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Are you a renter? Are you considering getting tenant insurance or looking to find a better rate? If you are renting an apartment, condo, or house, it's important to protect your possessions with proper renters insurance.

Only about one-third of Canadian renters have tenant insurance. Don’t leave yourself without protection for your belongings. Replacing personal items such as a computer, bed, electronics, and even clothing can add up quickly. Most people underestimate how much personal property they own. We’ll help you get the best renters insurance coverage protect yourself and your belongings for a great price.

With ThinkInsure it's easy to compare the cheapest tenant insurance quotes. We work with the top insurance companies in Canada so we'll quickly find you the best rate for your renters coverage needs. Get started by comparing quotes online or give us a call and an advisor will be happy to help you.

Keep reading to learn more about tenant insurance and find out how you can get lower rates on your renters policy.

How to get tenant insurance quotes

Shop for the cheapest tenant insurance quotes from the top insurers in just a couple of minutes.

1) Begin your quote

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2) Enter your details

Enter your information and living information.

3) Compare rates

Find plans from the top providers.

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C G

2023-04-18 17:28:34

Awesome Experience, Darryl Fardy is the man, got me set up quick and easily. Greatly Appreciated.

WOLFGANG MUENCH

2023-04-16 14:15:24

Lisa was very pleasant to work out the details

Nabanita Debsarkar

2023-04-14 16:21:15

Evan was our Magician. He was prompt in addressing our need yet patient to understand our situation and help accordingly. We are definitely going to go back to him, every time we have an insurance need. We highly recommend his service.

Erin Stewart

2023-04-12 23:54:34

After a car accident, for which I was unfortunately at fault, and complications with my old insurance provider, Bailey at ThinkInsure was able to help me in just a couple of days find and get signed up with a new insurance company. He was friendly, professional, prompt, and diligent, and didn't make me feel bad for my past mistakes. He answered any questions I had and made me aware of all my options in layman's terms. I am fully satisfied with my experience and would recommend both Bailey and ThinkInsure to anyone seeking out first time insurance or a new insurance provider.

Anna Hicks

2023-04-06 14:29:50

I had contacted numerous insurance companies over couple of days . I called Thinkinsure and it became our last stop . The price was by far the best, the professional and friendly and calm service provided by Darryl Fardy was exceptional. Darryl is definitely a huge asset for the company as we got things done fast and efficiently. I have already recommended this company to many people .

debbie doyle

2023-04-04 14:31:06

Very considerate, clear and accurate of their knowledge. They follow up and are quick to reply. I would recommend this insurance company, I’m very satisfied.

Jared Haird

2023-03-30 23:58:05

Great experience. Fast and friendly service. Todd was extremely helpful with all of my requests. Highly recommend giving Todd a call for your insurance needs.

Marie

2023-03-28 21:02:28

If anyone is out there looking for a great insurance broker, I highly recommend Evan Venditti at ThinkInsure. His customer service and care were tremendous ... he was extremely prompt, responsive and personable. His knowledge and expertise are top notch and he was an absolute pleasure to work with.

Why ThinkInsure for tenant insurance?

For over 45 years ThinkInsure has helped Canadian renters protect their belonging with personalized tenant insurance plans and professional services. We put our customers first. We’re here when you need us most – when you need a quote, policy updates, and when filing claims. We'll be there for you!

ThinkInsure is a 100% independently owned insurance brokerage. This means we work for you and not an insurance company or third-party. Get the personalized service, custom policies, and renters insurance savings you expect and deserve.

Save with the lowest rates

We know saving money is a top priority for you. We’ll make sure you don’t overspend on renters insurance. Choose from the best quotes from the top insurers and keep more money in your pocket.

You get personalized insurance policies

No two homes are the same. We understand you have unique requirements. Get insurance that fits your lifestyle. We’ll work with you to customize your plan and in the event of a claim, we’ll ensure you’re fully protected.

It’s quick and easy to protect your things

Compare tenant insurance quotes online anytime. It only takes a couple of minutes to find the right coverage to protect your stuff. If you prefer, give us a call for a quote.

Get expert insurance advice

Have questions about your tenant insurance policy? Ask away! Our licensed insurance professionals are here to help you choose the best protection for your belongings.

