As a renter in Ontario, it’s essential to get renters insurance to protect your personal belongings in cases of theft, fire, or other disasters. However, with so many insurance options out there, it can be overwhelming to determine which policy is best for your needs. To help you navigate renters insurance in Ontario and find the best coverage for you, we’ve compiled six tips to keep in mind.
Renters insurance policies differ, meaning coverage needs can be different based on individual circumstances. Take an inventory of your belongings and assess your coverage needs. For instance, if you own expensive jewelry or electronics, you may need to get additional coverage beyond the standard policy.
Don’t settle on the first quote you receive; shopping around can help you find the best coverage at a price that suits you. Get quotes from multiple insurance providers and compare their policy details, costs, and customer reviews.
It’s important to understand what is excluded from most renters’ insurance policies. For instance, most policies exclude damages from natural disasters such as earthquakes or floods. Additionally, most policies have stated limits on certain items such as jewelry, electronics, or artwork. Understanding these limitations ahead of time can help you determine if you need additional coverage.
Bundling your renters’ insurance with other policies, such as auto insurance, can lead to savings on premiums. Consider this option when shopping around for renters’ insurance.
Depending on your specific needs, you may decide to purchase additional coverage options beyond your standard renters’ insurance policy. For instance, you may want to add accidental damage coverage to protect against everyday accidents, or you may want to add identity theft coverage to protect against identity theft of digital information.
Choosing an insurer with a solid financial reputation is essential to ensure they have the funds to pay out in the event of a claim. Research the insurer’s financial stability using resources, such as credit rating agencies, to assess their fiscal stability.
APOLLO offers effortless tenant insurance designed to protect Canadian renters and their belongings. It takes less than a minute to get a free online quote, and we’ll send your policy documents directly to your email inbox.
Originally published July 7, 2023, updated July 31, 2025
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