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Helping renters save with great rates on tenant insurance

Like most other things, the cost of tenant insurance is going up. So, if you’re a renter, it's in your best interest to shop and compare tenant insurance quotes to find the lowest rate. Just like with home insurance, if you are renting an apartment, condo, or house, it's important to protect your possessions with proper renters insurance. Don’t leave yourself without protection for your belongings.

With ThinkInsure it's easy to compare the cheap tenant insurance quotes. We work with the top insurers in Canada so we'll quickly find you the best rate for your renters insurance. Keep reading to learn more about tenant insurance and find out how you can get a better rate on your policy.

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What is tenant insurance?

Tenant insurance is a type of coverage specifically for people who rent, not own. The policy is taken out by tenants, not a landlord or property owner. Some refer to it as apartment insurance or renters insurance.

It provides you with protection for your personal belongings from loss because of common perils such as theft, fire, and water damage. You also have personal liability coverage if you cause damage to a third party or if someone is injured in your rental unit.

Is tenant insurance mandatory?

Like home insurance, it’s not legally required to have tenant insurance. You do not require it to rent a home. However, proof of renters insurance may be needed as a term of your lease agreement. Most private landlords, building owners, and property management companies require it from their tenants. So, if you don’t have renters insurance, you are limiting the number of available places you could rent.

ThinkInsure recommends you have tenant insurance if you rent. Why? It ensures you have a safeguard in place in case something bad happens. Even if you are cautious, the actions of others in your building or the weather could affect you.

For example, your neighbours above you leave the bathtub running and it overflows, causing a leak in your unit. If you have coverage, you’ll have peace of mind in knowing you're protected. Considering the affordability, it's more than worth the investment. We can help you find the best renters insurance for your needs and make sure you’re protected.

How does tenant insurance work?

Tenant insurance works very similarly to other types of insurance. The main difference is that it is more focused on the personal belongings of renters and not the building or property. This is like condo insurance in this sense.

For example, there is a fire in your apartment building, and it spreads to your unit and ruins all your stuff. Tenant insurance would cover the cost to replace what you lost.

You also have personal liability coverage if you, a family member, or even a pet cause injury to another person. If your unit becomes uninhabitable for any reason (such as repairs), you will have additional living expenses to help cover the costs of staying in a hotel.

What is the purpose of tenant insurance?

The main purpose of tenant insurance is financial protection. Replacing personal items such as a computer, bed, electronics, and even clothing can add up quickly. Most people underestimate how much personal property they own.

Tenant insurance is for people who rent the place they live. It's up to renters to protect their personal possessions. It helps you to cover the cost of loss or damage because of common threats to your rental unit like theft, fire, and water damage. It gives you the protection you need because your landlord's policy does not cover you.

Who regulates tenant insurance in Canada?

Tenant insurance providers in Canada are regulated nationally and provincially. At the national level, the Office of the Superintendent of Financial Institutions (OSFI) regulates insurers. The Canadian Council of Insurance Regulators (CCIR) oversees inter-jurisdictional issues. At the provincial level, insurance companies abide by the rules set by the regulator in their province. When choosing an insurer, make sure they are part of the Insurance Bureau of Canada (IBC).

What information do I need to get a tenant insurance quote?

Being honest, transparent, and providing accurate information when comparing quotes is essential to ensure you get the right policy and an accurate quote. Here is the information you’ll need to get a tenant insurance quote:

Address: Including the unit number and postal code.
Location: Is the building close to a major body of water?
Roommates: Do you live with roommates who are not related? If so, how many? Each roommate can select customized coverage for their content. Or they can take out a separate policy.
Type of residence: High rise, low rise, townhouse, semi-detached, detached house, basement, mobile home, room in a house.
Coverage limits: You’ll be asked to choose limits for your contents, additional living expenses, and any belongings stored offsite (storage locker). Do you store any of your items on ground level or below?
Plan level: What level of protection do you want? Basic, enhanced, comprehensive?
Personal liability: How much coverage do you want? (Up to $2 million)
Deductible: Select your deductible amount ($500 - $2,500)
Age of building: The year the building was built. Do you know if the building has ever had a flood?
Claims: Have you filed any renters insurance claims within the last 5 years?
Policy date: When do you want the insurance to start?

What terms should I know when choosing a tenant insurance policy?

Your tenant insurance plan has a lot of terms you may not be familiar with. Here are some terms you need to know:

All perils: Coverage for all threats unless they are specifically excluded. Learn more about broad form home insurance.
Named perils: Coverage for only the threats listed in your plan. Get more information about named perils home insurance.
Replacement cost: You receive the full replacement value of things that are lost or stolen.
Actual cash value: You receive the value of items based on their current condition. Depreciation is applied.
Deductible: The amount you’ll pay out of pocket if you file a claim. Not sure what something means in your policy? Contact us for help.