We’re trusted and unbiased professionals

You are our top priority. We work for you, not the insurance companies. You can trust we have your best interests in mind. We’ll make sure your policy meets your unique needs.

We’re committed to serving you better

We aim to make your insurance shopping and service experience as quick and simple as possible. Contact us anytime We’re here to help you update your policy, compare quotes, file claims and much more.

What is tenant insurance?

Tenant insurance is a type of coverage specifically for renters. Some refer to it as apartment insurance or renters insurance. It provides you with protection for your personal belongings from loss. For example, there is a fire in your apartment building, and it spreads to your unit and ruins all your stuff. Tenant insurance would cover the cost to replace what you lost.

You also have personal liability coverage if you, a family member or even a pet cause injury to another person. If your unit becomes uninhabitable for any reason (such as repairs), you will have additional living expenses to help cover the costs of staying in a hotel.

You have protection against common threats. They include theft, fire, smoke, windstorm and hail, and vandalism. If your things are damaged because of these threats, you can be financially compensated to replace them by filing a claim.

As a renter, it's up to you to protect your stuff with a tenant insurance policy. The property owner’s insurance will not cover you.

How does renters insurance work?

Renters insurance works very similarly to other types of insurance. The main difference is that it is more focused on the personal belongings of renters and not the building or property. This is like condo insurance in this sense.

What is the purpose of tenant insurance?

Tenant insurance is for people who rent the place they live. It 's up to renters to protect their personal possessions. Renters need to take out the policy, not your landlord. It’s a form of financial protection for you and your personal property. It helps you to cover the cost of loss or damage because of common threats to your rental unit like theft, fire, and water damage. It gives you the protection you need because your landlord's policy does not cover you.

Is tenant insurance mandatory?

The answer to this question could be yes or no depending on your situation. Like home insurance, it’s not legally required to have renters insurance. You do not require it to rent a home. However, proof of renters insurance may be needed as a term of your lease agreement. Many private landlords, building owners, and property management companies require it from their tenants. So, if you don’t have renters insurance, you are limiting the number of available places you could rent.

ThinkInsure recommends you have tenant insurance if you rent. Why? It also ensures you have a safeguard in place in case something bad happens. Even if you are cautious, the actions of others in your building could affect you.

For example, your neighbours above you leave the bathtub running and it overflows, causing a leak in your unit. If you have coverage, you’ll have peace of mind in knowing you're protected.

Considering the affordability, it's more than worth the investment. Compare tenant insurance quotes to explore your plan options.

Who regulates tenant insurance in Canada?

Regulation for tenant insurance works the same as home insurance. Insurance in Canada is regulated nationally and provincially. At the national level, the Office of the Superintendent of Financial Institutions (OSFI) regulates insurers. The Canadian Council of Insurance Regulators (CCIR) oversees inter-jurisdictional issues. At the provincial level, insurance companies abide by the rules set by the regulator in their province. When choosing an insurer, make sure they are part of the Insurance Bureau of Canada (IBC).

What information do I need to get a tenant insurance quote?

Being honest, transparent, and providing accurate information when comparing quotes is important to ensure you get the right policy and an accurate quote. Here is the information you’ll need to get a tenant insurance quote:

Address: Including the unit number and postal code.
Location: Is the building close to a major body of water?
Roommates: Do you live with roommates who are not related? If so, how many? Each roommate can select customized coverage for their content. Or they can take out a separate policy.
Type of residence: High rise, low rise, townhouse, semi-detached, detached house, basement, mobile home, room in a house.
Coverage limits: You’ll be asked to choose limits for your contents, additional living expenses, and any belongings stored offsite (storage locker). Do you store any of your items on ground level or below?
Plan level: What level of protection do you want? Basic, enhanced, comprehensive?
Personal liability: How much coverage do you want? (Up to $2 million)
Deductible: Select your deductible amount ($500 - $2,500)
Age of building: The year the building was built. Do you know if the building has ever had a flood?
Claims: Have you filed any renters insurance claims within the last 5 years?
Policy date: When do you want the insurance to start?

This will give you the most accurate quotes directly from the tenant insurance providers.

