Written by Stephen Dyck
Are you a renter who is unsure about whether or not you need tenant insurance? Or maybe you’re considering getting insurance, but you have questions about what it covers and how much it costs. Whatever your situation may be, you’ve come to the right place. In this article, we’ll answer some of the most frequently asked questions about tenant insurance so that you can make an informed decision about whether or not it’s right for you.
Tenant insurance, also known as renters insurance, is a must-have for renters in Canada. While your landlord’s policy provides coverage for the building, it doesn’t cover what’s inside your suite. That’s where tenant insurance comes in.
With coverage starting at the price of just a cup of coffee a day, a tenant insurance policy can help cover you if you accidentally cause damage, pays for a hotel stay if your unit becomes unliveable, and helps pay to replace your belongings in the event of unexpected events such as theft, fire, or water damage,
Related Read: Does Renter’s Insurance Cover Stolen Packages?
Imagine a burst pipe ruins your furniture, or a guest slips and falls in your unit. Without insurance, you could be stuck paying thousands out of pocket. Tenant insurance gives you peace of mind, financial protection, and most importantly, often fulfills your lease requirements.
A standard policy typically includes:
Personal Property: Covers your belongings (furniture, electronics, clothing) if they’re damaged by fire, theft, or certain types of water damage.
Liability Coverage: Helps if you accidentally injure someone or cause property damage (e.g., kitchen fire).
Additional Living Expenses (ALE): Pays for hotels, meals, and other costs if you need to move out temporarily due to damage.
Yes. Your landlord’s insurance covers the structure, not your personal belongings or liability. If your apartment burns down or floods, you’d be responsible for replacing your stuff without a tenant policy.
The cost of tenant insurance varies depending on a few different factors, such as: where you live, the level of coverage you choose, and the insurance provider you choose. On average, tenant insurance can cost anywhere from $12 to $50 per month. However, it’s important to keep in mind that the cost of not having insurance could be much higher if an unexpected event occurs. For instance, if your apartment is burglarized and your personal belongings are stolen, you could end up paying thousands of dollars out of pocket to replace them without insurance.
Related Read: At What Point Will I Be Charged for My Tenant Insurance Policy?
While it’s not a legal requirement in most areas, many landlords in Canada require tenants to have insurance as part of their lease agreement. Even if your landlord doesn’t require tenant insurance, it’s still a good idea to have it. Without insurance, you could be left paying out of pocket for unexpected events such as theft, fire, or water damage.
While tenant insurance can provide coverage for a wide range of events and situations, there are some things that it typically doesn’t cover. For example, tenant insurance usually doesn’t cover damage caused by natural disasters like earthquakes or floods, damage caused by pests or insects, such as a bed bug infestation, and damage caused by your own negligence, such as leaving the stove on and causing a fire. It’s important to carefully read your policy and understand what is and isn’t covered to ensure you have the right protection for your needs.
Choosing the right tenant insurance policy can seem overwhelming, but there are a few key factors to consider.
Determine how much coverage you need. This will depend on the value of your personal belongings and any other assets you want to protect. Use our article How to Calculate How Much Contents Coverage You Need for a reasonable estimate.
Compare quotes from different insurance providers to find the best coverage at a reasonable price. Be sure to read the policy carefully and understand what is and isn’t covered.
Consider additional coverage options, such as extended water damage coverage or coverage for expensive items like jewelry or electronics.
APOLLO offers effortless tenant insurance that’s designed to cover your needs at an affordable price. Get a free quote in less than a minute and we’ll send your unique policy documents straight to your inbox.
Wondering if your roommates need insurance as well? Read our article Are Roommates Covered by My Tenant Insurance Policy to find out.
Originally published April 25, 2023, updated July 8, 2025
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