How Much Does Renters Insurance in Ontario Cost?
Moving to a new apartment is exciting, and while it’s easy to get caught up in the fun aspects of the process, it’s equally important to think about practical elements. One such consideration for renters is insurance. In the bustling province of Ontario, having renters insurance has become more of a necessity than a choice. But how much does it actually cost? This article will shed light on the costs you can expect in regards to renters insurance in Ontario.
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What is Renters Insurance?
Before discussing the cost, it’s important to understand what renters insurance is. A renters insurance policy covers potential loss or damage to personal property like furniture, electronics, and clothing. It also typically includes liability coverage in case someone gets injured within your rented property.
Factors That Affect Renters Insurance Cost
Renters insurance in Ontario varies broadly based on several factors:
Location: Rental properties in areas with higher crime rates or prone to extreme weather conditions might lead to higher insurance costs.
Value of possessions: The overall value of your belongings can have a significant impact on your premium. The more possessions you have of high value, the higher your insurance cost.
Deductible value: The cost of your premium can decrease if you choose a higher deductible.
The Average Cost of Renters Insurance in Ontario
While the cost can vary greatly depending on the factors mentioned above, renters in Ontario can expect to pay between $200 and $400 per year for a basic insurance policy. This totals to an average monthly cost of around $16 to $33.
APOLLO offers tenant insurance starting at just $11/month.
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How to Save Money on your Policy
Here are a few tips you can use to potentially reduce the cost of your policy:
Bundle your insurance: If you already have auto insurance, adding renters insurance with the same provider can lead to bundling discounts.
Choose a higher deductible: Increasing your deductible can lower your premium, but ensure you choose a deductible you can comfortably afford.
Inventory your belongings accurately: Overestimating the value of your belongings can lead to higher insurance costs. Make sure to take an accurate inventory.
Install a home security system: This can potentially lower your premium thanks to home safety discounts.
APOLLO offers tenant insurance that’s as effortless as it is affordable, starting at just $11/month. Get your free quote on our online platform and we’ll send your policy documents directly to your inbox.
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Originally published June 30, 2023, updated August 25, 2023
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