Tenant & Condo

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Tenant & Condo Insurance on the Spot

Why do I need Tenant or Condo Insurance?

If you’re a tenant, your landlord’s insurance won’t cover you. If you’re a condo owner, your condominium corporation’s insurance will only cover the structure and public areas. Your personal belongings and personal liability won’t be covered. Plus you’re missing out on other coverage provided by a comprehensive tenant or condo insurance policy, like additional living expenses and identity theft protection.

How much does Tenant or Condo Insurance cost?

Tenant and condo insurance is very affordable. The exact cost will depend on factors like the value of your personal belongings and your insurance options.

Your landlord or condo corporation’s policy won’t cover your personal liability or belongings – tenant and condo insurance do.

Areas We Serve

  • Calgary
  • Red Deer
  • Fort McMurray

What affects the cost of Tenant & Condo Insurance?

The following factors affect the cost of tenant and condo insurance:

  • Your demographics
  • Your credit rating
  • Your insurance and claims history
  • Proximity to a fire hydrant and fire station
  • The building type (i.e. house, high-rise, rowhouse)
  • The building material
  • The age and type of roof
  • The age and type of electrical, plumbing and heating systems
  • Proximity to hazards like rivers
  • Damage mitigation devices like alarms, sump pumps, and more
  • The replacement value of your personal belongings
  • The replacement value of your condo (everything within the walls like flooring and appliances)
  • The claim rate of your neighbourhood
  • The crime rate of your neighbourhood
  • Your insurance options like deductible, policy limit, loss settlement, and coverages

The riskier your home is to insure, the higher your rates will be. This is determined by complicated calculations by the insurance company – and every single one is different. That’s why it’s important to shop around for the best coverage and rates.

How to get the best Tenant & Condo Insurance rates

Here are some tips to get the best tenant and condo insurance rates:

  1. Work with a broker. A broker can take care of the price shopping for you as well as advise on balancing coverage with the price.
  2. Create an inventory. This way you can ensure you have enough coverage for your personal belongings and you won’t pay for coverage you don’t need.
  3. Install mitigation devices. Smoke, carbon monoxide, water and monitored security alarms can all get discounts from insurers. So can devices like sump pumps and backwater valves.
  4. Review your insurance at least once a year or when you experience a major life change.
  5. Allow your insurance company to run a credit check. This will not impact your credit rating.
  6. Stay insured and stay on top of insurance payments. Insurance companies reward those who’ve been consistently insured with lower rates. You can usually pay your tenant or condo insurance in instalments if annual payments are too difficult to make. Rogers Insurance also offers premium financing.
  7. Only submit a claim if you can’t cover the damage yourself. Small claims can lead to big increases in your rates.

Talk to one of our experienced tenant and condo insurance brokers for tailored advice to your individual situation. Otherwise, If you are an Ontario resident, it is highly recommended to contact Sharp Insurance for the most competitive Condo & tenant insurance quotes in Ontario

What does Tenant & Condo Insurance cover?

There are three main areas of coverage for tenant & condo insurance:

Physical Damage
Personal Liability
Additional Living Expenses

Physical Damage

Tenant & condo insurance can cover physical damage to your personal belongings like clothing, furniture, and anything else you own.

Keep in mind that there is a “single item limit,” which is the maximum amount that you will receive for any one item. If you have high-value electronics, jewellery, art, sports equipment or collection items, you should consider “scheduling” them to ensure they’re properly covered. One of our tenant & condo insurance brokers can help with this.

For condo owners, your insurance will also cover physical damage to your unit.

Here is a list of commonly covered perils (causes of physical damage) for tenant & condo insurance:

  • Theft
  • Vandalism
  • Fire
  • Smoke
  • Explosion
  • Wind
  • Hail
  • Impact by vehicle or aircraft
  • Impact by falling object (like a tree)
  • … and more

Some perils require special endorsements to your insurance to be covered. This includes earthquake, sewer backup and overland water (flooding) coverage. These endorsements may not be offered by all insurance companies or to all customers. Talk to your broker for more details.

Personal Liability

Tenant & condo insurance provides personal liability coverage to the policyholders. This covers your legal expenses in the event someone sues after they are hurt or has their property damaged while visiting your home or due to your unintentional actions.

Additional Living Expenses

If you have a covered claim or are mandated to evacuate your home by a civil authority, you are eligible for additional living expenses. This covers the extra costs for things like accommodation, transportation and food while you must vacate your home.

What isn’t covered by Tenant & Condo Insurance?

Tenant & condo insurance doesn’t cover everything. It is designed for unexpected events. Here are some perils not normally covered by tenant & condo insurance:

  • Wear and tear
  • Regular maintenance
  • Rust or corrosion
  • Mould
  • Slow seeping, leaks, et cetera
  • Damage by rodents, insects, and animals

What is and isn’t covered will be outlined in your tenant & condo insurance policy documents.

Start a Conversation With One of Our Expert Brokers Today to Determine the Right Coverage for You.

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We’re here to help if you’ve been affected by the wildfire near Fort McMurray.

Contact us at 1.866.910.3770 if you have questions about your policy or need to make a claim. Learn more about staying safe during a wildfire and making an insurance claim here.