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Apartment Living 101: Renter's Insurance

Published Aug 2, 2018
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A common question asked among renters is, "Do I really need renter's insurance?"

The short answer is YES!

If you're new to renting, or if you've never thought about getting insured before, Ayre & Oxford wants to help you understand why tenant insurance is a vital part of apartment life.

Your property owner has insurance to cover any cosmetic or structural damage to the building, and many tenants think this will cover their apartment as well. What most renters don't realize is that your possessions are not included in that policy. Your apartment, as rented, will be repaired or rebuilt, but anything of yours that gets lost or damaged will be your responsibility.

Imagine having to replace everything you own at once due to fire damage, a flood, or other natural disaster. Would you be able to afford to replace everything, from your furniture and electronics right down to your toiletries and clothing? Most people can't, but even if they could, no one wants to have to spend their hard-earned money like that.

Or, imagine having a guest accidentally slip and fall in your apartment, causing severe damage to their person. Without insurance, you would have to pay their medical expenses. Liability coverage takes care of costs like these, while also protecting you if you are the one unintentionally responsible for causing a fire or flood in your building.

Renter's insurance is the best way to protect yourself and family against any disaster, including theft and liability. The truth is, accidents happen. It's best to prepare yourself for life's unplanned mishaps.

Getting insured is easy and it's a low monthly cost that everyone can afford.

Tenants can expect to pay roughly $20 a month on renter's insurance. If you have car insurance, call your insurance company, and speak to someone about bundling tenant insurance with your existing policy. If you're currently uninsured, check out these insurance companies in Alberta:

Here at Ayre and Oxford, we strongly recommend all of our residents acquire renter's insurance to protect themselves and their possessions.