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The Dominion
Image of Joel Kranc

Written By Joel Kranc

Contributing writer

Updated

How Mississauga tenant insurance works

Located on the shores of Lake Ontario, adjacent to its bigger brother Toronto, Mississauga has been a growing and thriving metropolis. It’s the third biggest city in Ontario and the seventh largest in Canada with a population of about 717,000 people.

Many people in Mississauga rent their homes and will want to educate themselves about tenant insurance. It’s the best way to safeguard your assets and protect your belongings from things like theft and fire. It’s also a great way to protect yourself from liability issues, should someone get injured on your rental property and sue you. And if your rental property becomes unlivable, tenant insurance can help with expenses.


Is tenant insurance mandatory?

Tenant insurance in Mississauga is not legally required. The best reasons for having, however, are that it can help minimize out-of-pocket expenses should you need to replace or repair your belongings. Costs can add up, and you’ll want protection to buffer the damage it can do to your wallet. Also, some landlords require you to have tenant insurance as part of their lease requirements.


What will your Mississauga tenant insurance cover?

Tenant insurance in Mississauga will cover the following for you:

  • Contents. This will cover any possessions that are damaged or stolen from your rented property or your storage locker. We recommend you take between $30,000 and $40,000 to cover items such as home furnishings or electronics.

    More expensive items such as fine art or jewelry might require additional coverage. For these items, you would need to add ‘endorsements’ or so-called ‘riders’ to your policy to provide extra protection.
  • Liability. Sometimes accidents happen. Unfortunately, an accident that happens to someone in your home may lead to a lawsuit by the injured party. In these cases, you’ll want the liability coverage to protect you from paying damages or medical expenses. It can also protect you should an adjacent unit get damaged by something that is happening in your unit, such as water leakages or flooding.
  • Additional living expenses. In cases where your rental unit becomes unlivable, say after a fire or a flood, you may sometimes need to relocate (hopefully temporarily). If this happens, tenant insurance can cover additional living expenses like relocation, transportation and even food. Keep in mind that your policy will not pay for expenses you were already responsible for, such as your regular groceries.


What won’t your Mississauga tenant insurance cover?

Most Mississauga tenant insurance policies will not cover you for subletting your apartment unit. If renters do not have their own insurance, you will likely be on the hook for any expenses they incur. This is important for Vrbo and Airbnb renters.

Mississauga tenant insurance policies cover only those who are named on the policy. If you have a roommate who is not named on the policy, you would be responsible for any damages they incur.

Be wary of the following limitations when it comes to your tenant insurance coverage:

  • Replacement cost. This will cover the full replacement cost of the item you’re claiming up to the limit of your coverage, even if the item has lost some of its value due to depreciation. Your policy will have either this coverage or ‘actual cash value’ coverage.
  • Actual cash value. This will cover the current value of the item you’re claiming, meaning that if it has depreciated due to age, you will have to pay the difference when purchasing a new one. Your policy will have either this coverage or ‘replacement cost’ coverage.
  • Expensive items. Mississauga tenant insurance policies will not cover more expensive items such as jewelry or fine art. For those items, you’ll need to add a rider or endorsement to your policy to cover them. A $5,000 limit is common for these types of items, so if you lose $20,000 worth of jewelry, you will have to pay $15,000 out-of-pocket to replace it.


Add-on tenant insurance in Mississauga

Finding that the standard tenant insurance coverage is not enough? You can always expand it via add-ons – for an extra cost, of course. Here’s what you can purchase:

  • Protection for expensive items. While standard coverage will protect your regular items, the more expensive ones, such as jewelry or fine art, may not be covered. For that, you’d need to purchase ‘floater’ coverage, which will guarantee a payout for high-value items.
  • Coverage limit increase. If you own more items than the standard coverage can pay for, you can always increase your coverage. Take inventory of all your possessions and try to estimate their value as accurately as possible. If the amount exceeds the coverage, then you’ll need a limit increase.
  • Sewer back-up and flood damage. Standard tenant insurance will not pay for water damage due to sewer back-up or overland flooding. However, you can purchase this coverage separately, if you think you’re at risk.
  • Identity theft. As identity theft becomes more common, you may want to cover the replacement costs of vital legal documents like your passport.

How much does Mississauga tenant insurance cost?

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

Keep in mind that there are other factors that will affect your individual rate, such as the value of your contents, age of your building and so on.

Factors that affect your Mississauga tenant insurance

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

  • Your credit score. A good credit score indicates to an insurance provider that you are a responsible individual (aka you make timely payments), which makes you a lower risk. This can have a positive effect on your insurance premiums.
  • The amount of contents coverage you require. Less is more, but not in this case. The more items you want to insure, the higher your tenant insurance premiums are likely to be.
  • The location of your home. High-crime neighbourhoods will garner higher premiums due to the risk of theft and vandalism. If your unit is on a lower floor, it may be more prone to flooding, which can also increase your premiums (as can other perils). Alternatively, being close to a fire station can reduce your premiums due to the decreased risk of fire damage.
  • The construction of your unit. Older or poorly constructed units may cause you to have higher rates than newer ones, which have better protections, improved wiring and fewer flammable materials.
  • The deductible chosen. A higher deductible lowers the risks on the tenant insurance provider and will lower your premiums.
  • Whether you have some form of a home security system. A home security system can prevent break-ins and reduce the risks of theft, which should lower your premiums.
  • 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 Mississauga

You can get cheap tenant insurance in Mississauga by trying the following:

  • Comparison shopping. Sites like RATESDOTCA offer up-to-date Mississauga tenant insurance quotes from the top providers in your area (and they do it for free too). Enter a few simple bits of information about your needs, and you’ll receive the best rates available.
  • Bundling. Bundling your tenant insurance with other policies such as life and auto can lead to discounts from your insurance provider. They’ll appreciate your business and reward you accordingly.
  • Being claims-free. Insurance providers look at claims histories as indicators of the future. The fewer claims you’ve made, the less risky you are likely to be.
  • Looking for alumni discounts. Many tenant insurance providers in Mississauga offer discounts to members of alumni or other associations. Ask your broker or provider about these to save even more money.

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Frequently asked questions about Mississauga tenant insurance

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

How much does tenant insurance cost in Mississauga?

The average premium for tenant insurance in Mississauga is $197 per year or roughly $16.42 per month. That is 17% lower than the Ontario average of $240 per year. You can see the average premium for your area by entering your postal code into RATESDOTCA Insuramap.

Can my landlord force me to get tenant insurance?

Tenant insurance in Mississauga is not mandatory by law, and you cannot be forced to get it if you already live somewhere. However, prior to moving in, landlords can require tenant insurance as part of their lease agreements.

Who has the best tenant insurance policy in Mississauga?

Each person looking for tenant insurance in Mississauga has their own unique set of needs. No one provider is necessarily the best. It’s wise to look at comparison sites like RATESDOTCA to determine which providers offer the best rates for your individual needs.

How do I make a tenant insurance claim in Mississauga? 

Once you have decided to make a claim, take photos to prove that your claim is legitimate, and call up your insurance provider to see what else they need. Claims can often be submitted either through provider apps or over the phone. Most insurers require you to submit the claim within days of the incident.

*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
  • Benefits Canada
  • Institutional Investor
  • Plan Sponsor Magazine
  • Global Finance Magazine
  • Infrastructure Investor
  • Private Equity Investor
  • 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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