How Much Is Tenant Insurance in Ontario, Canada?

Renting a home or apartment in Ontario, Canada comes with the responsibility of protecting your personal belongings and covering your liability. APOLLO offers tenant insurance starting at just $11/month for comprehensive coverage, but how much does it typically cost in Ontario? In this article, we will explore the average cost of tenant insurance in Ontario, the factors affecting these costs, and what you can do to save money on your premiums.

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Understanding Tenant Insurance

Tenant insurance, also known as renters insurance, provides coverage and protection for tenants who rent their homes in the event of theft, fire, or other covered perils. It also offers liability protection if someone is injured while on your rental property. Tenant insurance is not mandatory in Ontario, but many landlords require tenants to obtain it before moving in.

Factors That Affect Tenant Insurance Costs

Several factors impact the cost of tenant insurance in Ontario, including:

1. Location

The location of your rental property influences the cost of tenant insurance. High crime areas or areas prone to natural disasters tend to have higher premiums.

2. Coverage Limits

The amount of coverage you choose for your personal belongings affects the cost of your tenant insurance. Higher coverage limits result in higher premiums.

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3. Deductible Amount

A deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Generally, higher deductibles mean lower premium costs.

4. Building Security Features

The security features of your rental property, such as smoke detectors, fire alarms, or a security system, may positively impact your insurance premiums.

5. Insurance Provider

Different insurance providers have different pricing structures and coverage options. It is advisable to shop around and obtain quotes from multiple insurance providers to find the best coverage at the lowest price.

Average Cost of Tenant Insurance in Ontario

The average cost of tenant insurance in Ontario can vary depending on several factors. Typically, tenant insurance in Ontario can range from $15 to $40 per month. However, your costs may differ based on the specifics of your policy and unique circumstances.

APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll email your policy documents directly to your inbox.

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