alberta?
Renters insurance is an essential protection for tenants in Calgary, Alberta, providing coverage for personal belongings and liability. If you’re considering purchasing renters insurance, one of the questions you might have is: how much does it cost? While the exact cost of renters insurance in Calgary can vary based on several factors, it’s important to understand the average range and the factors that influence the cost.
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Factors Affecting Renters Insurance Cost
The cost of renters insurance in Calgary, Alberta depends on various factors, including:
1. Location
The location of your rental property in Calgary can influence the cost of renters insurance. Factors such as crime rates and proximity to emergency services may impact the risk assessment by insurance providers.
2. Coverage Amount
The amount of coverage you choose for your personal belongings and liability will affect the cost of renters insurance. Higher coverage limits will result in higher premiums.
3. Deductible
The deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Opting for a higher deductible can lower your premiums, but it means you’ll have a higher initial expense in the event of a claim.
4. Type of Coverage
The specific type of renters insurance coverage you select will impact the cost. Additional coverage options, such as protection against water damage or identity theft, may increase premiums.
Related Read: How Much Is Tenant Insurance in Canada?
5. Insurance Provider
Each insurance company in Calgary has its own pricing structure and considerations. It’s important to compare quotes from different providers to find the best coverage at an affordable price. APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle.
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Average Cost of Renters Insurance in Calgary
On average, renters insurance in Calgary ranges between $20 to $40 per month. However, it’s important to note that this is a general range, and the actual cost may be higher or lower depending on the factors mentioned above. APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle.
Related Read: What’s the Cheapest Province to Live in Canada?
To get an idea of the cost, it is recommended to obtain quotes from multiple insurance providers, taking into account the coverage options you need and any specific requirements of your rental property.
Getting the Best Renters Insurance
When shopping for renters insurance in Calgary, it is essential to focus not only on the cost but also on the coverage and reputation of the insurance provider. Consider the following steps:
1. Assess Your Coverage Needs
Evaluate the value of your personal belongings and consider the amount of liability protection you require. This will help you determine the coverage limits you need.
2. Research Insurance Providers
Explore reputable insurance providers in Calgary that specialize in renters insurance. Look for companies with a good track record, positive customer reviews, and competitive pricing.
3. Request Quotes
Contact multiple insurance providers and request quotes based on your coverage needs. Compare the quotes and the coverage options they offer.
4. Read and Understand the Policy
Carefully read the terms and conditions of each policy before making a decision. Pay attention to coverage limits, deductibles, exclusions, and any additional coverage options.
APOLLO offers effortless tenant insurance for renters across Canada. Get a free quote in less than a minute and we’ll send your unique policy documents right to your inbox.
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Originally published July 26, 2023, updated August 9, 2024
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