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Updated
The volume of Vancouver residents who rent has been increasing significantly since 2011, according to a 2022 Statistics Canada report.
While policy experts seek ways to make home ownership more affordable, renters can mitigate risk by protecting their rental units and belongings with tenant insurance. It has the added benefit of also offering liability protection.
While a landlord’s own property insurance coverage will protect the home against damage from a covered peril such as fire or water, it does not extend to the unit’s contents.
Tenant insurance will protect renters in Vancouver, Canada against:
Many tenant insurance policies also offer Additional Living Expenses (ALE) which cover the cost of moving or staying at a hotel if the tenant is unable to stay there while damage from an insured loss is being repaired.
Damage to the unit itself will be covered by the landlord’s home insurance policy rather than by the tenant’s.
For example, if a flood damages the home, the landlord’s coverage will pay for the floors and walls to be repaired, but it will not compensate the tenant if their furniture, clothing or electronics are damaged.
Another gap in the coverage for most tenant insurance policies is coverage for anyone who sublets the unit. Tenants considering having a subletter occupy the unit should consider requiring that they have their own rental insurance.
The cost of tenant insurance in Vancouver is determined by several factors including:
While it’s very difficult to identify which factor has the greatest impact on the overall cost of tenant insurance in Vancouver, savings are generally available for those who have no claims history as well as those seeking a minimum amount of protection.
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There are many ways that tenants in Vancouver can reduce the cost of the insurance coverage.
Find the answers to all your Vancouver tenant insurance related questions here.
Tenant insurance premium in Vancouver could vary from $15 to $20 per month depending on the policy details and tenant requirements. The exact cost will vary depending on the specifics of the coverage. In general, policyholders pay more for more coverage. While policies each has a standard coverage limit, policyholders can add endorsements that extend the coverage to protect against damage to valuable art collections, jewelry and expensive sport equipment.
While tenants in Vancouver are likely to pay anywhere between $15 to $20 per month for coverage, they can reduce their overall annual costs by tailoring the policy. For example, by agreeing to a policy that will provide compensation for the actual cash value rather than the replacement cost for items damaged by a covered peril, the policyholder can reduce the overall cost of the policy. Similarly, they can bring down costs by bundling their policies as well as comparison shopping to find the best coverage at the lowest rate
Yes. While home insurance is not mandatory anywhere in Canada, a landlord can require that renters have coverage as a condition of the lease agreement. In other words, it’s up to the landlord to decide who they’ll rent to and what they require of a tenant. Coverage is an added expense, but in the event of damage to the unit and its contents, most tenants are relieved to have protection in place.
There’s no one company that has the best coverage for renters in Vancouver. We recommend that tenants use our free, online tool to compare tenant insurance quotes from dozens of the most trusted home insurance companies in Canada to secure the best coverage at the lowest rate. It takes less than three minutes and reflects, for free, which policy is ideal for each renter’s specific needs.
If a rental unit is damaged by a covered peril, the tenant should immediately contact their insurance provider to initiate a claim. The company will guide the tenant through the process. It’s prudent to also contact the landlord, however, the tenant doesn’t necessarily have a legal obligation to do so.
So that the tenant can easily navigate the claims process, we encourage them to keep close track of their belongings. This can be achieved by recording the unit and its contents. Or, by keeping a spreadsheet that itemizes belongings and their expense. There are also many apps available that can assist.
*Shoppers who obtained a tenant insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $105. 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.
Shivani is a Content Manager at RATESDOTCA, focusing on mortgages. She is an experienced communication and marketing professional who specializes in content strategy and SEO optimization. Shivani ensures that our written materials meet the highest standards of quality and relevance.
She holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Master’s degree in Mass Communication from Symbiosis Institute of Media and Communications and a Bachelor's degree in English from the University of Delhi.
Shivani has previously worked as a deputy digital productions editor with PMNA-The Canadian Press, and as an editor with The Globe and Mail, Toronto Star, and the Investor's Digest of Canada. She has also worked in reputed news media groups in India and the Middle East.
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