When should I file a tenant insurance claim and how do I do it?

Your decision to file a tenant insurance claim should not be instant. You first should to assess the cost of paying out of pocket to replace lost or damaged items. Will it be less than your deductible? If so, it doesn’t make financial sense to go through the claims process. Why? There will be no payout from your insurer.

Claims are intended for significant loss. So, try to avoid filing for minor issues. Don’t hesitate to open a claim if you need to. If you are not sure if you should file a claim, speak with us about your situation. We’ll ensure you make the best decision based on your situation.

If you do decide to file, here are the basic steps to follow:

Call the police if criminal activity was a result of the loss (theft, vandalism, etc.).
Document what was lost. Take photos and videos.
Contact your insurance company as soon as possible.
Follow the steps provided by your insurer and the insurance adjuster.
Submit all required documentation promptly (a list of missing or damaged items and the value).
If repairs are required, consider using an insurer approved contractor to speed up the process.
Come to an agreement about the amount to be paid out by your insurer.
Get a cheque from your insurer.
Close the claim.

Speak with your insurance company about more detailed steps and requirements to complete the claims process.

What terms should I know when choosing a tenant insurance policy?

Your tenant insurance plan has a lot of terms you may not be familiar with. Here are some terms you need to know:

All perils: Coverage for all threats unless they are specifically excluded
Named perils: Coverage for only the threats listed in your plan.
Replacement cost: You receive the full replacement value of things that are lost or stolen
Actual cash value: You receive the value of items based on their current condition. Depreciation is applied.
Deductible: The amount you’ll pay out of pocket if you file a claim

Not sure what something means in your policy? Contact us for help.

What does tenant insurance cover?

Like other types of property insurance, tenant insurance provides you with three main types of protection – contents, liability, and additional living expenses.

Most renters insurance policies include $1 million in liability and $25,000 for contents. You also have the choice to increase your tenant insurance limits and add more options.

Personal contents

This protects against loss or damage to your belongings such as your TV, bed, furniture, appliances, and clothing. Some exclusions apply. Plan limits can be up to $150,000.

How it works:

There is a fire in an adjacent unit in your building. Smoke makes its way into your unit. There is also water damage because of the fire being put out. Your furniture is damaged as a result. Your policy will help to cover the cost to replace any items you can no longer use.

Liability

This protects you legally if you are found to be liable for someone getting injured in your home. You also have protection if you accidentally break or harm another person’s property. Legal defence fees may also be part of the policy. Get up to $2 million in coverage.

How it works:

You have guests over. Someone trips and falls and severely hurt their ankle. They decide to sue you. You have coverage for legal defence costs and potential settlements.

Additional living expenses

If your home is damaged, you may temporarily not be able to live in your unit. This part of your renters insurance plan provides you with compensation for additional living expenses if your residence is uninhabitable from an insurable loss. Plan limits cap out at $30,000.

How it works:

Your apartment is damaged because of a grease fire in the kitchen. It causes significant destruction. Your policy will cover the cost for you to live in a hotel while your unit is repaired.

Optional tenant insurance

You can add extra protection. These are called endorsements. Add-ons include increased liability, earthquake, water damage protection, flood insurance, sewer backup, identity theft, and more. You can also add more contents insurance for high-value items. Here are some of the most common extras tenants add to their plan when comparing quotes:

Additional contents special limits

Woman using cellphone while sitting on sofa at living room

Standard tenant insurance plans have special limits for higher value items. For example, even though your plan may have $50,000 in contents coverage, there may be a limit of $2,500 for jewelry claims. This amount is included as part of your $50,000 contents limit.

But you can add a floater or rider to your plan to increase coverage for certain items. The following are some of the things that typically capped at special limits:

Jewelry
Bicycles and eBikes
Computers
Portable Devices
Fine Arts
Furs
Cards, stamps, books, and comic book collections
Cash and coins
Many other high value collectibles

What does tenant insurance not cover?

