What is the Average Cost of Renters Insurance in Saskatchewan
Doing a little research on Renter’s Insurance? Spoiler alert: if you rent and live at a property as a tenant, you will need Renter’s Insurance. 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’s 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 by the landlord. You could be named in a costly liability suit for property damages where you must scramble to obtain a lawyer. Either way, it’d leave you in quite a lurch.
Fortunately, a Renters Insurance policy can protect your personal property from replacing what gets damaged due to covered loss. You can customize your coverage to choose the right amount to replace your items. The estimate is that the average person has over $35,000 worth of belongings when you add everything up, so take a minute to consider what you own to determine how much protection you may need.
Tenant Liability Insurance
Perhaps one of the essential features of a Renters Insurance policy is the personal liability insurance that comes with it. Accidents happen, sometimes resulting in bodily injury to others or damage to the property of others. Your coverage travels with you, so your policy can still protect you if you injure someone or damage someone else’s property away from home. In many cases, it can pay for your defence costs and awards made by the courts against you. Auto and business liability are excluded, as you’d need a different type of insurance to insure those risks.
Average Tenant Insurance Cost in Saskatchewan
Saskatchewan’s average tenant insurance cost is around $250 – $350 before PST. To break it down, you’d look at roughly $25 – $35 per month before PST. 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.
What Factors 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.
Another factor to consider goes hand in hand with a phrase you may have heard your broker say at some point: individualized rating. If consent is provided, the individual rating includes your age, claim history, location’s postal code, and credit score. These are the factors that help an insurer determine your premium. That’s why when you ask your neighbour what they pay for insurance, you’re likely not paying the same. Everyone is entirely unique; no one has all the exact same factors.
Are there Discounts Available for Renter Insurance?
Many insurers offer discounts on their insurance packages. However, the types of discounts available differ between the types of insurance and various insurers. The most common discounts available for Renters Insurance are:
- Claims Free
- Loyalty (applied based on the number of consecutive years the client’s principal residence is insured with their insurer)
- Age discount (based on the oldest occupant listed at the principal residence)
- Insurance Score (proving consent, discount results if you have a good credit score)
- Monitored Alarm (available with 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:
- 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 what your current needs are. 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.
If you have not reviewed your renter’s coverage lately, contact your agent or broker to schedule a review.