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Written By Joel Kranc

Contributing writer

Updated

How Etobicoke tenant insurance works

Etobicoke, which was amalgamated into the City of Toronto, in 1998, is home to many older and established neighbourhoods. Renters who live there will want to protect their belongings and valued possessions just as much as any homeowner in the area would.

Anything from fire damage to theft, to even liability can be covered in an Etobicoke tenant insurance policy, protecting you from the unwanted high costs of replacing or repairing your personal belongings.


Is tenant insurance mandatory?

Tenant insurance is not legally required in Etobicoke. However, it does provide peace of mind when you want to protect your valuables and prized possessions. Also, some landlords make tenant insurance mandatory as part of their lease agreement requirements.


What will your Etobicoke tenant insurance cover?

Tenant insurance in Etobicoke can cover and protect you for several important insurance needs:

  • Contents. Your belongings, whether they are located in your apartment unit or storage locker, can be covered by Etobicoke tenant insurance. Without contents insurance coverage, anything you lose in a fire, or due to theft, for example, will have to be replaced at your own expense. We recommend that you take between $30,000 and $40,000 to cover items such as home furnishings or electronics.

    Higher-priced items or valuables like jewelry or art can be covered by adding an insurance ‘rider’ to your policy. Though this may increase your premium, it will protect you should the unthinkable happen to your prized possessions. A $5,000 limit is common for these types of coverages. In this case, if you lose $20,000 worth of jewelry, you will have to pay $15,000 out-of-pocket to replace the lost items.
  • Liability. If someone is injured within your home and attempts to sue you, your liability coverage will help pay for legal and/or medical fees associated with the injury. Similarly, if damage is done to another adjacent unit, by leaks or flooding from your property, for example, your liability coverage would pay for those expenses as well.
  • Additional living expenses. There may come a time when your home is damaged by a disaster such as fire or flood, making it unlivable. Your policy may cover the additional living expenses you would incur while displaced, like rent, food and transportation – up to a certain amount. Note that any regular expenses you were paying prior to the displacement – such as buying groceries, for instance – would not be covered.


What won’t your Etobicoke tenant insurance cover?

Tenant insurance policies limit the coverage to high-value items (e.g. expensive jewelry, antique watches, fine art or sports equipment).

Anyone not named on your Etobicoke tenant insurance policy will not be covered, so if you have unnamed roommates, you will be on the hook for any damages they cause.

Subletting your apartment is generally not covered by your insurance provider unless the new tenants (whether they are temporary like Airbnb or more permanent ones) have insurance of their own.

Also, note that ‘replacement cost’ coverage means that the contents of your home are insured for the amount it costs to replace them without depreciation – up to the limit of your coverage. This is different from ‘actual cash value’ coverage, which is a dollar amount paid for the current value of the item being claimed, meaning that it will not cover its full amount if it has depreciated.


Add-on tenant insurance in Etobicoke

If the standard tenant insurance coverage is not enough for you, you can always expand it via add-ons. Here’s what you can add:

  • Extra protection for expensive items. If you own expensive jewelry, fine art, collectables and similar items, you can get them covered at an extra cost. These items are known as ‘floaters’ because they need to be covered separately from your other items.
  • Limit increase to your coverage. The more you own, the more coverage you may need. Take inventory of everything you have in your rental unit and assign value to each item. That way, you’ll know whether standard coverage is enough for you.
  • Flood and sewer back-up damage. If your items get damaged due to overland flooding or backed up sewage, you will not receive a payout, because these perils are not covered by standard tenant insurance. If you believe you need this coverage, you can purchase it as an add-on.
  • Identity theft. This will cover the cost of replacing vital documents like your passport in the event of identity theft.

Recent Etobicoke tenant insurance quotes

Recent Tenant Insurance Quote from Ottawa, ON
High Rise
April 18, 2024
Cheapest Quote
$ 24 / month
$288 / year
Average Quote
$ 33 / month
$396 / year
Savings
$ 9 / month
$108 / year
or
27.00 %
Recent Tenant Insurance Quote from Toronto, ON
High Rise
April 17, 2024
Cheapest Quote
$ 26 / month
$312 / year
Average Quote
$ 33 / month
$396 / year
Savings
$ 8 / month
$96 / year
or
23.00 %
Recent Tenant Insurance Quote from Niagara Falls, ON
Townhouse
April 17, 2024
Cheapest Quote
$ 26 / month
$312 / year
Average Quote
$ 37 / month
$444 / year
Savings
$ 11 / month
$132 / year
or
29.00 %
Tenant insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

How much does Etobicoke tenant insurance cost?

