How Much Does Renters Insurance Cost in Canada?

Renters insurance, often overlooked yet critically important, provides protection for your personal belongings within a rented property. In the event of theft, damage or liability issues, it gives you peace of mind, knowing that your possessions are covered. In this blog post, we break down the average cost and what determines the final price.

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Average Cost of Renters Insurance

On average, renters insurance in Canada can cost between $15 and $30 per month. The variability in cost can be attributed to a range of factors including the deductible amount, the level of coverage, the specific location of the rental, and the insurance provider.

Factors Influencing Renters Insurance

Here are the primary factors that influence the cost of renters insurance:

• Location: Where you live impacts your renters insurance cost. Areas with higher crime rates typically have higher insurance costs.

• Property Value: The more valuable your possessions, the higher the coverage you will need, and hence, the more your insurance will cost.

• Coverage Limit: If you choose a higher coverage limit to protect more expensive possessions, your insurance premium will be higher.

• Deductible Amount: The deductible is the amount you pay out-of-pocket before the insurance kicks in. A higher deductible typically means lower monthly rates.

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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