Tenant insurance does not cover all perils. Certain threats are not covered. This includes damage from floods and sewer backup. It does not cover earthquakes, landslides, and other hazards. You can add extra safeguards to insure against these risks. Here are some other things that are not included in your policy when you compare quotes:

Damage from wear and tear
Contamination
War or terrorism
Nuclear incident
Mysterious disappearance of items

Ways to get cheap tenant insurance

Getting cheap tenant insurance is not as difficult as you think. It is more affordable than most people realize. Plus, there opportunities better savings:

Bundle: Save even more by bundling. Get more savings when you purchase tenant and car insurance from the same insurer.
Compare quotes by shopping around: No two renters insurance providers offer the same coverage. The best way to find better rates is to search for quotes from multiple insurers.
Choose the right amount: It’s important to ensure your policy matches your lifestyle. Avoid having too much protection that you don’t need.
Ask about discounts: Renters qualify for discounts too. Speak with your insurer about the discounts they offer.
Install a centrally monitored alarm: You can get a discount if you have a monitored alarm system installed in your rental. It can be installed by you or the owner.
Get the optional credit check: If you have a good credit score, it may be to your advantage to get a credit check as part of your renters insurance quote. You can qualify for more savings.
Claims free: A clean slate is always best. Think twice before deciding to open a claim, especially if it's a lower dollar value. You will always pay less if you maintain a clean insurance record.
Up your deductible: All types of insurance have a deductible. Increase your deductible if you are in a good financial position to do so. It will help reduce your payments.
Pay all at once: If you pay upfront, you will save on interest and administrative fees that are included in monthly payments.

Why do you need renters insurance?

Young couple moving into an apartment unpacking boxes

There are many important reasons why you should invest in a good renters insurance policy:

Your stuff is worth more than you think: Without a tenant policy, you will not be covered for your personal belongings. This includes your TV and other electronics, clothing, furniture and more. These things are not included in your landlord’s insurance.
Have a place to stay if your unit is uninhabitable: A fire in your apartment forces you out while things are getting fixed. Where will you stay? Where will you eat? Get compensation for additional living expenses such as hotel bills, meals in restaurants, and moving expenses.
Protection against lawsuits: You may be liable for any property damage you cause to your building. You could also be liable for unintentional harm caused to others who live in or visit the property. Or there was a lawsuit after a visitor slipped and fell in your apartment. This liability insurance will cover you in these instances.
Required as part of the terms of your lease agreement: Increasingly people are required to have a renters insurance policy as a condition in the lease. This is common in all cities.

How much does renters insurance cost?

Renters insurance is very affordable. On average, it is about $250-$300 per year. This works out to about $20 to $25 per month. Costs are similar for renters insurance in Ontario and other provinces.

How much you will pay will depend on the size of the place you are renting and the amount and value of your personal belongings. As with all types of insurance, the best way to know how much it will cost you is to compare renters insurance quotes. Give us a call to compare your options.

What factors determine renters insurance costs?

We know you want the smallest payment possible. Who doesn’t? How much you pay is based on a variety of factors. Your tenant insurance will depend on:

Coverage choice and limits: You pay more for comprehensive than basic plans. If you increase your limits, you also increase your payments.
Where you live: Location is always an insurance factor. The more threats in an area, the higher the premiums. For example, you are at greater risk of a break-in if you are renting an apartment in a large city, than if you were renting a homestead in a rural area. Even your postal code can make a difference.
The type of building you are living in: Property type matters. You can get insurance for any type of rental space. But the bigger the space and the more personal property you have, the more you will pay. For example, you will pay less if you live in a small apartment than if you rent an entire house.
Your insurance provider: Insurance companies use unique formulas and considerations to set premiums. No two do it the same. There is a variance in costs when you get a tenant insurance quote.
Your claims history: Past claims will stick with you. One or two on your record could affect how much you pay for up to 10 years.
Your things: The stuff you have in your apartment plays a big role. If you have a lot of electronics and high-end furniture, you’ll pay more for protection.
Security: Insurance companies like safety and security. Adding things like deadbolts, monitored fire and burglar alarms will qualify you for more savings.
Deductible: If you raise your deductible, you will have a lower premium. If you have a lower deductible, it will increase your policy costs.
Credit score: This depends on your province. A good credit score can help you get a better rate. Consider allowing your insurer to run a soft credit check if you are comfortable doing so.

