How to Get the Cheapest Renters Insurance in Canada
Renting a home in Canada comes with its share of risks, and protecting your personal belongings is a top priority. That’s where renters insurance comes in. But how do you find the cheapest renters insurance policy in Canada without sacrificing coverage? APOLLO offers comprehensive tenant insurance coverage that’s affordable, with policies starting at just $11/month. This post will guide you through the steps to find a policy that offers reasonable coverage at an affordable price.
Need Tenant Insurance?
Understanding Renters Insurance in Canada
Renters insurance (or tenant insurance) provides coverage for your personal belongings against perils like theft, fire, and water damage. It also includes liability coverage should you accidentally damage someone else’s property or if someone gets injured while at your place. Additionally, it covers additional living expenses if your rented home becomes uninhabitable due to a covered loss.
Steps to Get the Cheapest Renters Insurance in Canada
Determine Your Coverage Needs
Before searching for the cheapest renters insurance policy, assess the value of your belongings and determine the level of coverage you require. Create an inventory of your possessions to help you decide on an appropriate coverage limit.
Compare Quotes from Multiple Providers
Don’t settle for the first quote you get. Gather renters insurance quotes from several companies and compare them by price, coverage, customer service, and company reputation. Remember, the cheapest policy may not always offer the best coverage, so look for a balance between price and protection.
Opt for a Higher Deductible
A higher deductible can lead to lower monthly premiums, making your renters insurance policy more affordable. Be sure to choose a deductible you can comfortably afford to pay in case of a claim.
APOLLO offers tenant insurance starting at just $11/month.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Take Advantage of Discounts
Insurance providers often offer discounts for safety features like smoke detectors and security systems, or if you bundle different types of insurance (like renters and auto insurance) with the same provider. Don’t forget to ask about available discounts when getting quotes.
Adjust Your Coverage Limits
Review your coverage limits, and consider adjusting them based on your needs. If you have possessions with lower monetary value, you may opt for lower coverage limits to reduce your premiums. However, be cautious about underinsuring your belongings, which can leave you financially vulnerable in case of a loss.
Periodically Review and Update Your Policy
Regularly review your renters insurance policy and update it as needed. It’s essential to strike a balance between maintaining affordable premiums and ensuring adequate coverage for your belongings.
APOLLO offers effortless tenant insurance designed for Canadian renters. 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 29, 2023, updated August 25, 2023
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