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Calgary tenant insurance 

Tenant insurance, also known as property insurance, is used by renters to protect contents and costs from unforeseen events.   

Having tenant insurance isn't legally required in Calgary. However, many landlords and lease contracts require renters to have it. 

Most landlords have property insurance, which protects against damage to their rental property, liability, and loss of income. Tenant insurance protects the tenant's contents against fire damage or theft. It also protects a tenant's liability if someone injures themselves in your rental due to your actions and sues them for damages. 

Tenant insurance is usually a good idea if you rent a home in Calgary. can help you find a policy quickly at the best price possible.

Calgary tenant insurance coverage types and endorsements

Calgary tenant insurance comes in all shapes and sizes, but here are some basic and additional coverages to consider.

Coverage included in a standard policy

The coverages below are automatically included in a tenant insurance policy.

Additional tenant insurance coverage  

There are also additional coverages that may be useful to you. They include the following:

How to choose your best tenant insurance in Calgary

A risk, also known as a peril, is the cause of loss or damage. When choosing your tenant insurance policy for your Calgary rental, it's important to consider these differences.

Tenant insurance types

There are two types of Calgary tenant insurance policies. Your choice is between “all perils” or “named perils.”

It’s also important to be aware that even with all-perils insurance, there are specific scenarios that home insurance excludes. Extreme cases are war and nuclear accidents, but flooding and earthquake damage are more common. Check the fine print and understand what you are (and aren't) covered against. 

Tenant insurance coverage amount 

Tenant insurance coverage amount reflects the settlement you will get for possessions if they are damaged or destroyed.   

The best way to assess this is to take a home inventory of all your possessions, determine their value, and keep a record with photos and receipts.

It’s wise to reassess the value of your insurance coverage amount once a year.

Actual cash value vs. replacement cost

Insurance companies will settle your claim in one of two ways, and you have a say about what form of compensation you want. The choices are 'replacement cost' and 'actual cash value.'

Replacement cost is exactly what it sounds like. It’s the cost of replacing something with a brand-new version. If your TV stops working after a lightning strike, your insurance will let you buy a comparable model brand new.

Cash value is slightly different. It’s the actual cash value of an item, as opposed to what it would cost to replace that item with a brand-new version. Everything depreciates over time, so the cash you receive may not be enough to cover the cost of a new one.

Outline of a house. Illustration.

See how our customers in calgary save big on tenant insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from September 23, 2023
Type of home
Low Rise
Calgary, AB
Previous claims
Lowest Rate
Average rate
$108/yr (34.00%)
Quote from September 23, 2023
Type of home
High Rise
Calgary, AB
Previous claims
Lowest Rate
Average rate
$156/yr (37.00%)
Quote from September 23, 2023
Type of home
Low Rise
Calgary, AB
Previous claims
Lowest Rate
Average rate
$120/yr (35.00%)
Tenant insurance quotes are compared from CAA, Dominion Insurance, Duuo Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.

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How much does Calgary tenant insurance cost on average?

While the cost of Calgary tenant insurance varies from person to person, renters can expect prices to range from as low as $15 per month to as high as hundreds of dollars a month. 

The cost will also depend on your needs. Someone who needs basic tenant coverage in Calgary will pay less than someone who requires additional endorsements to cover fine art and jewelry.

However, some people looking at Calgary tenant insurance quotes will want to add liability coverage to protect against financially devastating lawsuits. Suppose someone were to hurt themselves in your home and sue you for loss of income due to their inability to work. In that case, you could be responsible for hundreds of thousands of dollars. A tenant insurance policy can help protect your financial future in such an event.   

Factors that determine your tenant insurance rate in Calgary

Here are some of the major determinants of a tenant insurance premium. 

How to get the cheapest tenant insurance in Calgary

  1. Bundle coverage: Insurance companies often provide discounts to clients that bundle services, such as auto and tenant insurance, in one plan. Providers offer savings of between 5% and 15%.

  2. Compare quotes: Your policy will come up for renewal every year. This is a great time to shop and compare the market. Make sure you compare rates from multiple insurers before committing to an insurance provider. You can save hundreds or even thousands of dollars on your insurance costs annually.

  3. Customize coverage: Only take out the Calgary tenant insurance you need. You can save money on your policy by lowering your policy limits and reducing optional coverages.

  4. Increase deductibles: Raising your deductibles will lower your monthly premium. Insurance companies see their risks decreasing as fewer claims and less expensive payouts may occur. A good rule of thumb is to set aside your deductible amount in an emergency account so you can pay it whenever you make a claim.   

Frequently asked questions about tenant insurance in Calgary

Where can I get tenant insurance in Calgary? 

According to data from Statistics Canada, the number of Calgarians who rent their homes is growing faster than those who own them.

Since 2011, the number of renter households has grown by 37.3%, while the number of homeowners only grew by 15.9%. 

As a result, Calgarians have many options, as nearly all property and casualty insurers in Calgary will offer tenant insurance.   

How do I compare Calgary tenant insurance quotes? 

The most convenient and efficient way to compare Calgary tenant insurance is on rate comparison like We are partnered with the country's top insurance companies, giving you the peace of mind that you will get the cheapest quotes from the best-rated companies.

Is there a credit check when I apply for tenant insurance in Calgary? 

You're not obligated to submit a credit check when applying for tenant insurance in Calgary. An insurance company will only do one if they have your consent. Tenants with good credit scores can qualify for insurance discounts, and your score won’t be affected.

Is getting renters insurance worth having in Calgary? 

Although deciding on Calgary tenant insurance is a personal choice, it protects you if your contents are damaged or stolen. Also, should a claim be made against you, tenant insurance could have a material impact on you and save you thousands, if not millions, of dollars in lawsuits.

How can I file a tenant insurance claim? 

You can file a claim over the phone or through your provider's app. It’s also wise to have a list of your home's contents, with photos and receipts, to make the claims process go as smoothly as possible.

Lisa Coxon Staff

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The writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.

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