How To Get The Best Renters Insurance Price in Canada

Renters insurance is an essential investment for anyone living in a rental property in Canada. It provides protection for your personal belongings, liability coverage, and additional living expenses in case of unexpected events like theft, fire, or natural disasters. But just like any other insurance, finding the best price for renters insurance can save you money while ensuring you have the coverage you need. Here are some tips to help you get the best renters insurance price in Canada.

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1. Shop Around and Compare Quotes

The first step to getting the best price for renters insurance is to shop around and compare quotes from different insurance providers. Don’t settle for the first quote you receive. Take the time to request quotes from various insurance companies and compare their coverage options, deductibles, and pricing. Online comparison tools can help simplify this process by allowing you to compare multiple quotes side by side.

2. Increase Your Deductible

The deductible is the amount you pay out of pocket before your insurance coverage kicks in. By opting for a higher deductible on your renters insurance policy, you can lower your premium. However, it’s important to choose a deductible amount that you can comfortably afford in case of a claim. Be sure to weigh the potential savings against your ability to pay the deductible if an incident occurs.

Related Read: The Pros and Cons of a High Deductible Tenant Insurance Policy

3. Maintain a Good Credit Score

Believe it or not, your credit score can have an impact on your renters insurance premium. Insurance companies often consider credit history when determining rates. Maintaining a good credit score demonstrates financial responsibility and may result in lower insurance premiums. Be sure to monitor your credit score regularly and address any discrepancies or issues that may affect your rating.

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4. Review and Update Your Coverage Regularly

As your circumstances change, so do your insurance needs. Review your renters insurance coverage regularly to ensure it aligns with your current situation. If you’ve acquired valuable possessions or made significant improvements to your rental property, make sure your coverage reflects these changes. By keeping your insurance policy up to date, you can avoid overpaying for unnecessary coverage or being underinsured.

Related Read: When should you review your insurance premium?

5. Ask for Discounts

Don’t hesitate to ask your insurance provider about potential discounts you may be eligible for. Some common discounts include being a loyal customer, having a claims-free history, being a member of certain organizations, or being a student with good grades. Insurance companies may not always advertise these discounts, so be proactive and inquire about any opportunities to save.

APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

Tenant Insurance Starting at $13/month

The only tenant insurance with a Best Price Guarantee. Already have a policy or quote? We’ll beat the price. Guaranteed. Terms apply.

Get a free quote

4.7 rating