Get Cheap Tenant Insurance in Toronto

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How tenant insurance works in Toronto

Toronto is an expensive place to live and not everyone can own the home they reside in. Even if you rent your home, you’ll still want to protect your belongings from damage or theft. You’ll also want to protect yourself if someone sues you for liability damages.

Tenant insurance coverage

Tenant insurance will cover items such as:

Possessions – Tenant insurance will cover the contents of your home, and even possessions that are lost are stolen outside of your immediate dwelling. Basic items will be covered but if you have more expensive items you may want to consider a rider that provides extra protection for specified items.

Liability – This protects you if accidental damage occurs to someone else’s property or if someone injures themselves on your property, and files a lawsuit against you. These lawsuits can cost thousands and thousands of dollars and can easily bankrupt individuals who don’t have personal liability insurance.

The minimal recommended coverage is $100,000 but if it is within your means, it might make sense to go higher for potential liability risks.

Living expenses – In extreme cases, when fire or water damage, for example, make your home uninhabitable, you will be covered for living expenses or temporary accommodations.

Some Toronto tenant insurance companies cap the amount they will provide for living expenses so it’s best to talk to your provider about what you can get and if you require more.

Is tenant insurance mandatory?

Tenant insurance in Toronto is not mandatory however many landlords require you to have it as part of their lease agreements. Either way, having tenant insurance in Toronto is a small price to pay for the potential huge expenses that come with replacing stolen or damaged possessions.

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How much is average tenant insurance in Toronto

The average premium for tenant insurance is $248 per year or roughly $21 per month. Toronto’s is 3% higher than the provincial average of $240 per year, according to the RATESDOTCA Insuramap.

Factors that determine your Toronto tenant insurance premium

  • Your credit score – Risk is always top of mind to Toronto tenant insurance providers. The better your credit score, the lower the risk you are, and the lower your premiums will be.
  • The amount of contents coverage you require – Sometimes less is more but not in this case. More possessions mean greater replacement costs and higher risks and expenses for your Toronto tenant insurance provider.
  • The location of your home – Because tenant insurance providers look at risk, they will assess your neighbourhood whe considering your premiums. Higher incidents of crime could mean more higher premiums for you.
  • The construction of your unit - Newer is often better in these cases. Newer homes are up to code and (hopefully) pose less of a risk than older construction. Also, older homes have older wiring systems, may have more flammable materials and would be costly to insure.
  • The deductible – A higher deductible takes some risk away from your provider, which could mean a discounted rate for you.
  • Whether you have some form of a home security system – This can prevent or deter thieves from breaking-in, which would reduce claims (and your rates).
  • Your claims history – Tenant insurance providers will take your claims history into account. A higher claims count could mean more claims going forward, and therefore higher risk to the provider.

Frequently asked questions about Toronto tenant insurance

Still got questions about tenant insurance in Toronto? Weve got them answered here.

How can I find the cheapest tenant insurance quote in Toronto?

Finding the cheapest tenant insurance in Toronto can begin on sites like InsuranceHotline.com. We’ll provide current rates from the top providers.

It’s also wise to talk to a broker about your needs and see which insurance provider can meet those needs at the best price.

can also help reduce rates as insurance providers will offer a discount for your loyalty.

Having a policy with a higher deductible can also help reduce rates. It’s less risk for your insurance provider, who may offer a discount for you to take on a greater portion of the financial responsibilities.

What kind of risks do Toronto tenant owners face?

Toronto tenants face a number of risks including:

Theft and break-ins. Toronto is a large city and unfortunately has a higher crime rate than other parts of the country.

Because of the density of the city, Toronto tenants also face damages from other unit holders nearby, such as fire or water damage. Water can also be a problem for low-floor renters facing potential flooding or high floor renters facing leaks or roof run-off.

Renters could find themselves with liability suits if someone is injured in their home or damage is done inadvertently to someone else's property.

Will my Toronto tenant insurance cover appliances?

Tenant insurance in Toronto will typically cover for appliances but there may be strict limitations. For example, your policy may cover you for accidental damage and/or theft of an appliance, but not mechanical breakdown, repairs, or the cost of parts and labour.

How can I file a tenant insurance claim in Toronto?

You should first assess the damage and try to come up with a dollar amount for your possessions. Taking photos and having a list/inventory of the items also helps claims adjusters do their jobs. Keeping receipts is also a good idea to prove the value of items you are claiming.

You can file a claim by talking to your broker, or some companies allow you to do it by phone or online.