Are you renting a home, apartment, or condo? Your landlord likely has insurance for the building, but their policy doesn’t cover your personal belongings if they are damaged or stolen.

We can help you find coverage to protect your personal belongings and provide peace of mind.
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What Is Tenant Insurance?

Tenant insurance, also known as renters insurance, protects your personal property and offers liability coverage when you rent a home, apartment, or other place of residence. 

As a renter, your landlord’s insurance does not cover your personal belongings, so it’s a good idea to safeguard your belongings and protect yourself in case you’re found legally responsible for damages.

What Does Tenant Insurance Cover?

The type of coverage you need will depend on your unique circumstances, but tenant insurance typically includes:

  • Personal belongings: covers the cost of replacing your personal property (e.g., furniture, electronics, clothing) in case of damage from fire, theft, or other covered loss.
  • Personal liability coverage: protects you if someone gets injured in your rental unit or if you accidentally cause damage to the property (e.g., fire, water damage).
  • Additional living expenses: if your rental becomes uninhabitable due to a covered event, tenant insurance can help cover the cost of temporary living arrangements.
  • Legal fees: if legal action is brought against you, renters insurance coverage can pay a lawyer to defend you. An annual policy often costs less than a lawyer charges per hour.

Tenant insurance is often cheaper than home insurance, since it covers just your belongings and not the building. However, like a homeowners policy, it can provide personal property coverage even when you aren’t at home, such as when you’re on vacation.

Do You Need Tenant Insurance?

While tenant insurance isn’t mandatory in Canada, many landlords make it a condition of the lease. Even if it’s not required, having tenant insurance is a smart way to protect yourself financially from unforeseen incidents, like theft, fire, or accidents.

How Much Does Tenant Insurance Cost?

The cost of tenant insurance depends on:

  • The value of your personal belongings
  • The amount of liability coverage you choose
  • Your location and the type of rental unit
  • Your insurance claims history

Tenant insurance is affordable and can save you from paying out-of-pocket for expensive damages or replacement costs. For example, a $350 annual premium can cover $35,000 on possessions, plus up to $2,000,000 in personal liability coverage. 

Like homeowners insurance, you may be able to bundle tenant insurance with your vehicle coverage for a discount on each policy.

If you have questions about coverage or costs, it's important to speak with one of our qualified brokers. After we understand your needs, we can give you an accurate quote. 

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Frequently Asked Questions

Do I have to have renters or tenant insurance in Ontario?

No, tenant insurance is not required by law, but landlords may ask for it as part of your lease agreement.

What is the difference between home insurance and renters insurance?

Home insurance covers the structure and property, while renters insurance covers only the tenant’s personal belongings and liability.

What is not covered by tenant insurance?

It typically does not cover damage to the building or the landlord’s property. Floods and earthquakes may also require additional coverage depending on where you live.

How do I find the cheapest tenant insurance?

To find affordable coverage, it’s important to choose a policy with appropriate coverage limits, or consider increasing your deductible to lower your premium. You can also talk to one of our experienced brokers who will compare coverage options and help you find the best policy for your budget.