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Choose your quote and secure your renters insurance rate online.
To compare the cost of tenant insurance across Canada, here are four different quotes we received in April 2023 for one renter's profile – the only changing factor being their location. Keep in mind that insurers calculate individual rates based on the risk you bring and the coverage you need. You won't know how much you'll be paying until you get a quote yourself.
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Matt Hands, VP, Insurance and MoneySense
Tenant insurance (otherwise known as renters insurance, contents insurance, or apartment insurance) gives you the benefits of a homeowner's insurance policy but without coverage for the physical dwelling. The landlord's insurance covers the building, not yours.
Generally speaking, there are three types of coverage on a basic tenant insurance policy: liability insurance, contents insurance, and additional living expenses. By paying our regular premiums to your provider, you'll be protected financially from all different types of tenant-related emergencies.
If you're looking for tenant insurance in Canada, we’re here to help you choose better. You can get a customized tenant insurance quote online with us in under five minutes today – all from the comfort of your couch.
Tenant insurance isn't mandated by law in Canada, but many landlords will require you to purchase coverage as a stipulation in the lease agreement. And even if that's not the case for you, it's a good idea to get insurance anyway.
While your landlord may have their own home insurance policy, that doesn't mean you're immune to risks as a renter. Landlord insurance (or rental income property insurance) is only there to protect your landlord from their own financial implications, such as building damage or a tenant liability claim. You could still face your own financial troubles as a renter for all different reasons, such as the loss of your belongings due to a break-in.
Learn more about tenant insurance
As a renter, it's important to understand the coverages on your tenant insurance policy. While a standard package may be enough, you can also add optional endorsements to better suit your coverage needs.
Included types of renters insurance coverage
Optional types of renters insurance coverage
How much is tenant insurance?
So what is the average cost of renters insurance? Renters insurance across Canada typically ranges between $20 to $50 each month, but this will depend many different factors. Be sure to compare renters insurance quotes before you purchase a policy to make sure you get the best rate on the market.compare quotes
Factors that impact your tenant insurance quote
A studio apartment comes with different risks than a basement unit. So your provider will take your property type into account when calculating your tenant insurance rate.
Renting in a neighbourhood prone to theft and vandalism can increase your rate substantially. And flood-prone areas also won't reflect well on your tenant insurance premium.
The more items you have to insure, the more expensive your coverage will be – that's a given. And some valuables (e.g. artwork) may also require extended coverage limits for an added cost.
Not all tenant insurance companies look at credit to calculate your renters insurance rate. But if you can opt-in for a soft credit check, you may see a discount for having a good score.
Do you live with others? The more people there are to insure, the more expensive your coverage will be. Also keep in mind that it's often a better idea to buy separate policies when living with roommates.
Did you know owning a pet can increase the cost of your renters insurance? This is especially the case for vicious dog breeds – due to the added risk of a liability claim.
If you've made several property insurance claims in the past, this will reflect poorly on your tenant insurance rate – providers like to see low-risk customers.
Be sure to ask your provider about any available discounts. For instance, just having a fire extinguisher on hand can save you a few bucks each month.
In a recent survey conducted for our Digital Money Trends Report, we found that less than 50% of renters in Canada actually have tenant insurance in place. Only 48% of renters surveyed claimed to carry coverage.
If you're part of this group, you may be under the impression that tenant insurance isn't a necessity. And while it isn't mandated by law, this is not true. Statista reported four reasons why tenants in Canada believe they should forego coverage, and here, we explain the invalidities behind each one and why you should highly consider getting a policy anyway – swipe left to learn more.
Over 50% of renters in Canada don't have tenant insurance.
"Renters insurance is too expensive."
While tenant insurance might look like a monthly bill you can cut from your budget, that's not the best idea – it can prevent you from falling into deep financial trouble down the road.
Compared to home insurance, tenant insurance tends to be much more affordable. This is because you don't require building coverage; damage to the rental unit generally falls under your landlord's insurance. Some plans start as low as $20 per month, and there are many ways you can save (e.g. bundling with auto insurance).
48% of renters in Canada think tenant insurance is too expensive.
"I don't have enough contents to need renters insurance."
