As a tenant in Calgary, ensuring your possessions are fully protected is more important than ever. Standard tenant insurance policies offer great coverage for basic risks, but the unexpected can still happen. From natural disasters like floods to unpredictable earthquakes, it’s vital to customize your tenant insurance policy to protect your home and belongings from these risks.
In this blog, we’ll show you how to add additional coverage, specifically flood and earthquake, to your tenant insurance policy in Calgary.
Why You Should Consider Adding Flood and Earthquake Coverage
The Importance of Flood Coverage in Calgary
Flooding is an increasingly common risk in Calgary due to the city’s location near several rivers and the effects of climate change. Heavy rains, melting snow, and spring thaw can overwhelm local drainage systems, leading to water damage in homes and apartments. Unfortunately, standard tenant insurance typically doesn’t cover flood damage, leaving you vulnerable to costly repairs.
It will help you replace damaged personal property and cover repairs to your rented space if a flood occurs. Without this coverage, you would be responsible for the financial burden of water-related damage, even though it’s not your fault.
Why Earthquake Insurance is Critical in Alberta
While Alberta is not as prone to earthquakes as regions on the west coast, seismic activity does occur in the province. The 2011 “Red Deer Earthquake” and other smaller tremors have highlighted that Alberta is not entirely immune to seismic risks. In a strong earthquake, your rental property could suffer structural damage, and your belongings could be damaged or destroyed.
Earthquake insurance is crucial for Calgary tenants to protect their personal property and living space. This coverage ensures you’re not left with full financial responsibility if the unexpected happens.
How to Add Additional Coverage to Your Tenant Insurance
Adding additional coverage, such as flood and earthquake insurance, to your tenant policy is relatively simple, but it’s important to understand the process to make informed decisions.
Step 1: Review Your Current Policy
Start by reviewing your current tenant insurance policy to see what coverage you already have. Make a list of any gaps you’d like to address, such as the need for flood or earthquake coverage. If you’re unsure, contact your insurance provider for clarification.
Step 2: Speak to Your Insurance Provider
Once you’ve identified your needs, contact your insurance provider to inquire about adding additional coverage. A licensed agent can explain your options, provide recommendations, and help you understand the implications of adding these coverages to your policy.
Step 3: Customize Your Coverage
With your insurance agent, you can tailor your flood and earthquake coverage to your specific needs. You can decide the coverage you require for your personal property and any additional living expenses or structural damage coverage for your rental unit.
Step 4: Adjust Your Premiums and Terms
Adding additional coverage may increase your monthly premiums. Be sure to discuss the costs upfront and evaluate whether the extra coverage fits within your budget. It’s important to balance the protection you need with what you can reasonably afford.
How Much Does It Cost to Add Flood or Earthquake Coverage?
The cost of adding flood or earthquake coverage varies depending on several factors, including:
- The level of coverage you need
- The value of your personal property
- The location of your rental (Flood-prone areas may see higher premiums)
- Your existing insurance policy
Generally, flood coverage can add anywhere from $5 to $50 or more per month to your premium, depending on the coverage’s extent and location. Earthquake insurance can be a bit more costly, with monthly rates typically ranging from $10 to $30.
While the extra cost may seem burdensome, it’s a small investment for protection against major damage.
Conclusion
Protecting your personal belongings and ensuring you are covered for the unexpected is a smart and responsible decision. Adding flood and earthquake coverage to your tenant insurance in Calgary will provide you with added peace of mind and safeguard your possessions against natural disasters.
If you’re ready to customize your tenant insurance policy with flood and earthquake or liability coverage, we’re here to help. At Affordable Quotes Insurance, we provide a range of options to suit your needs and budget. Don’t wait for disaster to strike; contact us today for a personalized, no-obligation quote for your tenant insurance policy.