What is the Average Cost of Renters Insurance in Canada?
Renting a home in Canada comes with its unique considerations, and one of those is renters insurance. Whether you’re renting an apartment or a house, it’s vital to safeguard yourself from potential loss or damage to your belongings. Let’s explore the cost of renters insurance in Canada.
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Understanding Renters Insurance
Renters insurance is a policy that covers costs related to unexpected events like theft, damage due to fires, personal liability, and sometimes living expenses if your rented space becomes uninhabitable. Although not mandatory, it’s highly recommended for renters to have this insurance as it provides ample protection without incurring high costs.
Factors That Influence Cost
Several factors may influence the cost of your renters insurance, including:
Geographical Location: Areas prone to extreme weather conditions or high crime rates generally have higher premiums.
Value of Personal Belongings: The cost to replace your personal belongings can significantly affect your premiums. Higher value possessions usually lead to higher premiums.
Type of Coverage: You can also choose the level of coverage you want. Basic coverage will be cheaper than comprehensive policies.
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The Average Cost of Renters Insurance in Canada
The average cost for renters insurance in Canada typically ranges between $15 and $30 per month. This adds up to an annual cost of around $180 to $360. However, this range can fluctuate based on the above factors.
APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Originally published June 30, 2023, updated August 9, 2024
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