Renter’s Insurance Is An Important Way Alberta Landlords Can Protect Our Rental Property
Things continue to look good for Alberta landlords in 2014. According to a story in the Calgary Herald our residential real estate market is hot.
It reported on data provided by the Calgary Real Estate Board that showed a record number of transactions through the MLS system in July.
The sales total was 2,336 which beat the previous best number of 2,273 from way back in 2005.
Average sales prices are up nearly 5% and we reached month #30 of sales price growth.
The Calgary market has been buoyed by huge net migration to the area. According to Canada Mortgage and Housing Corporation (CMHC) net migration to the City of Calgary area reached a new record 45,168 in 2013.
With Property Prices So High It’s Another Reason Alberta Landlords Need To Be Careful
Your property has always been an important investment. With prices rising fast it’s never been more important to protect yourself by renting to good tenants.
It’s a reason why Alberta landlords need to screen your tenants carefully and also make sure you run a credit check on your tenants before renting to them.
A tenant credit check is a fast and affordable way for you to make sure you know who you are renting to and make sure your tenants are financially responsible people.
It’s also important for landlords to make sure your tenants get ‘renter’s insurance.’
Renter’s insurance is also called tenants insurance or contents insurance. It is a way for tenants to protect themselves and a good way for landlords to protect our rental properties.
What Is Renter’s Insurance and How Can It Protect Tenants and Landlords?
This is insurance coverage for tenants that will replace the possessions in apartment they are renting in case there is anything stolen or damaged. For example, if there is a thief or a flood or a fire, tenants with renter’s insurance will be covered for things like their phones, computers, clothes and other possessions.
It’s very easy to get a policy and inexpensive. Unfortunately many renters still don’t get coverage.
Why Don’t Many Alberta Landlords Get Insurance?
Many renters don’t even know about it.
This is why it’s important for professional Alberta landlords to educate your renters about the importance of getting insured.
How Does Renter’s Insurance Help Landlords?
If there is a robbery, or a fire, or a flood some renters will expect the landlord to cover the costs of their losses. This can lead to a long and bitter battle that is unnecessary.
If your renter’s have insurance the insurance company will cover their losses.
How Can I Encourage My Tenants To Get Renter’s Insurance?
It’s important to educate them.
Let them know about the South Hamptons condo fire in Edmonton where many tenants lost everything. Those who had renter’s insurance will at least get money for the possessions they lost.
Here are three important points you should bring up when you educate your tenants.
Why get Renters Insurance?
Here are a few great reason to get renter’s insurance.
#1 Protect Your Possessions
This type of insurance will cover you for everything from pots, dishes and pans all the way to furniture and electronic equipment.
#2 Assist You In The Event of Any Problems
Imagine their is a large fire in your building or a flood. The policy can cover your expenses including things like meals and motel bills until you can move back.
#3 Protect Yourself From Potential Legal Action
What if someone visits you and falls and hurts themselves. This policy can cover you for any legal action.
How Much Does Renter’s Insurance Cost?
Renters can get plans as low as $15 per month.
It’s a great way to protect themselves for very low monthly fees.
Alberta Landlords – Renter’s Insurance
With rental property prices rising fast it’s important you protect yourself in case of any problems.
Join the Alberta Landlords Association for a low one-time registration fee (no annual fee!) and start running premium tenant credit checks to make sure you know who you are renting to.
Make sure you educate your tenants on the importance of getting renter’s insurance. It will protect them and it will protect you!