If you’re a renter in Calgary, it’s important to know how much renters insurance costs in your area. Renters insurance protects your belongings from damage, loss, or theft, and provides you with peace of mind knowing that your valuables are secure. In this article, we’ll discuss the cost of renters insurance in Calgary and factors that influence the monthly premium.
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Factors that Affect Renters Insurance Cost
There are various factors that affect how much renters insurance costs. Here are some of the primary factors that may impact your premium:
Coverage Limits
The coverage limits of your renters insurance policy refer to the maximum amount of coverage your insurance company will provide in the event of loss or damage. Generally, higher coverage limits mean higher premiums.
Location
The location of your rental unit is another factor affecting renters insurance cost. If you live in an area with high crime rates, you may have to pay more compared to someone who lives in a safer neighborhood.
Type of Protection
The type of renters insurance you choose can impact the cost as well. For example, if you opt for additional coverage, such as flood insurance, earthquake insurance, or identity theft protection, you may have to pay more.
Credit Score
Your credit score also plays a factor. Insurance providers use your credit score to gauge your level of financial responsibility. A higher credit score indicates a lower risk of filing a claim, resulting in a lower premium.
Deductible
Finally, your deductible or the amount you’re responsible to pay out of pocket for a loss before coverage kicks in also impacts your premium. A higher deductible means a lower monthly premiums, but it also means paying more up-front in the event of a claim.
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Average Cost of Renters Insurance in Calgary
The cost of renters insurance in Calgary varies depending on the coverage limits, location, and type of protection. As a general rule of thumb, renters insurance in Calgary costs between $20 to $50 per month. However, more extensive coverage or higher coverage limits will increase this amount.
Related Read:What’s the Cheapest Province to Live in Canada?
Importance of Renters Insurance
Though renters insurance may seem like an additional monthly expense, it can save you thousands in the long run. Without it, you’d have to pay out of pocket to replace stolen or damaged items. Renters insurance also covers liability in case of accidents, protecting you from potentially costly legal fees.
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