How to Get the Best Renters Insurance in Toronto
Whether you’ve found a prime loft in Liberty Village or a cozy condo in the Distillery District, renting in Toronto is an exciting prospect. However, while thriving in the vibrant heart of Canada’s largest city, also comes the responsibility to protect your rented space and belongings. That’s why we bring to you this comprehensive guide on how to get the best renters insurance in Toronto.
Need Tenant Insurance?
Understanding Renters Insurance
Renters insurance is essentially your safety net against potential financial loss due to theft, damage, or loss of your personal assets within a rented property. Additionally, it can offer coverage for liability issues that arise if someone is injured on your property, or if you accidentally cause damage.
A common misconception is that a landlord’s insurance will cover your personal belongings. This, however, isn’t the case. While your landlord’s policy covers the building itself, your personal assets are your responsibility to insure.
Key Factors to Consider When Choosing Renters Insurance in Toronto
When looking to purchase the best policy, take into consideration the following points:
Assess Your Needs: Compile an inventory of personal belongings and their estimated value to understand the level of coverage you need.
Compare Quotes: Insurers’ rates and coverage can vary greatly. Use online tools to compare quotes from different providers to ensure you’re getting the best deal.
Understand Your Coverage: Carefully read each policy to understand what’s covered (personal belongings, liability, additional living expenses), the payout limit, and whether it’s cash value or replacement cost coverage.
Consider the deductible: The deductible is the amount you contribute towards a claim before your insurance kicks in. The higher the deductible, the lower your premium would be. However, ensure it is an amount you can afford in case of a loss.
Check Reviews: Look for reviews about the insurer’s claims service, customer service, and general reliability.
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.
APOLLO Has You Covered
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 30, 2023, updated August 9, 2024
Back to APOLLO MagazineGet 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
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
Relevant articles
Getting insured is as easy as 1 - 2 - 3
1
Tell us (very little) about yourself
Just tell us your address, your name, email and phone number. And that's it. We'll give you a price in less than a minute.
2
Pay online easily and securely
You can choose to pay monthly or save money by paying for the entire year in one easy payment.
3
Get your documents in your inbox - instantly
As soon as you complete your purchase, you'll find your proof of insurance and policy documents waiting for you in your inbox.
Get covered today - it couldn’t be easier
We’ve provided more than 1,000,000 quotes to Canadians just like you. Give it a try!