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If you’re planning on renting an apartment in Edmonton, it’s always a good idea to have tenants insurance. It’s important to understand that your landlord’s policy only covers the building itself and any appliances and furniture that came with the apartment. Their policy does not extend to any of your personal belongings within the unit.

What does it cover?

Tenants insurance (also known as renters insurance) covers replacement costs for your personal property due to an insured peril like fire or theft. The coverage also extends to when your belongings aren’t inside your home. For example, you can make a claim if your camera gets stolen while travelling subject to the deductible stated on your policy declaration page. It also includes personal liability coverage, which protects you in the event that someone injures him or herself in your home.

For many people, the choice of whether or not to get tenants insurance is an easy one. However, roommates may be faced with the further decision of whether or not to share a policy. To make this decision simpler for you, here are some things to keep in mind.

What’s the upside to sharing tenants insurance?

The advantage to sharing a policy is that splitting the costs of a single tenant policy is cheaper than each person getting his or her own policy. Don’t think, however, that it’s half the cost. Shared policies have a higher price tag, as insurers are assuming greater risk.

What are the downsides to sharing a tenant’s insurance policy?

There are some drawbacks to sharing a policy that should be considered.

  • Difficulties can arise when making claims

When you make a claim and have it accepted, the cheque you receive from your insurer will be made out to you and your roommate, and both of you will have to sign it. This sometimes leads to issues — for example, you and your roommate may not agree about how the payout ought to be divvied up.

  • Your insurance record may be negatively impacted

If your roommate makes a claim, it will end up on your insurance record, whether or not the incident reported involved you. Your insurance record follows you and you can expect higher premiums in the future should your roommate decide to file any claims.

  • Please note, due to the risks on their end, some insurers don’t sell single policies to roommates if they aren’t related or a couple. And very few insurers sell single policies to three or more roommates.

Find the Perfect Tenants Insurance Policy in Edmonton

To explore your options for tenants insurance further, reach out to our brokers at MBS Insurance Brokers Ltd. Whether you’re looking for a shared or individual policy, we’ll help you get the coverage that fits your needs and your budget. To learn more, or for a free quote, contact us today.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.