What Does Tenants Insurance Cost in Canada?

Tenants insurance is often overlooked but it’s an essential piece in the puzzle for anyone choosing to rent their living space in Canada. But how much does it actually cost? APOLLO offers tenant insurance for renters across Canada starting at just $11/month. In this blog post, we’ll be taking a look at what tenant insurance is, why you need it and more.

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

What is Tenant Insurance?

Tenant insurance, also known as renter’s insurance, is a policy designed for individuals living in a rented house, apartment, or condo. It generally covers three key areas:

• Personal belongings: Personal items like electronics, clothing, furniture, and appliances are covered against theft or damage due to perils like fire or water damage.

• Liability: It provides protection in case someone gets hurt on your rented property, or you cause property damage to others while living there.

• Additional Living Expenses: In case your rental is temporarily uninhabitable due to a covered loss, this coverage helps pay for your temporary living expenses.

Why You Need Tenants Insurance

Scenarios such as being robbed, an accidental kitchen fire, or damage to a neighbour’s property might sound extreme, but these unfortunate events can and do happen. Tenants insurance ensures renter’s peace of mind by providing financial protection against these unexpected incidents.

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.

Get a Free Quote

4.7 rating

Factors Influencing The Cost of Tenants Insurance

The average cost of tenant’s insurance in Canada can vary as it’s influenced by several factors such as:

• Geographical location: Rates can differ significantly from one province to another or even from city to city.

• The value of insured items: The more items or the more valuable they are, the more the premium is likely to be.

• The chosen deductible: Higher deductibles result in lower premiums and vice versa.

• Type of coverage selected: Comprehensive policies will have a higher premium than basic ones.

Average Cost of Tenants Insurance in Canada

While the cost of insurance varies, the national average is roughly around $15 to $30 per month. This cost, however, might be higher in major Canadian cities, like Toronto and Vancouver, due to their high living costs.

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

Ways to Reduce the Cost of Tenants Insurance

There are several strategies to reduce your tenant’s insurance rate:

• Bundling policies: If you get your tenant’s insurance from the same company as your auto insurance, you may get a discount.

• Increasing your deductible: Higher deductibles mean lower premiums, but ensure you can afford the deductible in a claim.

• Installing security measures: Having a burglar alarm, deadbolt lock, or smoke detector can also lower your rate.

• Shopping around for rates: Premiums can vary greatly between insurance providers.

• Claims-free discount: Some insurers provide discounts if you have not made a claim for a certain period.

How to Choose The Right Tenants Insurance Policy

The right policy should be one that provides the needed coverage at a price that suits your budget. Be sure to understand the terms and conditions of your policy, ask about any exclusions, and use online comparison tools to find the best rates.

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.

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.

Get a Free Quote

4.7 rating