Even if you don't own any luxury items, tenant insurance can come in handy. Replacing one stolen laptop out-of-pocket can already exceed the annual cost of a policy. And a basement flood could ruin all your belongings at once – even if nothing was particularly pricey, it can be a huge financial burden to replace everything at the same time.
Also, keep in mind that tenant insurance isn't only there to protect your contents. If you need to move out temporarily or if you run into a legal liability issue, you can look to your insurance policy for help.
24% of renters in Canada think they don't have enough to insure.
"My landlord has coverage, so I don't need renters insurance."
This is not the case. Landlord insurance and tenant insurance are two different products, designed to protect two different people.
A landlord's policy is simply there to protect the landlord from the financial risks of leasing out a property. This can include a liability claim from the tenant or damage caused to the rental unit. As a renter, you have your own risks to worry about. For example, if your belongings are stolen after a break-in, your landlord won't be held responsible – this is why carrying your own insurance is important.
17% of renters in Canada think their landlord's insurance provides them with coverage.
"My roommate has renters insurance, so I don't need it."
Just because your roommate has insurance doesn't mean you're automatically covered – tenant insurance is designed to protect the policyholder and their immediate family members. And while some companies allow shared plans (provided all individuals are listed on the policy), you should consider getting your own coverage anyway.
Shared policies can lead to shared insurance records. If your roommate makes a claim, you'll likely face higher rates when shopping for coverage in the future – this can include your home insurance.
11% of renters in Canada think their roommate's insurance provides them with coverage.
How to get cheap tenant insurance online
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At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages. By entering your information once, we can show you quotes from Canada’s top insurers.
Insurance companies often give discounts to customers who get both their tenant and auto insurance from them. Look to bundle multiple policies for a discount.
Install monitored alarms
Having a monitored alarm system installed – one that is connected to a central station – can lead to a discount on your policy. This typically won't include your own cameras and motion sensor lighting.
Increase your deductible
The standard tenant insurance deductible is about $500. If you increase the deductible (the amount of money you cover before insurance pays the rest), you'll see a decrease in your premium.
Limit your claims
A clean claims history looks good to insurers. If you submit a claim, make sure it's worth it. Never submit one for less than your deductible – claims should be reserved for times of significant financial distress.
Paying your premiums on an annual basis, as opposed to monthly, reduces your insurer's administrative costs while proving your loyalty. So you may be rewarded with a cheaper rate.
Review your coverage
Make sure you aren't overinsured. Document your contents properly and review their value with an annual audit of your belongings – you won't need $1,000 in coverage for a TV that's only worth $500.
Get a group rate
Some insurance companies offer special discounts to school alumni and working professionals (e.g. CPA). It won't hurt to ask your insurance representative about any eligible discounts.
Common tenant insurance claims in Canada
Shop for Canadian renters insurance online today.
Now that you've become an expert on all things tenant insurance, let's take a quick look at the rental market in Canada. Here are some interesting facts we found, according to the Canadian Rental Housing Index.
4,441,015 million households in Canada rent instead of own – While nearly 4.5 million households rent, there are over 9 million households that own their home. Renters make up about 32% of the household population within the country.
The average cost of rent and utilities in Canada is $1,002 – While this is representative of Canada as a whole, the average cost is slightly higher in the most populated province, Ontario – tenants see an average monthly payment of $1,109.
The average renter household income in Canada is $53,163 – Tenants in Canada spend an average of 23% of their income on rent and utilities. But with that being said, 18% of the renting population still uses up half their income on these expenses.
of households in Canada rent their property instead of own.
of Canadian households spend over half their income on rent and utilities.
How do I get renters insurance?
What does renters insurance not cover?
What is tenant liability insurance?
Does each tenant need renters insurance?
How do I get cheap tenant insurance in Toronto?
Does homeowners insurance cover renters damage?
Does tenant insurance cover bed bugs?
Can renters get flood insurance?
Does renters insurance cover holes in the wall?
Do you need sewer backup insurance in an apartment?
Do renters require a credit check for tenant insurance?
Can I rent my apartment on Airbnb?
Ratehub.ca partners with top tenant insurance providers across Canada, so you can request a personalized renters insurance quote with ease. Because each rate is calculated using the insurer's own underwriting and quoting process, you’ll be able to receive accurate estimations based on your individualized profile.
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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