Find the best rate for tenant insurance coverage in 4 easy steps!
Start with your postal code to begin!
Tell us about your apartment and personal belongings.
Compare tenant insurance coverage and quotes from 30+ insurance companies.
Pick the tenant insurance policy and company that's right for you.
For this you'll need a tenant insurance policy. Consider how much stuff you actually own and how much it would cost to replace in the event of a total loss like fire: there's furniture, electronics, clothing, housewares, linens, sports equipment, silverware, china, and jewelry to name just a few. The cost to replace everything is often beyond the financial capability of most people. Even a less than total loss, like a burglary, can result in financial stress. A typical tenant insurance policy will protect all of your personal property from damage or theft.
Did you know your possessions are not only covered while in the home, but also outside of the home too, in fact, anywhere in the world?
That means, if your new camera is stolen while on holiday, or your golf clubs are stolen out of your car, your tenant insurance policy offers coverage.
Typically, tenant insurance coverage will cost a couple hundred dollars a year; and usually less than a dollar a day. Your tenant insurance premium is calculated based on how much coverage you need (the value of your contents for example, or the liability limit you choose), where you live, your claims history, your chosen deductible, and the type of building you live in. Costs can vary depending on the tenant insurance provider.
According to the most recent InsuranceHotline.com data, the average cost of tenant insurance in Ontario is $210; just $17.50 a month. These numbers vary depending on where you live. For example, tenant insurance in Alberta averages just $168.70 a year, which is less than $15 a month.
Tenant insurance costs vary further depending on which city you live in. For example, tenant insurance in Toronto costs an average of $211 per year, which equals about $17.50 per month, while tenant insurance in Edmonton, Alberta costs $147 a year, just $12 a month.
Here is a list of the average tenant insurance cost in several major cities in Ontario and Alberta, according to InsuranceHotline.com data.
|City||Average Tenant Insurance Cost|
Whether you need tenant insurance in Ontario, tenant insurance in Alberta, or anywhere else in Canada, InsuranceHotline.com help. We compare quotes from over 30 insurers to help you get the tenant insurance coverage you need at the best available price.
If you're not able to live in your apartment while repairs are being made after an insured loss like fire, your tenant insurance policy will help pay some of the expenses until you're able to move back in. Things like hotel bills, restaurant meals, and moving costs would normally be covered as they're living expenses you wouldn't typically have if you were living in your home.
You may not own your home, but you still may be liable for damage you cause to your unit, the building, or the units of other residents in the building.
For example, the damage caused by a kitchen fire may not be limited to your own unit, and you could be held responsible for the cost to repair other parts of the building. The same would be true if you left a faucet on causing water damage to your unit, as well as those beneath or beside you. There's also the slip and fall. If someone wipes out in your unit and is hurt, you could be held liable for the costs associated with their medical expenses, rehab efforts, and time away from work. Tenant liability insurance can have huge financial implications, so it's important to ensure you're protected.
Some items may be subject to exclusions or maximum limits, and if you want them covered you'll have to add a floater or rider to the policy. Jewelry for example is covered, but up to a limit. Most tenant insurance policies have limits on certain items, and jewelry is one of them.
This means that the maximum the insurer will pay is limited to the amount specified in the policy. Although the maximum will vary, a $5,000 limit is not uncommon. The same may be true for really expensive bikes, or if you own a lot of expensive electronics. Read your policy carefully to determine your exact coverage.
Tenants insurance covers your personal belongings (contents) and protects you from liability, while home insurance covers the physical structure of the home in addition to contents and liability.
Homeowners obviously want to protect the house itself, but this isn't necessary for tenants because you are renting and not an owner of the property. If something were to happen to the structure (for example, severe weather damaged the building), property insurance would covered the insured damages.
Yes. These terms are used interchangeably, but they are the same type of coverage. You may also see it listed as contents insurance, tenants insurance, renters insurance, renter insurance and so on. All of these terms describe the same thing, but some companies prefer to use one term over another.
Your landlord will have property insurance on the physical structure of the building, but this will not protect anything in it. If there is a fire that starts three units down and your belongings are destroyed, for example, your landlord's property insurance would cover the structure of the unit and your contents insurance would cover your personal contents in your unit.
As the renter, liability inside the home shifts to you in the majority of cases. If someone is injured at your house, for example they trip over something on the floor, then your insurance can help protect you from liability. An exception might be if the landlord has failed to ensure your apartment is up to code. In this case, they might be responsible for the liability.
Also, your renter's insurance can cover you in instances where you or your property causes damage to the building. For example, if your bathtub overflows causing damage to the unit below you, or something heavy significantly damages the flooring. These are reviewed on a case by case basis, but renter's insurance can make all the difference in these situations and save you from having to pay for damages out of pocket.
Not necessarily. If you were living at home and were already covered under your parents' home insurance, then coverage likely carries over to your dorm room. However, many students opt to get renter's insurance even when in a dorm room, especially in cases where they have expensive technology or equipment that would be costly to replace. In this case, it's best to get your parents to check with their existing home insurance provider to find out if you're already, or adequately, protected.
It is not mandatory to obtain tenants insurance from a legal perspective, but many landlords and property owners require proof of insurance in order to rent the property out to you. This is to ensure you and your unit are adequately protected. It is not illegal for them to ask this of you.
Under the liability component of many insurance policies, pets such as dogs are considered your property. This means that if your dog bites someone and the person sues you for damages, for example, then your liability insurance can protect you. Pets are only covered under the liability component of a renter's insurance policy.
However, not all insurance policies offer this coverage, there may be limits or exclusions on certain breeds and species, or you may be required to inform your insurer about your dog/pet ahead of time in order to be covered under your tenants insurance policy. We recommend double checking with your insurer to ensure you're protected.
Did you know that if you bundle your tenant insurance policy with your auto insurance company you may qualify for a multi-line discount? It's not just available to people with a home insurance or condo insurance policy. The discount can range from anywhere from five to 15 per cent off of one, or even both of your policies.
More ways to save include: