Many tenants overlook the importance of tenant insurance when they are entering into a rental agreement. But, tenant insurance is a vital aspect of renting a home or apartment. Having the right coverage can protect both renters and landlords from unexpected costs or damages that may arise during the course of the rental agreement. Here’s why tenant insurance is essential for renters and landlords alike.

What Does Tenant Insurance Cover?

Tenant insurance covers any damage that occurs to the contents of a rented property, as well as any accidental injury sustained by the tenant or their guests while inside the property. This type of coverage also provides liability protection for those rare instances when someone sustains an injury in your rental space that you may be held liable for. It also covers any additional living expenses you may incur if you need to relocate temporarily due to damage caused by fire, water, smoke, etc., within your rental space.

For landlords, tenant insurance can provide peace of mind knowing that any potential damages will be covered should your tenants experience an incident while renting from you. This type of coverage helps protect against losses caused by theft, vandalism, fire and water damage (caused by your tenants). It also eliminates potential legal battles over responsibility for damaged items or injuries that occur on your property since the tenant’s policy will cover these expenses instead.

Why You Need Tenant Insurance

Tenants should have some form of insurance in case something unexpected happens, such as theft or natural disasters like floods or fires, which could leave them without their possessions and/or unable to reside in their current residence. Oftentimes, tenants will believe the landlord or building insurance policy also protects their belongings and home life; put simply, it does not.

Landlords should make sure their tenants carry some form of coverage so they won’t be liable for damages done to their property by their tenants or their guests. In addition, having coverage on both sides ensures that no one is stuck with unexpected costs due to an unfortunate incident occurring inside the rental unit.

It’s important to understand the value of Tenant Insurance

Both tenants and landlords need to understand how important tenant insurance is when entering into a rental agreement.
Not only does it provide peace of mind knowing that all parties are protected from liabilities related to accidents or incidents within the rented space but it also ensures that no one is stuck with costly repair bills due to damages caused by either party during the tenancy period. Taking out a tenant insurance policy is an inexpensive way to safeguard yourself and your rental space from potential financial losses related to unexpected events while occupying a rented space—so it’s definitely worth considering!

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“Too Many” Rental units in Condo Building

As the housing market continues to grow and expand, and a generational shift makes its way closer to city centers, a lot of condo owners (often moving in from the suburbs themselves) are noticing their neighbors are becoming renters rather than owners. A Calgary Herald reader reached out to Roberto Noce to note that there were “too many” renters in their building and to request assistance in drafting a motion to amend the building bylaws (ultimately to cap the number of non-owner tenants in the building).

The reply from Roberto Noce was honest, informative..but perhaps not what the letter writer had hoped for.

Condominium units are private property, and the condominium corporation cannot restrict how someone leases or otherwise disposes of their property — there is strong case law on this in Alberta. The Condominium Property Act sets out the corporation’s powers with respect to unit rentals. Essentially, the corporation may require owners who rent out their units to pay a deposit.

In the article, Noce also attempts to dispel some misconceptions regarding “renters”

There are many false stereotypes of renters: They are transient, they don’t contribute to a community as much as owners, and they don’t make good neighbours. Just because renters do not own their condo units that doesn’t mean they care any less about the condominium complex than owners do. Here are some tips for getting active as a renter: Get to know your neighbours; find out when meetings and/or social events are and show up; and, if the bylaws allow for renters to be on the board, run for a position. Finally, if you are looking for rental information, go to the Canada Mortgage and Housing Corp. Rental Market Report, which provides an in-depth analysis of rental markets, a review of rents and vacancy rates.

But condo units used for short-term rental such as Airbnb, well, that’s another story

Condominium corporations do have the power to restrict short-term rentals such as Airbnb. The Airbnb arrangements are distinct from traditional residential leases.

Airbnb guests are not renters; they are the functional equivalent of hotel guests who are mere licensees.

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