Tenants insurance and Canadian renters statistics

How much you pay for rent is usually tied to the size of your unit and your location. Both factors affect how much you will pay.

As you would expect, rent is higher in larger cities and costs continue to increase. Here is a snapshot of the market for renters in Canada:

Statistic	Amount
Average Rent in Canada	$1,167 per month (Feb 2022)
Highest Rent by city (2brd)	Vancouver ($1,824) GTA ($1,666) Victoria ($1,571) Ottawa ($1,550)
Rent Increase in Canada (2020-2021)	3.00%
Vacancy Rate in Canada	3.10%
Turnover Rate in Canada	15.50%
Households Spending Over 50% of Income on Rent and Utilities	Ontario (21%) BC (21%) Nova Scotia (19%) Newfoundland (17%) Alberta, Saskatchewan, Manitoba (16%)

Source: CMHC Rental Market Report

Number of units by province

The biggest province is the region with the most rental units available:

Province	Number of rental units
Ontario	1,552,300
Alberta	406,210
British Columbia	591,550
Manitoba	138,220
New Brunswick	78,780
Newfoundland and Labrador	50,290
Nova Scotia	122,645
Northwest Territories	6,895
Nunavut	7,850
Prince Edward Island	17,465
Quebec	1,365,400
Saskatchewan	107,425
Yukon	4,980

Average rent price by province

Where you live has a big impact on how much you will pay for rent. It can also affect the cost of your insurance. Here’s a look at the amounts by province:

$1,408

$1,249

$1,515

$1,215

$892

$891

$1,183

$959

$856

$1,104

Get cheap tenant insurance quotes with ThinkInsure

Getting tenant insurance doesn’t have to be difficult. ThinkInsure.ca is an independent tenant insurance broker. We are 100% Canadian and have partnerships with the top insurance companies in Canada.

We make it easy for you to compare tenant insurance quotes. Just tell us what you need, and we’ll shop the market to find you the cheapest rates. Find the most affordable rates for renters insurance in just a couple of minutes. We’ll look for more discounts to lower your premiums even more.

The best part is getting renters insurance is completely free! Get started by comparing quotes online or speak with one of our advisors to get a quote.

Get started

Insurance Blog And News

Read our insurance blog get helpful tips, information and news.

2023-06-08

Compare Cheap Tenant Insurance Quotes in Canada

Find the cheapest renters and tenant insurance quotes from Canada's top providers in a just couple of minutes.

Save with best tenant insurance rates

How to get tenant insurance quotes

1) Begin your quote

2) Enter your details

3) Compare rates

Select the best rate

5-star tenant insurance

Why ThinkInsure for tenant insurance?

Save with the lowest rates

You get personalized insurance policies

It’s quick and easy to protect your things

Get expert insurance advice

We’re trusted and unbiased professionals

We’re committed to serving you better

What is tenant insurance?

How does renters insurance work?

What is the purpose of tenant insurance?

Is tenant insurance mandatory?

Who regulates tenant insurance in Canada?

What information do I need to get a tenant insurance quote?

When should I file a tenant insurance claim and how do I do it?

What terms should I know when choosing a tenant insurance policy?

What does tenant insurance cover?

Personal contents

Liability

Additional living expenses

Optional tenant insurance

Additional contents special limits

Get a tenant insurance quote

What does tenant insurance not cover?

Ways to get cheap tenant insurance

Why do you need renters insurance?

How much does renters insurance cost?

What factors determine renters insurance costs?

Tenant insurance FAQs

How much tenant insurance do I need?

Are my roommate's things covered under my renters insurance policy?

Does tenant insurance cover theft?

Can a landlord make you get renters insurance?

Can you cancel tenant insurance?

Do you need a credit check to get tenant insurance?

What’s the difference between home and renters insurance?

What are common myths about renters insurance?

Does each tenant in the apartment need renters insurance?

Does tenant insurance cover bed bugs?

Does renters insurance protect against floods?

Does renters insurance include dog bites?

Does renters insurance cover holes in the wall?

Does renters insurance cover Airbnb rentals?

Tenants insurance and Canadian renters statistics

Number of units by province

Average rent price by province

Get cheap tenant insurance quotes with ThinkInsure

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