Is tenant insurance mandatory in Ontario?
Tenant insurance is not mandatory in Ontario. Even though it’s not legally required, your landlord can require that you have renters insurance as a lease condition. So, it is required in these situations. And, it's increasingly common for property owners to require proof of insurance from tenants.
Even if your landlord doesn't require you to have insurance, it's highly recommended. It’s important to protect your personal belongings. You’ll also have personal liability coverage if you cause damage to your unit or injure another party. Having a policy gives you the peace of mind of knowing you have coverage.
If it's not required, then why do I need insurance to rent in Ontario?
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There are more than 1.7 million rental units in the province. However, less than half of the occupants have insurance. Without tenant insurance, Ontario renters are left unprotected and risk a significant financial loss. Here’s why you should have an Ontario tenant insurance policy:
- Your landlord’s plan will not cover you: There is a common misconception your landlord insurance policy will cover you as a tenant. This is not true.
- Replacing your personal belongings is expensive: Can you afford to replace all your stuff if it was lost, stolen, or damaged? Most people can’t. Take a look around your place and start calculating the cost to replace your things. It adds up quickly!
- Tenant liability protection: Can you afford to pay for legal representation if someone sues you? Accidents happen - slips and falls, dog bites, and accidental property damage happen all the time.
- Peace of mind: Tenant insurance will not only help cover the cost of replacing your things, but it can also provide additional living expenses and other help if you are displaced from your home.
