Tenant Insurance - Cheap Insurance Quotes For Ontario And Toronto Renters

What’s The Difference Between Tenant And Homeowners Insurance?

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 that the homeowner’s insurance policy covers the house – plus attachments such as a garage or shed.

Common Myths About Renters Insurance

Unfortunately, there is a lot of mis-information or myths related to renters insurance. Here are some of the most common floating around online :

Myth 1 : I don’t have enough stuff to need tenant insurance coverage.
Myth 2 : Renters insurance will only cover my personal belongings.
Myth 3 : My landlord’s insurance will cover me.
Myth 4 : Tenant insurance is expensive.

Each one of these myths are FALSE! If you have questions about getting tenant insurance quotes, want to learn more about your renters insurance policy, or want to get cheap renters insurance, contact a ThinkInsure broker today!

Tenant Insurance FAQs For Toronto & Ontario Renters

All over Toronto, the GTA, and the rest of Ontario, renting – apartments, condos, houses – remains prevalent. While some rent by choice and others by necessity, it’s interesting to note that close to 100% of homeowners have home insurance, yet only about a third of renters have tenant insurance. And so, several questions arise :

What's the difference between Basic Liability coverage and Contents coverage in tenant insurance?

A tenant insurance policy should include 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.

People who decide not to buy contents coverage often fail to recognize how much it would cost to replace everything they own, even if their impression is that they own little of significant value.

Can a landlord make renting conditional on having Tenant insurance?

In Ontario, the short answer is yes. While 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 condition of renting or subletting. And the Ontario courts have found that if insurance coverage is required in the lease, letting it lapse can be grounds for eviction.

What if, say, my faulty toaster is found to be the cause of a major fire. Does the landlord’s insurance cover my claim for losses?

Bad news on two counts if this occurred. First, as a tenant you’re responsible for getting your own insurance to cover any losses surrounding your own belongings, no matter how the fire was started. But secondly, as a tenant you’re also legally responsible for any harm you cause to the apartment, the building, and to any who live or visit there. That faulty toaster would be linked to harm you caused, leaving you open to serious liability. All of which makes having tenant’s insurance an important priority as a tenant.

Am I responsible for any damage if I sublet my apartment?

While most tenants will recognize that a hole in an apartment wall is their responsibility – no matter who made it – they don't realize that something as commonplace as an overflowing toilet that does damage to their apartment (as well as the one below) can also be their responsibility. As a tenant who has signed the lease or rental agreement, it's important you protect yourself by buying tenants' insurance.

Start saving on your tenant insurance. Get a 1-855-550-5515 and a ThinkInsure insurance expert will be happy to help you.