Are you a renter, or a homeowner with a rental property? If so, there are some special insurance considerations you need to make. What would happen if an accident, extreme weather event or crime resulted in your valuables being lost, damaged or stolen? If you own a rental property, do you want to take the risk of something going wrong while the property is vacant? Closing off these insurance loopholes is a vital part of any comprehensive personal protection plan.
Affordable Coverage for Tenants
Renter’s insurance, also known as tenant insurance, provides essential protections for people who do not own the homes they live in. It covers:
- Items of value you keep in your home
- Accidental damage to the property caused by the negligent actions of tenants
- Supplemental living expenses if the need for emergency repairs to the property force your temporary relocation
- Liability for accidents and injuries suffered by visitors to the property
- Optional personal property protection when you travel
Best of all, renter’s insurance tends to be very affordable in Calgary, particularly if you live in a building with enhanced security features. It’s attainable even for people on tight budgets, so there’s no reason to expose yourself to undue risk. Without it, you’ll be stuck to cover these costs out of pocket, and that can be a devastating financial setback you’ll wish you avoided.
Don’t Take Risks with Vacant Properties
Right now, Calgary is going through a period of relatively high vacancy rates. Last fall, the city had just a 1.4 percent vacancy rate; that has since jumped to 5.3 percent, largely due to the economic slowdown caused by the dip in oil prices.
If you own a rental property that isn’t currently occupied, you need to make sure your insurance protection remains current. Properties that are unoccupied require vacancy permits in order to maintain their coverage; these waivers are available from insurers at low cost.
From the point of view of an insurance company, the risk profile of a policy changes if a property is not occupied. These changes need to be reflected in the type of coverage you’re carrying, or the insurer may elect not to cover any perils or events that occur during the vacancy period. You can learn more about vacancy permits, why they’re necessary, and additional steps you need to take to protect yourself.
Great Rates and Outstanding Service for Your Renter’s Insurance in Calgary from Lane’s Insurance
From renter’s insurance and vacancy permits to travel insurance and homeowners’ insurance, Lane’s Insurance offers all the essential coverage you need at the industry’s most competitive rates, all with value-added service, extensive customer resources and fantastic claims support. Visit Lane’s Insurance today to get a fast, free quote for all your insurance needs.
