Compare Tenant Insurance Quotes in Canada

Get the cheapest tenant insurance rates from Canada's most trusted providers.

Compare tenant insurance from providers you trust

Square One - 2022.png
Apollo - 2022.png
Duuo - 2022.png
SGI - 2022.png
Pembridge - 2022.png
Travelers Insurance logo

What is tenant insurance?

Safeguarding property is something homeowners think about all the time. They’ve made a huge investment in their home and its contents, and they want to secure it for years to come.

But home insurance isn’t just for homeowners. Tenants also have belongings to protect. That’s where tenant, or renter’s, insurance comes in. Tenant insurance in Canada can cover belongings against risks such as fire, theft or loss. Tenant insurance can also help with expenses if your home is unlivable.

Is tenant insurance mandatory in Canada?

Although tenant insurance is not mandatory, having it can help cover expenses that may come up accidentally or unexpectedly. Costs can add up when it’s time to repair or replace items and tenant insurance can ease that burden should the need arise.

Some landlords may also require their renters to get tenant insurance as part of the lease agreement. Either way, the peace of mind that comes with knowing your possessions are protected, to some degree, is worth the added expense in the long run.

What does tenant insurance cover?

Tenant insurance covers:

1) Contents for your possessions

Stuff happens and having someone break into your home or take your belongings is a very real threat in many areas. Tenant insurance will cover the contents of your home. Without it, you will pay out of pocket to replace items, which is one more added stress after having lost the items in the first place. Tenant insurance coverage also extends beyond your home, so if your bike is stolen from outside of your office, or you leave your laptop in the back of a cab, tenant insurance will help with replacement costs.

If you acquire more expensive items or need further coverage, you can always talk to your insurance provider about adding more coverage later.

2) Renter’s liability if you’re sued for property damage or personal injury

Liability coverage helps cover costs associated with lawsuits resulting from accidental damage to someone’s property, or if someone gets hurt in your home. For example, if you forget to turn off a tap and the overflowing water floods the apartment below, your downstairs neighbour could sue you for the damage caused. Or, if a visitor slips and gets hurt in your home, they could sue for the cost of rehabilitation, loss of earnings, and anything else resulting from the accident. These lawsuits can cost thousands, even millions of dollars, and can easily bankrupt individuals who don’t have personal liability insurance.

The minimal recommended coverage is $100,000 but if it is within your means, it might make sense to go higher for potential liability risks.

3) Living expenses, should your home become temporarily uninhabitable

If there is a problem with your unit caused by an insured peril, you may have to leave until the matter is resolved. If you are lucky, you could stay with friends or family, but this aspect of tenant insurance helps with temporary accommodation, transportation, and even the cost of meals until you can return home.

Some insurance policies cap living expenses so make sure to talk to your provider and understand what is available to you should you need to move temporarily.

What does tenant insurance not cover?

Tenant insurance policies limit the coverage provided to high-value items (e.g. expensive jewelry, antique watches, fine art or sports equipment). A $5,000 limit is common for these types of things, so if you lose $20,000 worth of jewelry, you will have to pay $15,000 out-of-pocket to replace it.

To insure these possessions for the actual replacement cost, you have to purchase a floater, also called a rider, which is an amendment to your standard policy. Examples of other items tenants purchase riders for include: musical instruments, expensive bicycles, and electronics. Always check your coverage limits on specific items to ensure your prized possessions are fully protected financially.

Factors that affect your tenant insurance 

Tenant insurance varies depending on your circumstances. Premiums can differ per renter based on multiple factors, including:

  • Your credit score – Insurance companies look at risk factors when providing insurance to customers. The better your credit score, the lower the risk you are thought to be and likely, the better rate you can achieve from providers.
  • The amount of contents coverage you require – The more contents you want to insure, the more the rates will likely be as replacement costs can add up for insurance providers.
  • The location of your home (typically determined by postal code) – While some locations are low risk, perhaps crime-free, and safe, other locations may have higher incidents of break-ins and ultimately pose a higher risk to your contents. Insurance providers will look at that to determine rates.
  • The construction of your unit (e.g., concrete high rise, wood frames, etc.) – Newer, better constructed homes pose a reduced risk of fires or other defaults. Older homes may not be up to the current code, may have wiring issues and could pose a higher risk to your contents.
  • The deductible chosen – A higher deductible usually results in lower premiums, but you'll have to pay more out of pocket if filing a claim; a lower deductible usually results in a higher premium, but you'll be paying less out of pocket if filing a claim.
  • Whether you have some form of a home security system – A home alarm is another tool that reduces the risk of break-ins and ultimately insurance claims.
  • Your claims history – the fewer the claims, the less risk you are considered by your provider and the lower your premiums.

