How Much Is Tenant Insurance in Calgary?
You might be curious about the cost of tenant insurance as a tenant in Calgary. Tenant insurance, sometimes referred to as renters insurance, guards your personal belongings in case of loss or damage from fire, theft, or other insured incidents. This post will discuss the price of tenant insurance in Calgary as well as the variables that affect your quote.
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Factors that Affect Tenant Insurance Cost
Several factors influence to the cost of tenant insurance, including:
Coverage Limits
The amount of coverage you require is the primary factor influencing the cost of renter insurance. Higher coverage limitations usually translate into higher monthly premiums.
Deductible
The amount you have to pay out-of-pocket before your insurance coverage begins is known as the deductible. A bigger deductible lowers the monthly premium, but in the event that you need to submit a claim, you'll be footing a larger portion of the bill.
Location
Your location has a big impact on your renter insurance premium, just like it does for any insurance. Your premium can go up if you reside in a place where there are more environmental hazards, like wildfires or floods, or if crime is more common.
Type of Property
Tenant insurance premiums are influenced by the kind of property you rent as well. For instance, you will have to pay more and obtain greater coverage for a single-family home than for a studio apartment.
Insurance Provider
Lastly, insurance providers vary in their pricing, policies, and premium calculation methods. You’ll need to shop around for the best quotes to secure the most affordable insurance for your needs.
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Average Cost of Tenant Insurance in Calgary
The average cost of tenant insurance in Calgary is between $20 and $40 per month. However, your premium may be higher or lower depending on the factors listed above. APOLLO offers comprehensive coverage for tenants starting at just $11/month.
Related Read: Does Renter’s Insurance Cover Water Damage?
Importance of Tenant Insurance
While it's not required in Calgary, tenant insurance is strongly advised. It can be quite expensive to replace everything you own, and you never know what might happen. Tenant insurance can give you financial relief from unfavourable situations while also giving you piece of mind that your property is safeguarded.
APOLLO offers effortless tenant insurance that’s designed to protect Canadian renters. Get a free quote on our online platform in less than a minute and we’ll send your policy documents right to your inbox.
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Originally published July 27, 2023, updated March 11, 2024
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