What does tenant insurance cover?

Basement flooding, house fires, and stolen property are three of the biggest threats to you as a renter. Fortunately, all of these are covered by tenant insurance.

Like other types of property insurance, tenant insurance in Canada provides you with three main types of protection – contents, liability, and additional living expenses.

Most renters insurance policies include $1 million in liability and $25,000 for contents. You also have the choice to increase your tenant insurance limits to up to $2 million in liability and $100,000 in contents coverage. Plus, you can customize your plan by adding more optional protection.

Personal contents

This protects against loss or damage to your belongings such as your TV, bed, furniture, appliances, and clothing. Some exclusions apply. Plan limits can be up to $100,000 or more.

How it works:

There is a fire in an adjacent unit in your building. Smoke makes its way into your unit. There is also water damage because of the fire being put out. Your furniture is damaged as a result. Your policy will help to cover the cost of replacing any items you can no longer use.

Liability

This protects you legally if you are found to be liable for someone getting injured in your home. You also have protection if you accidentally break or harm another person’s property. Legal defence fees may also be part of the policy. Get up to $2 million in coverage.

How it works:

You have guests over. Someone trips and falls and severely hurts their ankle. They decide to sue you. You have coverage for legal defence costs and potential settlements.

Additional living expenses

If your home is damaged, you may temporarily not be able to live in your unit. This part of your renters insurance plan provides you with compensation for Additional living expenses if your residence is uninhabitable from an insurable loss. Plan limits cap out at $30,000.

How it works:

Your apartment is damaged because of a grease fire in the kitchen. It causes significant destruction. Your policy will cover the cost for you to live in a hotel while your unit is repaired.

Optional tenant insurance coverage for more protection

You can add extra protection. These are called insurance endorsements. Add-ons include increased liability and additional contents insurance for high-value items. Here are some of the most common extras tenants add to their plan when comparing quotes:

Identity theft insurance: Get assistance with recovery if you have your identity stolen.
Jewellery insurance: Take out extra coverage for your valuables.
Replacement cost: You receive the full replacement value of things that are lost or stolen
Sewer backup insurance: Protect your things if you have a sewer issue in your unit.
Overland water coverage: Floods can happen. Ensure you're covered.

Additional contents special limits

Woman using cellphone while sitting on sofa at living room

Standard tenant insurance plans have special limits for higher-value items. For example, even though your plan may have $50,000 in contents coverage, there may be a limit of $2,500 for jewelry claims. This amount is included as part of your $50,000 contents limit.

But you can add a floater or rider to your plan to increase coverage for certain items. The following are some of the things that are typically capped at special limits:

Jewellery
Bicycles and eBikes
Computers
Portable Devices
Fine Arts
Furs
Cards, stamps, books, comic book collections
Cash and coins
Many other high-value collectibles

What does tenant insurance not cover?

Tenant insurance does not cover all perils. Certain threats are not covered. This includes damage from floods and sewer backup. It does not cover earthquakes, landslides, and other hazards. You can add extra safeguards to insure against these risks. Here are some other things that are not included in your policy when you compare quotes:

Damage from wear and tear
Contamination
War or terrorism
Nuclear incidents
Mysterious disappearance of items

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steve jonkhans

2024-09-26

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Carrie Crump

2024-09-24

Young man is super amazing and caring . Top top notch service !!! Very kind gentleman

DJ G

2024-09-24

I was shopping around for some new auto insurance rates as my current policy was ending soon and was looking for cheaper premiums. I called ThinkInsure, and Todd helped me with the process start to finish. Communication with him after my initial phone call was flawless through email, often replying right away during business hours. He was easy to ask questions and provided multiple quotes to me when I needed to make some changes. I ended up getting better coverage for a much lower premium compared to my current provider with ThinkInsure. Thanks Todd for the seamless experience and helping me get setup!

Philip Witteveen

2024-09-23

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2024-09-20

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2024-09-19

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2024-09-18

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Why do you need tenant insurance?

There are many important reasons why you should invest in a good renters insurance policy:

Your stuff is worth more than you think: Without a tenant policy, you will not be covered for your personal belongings. This includes your TV and other electronics, clothing, furniture, and more. These things are not included in your landlord’s insurance.
Have a place to stay if your unit is uninhabitable: A fire in your apartment forces you out while things are getting fixed. Where will you stay? Where will you eat? Get compensation for additional living expenses such as hotel bills, meals in restaurants, and moving expenses.
Protection against lawsuits: You may be liable for any property damage you cause to your building. You could also be liable for unintentional harm caused to others who live in or visit the property. Or there was a lawsuit after a visitor slipped and fell in your apartment. This liability insurance will cover you in these instances.
Required as part of the terms of your lease agreement: Increasingly people are required to have a renters insurance policy as a condition of the lease. This is common in all cities.

