Does Each Tenant Need Renters Insurance?
Written by Stephen Dyck
As a renter, you might be wondering if sharing a renters insurance policy with your housemates is a smart, cost-saving option. While it may seem convenient, the truth is that each tenant needs their own renters insurance policy to ensure proper coverage. At APOLLO, we make getting the right coverage easy and stress-free, with tenant insurance designed to protect renters across Canada. Read on to discover why having your own policy is crucial and how it can safeguard your personal belongings, liability, and peace of mind.
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Understanding Renters Insurance
Renters insurance is designed to protect tenants’ personal belongings and provide liability coverage. Although it’s not mandatory by law, renters insurance is highly recommended for anyone who rents a home or apartment. This type of insurance covers losses caused by theft, damage, or loss of personal property. Additionally, it provides liability coverage if someone is injured while on the premises.
The Importance of Individual Renters Insurance Policies
Each tenant in a shared apartment or home needs their own renters insurance policy. This is because renters insurance only covers the belongings of the named insured individual – in other words, the person listed on the policy. If something happens to a housemate’s personal belongings, the other housemates’ renters insurance policies will not cover the losses.
Additionally, individual policies provide essential liability coverage for the named insured individual. In the event of an accident or injury caused by the tenant’s negligence, the policy provides protection. This type of insurance is essential for protecting against potential lawsuits and other legal liabilities.
Exception for Direct Relatives, Dependants, and Common Law Partners
The only exception to the individual policy requirement is for direct relatives, dependents, and common law partners. In these cases, one renters insurance policy can cover all individuals living in the apartment or home. For example, a family with three children would only need one renters insurance policy to cover all family members.
Related Read: What Is and Isn’t Covered by Homeowner’s Insurance
Make Sure to Clearly Identify Individuals on the Policy
When obtaining a renters insurance policy, make sure that all covered individuals are clearly identified. This includes direct relatives, dependents, and common law partners who are covered under a single policy. Additionally, it’s important to add or remove individuals from the policy if there are changes in who is living in the apartment or home.
Cost vs. Risk: Is Skipping Insurance Worth It?
Scenario | Cost Without Insurance | Cost With Insurance |
Stolen laptop & phone | $2,500+ | $0 (covered) |
Fire damage (furniture, clothes) | $10,000+ | $0 (covered) |
Liability lawsuit (guest injury) | $50,000+ | $0 (covered) |
Monthly tenant insurance cost | N/A | ~$15-35/month |
👉 Takeaway: For the price of a Netflix subscription, you could be financially protected against thousands of dollars in losses. Please note that these figures are estimates, are subject to your policy limits, and do not include the cost of deductibles.
APOLLO is Canada’s leading provider of tenant insurance, tailored specifically for renters and customizable to fit your unique lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Originally published July 11, 2023, updated January 29, 2025
Back to APOLLO MagazineAbout the author
Stephen Dyck, SEO Specialist and Content Writer
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