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Everything You Need to Know About Renter’s Insurance in Alberta

 

If you’re a renter in Alberta, you may be wondering if you need renter’s insurance. After all, your landlord’s insurance typically only covers the building itself, not your personal belongings or liability. 

In this blog post, we’ll go over everything you need to know about renter’s insurance in Alberta, including what it covers, how much it costs, and how to file a claim.

 

What is Renter’s Insurance and What Does it Cover?

Renter’s insurance, also known as tenant insurance, is a type of insurance that protects your personal belongings and liability as a renter. It covers things like your furniture, clothing, electronics, and other personal items in case of events such as theft, fire, or natural disasters. Renter’s insurance can also provide liability coverage in case someone is injured on your property and sues you.

 

How Much Does Renter’s Insurance Cost on Average?

The cost of renter’s insurance varies depending on factors such as the value of your belongings, the location of your rental, and the amount of coverage you need. On average, renter’s insurance in Alberta costs around $25-$35 per month.

 

What Are Some of the Risks That Are Covered by Renter’s Insurance?

Renter’s insurance covers a wide range of risks, including:

  • Theft
  • Fire
  • Natural disasters (such as floods, earthquakes, and windstorms)
  • Water damage (from things like burst pipes or leaks)
  • Liability (in case someone is injured on your property and sues you)

Note that each policy is different, so it’s important to read your policy carefully and understand exactly what is and isn’t covered.

 

How Do I File a Claim with My Renter’s Insurance Company?

If something happens to your home or belongings and you need to file a claim with your renter’s insurance company, the process is typically straightforward. Here’s what to do:

  1. Contact your insurance company as soon as possible. Let them know what happened and provide any relevant information, such as the date and time of the incident, a description of what happened, and any supporting documents.
  2. Take photos or videos of the damage. 
  3. Make a list of the damaged or lost items. Be as detailed as possible and include the value of each item.
  4. Follow the instructions provided by your insurance company. They may ask you to fill out a claim form or provide additional information.

 

Are There Any Tax Deductions Associated with Renter’s Insurance Premiums That I Should Be Aware of?

In general, renter’s insurance premiums are not tax-deductible. However, there are some situations in which you may be able to claim a tax deduction for your renter’s insurance premiums. 

For example, if you’re self-employed and use a portion of your home as a home office, you may be able to claim a deduction for the percentage of your premiums that relate to the home office portion of your home. 

 

What Are Some Things to Keep in Mind When Choosing a Renter’s Insurance Policy in Alberta?

When choosing a renter’s insurance policy in Alberta, there are a few things to keep in mind:

 

  • Make sure the policy covers all of your belongings. 
  • Look for a policy with a high liability limit. This can provide additional protection in case you’re at fault for an incident on the property. 
  • Choose a reputable insurance company with a good track record of handling claims and providing good customer service.
  • Read the policy carefully and make sure you understand exactly what is and isn’t covered. 

 

Contact the Professionals at Emerald Management and Realty Today

Our team can help you understand the benefits of renter’s insurance and assist you in finding the right policy for your needs. To get started, give us a call at 403-237-8600 or fill out our online form.


4 Important Rules You Should Have for Tenants

Owning rental property is an excellent revenue stream that builds your net worth now and in the future. Yet, with this lucrative revenue stream comes some challenges, especially concerning potential tenants.

However, with these four tenant rules clearly defined in your rental agreement, you will have a better working relationship for long tenancy rates and protect your property from extensive damages.

 

Pay Rent on Time and in Full

First and foremost, you have a rental property to make money. Without regular, in-full payments, you can incur more costs than profit and fall prey to being taken advantage of by less honest tenants. 

Of course, life happens, and unexpected circumstances like accidents, layoffs, or payment processing may interfere with receiving your rent payment on time. However, if this is a rare occurrence, it is understandable to work with your tenant if they are responsible and have a good track record.

Don’t let this rare forgiveness become a habit. You could be in for an expensive lesson in owning rental property: state payment expectations, penalties, and consequences on your dually signed rental agreement.

 

Keep the Property Clean and Free of Damage

Property maintenance is another part of owning real estate that has to be planned for and executed quickly. If your tenant understands that you not only expect notification about issues but that you welcome them, they are more likely to contact you right away when something happens. 

Sometimes, you may schedule routine inspections, maintenance, and repair to ensure your rental systems are functioning correctly and avoid any unwanted or unnecessary problems. Other times, the tenant discovers an issue or may have inadvertently caused damage, and the sooner you handle the repair, the less likely it is to bloom into a more costly and time-consuming problem.

Additionally, depending on your investment property, part of maintenance is removing trash, keeping the interior and exterior of the house clean, and removing yard debris. Again, having precise instructions for your tenant ensures they understand the standards you expect them to follow.

 

Respect Neighbours by Keeping Noise Levels Down

Your tenants also have a responsibility to their neighbours. Everyone wants to enjoy their home in various ways, sometimes with music or having guests over. Or other times, it is an all-out party or a loud disagreement that increases the noise.

