If you rent, you need to protect yourself from not only events that you are legal responsible for, but for circumstances that can happen that are beyond your control.
Sewer backup and water damage
Sewer backups can be caused by heavy rain and flooding, or a blockage in the sewer line and there isn’t much you can do to prevent them from occurring. They’re also very costly. According to the Insurance Bureau of Canada, torrential rains in Alberta in 2013 caused floods that resulted in $1.72 billion in damage.
Sewer backups can happen in almost any type of property. While lower-level dwellings are the most vulnerable, sewer backups can affect any unit if the issue is severe enough. In a worst-case scenario, water damage can render one or more units uninhabitable.
Additional Living Expenses
One coverage that most people are not aware of on a tenant’s policy is additional living expenses. Additional living expenses covers the additional costs of living that are incurred by the policyholder should they be temporarily displaced from their residence.
Examples of when this coverage was used by many people are the Fort McMurray wildfires and the Calgary flooding.
If someone is injured while visiting you in your home, you could be sued for damages. You could also be sued for damages if you accidently caused the loss yourself.
Examples of these types of losses could be someone tripping over something on the floor or pot being left on the stove causing a fire.
You are also legally responsible for the actions of your children and pets.
Our Brokers Will Help You Find the Best Tenants Insurance in Alberta!
Your best bet when looking for tenants insurance is to speak with a broker that’s familiar with an area’s typical risks and history. MBS Insurance Brokers can help you find the best policy to match your needs. Call us today to set up an appointment!