How Much Tenant Insurance Do I Need?

Renting a home or apartment comes with plenty of perks—less maintenance, more flexibility, and fewer worries about major repairs. But what about protecting your personal belongings and finances?

Tenant insurance is an essential safeguard, covering everything from stolen laptops to unexpected disasters like fires or floods. But how much coverage do you actually need? Too little, and you risk being underinsured. Too much, and you may be overpaying.

Let’s break down the key factors that will help you find the perfect tenant insurance coverage for your needs.

Get a quote in less than a minute

Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

Get a free quote

4.7 rating

1. Calculate the Value of Your Belongings

The first step in determining the amount of tenant insurance coverage you need is to assess the value of your belongings. Think of it this way: if disaster strikes, how much would it cost to replace everything you own? Once you have a comprehensive list, calculate the total value of your belongings.

• Furniture: Couch, bed, dining table, chairs, etc.

• Electronics: TV, laptop, gaming consoles, smart devices.

• Clothing & Accessories: Shoes, coats, bags, jewelry.

• Other Valuables: Bikes, musical instruments, sports equipment.

Pro Tip: Go room by room and estimate replacement costs. Even a minimalist renter may need at least $25,000 in coverage.

2. Make Sure You Have Enough Liability Coverage

Tenant insurance isn’t just about protecting your stuff—it also protects you financially if someone gets injured in your home or if you accidentally cause damage to your rental.

• Example 1: Your kitchen catches fire, damaging not only your unit but also the neighbour’s.

• Example 2: A friend slips and falls in your apartment, leading to medical bills and potential legal action.

Liability claims can easily run into tens or even hundreds of thousands of dollars. Most tenant insurance policies offer at least $1 million in liability coverage, but opting for $2 million may be a smart move for added peace of mind.

Additional Living Expenses

In the event of a covered loss, such as a fire or flood, tenant insurance can also cover your additional living expenses. This includes the cost of temporary accommodation, meals, and other necessary expenses. Consider the potential cost of such circumstances and factor it into your overall coverage needs.

Deductible

A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lead to lower premium costs, but it also means you will have to bear a higher expense in the event of a claim. Assess your financial situation and choose a deductible that aligns with your comfort level.

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 a quote in less than a minute

Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

Get a free quote

4.7 rating