Compare tenant insurance quotes from top providers in Canada
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How to compare tenant insurance quotes online
Many Canadian renters go without tenant insurance because they assume it will be too expensive or complicated to buy. Others mistakenly believe their personal belongings are covered under their landlord’s insurance—not true. Whatever the reason, around 40% of Canadian renters don’t have tenant insurance, according to a 2021 survey from TD. This means nearly half of Canadian renters have valuables, electronics and personal belongings that won’t be protected if damaged or stolen.
Getting a tenant insurance quote is easy and should be among the first things you do after moving into your apartment or rental. Let’s look at what tenant insurance is to help you understand how it can protect you financially. Once you’re ready, you can request and compare tenant insurance quotes by clicking the button above.
What is tenant insurance?
Think of tenant insurance as home insurance for renters. Also referred to as renters insurance, it’s a type of insurance product designed to protect individuals who are renting a property—be it an apartment or a house. Tenant insurance policies provide coverage for personal belongings and protect a tenant against liability in the event someone is accidentally injured on the property.
What does tenant insurance cover?
The coverages included in tenant insurance policies will vary depending on the individual insurance provider you go with; however, there are some items that are typically included and some that are optional and come at an extra cost. Here are some of the different types of coverages.
- Contents: Contents coverage is included in all tenant insurance policies and covers the cost of fixing or replacing your personal belongings (subject to policy limits) if they are lost or damaged from hazards such as a fire, theft or vandalism. Most policies do not include coverage for damage caused by natural disasters, like tornadoes and floods. Contents include items like electronics, clothing, furniture, jewelry and more. If you have something of particular value, like a work or art or an antique piece of jewelry, it’s wise to speak to an insurer about additional protection. Be aware that this coverage extends to your belongings even if they get lost or stolen outside of your apartment. So, for example, if your laptop is stolen while you’re traveling, you can potentially make a claim. Note that most insurers will advise you to keep a basic general inventory of your more valuable items, as that can help speed up the reimbursement process.
- Living expenses: This will cover any additional expenses you incur while temporarily living somewhere else if your rental property needs repairs and you have to relocate. Coverage would include expenses like staying at a hotel, meals and the cost of moving your stuff.
- Liability: Liability covers you if you are sued by someone who was injured in your home or if you accidentally damage someone else’s property. Most basic insurance policies offer $1 million in liability coverage, but you can usually choose to pay extra to get more coverage.
Additional coverages
Common policy add-ons for tenant insurance include:
- Overland water: Also known as flood insurance, this type of policy will cover your belongings in the event of water damage. Consider opting for this add-on if you live near a large body of water.
- Sewer backup: This covers you if the city’s sewer lines back up and flow back into your home. This is a good option if you rent a basement apartment.
- Identity theft: In our digital world, this coverage becomes increasingly important. This add-on will cover things like legal expenses and lost wages if someone steals and uses your personal information for fraudulent purposes.
How to find cheap tenant insurance
With the steady increase in digital-only financial services, it’s never been easier to get affordable tenant insurance quotes online. You can either request quotes directly from insurance companies or use a Canadian rates comparison site*, allowing you to quickly compare quotes from a wide selection of providers. (MoneySense.ca. is owned by Ratehub Inc., which also owns the rate comparison site Ratehub.ca.)
Be sure to carefully review the quotes and compare their different coverage options, deductibles and premiums. And while it’s certainly tempting not to read the fine print, that would be a critical mistake. Actually knowing whether or not you're getting a good deal and the coverage you need (without too many exclusions or policy limits) depends on having a complete and informed understanding of your policy.
Another strategy is to bundle your tenant insurance with other insurance policies, such as auto insurance. Maintaining a claims-free history and going with higher deductibles can also lower your premiums. If you’ve got a degree from a post-secondary institution or are a member of a specific union or organization, it’s worth contacting them to see if they work with an insurance provider to offer discounts to members or alumni. When applying for a policy, also be sure to mention safety features you might have in your home like an alarm system, smart cameras or fire extinguishers.
How to apply for tenant insurance online
Applying for tenant insurance quotes online is easy and convenient if you follow these steps:
- Research: The first step is to do your research and compare quotes, which you can do online. If you already have an insurance policy (such as auto insurance), contact the company to see if they offer renters insurance and if they would give you a deal for bundling your insurance products. Once you’ve got some options, read the fine print and figure out which one offers the best coverage with the fewest exclusions. Also consider things like coverage limits and online reviews about customer service.
- Gather documents: Before you fill in the application, make sure you have all the necessary documents ready. These may include your lease agreement, official ID and details about your belongings (especially if you have any unique items that you want protected, like a valuable hockey card collection, for example).
- Application: Fill out the online application form. Confirm that all information is accurate and fulfills your requirements. Any errors could slow down the process for getting approved.
To ensure that the application process is quick and smooth, you should have a clear picture of your insurance needs and provide accurate information upfront. If you’re confused about some of the policy wording, contact the insurance provider’s customer service department for clarification.
Frequently asked questions
Tenant insurance is not mandated by law in Canada. That said, some landlords may require tenant insurance as part of their lease agreements. That’s because landlords want to ensure their renters are covered for damage to the dwelling and other liabilities.
The average cost of tenant insurance in Canada ranges between $20 and $50 per month. By combining your tenant insurance with auto insurance, having a claims-free record or opting for a higher deductible, you may be able to get lower rates.
Read more about tenant insurance:
- How much is renters insurance?
- Watch: What is tenant insurance?
- Video: Is tenant insurance mandatory?
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