What people say about our quotes

Rating stars

Based on 5,495 reviews

 Trustpilot logo

How can I get the cheapest tenant insurance?

Follow these tips to keep the cost down:

  1. If you have a car, consider bundling your auto insurance together with your tenant insurance. By using the same provider, you could save up to 15% off both policies. This is called a multi-line discount.
  2. If you are willing and able to pay a higher deductible in the event of a claim, insurers will reward you with a cheaper rate. A higher deductible usually results in lower premiums, but you'll have to pay more out of pocket if filing a claim; a lower deductible usually results in a higher premium, but you'll be paying less out of pocket if filing a claim.
  3. Some insurers offer reduced rates for members of certain organizations or professional groups. Ask about discounts available and see if you qualify. For example, your insurance provider might offer a discount if you are an alumnus of University of Toronto. You don’t want to miss that.
  4. Every insurance company will offer a different rate. The best way to save money is to shop around on RATESDOTCA.

How to get your tenant insurance quotes on RATESDOTCA

Ready to compare quotes and save?

home icon red

Tell us about your home

Answer a few basic questions about the place you rent. It won’t take long!

Quote Icon.png

Compare your quotes

See quotes from multiple insurance companies side by side.

Click Here_Icon.png

Choose the right coverage

Find the right protection for your place and everything in it.

Complete Application_Icon.png

Secure your rate

Connect with the provider and secure your rate.

Frequently asked questions about tenant insurance

Find the answers to all your tenant insurance related questions here.

How much does tenant insurance cost?

Across Canada, tenant insurance premium rate can range from $197 to $240 annually, but changes depend on the possessions you have in your home. It’s best to visit sites like RATESDOTCA to compare quotes for the cheapest tenant's insurance available.

What is the average cost of tenant insurance in Ontario?

Average tenant insurance in Ontario is $197 per annum. But averages don’t tell the full picture with renters or any other type of insurance. Personal circumstances and needs are different, as are locations and even home construction – issues that insurance providers will look at.

Consult RATESDOTCA for immediate tenant insurance quotes and talk to providers about your personal circumstances.

Can my landlord force me to get tenant insurance?

Property owners are within their rights to ask you to get it and can stipulate it in the lease. Not having 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.

Is renter’s insurance the same as tenant insurance?

Yes. The two terms are used interchangeably.

Who has the best tenant insurance policy?

Every insurance provider will assess the likelihood of you making a claim, and the cost of providing your coverage, differently. In addition, the coverage you need to protect your things, will be different from the coverage needed by others. Compare coverage options and quotes from leading insurance providers on RATESDOTCA. It’s the quickest way to find the best tenant insurance policy for you.

Does tenant insurance cover property damage caused by natural disasters?

If your possessions are damaged by hail, rain, wind or fire, your tenant insurance should provide coverage. However, some natural disasters, most notably earthquakes and floods, are excluded from standard tenant insurance policies. If you live in a high-risk area for these types of natural disasters, you should purchase additional coverage.

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

On RATESDOTCA, we will ask for the following information:

  • Your address and unit number
  • The combined value of your physical possessions
  • Who you live with (roommates likely won’t be covered by your policy, but they could impact your premium)
  • The type of residence you live in (e.g. high-rise apartment, basement rental, single bedroom in shared house)
  • The year the building was built

This will give you the most accurate quotes directly from the tenant insurance providers.

When should I file a tenant insurance claim?

Firstly, assess the cost of paying out-of-pocket. If the amount you must spend is less than your deductible, there is no need to file an insurance claim since there will be no payout by your insurance company. Filing a claim for every little thing that goes wrong can affect your future premiums, as insurers are unwilling to provide coverage for people who cost them a lot of money.

With that said, don’t be afraid to make a claim when you need to. After all, this financial support was the whole point of having tenant insurance policy in the first place.

How do I make a tenant insurance claim?

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 through most provider apps. Don’t take too long, most insurers require you to submit the claim within days of the incident.

RATESDOTCA tenant insurance

If you want to save money on tenant insurance without compromising coverage, you’re in the right place.

Spend a few minutes answering basic questions about your apartment, and we’ll show you multiple tenant insurance quotes from Canada’s best companies.

Latest home insurance articles

Does home insurance cover knob and tube wiring?
What is knob and tube wiring and can you get it covered by your home insurance? The question isn't so easy to answer.
Learn More
5 mins read
How is climate change affecting home insurance premiums?
As severe storms erupt across Canada more often, consumers may find their home insurance rates increasing.
Learn More
5 mins read
How to protect your home from spring flooding
The cost and intensity of natural flooding disasters in Canada are on the rise. Does your home insurance policy have you covered if your house is flooded?
Learn More
5 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.