Renters Insurance: Average Cost in Saskatchewan
Did you know that the average person has over $35,000 worth of belongings? Despite this, many renters don’t have proper insurance protection. Renter Insurance isn’t just a good idea, it’s essential if you’re living in a property as a tenant. The good news is that tenant coverage is more affordable than you may think.
Whether you rent a house or an apartment, someone else owns the building, but that doesn’t mean you’re living risk-free. Let’s unpack the mystery of Renter Insurance so you have a clear idea of what you’re in for before you purchase a policy.
Why You Should Consider Renters Insurance
If you are renting, your landlord’s insurance covers the building but not any of the contents or belongings you own. A fire or water damage could result in losing everything you have acquired. Just because you do not own the property doesn’t exempt you from being pursued for damages.
Belongings Coverage
Renters’ insurance protects your personal items. If they’re damaged by a covered event, your policy helps you replace them. You decide how much coverage you need, but remember to determine the right coverage by considering the cost to replace everything, not what you originally paid for it.
Case Example: Julia rented an apartment downtown and had invested in quality furniture, electronics, and clothing over the years. When a pipe burst in her ceiling while she was at work, water damaged her laptop, sofa, and designer clothing. Renter’s insurance can cover the replacement of these items.
Personal Liability Insurance
If an accident happens and you accidentally injure someone or damage their property, this coverage can help.
For example, liability insurance can help pay for your legal defence costs and any money you’re ordered to pay if someone sues you. Just keep in mind, this doesn’t cover accidents involving cars or your business; those need separate insurance.
Case Example: Mark was hosting a dinner party in his rented condo when a guest tripped over his coffee table and broke her wrist. She required surgery and missed two weeks of work. When she filed a claim against Mark for medical expenses and lost wages. If the court declared Mark liable, Renter’s insurance can cover the cost of the defence and settlement payout.
Additional Living Expenses
If a covered peril on your policy damages your rental home, making it unlivable, this part of your insurance helps you out. It pays for things like a hotel, meals, and other necessary costs while your place is being fixed or until you find somewhere new to live.
Case Example: When a kitchen fire damaged Sarah’s apartment, her landlord estimated repairs would take at least two months. Her Renters’ insurance can cover her stay at a nearby hotel, the additional cost of eating at restaurants without kitchen access, and even the extra gas expenses from a longer commute to work.
Sewer Back-Up Coverage (Optional)
This optional coverage protects your belongings from damage caused by backed-up sewers, drains, or sump pump failure.
Case Example: Devon rented a garden-level apartment and returned home from a weekend away to find several inches of water in his unit due to a sewer backup. His furniture, electronics, and clothing stored in the lower drawers were damaged. Because he had added sewer backup coverage to his policy, his Renter’s insurance could cover the damages to his belongings.
Glass Buy-Down Deductible (Optional)
This optional coverage reduces your deductible specifically for glass-related claims, such as broken windows or door glass. Since glass damage often costs less than a standard deductible, this coverage makes it more affordable to repair these common issues without paying the full deductible amount.
Case Example: When a baseball cracked Alisha’s living room window in her rented townhouse, the replacement cost was $450. Her regular policy deductible was $500, which meant she would typically have to pay the full repair cost out-of-pocket. However, with the glass buy-down deductible option on her policy, her deductible for glass claims was reduced to just $25, saving her $425 on this common type of damage.
While some coverage options come standard with renters insurance policies, others may be available as add-ons for an additional premium. The specific coverages, limits, and options available to you may vary by insurance provider. Always review your policy details carefully and discuss your specific needs with an insurance professional.
Average Tenant Insurance Cost in Saskatchewan
Saskatchewan’s average tenant insurance cost is around $280 – $350 before PST. To break it down, you’d look at roughly $25 – $35/ month on average.
If you’re looking to acquire a quick quote to check out the price for your own reference, we highly recommend our online quoting tool HWICLICK, which provides you with real-time prices for your convenience, available 24/7.
Factors That Affect Renter Insurance
As you anticipate the cost of Renters Insurance, you get to choose a deductible to fit your budget. Consider how your selected deductible will fit into your budget if you have to make a claim.
A higher deductible often leads to lower premiums, whereas a lower deductible offers more protection against out-of-pocket expenses if you have a claim.
“The amount of coverage also affects the price. The more coverage you have, the higher the cost of insurance.”
Discounts Available for Renter Insurance
Many insurers offer discounts on their insurance packages. However, the discounts available differ between the types of insurance and various insurers. The most common discounts available for Renters Insurance are:
Common Renter Insurance Discounts
- Claims Free
- Loyalty (applied based on the number of consecutive years the client is insured with their insurer)
- Age discount (based on the oldest occupant listed at the principal residence)
- Insurance Score (providing consent, discount results if you have a good credit score)
- Monitored Alarm (available with a certificate of a professionally installed burglar or intrusion alarm system where the system is monitored 24hrs/day by a monitoring company)
Every insurer is different; sometimes, they offer special discounts only for that particular insurer. For example:
Special Insurer-Specific Discounts
- Non-smoker discount (no one living at the property smokes tobacco products)
- Living above the ground floor (if your suite is located above the ground level)
Your policy’s coverage can be changed as needed, depending on your current needs. This can include moving to a new location, purchasing a new home, getting married, etc.
We recommend a policy review once every 12 to 18 months to review what may have changed in your life. This helps you identify the coverage you no longer need or new coverages or discounts you may want to add to your policy.
Frequently Asked Questions
Does my landlord’s insurance cover my belongings?
No, your landlord’s insurance only covers the building structure. Your personal belongings are not protected under their policy, which is why you need renter’s insurance.
How much does renter’s insurance cost in Saskatchewan?
Saskatchewan’s average tenant insurance cost ranges from $280 to $350 annually before PST, which breaks down to approximately $25-$35 per month.
What factors affect the cost of my renter’s insurance?
Several factors affect your premium, including your deductible amount, coverage limits, age, claim history, location, postal code, and credit score (if consent is provided).
Does renter’s insurance cover me outside my home?
Yes, your personal liability coverage travels with you. Your policy can protect you if you injure someone or damage someone else’s property away from home. However, auto and business liability are excluded.
How often should I review my renter’s insurance policy?
We recommend reviewing your policy once every 12 months, or whenever you experience significant life changes such as moving to a new location, purchasing a home, or getting married.
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Posted in Home & Tenant on December 22, 2022 by Hope Prost
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