How much is tenant insurance?

The cost of renters insurance is very affordable. On average, it is about $250-$600 per year. This works out to about $20 to $50 per month. Costs are similar for renters insurance in Ontario and other provinces.

How much you will pay will depend on the size of the place you are renting and the amount and value of your personal belongings. As with all types of insurance, the best way to know how much tenant insurance will cost you is to compare rates from multiple providers.

What factors determine renters insurance costs?

Young couple moving into an apartment unpacking boxes

We know you want the smallest payment possible. Who doesn’t? How much you pay is based on a variety of factors. Your tenant insurance will depend on:

Coverage choice and limits: You pay more for comprehensive than basic plans. If you increase your limits, you also increase your payments. But it's worth the additional protection. Learn more about Comprehensive home insurance protection.
Where you live: Location is always an insurance factor. The more threats in an area, the higher the premiums. For example, you are at greater risk of a break-in if you are renting an apartment in a large city, than if you were renting a homestead in a rural area. Even your postal code can make a difference.
The type of building you are living in: Property type matters. You can get insurance for any type of rental space. But the bigger the space and the more personal property you have, the more you will pay. For example, you will pay less if you live in a small apartment than if you rent an entire house.
Your provider: Insurance companies use unique formulas and considerations to set premiums. No two do it the same. There is a variance in costs when you get a tenant insurance quote.
Your claims history: Past claims will stick with you. One or two on your record could affect how much you pay for up to 10 years.
Your things: The stuff you have in your apartment plays a big role. If you have a lot of electronics and high-end furniture, you’ll pay more for protection.
Security: Insurance companies like safety and security. Adding things like deadbolts, and monitored fire and burglar alarms will qualify you for more savings.
Deductible: If you raise your deductible, you will have a lower premium. If you have a lower deductible, it will increase your policy costs.
Credit score: This depends on your province. A good credit score can help you get a better rate. Consider allowing your insurer to run a soft credit check if you are comfortable doing so.

Ways to get cheap tenant insurance

Getting cheap tenant insurance is not as difficult as you think. It is more affordable than most people realize. Plus, there are opportunities for better savings:

Bundle: Save even more by bundling. Get more savings when you purchase tenant and car insurance from the same insurer.
Compare quotes by shopping around: No two renters insurance providers offer the same coverage. The best way to find better rates is to search for quotes from multiple insurers.
Choose the right amount: It’s important to ensure your policy matches your lifestyle. Avoid having too much protection that you don’t need.
Ask about discounts: Renters qualify for discounts too. Speak with your insurer about the discounts they offer.
Install a centrally monitored alarm: You can get a discount if you have a monitored alarm system installed in your rental. You or the property owner can install it.
Get the optional credit check: If you have a good credit score, it may be advantageous to get a credit check as part of your renters insurance quote. You can qualify for more savings.
Claims free: A clean slate is always best. Think twice before deciding to open a claim, especially if it's a lower dollar value. You will always pay less if you maintain a clean insurance record.
Up your deductible: All types of insurance have a deductible. Increase your deductible if you are in a good financial position. It will help reduce your payments.
Pay all at once: If you pay upfront, you will save on interest and administrative fees that are included in monthly payments.

How to file a tenant insurance claim

Filing a tenant insurance claim is the same process as home insurance claims. Follow these steps:

Call the police if criminal activity was a result of the loss (theft, vandalism, etc.).
Document what was lost. Take photos and videos.
Contact your insurance company as soon as possible.
Follow the steps provided by your insurer and the insurance adjuster.
Submit all required documentation promptly (a list of missing or damaged items and their value).
If repairs are required, consider using an insurer-approved contractor to speed up the process.
Come to an agreement about the amount to be paid out by your insurer.
Get a cheque from your insurer.
Close the claim.
Speak with your insurance company about more detailed steps and requirements to complete the claims process.

Should I file a tenant insurance claim?

Your decision to file a tenant insurance claim should not be instant. You first should assess the cost of paying out of pocket to replace lost or damaged items. Will it be less than your deductible? If so, going through the claims process doesn’t make financial sense. Why? There will be no payout from your insurer.

Claims are intended for significant loss. So, try to avoid filing for minor issues. Don’t hesitate to open a claim if you need to. If you are unsure if you should file a claim, speak with us about your situation. We’ll ensure you make the best decision based on your situation.

Save with the lowest rates

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It’s quick and easy

Compare rates and coverage online. It only takes a few minutes. You can also give us a call and our advisors will be happy to help you.

