How to Get Cheap Tenant Insurance in Ontario
One of the best ways to get cheap tenant insurance in Ontario is to use APOLLO Insurance. Starting at just $11/month, APOLLO offers effortless tenant insurance designed to protect renters in Ontario and across Canada. Get your free quote today and we’ll email you your policy documents directly.
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Why Tenant Insurance is Essential in Ontario
Many renters overlook the importance of tenant insurance, believing that their landlord’s insurance will cover their personal belongings. However, this is a common misconception. A landlord’s insurance typically covers the building structure and common areas, but not the tenant’s personal property. Without tenant insurance, you may face significant financial burdens in case of theft, fire, or water damage affecting your possessions. Moreover, liability coverage provided by tenant insurance can save you from expensive legal fees if someone gets injured in your rented space.
Factors Affecting Tenant Insurance Premiums
Several factors can influence the cost of your tenant insurance, including:
Location: The area where you live can impact your premiums. High-crime neighborhoods or areas prone to natural disasters may result in higher rates.
Type of dwelling: The size and structure of your rented space can also affect your premiums. For example, a single-family home may cost more to insure than an apartment.
Coverage limits: The amount of coverage you choose for your personal belongings and liability will impact your premiums. Higher coverage limits generally result in higher premiums.
Deductible: The deductible is the amount you pay out of pocket before your insurance kicks in. A higher deductible usually leads to lower premiums.
Discounts: Insurance providers may offer discounts for various reasons, such as bundling multiple policies or having safety features in your home.
APOLLO offers tenant insurance starting at just $11/month.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Tips for Finding Affordable Tenant Insurance
1. Shop Around
The first step in finding cheap tenant insurance is to compare quotes from different insurance providers. Use online comparison tools to get a sense of the market rates and find the best deal for your needs.
2. Bundle Your Policies
If you have other insurance policies, such as auto insurance, consider bundling them with your tenant insurance. Many insurance providers offer discounts for bundling multiple policies, which can result in significant savings.
3. Increase Your Deductible
A higher deductible can lead to lower premiums. However, make sure to weigh the pros and cons before choosing a higher deductible. While it can save you money on your premiums, you should be prepared to pay more out of pocket in case of a claim.
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4. Take Advantage of Discounts
Insurance providers often offer discounts for various reasons, such as:
Multi-policy discount: Savings for bundling multiple insurance policies
Claims-free discount: Reductions for not having any claims in a certain period
Safety and security features discount: Savings for having smoke detectors, security systems, or other safety features in your home
Always inquire about available discounts when shopping for tenant insurance.
5. Maintain a Good Credit Score
Your credit score can impact your insurance premiums, as it reflects your financial responsibility. A good credit score may result in lower premiums. To improve and maintain a good credit score, pay your bills on time, reduce your debt, and regularly check your credit report for inaccuracies.
6. Review Your Policy Regularly
It’s essential to review and update your tenant insurance coverage regularly. Conduct an annual review to ensure you’re getting the best possible rates and adjust your coverage as needed.
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.
APOLLO Has You Covered
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 26, 2023, updated July 31, 2025
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