What’s The Average Renters Insurance Cost in Ontario?
Renters insurance is an essential protection for anyone who rents a home or apartment. It can help safeguard personal belongings, cover liability costs, and provide financial support in case of severe damage to your rented space. But how much does renters insurance cost in Ontario?
The average cost of renters insurance in Ontario varies depending on the insurance company, coverage options, and location. However, a general estimate indicates that the cost of renters insurance in Ontario can be around $15 to $40 per month, with an average annual premium of $180 to $480.
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Factors That Can Affect The Cost of Tenant Insurance in Ontario
Coverage Limits: The amount of coverage you select significantly impacts the cost of your renters insurance policy. The higher the coverage limits, the more you’ll pay for your monthly premium. You can select coverage based on the overall value of your personal property, including electronics, furniture, and other valuables.
Deductibles: The deductible is the amount you must pay before your insurance coverage kicks in. Higher deductibles typically result in lower monthly premiums but may require more out-of-pocket expenses in the event of a claim.
The Rented Space: The type of rented space can significantly affect the cost of your renters insurance policy. Renting a home may cost more than renting an apartment due to the difference in square footage and the value of the property.
Location: The location of your rented space may also affect the cost of your renters insurance policy. Suburban or rural areas may have lower insurance costs than urban areas due to crime rates and potential natural disaster risks.
Insurance Company: Various insurance companies offer different coverage levels, deductibles, and premiums, often with various discounts, promotions, and incentives that can affect the overall premium.
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Originally published August 30, 2023, updated September 5, 2023
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