How to Get the Best Tenant Insurance Price in Canada
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.
Tenant insurance, also known as renter’s insurance, is often overlooked yet essential to protect your personal belongings and yourself from unexpected incidents. Living in Canada comes with its own unique challenges, and having suitable tenant insurance can save you from the financial burden of accidents and damages. This article will help guide you through getting the best tenant insurance price in Canada while ensuring proper coverage.
Need Tenant Insurance?
What is Tenant Insurance?
Tenant insurance is a type of insurance specifically designed for people renting a property. It covers your personal belongings, liability, and additional living expenses if you’re temporarily unable to live in your rental unit due to a covered loss. Unlike homeowner’s insurance, it does not cover the building structure itself—this responsibility lies with your landlord.
Why is Tenant Insurance Important?
Many renters underestimate the potential risks and costs of not having tenant insurance. A fire, water damage, or theft can lead to significant financial losses and emotional distress. Tenant insurance protects you from these unforeseen events by covering the replacement or repair costs of your belongings, helping you avoid colossal expenses. Furthermore, if you accidentally cause damage to your rental unit or injure someone, the liability coverage can help protect you from legal claims and cover the associated costs.
APOLLO offers tenant insurance starting at just $11/month.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Determining How Much Coverage You Need
It’s essential to evaluate the value of your belongings accurately to avoid underinsuring. Take time to document and calculate the cost of your possessions, including clothing, electronics, furniture, and other personal items. In addition, consider the amount of liability coverage you might need based on your lifestyle and potential risks.
The cost of your tenant insurance can vary depending on factors such as your rental location, coverage limits, and deductible. Ensure you understand these aspects when selecting your policy.
Tips for Getting the Best Price
Shop around and compare prices: Gather quotes from multiple insurance providers and compare their coverage options and prices. This way, you’ll have a better understanding of the market rates and find a policy that offers the most value.
Bundle your policies: Many insurance providers offer discounts if you purchase multiple policies with them, such as tenant insurance and auto insurance. Consider bundling your insurance policies to save on costs.
Increase your deductible: A higher deductible will result in lower monthly premiums. However, make sure you can afford the deductible in case of a claim.
Improve your security: Installing safety devices such as smoke alarms, fire extinguishers, and security systems can lead to discounts on your insurance. Check with your provider for any qualifying security measures.
Discounts: Some insurers offer discounts for students, non-smokers, and members of professional organizations. Be sure to inquire about any potential discounts that you may qualify for.
Need Tenant Insurance?
Common Misconceptions about Tenant Insurance
Tenant insurance is sometimes viewed as an unnecessary expense by renters. In reality, it’s an investment in your financial security and peace of mind. Another common myth is that tenant insurance is too expensive. However, most policies offer affordable premiums, and the cost is insignificant compared to the potential risks.
APOLLO offers tenant insurance to renters across Canada. Our online platform makes it easy to get a 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 27, 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!