Average Tenant Insurance Cost in Canada

Protect your belongings and avoid liability issues with tenant insurance. Read our article to find out the average cost and how to choose the right coverage.

As a tenant, it’s important to protect your belongings in case of unexpected events such as theft, fire, or water damage. Tenant insurance provides coverage for your personal belongings and liability protection in case you are responsible for damage to the rental property or someone gets injured while visiting your unit.But how much does tenant insurance cost in Canada? The answer is not straightforward as the cost varies depending on several factors.

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Factors Affecting Tenant Insurance Cost

• Location is a significant factor affecting tenant insurance cost. For example, if you live in a high-crime area or an area prone to natural disasters, you can expect to pay more for tenant insurance.

• The type of building you live in also matters as older buildings may have outdated electrical or plumbing systems that increase the risk of damage.

• The amount of coverage you need also affects the cost of tenant insurance. If you have expensive electronics or jewelry, you may need more coverage, which will increase the cost.

• The deductible, which is the amount you have to pay before your insurance kicks in, can also affect the cost of tenant insurance. A higher deductible can lower your monthly premiums, but you’ll have to pay more out of pocket if you need to make a claim.

• Your personal information, such as your age, claims history, and credit score, can also affect the cost of tenant insurance.

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Average Tenant Insurance Cost by Province

According to a report by LowestRates.ca, the average cost of tenant insurance in Canada is $27 per month (or $325 per year). However, the cost varies by province. The report found that tenants in Ontario pay the highest average cost of $33 per month or $395 per year, while tenants in Manitoba pay the lowest average cost of $20 per month or $240 per year.

Tips for Lowering Tenant Insurance Cost

There are several ways to lower the cost of tenant insurance. Increasing your deductible can lower your monthly premiums. Bundling your tenant insurance with other insurance policies, such as car insurance, can also help you save money. Shopping around for the best rates can also help you find the most affordable tenant insurance.

APOLLO offers tenant insurance designed to protect renters’ unique needs. Get a free quote in less than a minute and we’ll send your policy documents right to your inbox.

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