How Much Does Tenant Insurance Cost?

Discover the average cost of tenant insurance in Canada and learn how to find the best coverage at an affordable price.

As a renter, it’s important to protect your personal belongings and finances in case of unexpected events such as theft, fire, or natural disasters. Tenant insurance, also known as renters insurance, can provide you with the coverage you need. However, the question that comes to mind is, how much does tenant insurance cost?

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Factors that Affect Tenant Insurance Cost

Several factors can affect the cost of tenant insurance, including your location, type of coverage, deductible, value of personal belongings, credit score, and insurance provider.

Location

The location of your rental property is a significant factor that affects the cost of tenant insurance. For instance, if you’re renting in an area that’s prone to natural disasters such as floods or earthquakes, you might have to pay more for coverage.

Type of coverage

The type of coverage you choose can also impact the cost of tenant insurance. Personal property coverage, liability coverage, and loss of use coverage are the main types of coverage available. The more coverage you have, the higher the cost.

Deductible

Your deductible is the amount you pay out of pocket before your insurance policy kicks in. A higher deductible can lower your monthly premium, but you will have to pay more out of pocket in case of an incident.

Value of your belongings

The value of your personal belongings is another factor that determines the cost of your tenant insurance. If you have expensive items such as jewelry or electronics, you might need additional coverage, which can increase the cost.

Credit score

Your credit score can also affect the cost of tenant insurance. Insurance companies use credit scores to determine the likelihood of a policyholder filing a claim. A good credit score can lower your insurance premium.

Different insurance companies

Finally, different insurance providers have different rates and discounts, so it’s essential to shop around and compare quotes to get the best deal.

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Average Cost of Tenant Insurance in Canada

The average cost of tenant insurance in Canada varies depending on the province or territory. According to the Insurance Bureau of Canada, the average cost of tenant insurance in the country is around $25 per month. However, the cost can be higher or lower depending on where you live. For instance, tenants in Ontario pay an average of $28 per month, while those in Quebec pay an average of $20 per month. The cost of tenant insurance in Canada is affected by several factors, including the location of the rental property, the value of personal belongings, and the type of coverage. It’s important for renters to shop around and compare quotes from different insurance providers to find the best coverage at an affordable price.

Types of Coverages Included in Tenant Insurance Policies

Here are the types of coverages typically included in tenant insurance policies, along with an optional coverage, presented in bullet points:

• Personal liability insurance: covers the cost of legal fees and damages if someone is injured on your rental property

• Contents coverage: covers the cost of replacing or repairing personal belongings in case of damage or theft

• Additional living expenses: covers the cost of living expenses if you’re unable to stay in your rental property due to damage or repairs

• Optional enhanced water coverage: covers damage caused by water that enters your rental property through sewers, drains, or sump pumps, which may not be covered by standard policies

APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your 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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