How to Get Contents Insurance for Tenants
APOLLO offers contents insurance for tenants across Canada, starting at just $11/month. Get a free quote in less than a minute using our online platform and we’ll send your policy documents directly to your inbox.
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Understanding Contents Insurance
Contents insurance is a type of insurance that covers the personal belongings inside your rented property. It can reimburse you for the cost of repairing or replacing items damaged or stolen as a result of various events, such as fire, flood, storm, theft, and vandalism.
Unlike home insurance—which primarily concerns the building’s structure—contents insurance focuses solely on protecting the items within the home. While your landlord may have home insurance, it typically won’t cover the loss of your personal belongings.
Risks commonly covered by contents insurance include fire, theft, and water damage. Some policies also offer optional extras, such as accidental damage and personal possessions coverage, which protects your belongings when you take them outside the home.
Why Tenants Need Contents Insurance
As a tenant, it’s essential to ensure your personal possessions are protected. Your landlord’s insurance will generally not cover your belongings if something were to happen while you’re living in the property. This is where the importance of contents insurance for tenants lies.
Scenarios in which contents insurance can be beneficial for tenants include damage caused by accidents, such as overflowing washing machines or the accidental breakage of electronics, theft, or by natural disasters. By having contents insurance, you can recover the expenses related to repairing or replacing your possessions in these situations.
APOLLO offers tenant insurance starting at just $11/month.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Factors to Consider When Choosing Contents Insurance
When selecting a contents insurance policy, consider the following factors to ensure you choose the policy that best suits your needs:
Level of coverage needed: Estimate the value of your possessions to determine the amount of coverage required.
New-for-old coverage or indemnity coverage: New-for-old policies replace damaged or stolen items with new ones, while indemnity policies consider wear and tear when compensating.
Cost of premiums and excess: Research the cost of monthly or annual premiums and the excess fee you’ll pay when making a claim.
Extras and endorsements: Decide if you need any additional coverage, such as accidental damage or personal possessions coverage.
How to Find the Right Contents Insurance for Tenants
Assess your needs: Make a list of valuable items in your rental property and estimate their worth. Decide if you need any optional coverages based on your lifestyle and risk factors.
Shop around for providers: Use comparison websites, consult independent insurance agents/brokers, or seek recommendations from friends and family to find reputable providers.
Obtain quotes from different providers: Provide accurate information about your possessions to get accurate quotes. Compare quotes based on coverage, price, and any extra features you need.
Read reviews and check provider reputation: Research online reviews and gather feedback on customer service and the claims process. This helps ensure that the provider can deliver a quality service.
Review policy documents carefully before committing: Understand the terms and conditions of the policy and ensure it meets your specific needs before signing up.
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Tips to Save Money on Contents Insurance for Tenants
Bundle insurance policies such as contents, car, or travel insurance to receive discounts.
Increase the excess amount, which can reduce your premium.
Install security measures like alarms or approved locks to possibly qualify for discounts.
Consider paying your premiums annually rather than monthly, as this may lower the overall cost.
APOLLO offers effortless tenant insurance for renters across Canada. Get a free quote in less than a minute and we’ll send your unique 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 August 25, 2023
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The only tenant insurance provider with a Best Price Guarantee. Already have a policy or quote? We’ll beat the price. Guaranteed. Terms apply.
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