What’s the Average Cost of Tenant Insurance in Ontario?
Boasting cosmopolitan cities and unforgettable natural attractions, Ontario is home to many renters who enjoy the province’s vibrant energy. If you’re among them, tenant insurance should be an essential subject on your radar. This article aims to provide clarity on the average cost of tenant insurance in Ontario.
Need Tenant Insurance?
Understanding Tenant Insurance
Tenant insurance, also known as renters insurance, is a type of coverage that safeguards renters from unexpected expenses arising due to damage to personal property or liability claims. It provides the peace of mind you need to enjoy your rented space to the fullest.
Factors Affecting Tenant Insurance Cost in Ontario
The cost of tenant insurance in Ontario depends on several factors:
Location and Rental Unit Type
The area where you’re renting and the type of dwelling can influence your tenant insurance cost. Higher-risk areas or more costly rental units may lead to increased premiums.
Coverage Limits and Deductibles
Higher coverage limits mean your insurer pays more in the event of a claim, leading to higher premiums. Similarly, lower deductibles (the amount you pay before insurance kicks in) can also raise your insurance cost.
Policy Type
Whether you opt for a ‘named perils’ policy (covering only specific risks) or an ‘all-risk’ policy (covering all risks except for those explicitly excluded) can impact your premium.
Optional Endorsements and Add-Ons
Adding optional endorsements or protection for specific high-value items to your policy will generally increase your premium.
APOLLO offers tenant insurance starting at just $11/month.
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Average Cost of Tenant Insurance in Ontario
Keeping in mind these influencing factors, on average, tenant insurance costs in Ontario range between $15 and $30 per month. This amount is relatively low, especially when compared to other provinces, making Ontario an appealing place for renters. APOLLO offers insurance starting at just $11/month, making it affordable for renters across Canada.
Tips for Finding Affordable Tenant Insurance in Ontario
Finding cost-effective tenant insurance in Ontario involves:
Assessing your coverage needs properly: Ensure your policy includes enough coverage for all your belongings and potential liabilities.
Shopping around: Compare quotes from different insurance providers to find the best rate for the coverage you need.
Taking advantage of discounts and bundling options: If you have other types of insurance (like auto insurance), consider bundling policies for a discount.
Adjusting deductible levels and policy limits: Consider increasing your deductible or adjusting your coverage limit to lower your premium.
Reviewing and updating your policy yearly: Make sure your coverage still suits your needs and ask about any new discounts you may qualify for.
APOLLO offers effortless tenant insurance designed to protect renters. Our effortless online platform allows you to get a free quote in less than a minute.
APOLLO Has You Covered
Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published July 5, 2023, updated August 25, 2023
Back to APOLLO MagazineGet 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
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
Relevant articles
Getting insured is as easy as 1 - 2 - 3
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.
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.
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!