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    Tenant Insurance: Average Cost in Canada

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    how much is tenant insurance canada

    Learn about the importance of tenant insurance for renters in Canada, the average cost by province, and how to find the best policy to safeguard your personal property and liability.

    Renting a home in Canada comes with its fair share of responsibilities, and one of the most important aspects to consider is tenant insurance. Often overlooked, tenant insurance provides essential protection for renters and their belongings. In this article, we will delve into the average cost of tenant insurance in Canada, the factors that affect its price, and tips for choosing the right policy for your needs.

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    What is Tenant Insurance?

    Tenant insurance, also known as renter’s insurance, is a type of insurance policy designed to protect renters and their personal property. It typically covers three main areas:

    • Personal property: This coverage protects your belongings, such as furniture, electronics, and clothing, from theft, damage, or loss due to events like fire, vandalism, or water damage.

    • Liability: If someone gets injured on your rental property, or if you accidentally damage someone else’s property, liability coverage can help cover the costs of legal fees and settlements.

    • Additional living expenses: If your rental unit becomes uninhabitable due to a covered event, this coverage can help pay for temporary accommodations and additional living expenses.

    A common misconception is that the landlord’s insurance policy will cover the tenant’s personal property. However, this is not the case. Landlord’s insurance typically only covers the building itself and not the tenant’s belongings.

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    Factors Affecting Tenant Insurance Cost in Canada

    Several factors can influence the cost of tenant insurance in Canada. Some of the most common factors include:

    • Location of the rental property: Urban areas with higher crime rates or regions prone to natural disasters may have higher insurance premiums.

    • Value of personal belongings: The more valuable your possessions, the higher the coverage limit you’ll need, which can increase the cost of your policy.

    • Type of coverage and policy limits: Choosing higher coverage limits or additional endorsements for specific items will raise your premium.

    • Deductible amount: A higher deductible can lower your premium, but it means you’ll have to pay more out of pocket in the event of a claim.

    • Insurance provider: Different insurance companies offer different rates, so it’s essential to shop around for the best deal.

    Limited time offer: Get comprehensive Tenant Insurance starting at just $11/month

    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

    Average Cost of Tenant Insurance in Canada

    The average cost of tenant insurance in Canada varies by province. Generally, you can expect to pay between $15 and $30 per month for a basic policy. Here’s a breakdown of average costs by province:

    • British Columbia: $20 – $35 per month

    • Alberta: $15 – $25 per month

    • Saskatchewan: $15 – $25 per month

    • Manitoba: $15 – $25 per month

    • Ontario: $20 – $30 per month

    • Quebec: $15 – $25 per month

    • Atlantic Provinces: $15 – $25 per month

    It’s important to note that tenant insurance costs are typically lower than homeowners insurance costs, as tenant policies do not cover the building itself.

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    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

    How to Choose the Right Tenant Insurance Policy

    To select the best tenant insurance policy for your needs, follow these steps:

    • Assess your coverage needs: Make a list of your belongings and their value to determine the coverage limits you require.

    • Research insurance providers and their reputation: Look for customer reviews and financial ratings to find a reliable insurer.

    • Read policy documents carefully: Understand the coverage, limitations, and exclusions of the policy before signing up.

    • Consider endorsements for additional coverage: If you have high-value items or specific risks, consider adding endorsements to your policy for extra protection.

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

    Limited time offer: Get comprehensive Tenant Insurance starting at just $11/month

    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

    Originally published June 15, 2023, updated September 7, 2023

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    Limited time offer: Get comprehensive Tenant Insurance starting at just $11/month

    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

    Limited time offer: Get comprehensive Tenant Insurance starting at just $11/month

    Get no-nonsense coverage that's the best value for your money. Purchase in less than a minute, receive your policy instantly, and save when you buy online.

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    APOLLO Insurance Agency Ltd. (o/a APOLLO Brokerage in the province of Ontario only) is a licensed retail brokerage, offering our clients with a comprehensive set of insurance solutions to meet their individual needs. APOLLO Insurance Agency Ltd. maintains necessary corporate licensing in provinces across Canada. Availability of products and service depends on licensing and product availability. The information that appears on this page is provided for information purposes only. Advertised products and prices are not guaranteed and vary based on insurance provider and/or insurance company's discretion and product availability.

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