Renters need insurance too. Whether you rent an apartment, condo, or house, you need to protect your personal possessions. If something happens you will need tenant insurance coverage to be protected.
Close to 100% of homeowners have insurance, yet only about one-third of renters have tenant insurance. Don’t leave yourself without protection. Replacing personal items such as a computer, bed, and even clothing can add up quick. We’ll help you get the coverage you need to protect yourself and your belongings.
Below you’ll get great tips to help you find the best renters insurance in Ontario and save :
Getting a tenant insurance quote only takes 3 minutes. Shop and compare the best rates from the top insurers and save.
Please have the following information to get the best rate :
Just follow these easy steps :
Enter some personal and rental unit information.
Compare quotes from top insurance providers.
Choose the best rate and get your renters policy.
Getting cheap rates is not as difficult as you think. In fact, tenant insurance prices are more affordable than most people realize. Plus, there are lots of ways to save :
As a renter, there are many important reasons why you should invest in a good tenant insurance policy:
Without a tenant insurance policy, you will not have coverage for your personal belongings. This includes your TV and other electronics, clothing, furniture and more. You do not have coverage for these items in your landlord’s insurance policy.
Rental insurance provides coverage beyond the loss of your belongings. For example, a fire in your apartment forces you out while the damage is fixed. Where will you stay? Where will you eat? Tenant insurance pays for additional living expenses such as hotel bills, meals in restaurants, and moving costs.
You may be liable for any damage you cause to your building. You could also be liable for unintentional harm caused to others who live in or visit the property.
Possibly of greatest importance, tenant insurance provides you with liability coverage. Say, for example, you were responsible for a fire. It extended to other apartments in the building and other tenants’ contents. Or there was a lawsuit after a visitor slipped and fell in your apartment.
Increasingly tenants are required to have renters insurance as a rental condition in the lease. Without coverage, you won’t be able to rent the place you want. This is common in Toronto, Ottawa, and most other cities in Ontario.
On average, renters insurance costs about $250-$300 per year. Your tenant insurance cost will depend on many things including :
Ensure you get the cheapest renters insurance rates. Shop around or talk to an insurance expert who can help you compare tenant insurance coverage options.
Tenant insurance is a specific type of coverage for renters. It provides you with coverage for your personal belongings. You also have personal liability coverage and additional living expenses if you had a claim.
You have protection against common risks. They include theft, fire, smoke, windstorm and hail, vandalism, and some water damage.
Tenant insurance provides you with three main types of protection :
Renters insurance does not cover all perils. Certain risks are not covered. This includes water damage from floods and sewer backup. It does not cover earthquakes, landslides, and other hazards. You can add extra coverage to insure these risks.
High value personal items are also do not have coverage. You can get special coverage for these items.
No. Tenant insurance is not mandatory in Ontario. You do not need it to rent a home. However, we recommend it. Proof of renters insurance may be required as a term of your lease agreement. Renters insurance also ensures you have protection, giving you peace of mind. Considering the affordable cost, it is more than worth the investment.
Want to save even more? Take advantage of renter’s insurance discounts and savings opportunities. Here are some ways to save :
Tenant and home insurance are not all that different. They both provide coverage for contents, as well as for additional living expenses and liability. The one big difference is tenants insurance doesn't cover the building structure, or attachments such as a garage or shed.
There is a lot of misinformation or myths related to renters insurance. Here are some of the most common floating around online :
Each one of these myths are FALSE! If you have questions about getting tenant insurance quotes, contact ThinkInsure today!
For over 45 years we’ve helped Ontario renters meet their coverage needs. As an independent and impartial insurance provider, we’ll ensure you get the best quotes and coverage for tenant insurance.
Renters choose us because help with all their insurance needs :
Renting apartments remains prevalent in Ontario. Some rent by choice and others by necessity. Regardless, many have similar questions about tenant insurance coverage. Here are the most common :
The amount of coverage you need depends on your situation. If you have a lot of personal contents you may want to increase your coverage limits. Many renters incorrectly assume they have less stuff than they actually have. This can leave them underinsured.
Tenant insurance is approximately $25 per month in Ontario for an average renter. The monthly premium will depend on the value of a renters belongings and the total amount of coverage required.
Yes. Tenant insurance provides protection in the event your personal items are stolen from your rental unit.
In Ontario, the short answer is yes. The Ontario’s Residential Tenancies Act doesn’t require contents insurance. Landlords do have the right to insist on seeing proof of tenant insurance as a rental condition.
A tenant insurance policy includes both. Basic liability coverage provides protection if you or your guests cause damage to your building, including your unit. Without this coverage, you could be sued for repair costs and financially responsible for the entire bill. Contents coverage replaces your belongings in the event of total loss or damage.
Yes. It is recommended that each tenant of a property have their own coverage. If you live in the same unit, you insure all people in a single household under the same policy.
Absolutely. Most people are not in a position to replace all their belongings if they were lost or damaged. For as little as $20 per month you can protect your personal contents and have liability coverage.
No. Most insurers do not offer coverage for damage or loss as a result of bed bugs. Speak with your insurer to see if coverage is available as an add-on.
This is coverage that is part of your renters policy. It helps pay for medical care or repairs if you are responsible for bodily injury or property damage to others.
It depends on your insurance provider. Some insurers offer additional water damage coverage for flooding as an add-on. Speak with your insurer about coverage availability.
Yes. Renters insurance can cover dog bites under your liability coverage. Make sure your insurer is aware you have a dog, or you may not have coverage.
It depends on the nature of the damage. If it was deliberate, then no. If it was a result of vandalism, then you will have coverage.
Renters insurance coverage can take effect almost immediately. Complete the quote process, choose your coverage and you will have insurance. It’s that simple.
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