The average premium for tenant insurance in Etobicoke is $197 per year or roughly $16.42 per month. That is the same as the Ontario average, according to RATESDOTCA Insuramap.

Note that there are other factors that will affect your personal rate, such as the value of your contents, age of your building and so forth.

Factors that affect your Etobicoke tenant insurance

Tenant insurance in Etobicoke can change depending on your circumstances and the amount of assets you want to insure. Here are some of the factors that may affect your Mississauga tenant insurance:

  • Your credit score. Your Etobicoke tenant insurance provider will use your credit score as a risk assessment. The better your score, the lower risk you are assessed at. Poor credit scores usually mean that the tenant is more likely to file a claim.
  • The amount of contents coverage you require. This is very straightforward – more insurance for your possessions means higher tenant insurance premiums.
  • The location of your home. Homes that are in a high-crime area can face more thefts and are therefore a higher risk. Furthermore, areas prone to flooding can affect your rates too. On the other hand, if you’re near a fire station, insurance providers see that as a risk protector against fire, and it could bring your rates down.
  • The construction of your unit. Older or poorly constructed units may cause you to have higher rates than newer ones, which tend to have better protections against certain perils, improved wiring and fewer flammable materials, among other benefits.
  • The deductible chosen. A higher deductible lowers the risks on the tenant insurance provider, who will, in turn, lower your tenant insurance premiums.
  • Whether you have some form of a home security system. Protecting your home with a security system lowers the risk of potential break-ins. Working smoke detectors can also lower the risk of damage caused by fire.
  • Your claims history. A higher claims history indicates to tenant insurance providers the possibility of more claims and risk. This could lead to higher rates.

How to get cheap tenant insurance in Etobicoke

Getting cheap tenant insurance in Etobicoke can be achieved by:

  • Comparison shopping. By using comparison sites like RATESDOTCA, you can secure the cheapest quotes from the top providers of tenant insurance in Mississauga. 
  • Bundling. Insurers offer discounts to customers that show loyalty and are willing to bundle more than one service. If you have car insurance and are in need of life insurance, for example, you can reduce claims by combining both policies with your tenant insurance policy under one provider.
  • Being claims-free. Having past claims can be a red flag for tenant insurance providers in Etobicoke. Fewer claims may indicate fewer future claims and are a way to keep your rates low.
  • Looking for alumni discounts. Members of alumni and other associations are sometimes offered discounts by insurance providers. Ask your broker or provider about these to save even more money.

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Frequently asked questions about Etobicoke tenant insurance

Got more questions about Etobicoke tenant insurance? We got you covered.

How much does tenant insurance cost in Etobicoke?

The average premium for tenant insurance in Etobicoke is $197 per year or roughly $16.42 per month. You can see the average premium for your neighbourhood by entering your postal code into RATESDOTCA Insuramap.

Can my landlord force me to get tenant insurance?

Tenant insurance is not mandatory anywhere in Canada. However, it does offer peace of mind and help with expenses, should you need to replace lost or damaged items.

Landlords can’t force you to take out insurance if you are already living on their property, but they do sometimes require new renters to take out tenant insurance as part of their lease agreement.

Who has the best tenant insurance policy in Etobicoke?

It’s difficult to pinpoint the best insurance policy, especially when everyone’s needs and budgets differ. Compare quotes on RATESDOTCA or talk to a broker about your needs to see which company fits you best and offers you the cheapest rates in Etobicoke.

How do I make a tenant insurance claim in Etobicoke?

Keep an inventory of all your insured items, along with their photos and receipts, if you have them. If you need to make a claim, have that documentation handy when contacting your tenant insurance provider. Some providers allow you to make a claim over the phone or online. Most insurance providers require you to file claims within days of an event, so don’t delay.

*Shoppers in Ontario who obtained a tenant insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $110. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes home and condo insurance.

Joel Kranc ,
Writer

Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."

Education
  • Master's of Political Science, University of Toronto
Featured in
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  • Infrastructure Investor
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  • The Globe and Mail
  • Fund Directions Newsletter
  • BenefitsPRO
  • HR Professional
  • Advisor's Edge
  • Institutional Investor
  • Employee Benefit Advisor
  • Investing in Infrastructure Magazine (i3)

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