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We’re committed to serving you better

We aim to make your insurance shopping and service experience as quick and simple as possible. Contact us anytime.

Canadian renters market statistics

Close to 4.5 million households rent in Canada. This makes up just over 30% of the housing market. How much you pay for rent is usually tied to the size of your unit and your location. Both factors affect how much you will pay.

As you would expect, rent is higher in larger cities and costs continue to increase. Here is a snapshot of the rental market in Canada:

Statistic	Amount
Average Rent in Canada	$1,258 per month (Jan 2023)
Highest Rent by city (2brd)	Vancouver ($2,002) GTA ($1,765) Victoria ($1,699) Ottawa ($1,625)
Rent Increase in Canada (2021-2022)	5.6%
Vacancy Rate in Canada	1.9%
Turnover Rate in Canada	18.2%
Households Spending Over 50% of Income on Rent and Utilities (2021 Census data)	BC (16%) Ontario (15%) Manitoba, Nova Scotia (13%) Alberta, Newfoundland (12%) Saskatchewan (11%) PEI (10%) Quebec, Yukon (9%) New Brunswick (8%) Northwest Territories (6%) Nunavut (3%)

Number of units by province

Where you live affects rental availability. The biggest province in the country is the region with the most rental units available:

Province	Number of rental units
Ontario	1,705,995
Alberta	459,720
British Columbia	660,325
Manitoba	154,425
New Brunswick	87,600
Newfoundland and Labrador	53,390
Nova Scotia	138,820
Northwest Territories	7,010
Nunavut	8,010
Prince Edward Island	19,865
Quebec	1,482,645
Saskatchewan	116,615
Yukon	5,510

*Based on 2021 Census data

Average rent price by province

Where you live has a big impact on how much you will pay for rent. It can also affect the cost of your insurance and utilities. Here’s a look at the amounts by province:

Province	Average monthly rent + utilities
BC	$1,492
Ontario	$1,406
Northwest Territories	$1,358
Alberta	$1,332
Yukon	$1,292
Canada	$1,208
Saskatchewan	$1,096
Nova Scotia	$1,083
Manitoba	$1,074
Newfoundland and Labrador	$903
Quebec	$885
New Brunswick	$869
Nunavut	$823

Sources
https://www.rentalhousingindex.ca/en
https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres

Save on tenant insurance with ThinkInsure

If you are renting, getting tenant insurance doesn’t have to be difficult. We make it easy for you to compare the best quotes from Canada's top providers and then buy your coverage. Just tell us what you need, and we’ll shop the market to find you the cheapest rates for tenant insurance. Get a free quote today and save more on your renters coverage.

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More ways to save on tenant insurance

Insurance Blog And News

Read our insurance blog to get helpful tips, information and news.

2024-10-17

Tenant and Renters Insurance

Get a free quote for tenant insurance and save with affordable rates from the top Canadian providers.

Compare tenant insurance quotes from top providers

Helping renters save with great rates on tenant insurance

How to get tenant insurance quotes

1) Begin your quote

2) Enter your details

3) Compare rates

Select the best rate

What is tenant insurance?

Is tenant insurance mandatory?

How does tenant insurance work?

What is the purpose of tenant insurance?

Who regulates tenant insurance in Canada?

What information do I need to get a tenant insurance quote?

What terms should I know when choosing a tenant insurance policy?

What does tenant insurance cover?

Personal contents

Liability

Additional living expenses

Optional tenant insurance coverage for more protection

Additional contents special limits

Get a tenant insurance quote

What does tenant insurance not cover?

5-star tenant insurance

Why do you need tenant insurance?

How much is tenant insurance?

What factors determine renters insurance costs?

Ways to get cheap tenant insurance

How to file a tenant insurance claim

Should I file a tenant insurance claim?

Tenant insurance FAQs

How much tenant insurance do I need?

Are my roommate's things covered under my renters insurance policy?

Does tenant insurance cover theft?

Can a landlord make you get renters insurance?

Can you cancel tenant insurance?

Do you need a credit check to get tenant insurance?

What’s the difference between home and renters insurance?

What are common myths about renters insurance?

Does each tenant in the apartment need renters insurance?

Does tenant insurance cover bed bugs?

Does renters insurance protect against floods?

Does renters insurance include dog bites?

Does renters insurance cover holes in the wall?

Does renters insurance cover Airbnb rentals?

Why ThinkInsure for tenant insurance?

Save with the lowest rates

Personalized tenant insurance

It’s quick and easy

Get expert insurance advice

We’re trusted and unbiased

We’re committed to serving you better

Canadian renters market statistics

Number of units by province

Average rent price by province

Save on tenant insurance with ThinkInsure

More ways to save on tenant insurance

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