Finding a place to call home is a significant effort and expenditure. While securing a home, one of the most sensible and responsible decisions you can make is investing in a renter’s insurance policy. APOLLO offers tenant insurance policies starting at $11/month, allowing renters in Canada to have comprehensive coverage for cheap. If you are renting a dwelling place in Canada, this article covers crucial details on pricing, what’s included, and why it’s essential to secure renter’s insurance.
The cost of renter’s insurance varies depending on several factors. However, on average, you can expect to pay between $15 to $30 per month for a standard policy.
Factors that may influence the cost of a policy can include:
Location: Real estate values, crime rates, and the likelihood of natural disasters all help insurers determine your premium.
Coverage Plans: Size of your rented place and the value of your personal belongings stored there will all contribute towards the cost.
Deductibles: The amount you choose to co-pay in the event of a claim can also influence your premiums. Higher deductibles usually mean lower monthly premiums.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Renter’s insurance policies typically cover:
Personal Property: This protects your belongings from certain types of damage or theft.
Liability: Protects you financially if someone is injured on your property or if you’re deemed responsible for damage to someone else’s property.
Living Expenses: If your rental unit becomes uninhabitable (due to a covered loss), your additional living expenses (like hotel and meal costs) could be covered.
Renter’s insurance delivers a sense of security if ever the unthinkable occurs. A fire, a theft, or other unforeseen events can cause considerable emotional and financial stress. However, with renter’s insurance, recovering from these situations becomes more manageable.
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.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 28, 2023, updated August 9, 2024
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