How to Get Cheap Tenant Insurance in Canada

In this article, we’re taking a look at some tips on how to get cheap tenant insurance in Canada. Read on to find out!

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1. Shop Around

As with any insurance product, it’s essential to shop around and compare quotes from multiple providers. Don’t just settle for the first quote you receive. Instead, take the time to research different insurance companies and their offerings. Many providers have online tools that allow you to get a quote quickly and easily. Be sure to compare not only the price but also the coverage levels and any additional benefits each policy offers.

2. Bundle Your Policies

If you already have auto or other types of insurance, consider bundling your policies with the same provider. Many insurance companies offer discounts for customers who purchase multiple policies from them. This can result in significant savings on your tenant insurance premium.

3. Choose a Higher Deductible

A deductible is the amount you pay out-of-pocket before your insurance coverage kicks in. By opting for a higher deductible, you can lower your tenant insurance premium. However, keep in mind that you’ll have to pay more out-of-pocket in the event of a claim. Make sure you’re comfortable with the deductible amount you choose.

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4. Take Advantage of Discounts

Insurance companies often offer various discounts to attract and retain customers. Some common discounts include:

• Claims-free discount: If you’ve never filed a claim or have been claims-free for a certain period, you may be eligible for a discount.

• Safety and security features: Installing smoke detectors, fire extinguishers, and security systems in your rental unit can result in lower premiums.

• Age and occupation: Some insurance providers offer discounts based on your age or occupation, such as being a student or a senior citizen.

5. Maintain a Good Credit Score

Your credit score can impact your tenant insurance premium. Insurance companies may view those with poor credit as higher-risk customers, resulting in higher premiums. Maintaining a good credit score by paying your bills on time, keeping your credit card balances low, and regularly checking your credit report for errors can help you secure a lower tenant insurance premium.

6. Review Your Policy Regularly

It’s a good idea to review your tenant insurance policy annually or whenever you experience a significant life change, such as moving to a new rental unit or acquiring valuable items. This will ensure that your coverage remains adequate and that you’re not overpaying for insurance you no longer need.

APOLLO offers effortless tenant insurance that’s designed to protect renters and their property. Get a 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.

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