Header bg
  • section background

    How to Get the Best Tenant Insurance in Toronto

    Hero bg 2
    best tenant insurance toronto canada

    Looking to get the best bang for your buck for tenant insurance in Toronto? We’ve got some tips on how you can find the best coverage.

    As a renter in Toronto, it’s important to protect your belongings and liability with tenant insurance. While it may seem like an unnecessary expense at first, having coverage can save you thousands of dollars in the event of theft, damage, or injury on your rental property. However, not all tenant insurance policies are created equal. With so many options available, it can be difficult to know where to start when seeking out the best coverage for your needs. In this blog post, we’ll provide tips and insights to help you navigate the process of finding and securing the best tenant insurance policy in Toronto.

    Get Tenant Insurance 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

    Google Logo

    Assess Your Insurance Needs

    One key factor to consider when choosing a tenant insurance policy is the level of coverage that you need. This will depend on several factors, including the value of your belongings and any specific risks associated with your rental property. For example, if you live in an area with a high risk of flooding or break-ins, you may want to opt for a policy with additional coverage for these types of incidents. On the other hand, if you have relatively few possessions and don’t anticipate any major risks, a more basic policy may suffice.Related Read: How to Calculate How Much Contents Coverage You Need

    Research Insurance Providers

    Another important consideration when selecting a tenant insurance policy is the reputation and reliability of the insurance provider. Follow these tips to ensure you choose the best insurance policy for your needs:

    • Choose a provider that has a strong track record of customer satisfaction and timely claims processing

    • Ask for recommendations from friends to get a sense of which providers are most trusted and respected

    • Read reviews online to see what others are saying about companies you’re looking into

    • Check whether your landlord has any specific requirements or recommendations regarding tenant insurance; some landlords may require tenants to have coverage from a particular provider or with specific terms

    By taking these factors into account, you can feel confident that you’re choosing an insurance policy that will provide reliable protection for your rental property and belongings.

    Get comprehensive Tenant Insurance for what matters

    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.

    Common Coverages in Tenant Insurance Policies

    Tenant insurance policies typically include several different types of coverage to protect renters against a variety of risks. Some common types of policies that may be included in a tenant insurance policy are:

    • Property coverage. This coverage protects your belongings from damage or loss due to events like theft, fire, or water damage.

    • Liability coverage. Liability coverage helps protect you if you’re found responsible for causing damage to someone else’s property or if someone is injured while on your rental property.

    • Additional living expenses coverage. If your rental unit becomes uninhabitable due to a covered event, additional living expenses coverage can help pay for temporary housing and other related costs.

    • Enhanced water damage coverage. This optional policy provides broader and more comprehensive coverage for different types of water damage, including burst pipes, sewer backups, and flooding.

    Examples of how these coverages can protect you

    Let’s take a look at how these coverages can go a long way to helping you save money out-of-pocket:

    Personal Property Coverage

    Let’s say that you’re a renter and your apartment is broken into while you’re at work. Your laptop, TV, and other valuable belongings are stolen. Without personal property coverage, you would be responsible for replacing everything out of pocket, which could cost thousands of dollars. However, if you have personal property coverage as part of your tenant insurance policy, the cost of replacing your stolen items would likely be covered up to your policy’s limit.

    Related Read: What to Do if Your Amazon Package Is Stolen

    Get Tenant Insurance 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.

    Liability Coverage

    Imagine that you’re hosting a dinner party in your apartment and one of your guests trips over a rug in your living room. They injure their wrist and are unable to work for several weeks due to the injury. If the guest decides to sue you for damages, liability coverage would likely cover the cost of any damages awarded to the injured guest up to your policy’s limit.

    Related Read: When Are You Liable for Your Guest’s Injuries?

    Additional Living Expenses

    Let’s say that a fire breaks out in your rental property and causes significant damage to your apartment. The damage is so extensive that it’s uninhabitable and you cannot stay there while repairs are being made. If you have additional living expenses coverage included in your tenant insurance policy, then it would likely cover the cost of temporary housing like a hotel room or rental property up to your policy’s limit.

    Related Read: Does Renter’s Insurance Cover Hotel Stays?

    Enhanced Water Damage

    Imagine a pipe bursts while you’re on vacation, causing significant water damage to your apartment and your belongings. Without enhanced water damage coverage as part of your tenant insurance policy, you may only be covered for certain types of water damage or up to a certain limit. This could leave you responsible for paying out-of-pocket expenses to repair or replace damaged items beyond your policy’s coverage. Enhanced water damage coverage provides protection for different types of water damage and higher limits for repair or replacement costs.

    Related Read: Does Renter’s Insurance Cover Water Damage?

    Get comprehensive Tenant Insurance for what matters

    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.

    Understand Policy Details

    It’s also important to carefully review the terms and conditions of any tenant insurance policy you’re considering. This will help you to understand exactly what is covered by your policy and what exclusions or limitations may apply. For example, some policies may not cover certain types of damage or loss, such as damage caused by earthquakes or floods. Others may have limits on the total amount that can be claimed for specific items, such as jewelry or electronics.Be sure to read through these details carefully to ensure you fully understand your coverage.

    Ask Questions and Get Quotes

    It’s also worth considering whether you need any additional coverage beyond what is included in a standard tenant insurance policy. For example, say you work from home or have expensive equipment that you use for your job. You may want to consider adding additional coverage for this equipment to keep it safe should something happen. Similarly, if you have valuable collections or antiques, you may want to look into specialized coverage options that can provide extra protection for these items. By discussing your specific needs and concerns with an insurance provider and exploring all of your options, you can create a comprehensive tenant insurance policy that meets all your needs and gives you peace of mind as a renter.

    Finalize Your Policy

    Finalizing your tenant insurance policy is an essential step in protecting yourself and your belongings as a renter. Without proper coverage, you could be left vulnerable to unexpected losses or damages that can be financially devastating. By taking the time to carefully review and finalize your policy, you can ensure that you have the protection you need to feel secure in your home. This means understanding all aspects of your policy, including what is covered and what is not, as well as ensuring that your coverage limits are adequate for your needs. Additionally, it’s important to be comfortable with the cost of your premium and any deductibles associated with the policy.

    APOLLO offers tenant insurance solutions for Canadians that are as effortless as they are affordable. Get your free quote in less than a minute and have your new policy emailed directly to your inbox today.

    Get Tenant Insurance 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.

    Originally published March 10, 2023, updated October 10, 2023

    Back to APOLLO Magazine
    Share this article

    Get Tenant Insurance 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 Tenant Insurance 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.

    Relevant articles

    section background
    section background

    Getting insured is as easy as 1 - 2 - 3

    Tell us (very little) about yourself
    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.

    Pay online easily and securely
    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.

    Get your documents in your inbox - instantly
    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!

    Google Logo

    Reviews

    4.7 rating

    1,683 reviews

    view all

    Across Canada

    Contact Us
    Apollo logo

    © 2024 APOLLO Insurance Solutions Ltd.

    111 Water Street, Unit 210, Vancouver, British Columbia, V6B 1A7

    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.

    Transparency and Disclosure: APOLLO Insurance Agency's role is to provide you with exceptional service and the best insurance products that suit your needs. As a licensed retail brokerage, our compensation is based on a commission basis already built into your insurance premium and varies based on the product purchased through our platform. For a description of how APOLLO Insurance Agency is compensated and how this is calculated, please refer to our Compensation Disclosure document. For consumers in Ontario, please review the RIBO Conduct Fact Sheet and the RIBO Conduct Guidance document.