By stating your rules about noise pollution and acceptable times of day for music etc., your tenants can enjoy their home without causing complaints from the neighbours. Not only will the neighbourhood appreciate these boundaries, but you’ll have less hassle while allowing your tenants to live a little.

 

Inform the Landlord Immediately if Something is Wrong

Giving direct instructions about wear and tear or outright damages provides your tenants with steps to follow. Knowing you can trust each other means they will care for your property as if it were their own, and you know it is in good hands.

Include your contact information and an emergency phone number in your contract should a problem arise after hours. Set the expectation that you want to be informed when something isn’t working immediately, when to expect a resolution, and how you determine any applicable charges.

 

Bonus Tip: Entrust Property Management to Professionals

Having a comprehensive and legally binding tenant agreement is crucial to successful and lucrative rental transactions, which is why you want to use the services of Emerald Management & Realty Ltd. in Calgary, AB. Their leading experts have the skills and contractor network to care for your rental property and tenants’ needs.

Enlist Emerald Management’s professional property management services today. Request a proposal online or by calling 403-237-8600 now!


Helping Project Warmth obtain 2022 Goal

 

Project Warmths’ goal is to ensure that less fortunate stay warm and dry over the harsh winter months.  Throughout the months of December 2022 to February 2023, Emerald Management & Realty Ltd. is accepting blankets, gloves, scarves, parkas and other warm clothing for those in need.

By making a donation of warm clothing or a financial contribution, you can make an immediate difference for someone that is homeless and struggling to take care of themselves or they family.  Emerald’s goal is to collect 5 bins of warm items over the 3 months by engaging with its stakeholders, residents and contractors.

 

Emerald Management & Realty Ltd. will be collecting on behalf of Project Warmth donations of both new and used:

  • warm clothing,
  • outerwear (jackets, coats, gloves, mitts, toques),
  • Boots and shoes,
  • sleeping bags, and
  • blankets.

Donations can be placed in bags or boxes and be left at the collection site during regular business hours at Emerald Management & Realty Ltd.’s head office located at: 1036 – 10th Avenue SW, Calgary, AB  T2R 1M4.  Please contact our team with any questions regarding this initiative at 403-237-8600.


The Appeals of Condo Culture

Owning a house can sometimes be, for lack of a better word, exhausting. We live such busy lives already with work and family responsibilities that having to maintain and care for a house can be draining at times. 

 

Houses come with more maintenance and repair obligations, so you have more to stay on top of.  A condo is compact and offers everything you need to live a comfortable and happy life without the headache of being a house owner. 

 

There could be several reasons why moving to a condo unit could be beneficial to you. You may have too much on the go to properly care for your home, so living in a smaller space can ease the stresses of maintaining a clean and happy home. 

 

Amenities

 

Depending on the type of condominium you choose to live in, some are turn-key and others offer a variety of amenities.  Workout facilities, swimming pools, a spa and other health-driven amenities can add so much value to your lifestyle. Having these amenities appeal significantly to those seeking a more health-conscious lifestyle. Furthermore, owning a treadmill or any other gym equipment can be expensive and excruciatingly challenging to bring into your home due to their extreme weight. 

 

Imagine having a swimming pool that you never have to clean to maintain. Letting someone else worry about the maintenance of the gym equipment and other facilities is a much better way of life. You get to focus on yourself and reach your fitness goals. 

 

Opportunities to participate in social committees

 

Living so closely with others fosters a sense of community that is distinct from that which you might discover in a conventional neighbourhood. Many condo dwellers take great pleasure in their area, and neighbours often wind up becoming good friends. This is great for anyone who is often lonely or has difficulty meeting new people. 

 

Less responsibilities

 

Let this be why you decide to switch from house to condo living. While you do pay condo fees aka contributions, you are getting so much in return. Everything is taken care of when you live in a condo: lawncare maintenance, janitorial duties in the common areas, maintenance of the amenities, security, and much more. 

 

Condo living also means you have fewer things to stress over in your home. With fewer chores to deal with, you can expect the stress of keeping tabs on all the things you need to clean or maintain to decrease substantially. This will significantly improve your well-being because you can focus on the essential things that matter to you. 

 

Easy access to neighbourhood gems

 

You can often find condos for rent in the heart of any metropolis. Since everything worth seeing will be within walking distance or easily accessible via public transportation, you can count on not needing a car anymore. You will save so much money by eliminating car ownership, and the extra walking will benefit your health in the long run. 

 

Condo living enables you to be part of your community and experience a more engaging lifestyle. Spend the morning sipping on a matcha latte at a local coffee shop or pick up fresh produce from a nearby farmer’s market. No longer being bound by a car makes for easy movement within a city, giving you more access to some neighbourhood gems. 

 

More affordable cost of living

 

Many condos for sale are, of course, more affordable than a house. Condo living offers incredible lifestyle changes that benefit your lifestyle. 

Consider Condo Living Today!

 

If you desire to make the change to condo living, our Emerald Management & Realty team can help you. We take pleasure in providing licensed condominium management that supports condominium owners and condominium boards. You can reach us by phone at 403-237-8600 or fill out our online contact form to get started.


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