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Tenant insurance is the best investment for renters who want to protect their belongings in the event of damage, theft or loss.
A policy also provides liability coverage and additional living expenses.
This means that if a rental home or its contents are damaged, the cost of repairs and replacing belongings and out-of-pocket expenses for living elsewhere will be covered.
The liability coverage in tenant insurance policies offers protection if the renter unintentionally injures someone or damages their property. And, equally, an insured tenant is protected if someone is injured or their property is damaged in their rental unit.
Tenant insurance isn’t technically mandatory. However, many landlords require tenant insurance as a condition of renting. While the landlord has likely taken out insurance on the property, it won’t extend to the renter's personal belongings.
In the event of an insured loss, a landlord's home insurance policy will cover the cost of repairing the home's structure. However, that coverage is not likely to include the tenant's belongings.
For example, if a pipe bursts and damages a rental unit and ruins a TV inside, the landlord's policy will cover the cost of repairing the structure, while a tenant's policy will cover the cost of replacing the electronic device.
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.
Many factors affect the cost of Toronto tenant insurance, including the unit's size, the building's age, and the contents' value.
Tenant insurance is a form of home insurance that protects a renter and their belongings against damage, theft or loss.
A tenant policy will also provide liability coverage, which protects the tenant if they unintentionally injure someone or damage the rental property.
It will also pay for additional living expenses if the tenant can’t stay in the unit due to damage.
For the best coverage, renters can customize their policy, selecting from different types:
If you want even more coverage, there are additional insurance products you can add to your base policy at extra cost. They include:
What’s not covered by tenant insurance depends on the policy type.
For example, an all-risks policy will cover any loss that’s not specifically excluded. Some commonly covered losses are fire, hail, burglary and water damage from burst pipes.
An all-risks policy may have exclusions. Common exclusions are flooding and damage from disrepair.
A named perils policy will only cover the tenant for perils specifically named in the policy; if the peril isn’t listed, you’re not covered against it.
Damage to the home's structure will be covered by the landlord’s policy, though not by the tenant's insurance policy.
These are the factors that go into a quote for renter’s insurance in Toronto:
To get the cheapest tenant insurance, start by comparison shopping.
The free online tool from RATESDOTCA is a fast and easy way to get quotes from the best insurance companies in Canada.
Insurance companies will look at several factors, including the coverage type and amount, the property's location, its condition and details about the policyholder.
Renters are likely to secure a cheap tenant insurance premium when they have not made a claim in at least the last 10 years and if they have a good credit rating. In Ontario, insurance companies grant discounts for people with strong credit scores. You must consent to the insurer pulling your credit report to get the discount.
Tenants willing to bundle their policies so that each is held by a single provider may also save. For example, if tenant and car insurance policies are held by the same insurance company.
Many Canadian post-secondary institutions offer group insurance to alumni. You can access these discounted group rates by providing proof of your alumnus status to an insurer.
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Find the answers to all your tenant insurance-related questions here.
The average premium for tenant insurance is $248 per year or roughly $21 per month.
You can see what the average premium is for your neighbourhood by entering your postal code into the RATESDOTCA Insuramap.
In a word, yes. Even though tenant insurance isn’t mandatory by law, many landlords in Toronto include tenant insurance as a requirement in the lease, especially in professionally managed apartment buildings. Not having it isn't grounds for eviction under Ontario’s Residential Tenancies Act. However, if you refuse to get tenant insurance, the landlord could reject your rental application.
The answer will be different for everyone. Your insurance needs and risk profile likely differs from your neighbour’s. Then there’s the fact that insurance providers assess that risk differently; some will be more willing to take on the risk you present than others. Comparing coverage options from multiple insurance companies is an effective way to prevent overpaying for insurance.
If you think you need to file a claim against your tenant insurance, first determine whether the police need to be involved (if your rental has been broken into, for instance).
Next, decide whether you need to make a claim. Remember, filing more than one claim every three years can increase your premium. Time is of the essence when it comes to filing claims, but you still have time to collect your thoughts and evaluate the risks versus the possible rewards of making a claim. Just be sure to file a claim within days of the incident.
Call your insurance provider's claims hotline if you sense paying for the out-of-pocket damage would be too costly.
Alternatively, you can start the claims process from your provider’s app if they offer one. You’ll be connected to a claims advisor regardless of your chosen route.
The advisor will guide you through the process. They'll want proof that the claim is legitimate, so be ready to take photos of the damage. They’ll also forward claims forms to complete and make arrangements for an insurance adjuster to inspect the damage.
The minimum coverage for most renter’s insurance in Toronto is about $30,000.
If the estimated value of the policyholder's contents is greater, more than the minimum is required, and the premium will be higher.
While base coverage will protect renters with valuable belongings such as jewelry, art collections or high-end sports equipment, they should consider additional contents insurance; the value of the high-end objects often exceeds the limits in a basic policy.
Tenants can buy a personal articles floater, which will list their additional items and their value on the policy. They may be required to provide appraisals for some items.
For the best coverage, a renter should speak to a broker about customizing the policy to align with their lifestyle.
A broker will connect with a tenant after they use the free online quote tool at RATESDOTCA. The broker's recommendations are 100% free. The tenant is under no obligation to make a purchase.
Renters may see tenant insurance referred to in Toronto as renter’s insurance or apartment insurance.
There’s no difference between them. The three terms are used interchangeably to describe insurance coverage for a rental property.
*Shoppers in Ontario who obtained a tenant insurance quote on RATESDOTCA from January to December 2022 saved an average amount of $82. 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.
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