How Much is Renters Insurance in Ontario?
As an apartment renter in Ontario, your landlord’s insurance policy doesn’t usually cover your personal belongings. Therefore, it’s crucial to consider getting renters insurance. Today, we’re going to explore exactly how much renters insurance costs in Ontario and what factors influence those rates.
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What Do Renters Insurance Policies Cover?
Renters insurance typically includes:
Personal property protection: to cover the cost of your belongings in case they get damaged or stolen.
Personal liability coverage: to protect you if someone gets injured on your property.
Additional living expenses: to pay for temporary accommodation if you cannot live in your rental property due to any insured peril.
What is the Average Cost?
On average, renters insurance in Ontario costs between CAD $15 and CAD $30 per month. However, this price can change significantly based on many factors such as the value of your personal belongings, your policy deductible, and where you live in Ontario.
APOLLO offers tenant insurance starting at just $11/month.
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Factors that Determine Your Premium
Several major factors influence the cost of renters insurance in Ontario:
Property Location: If your rental property is in a high-risk area for theft or natural calamities, the insurer will consider that while determining the cost.
Property Value: The more your personal belongings are worth, the more it’ll cost to insure them.
Deductible: The deductible is the amount you need to pay before your insurance coverage starts. A higher deductible typically results in lower insurance premiums and vice versa.
Safety Features: Apart from these, safety measures in your apartment like fire alarms, burglar alarms, and sprinkler systems can help reduce the cost of your renters insurance.
APOLLO offers effortless tenant insurance that starts at just $11/month. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 29, 2023, updated July 31, 2025
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