Toronto Tenant Insurance: Compare Cheap Quotes Online

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Helping renters save with the best tenant insurance in Toronto

If you are a renter in Toronto, it's important to have a good tenant insurance policy to protect your belongings. Toronto is a renters marketplace. Close to half of residents in the city rent an apartment, condo, townhouse, or detached house. 46% of all renters in Ontario live in the Toronto metropolitan region in one of its 240 neighbourhoods.

Yet many Torontonians still take the risk of not having tenant insurance. It’s expensive to live in the GTA, but insurance is not one of the areas you should cut out of your budget. All it takes is one unforeseen event such as theft, fire, or flood and you could lose everything.

At ThinkInsure, we can help you quickly compare cheap tenant insurance quotes in Toronto. We’ll ensure you have a plan covering all your personal belongings. Get started by comparing quotes online or give us a call for a quote.

How to get tenant insurance quotes in Toronto

Compare tenant insurance quotes for your Toronto rental from the top providers in just a few minutes:

1) Begin your quote

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2) Enter your details

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3) Compare rates

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How Toronto tenant insurance works

father and daughter having fun in the living room.

Tenant insurance works differently than standard home insurance policies in Toronto. Rather than covering the physical structure of your residence, it primarily protects your personal belongings. The contents insurance portion of your policy includes everything from furniture, electronics, clothing, décor, and more. Because of this, some refer to it as apartment insurance. Coverage also includes liability protection and additional living expenses.

There are three main types of tenant insurance policies for Toronto renters to consider:

Comprehensive: Similar to comprehensive home insurance, this gives you the most protection for your unit and belongings.
Broad: Similar to broad form home insurance, it covers comprehensive perils for your unit and named perils for your individual property.
Basic: Also called named perils coverage, it's similar to named perils home insurance. This protects items specifically listed in your plan. If an item is not listed, it's not protected.

The type of tenant insurance you choose will affect what is and is not included in your policy. Torontonians can simply search for tenant insurance quotes online or call us to find a plan that meets your needs.

What does Toronto tenant insurance cover?

Toronto tenant insurance policies provide you with protection for your dwelling and belongings from loss or damage.

There are three main areas of coverage in your policy:

Personal contents: This protects most of the belongings that you have in your apartment. This includes your clothing, furniture, decor, and electronics. Some exclusions may apply. For example, high-ticket items, jewellery, and collectibles may require separate coverage.
Tenant liability: You will have protection if you cause damage to a neighbour's property or if someone is injured at your home. You have coverage for personal injury and resulting legal claims against you.
Additional living expenses: Get reimbursed for additional living expenses if you are forced to vacate your property after an insured loss. You’ll receive compensation for hotel costs, food, transportation, and more. Some insurers refer to this as relocation cost reimbursement.

Tenant insurance will include these coverages. Premiums will vary depending on the insurer and coverage selection. It’s also essential to be aware of the terms in your plan such as actual cash value and replacement cost, and the perils that are included. These factors affect your rate. Reach out to our brokers if you have questions about your insurance.

Optional Toronto tenant insurance

Like with Toronto home insurance, you can purchase additional endorsements and increase your limits for more protection. This allows you to personalize your insurance. Here are some of the most popular insurance endorsements people add:

Identity theft insurance: Fraud threats are increasing. This coverage will help you recover if you’re a victim of identity theft.
Jewellery insurance: Take out extra coverage for your engagement ring, watches, and other prized possessions.
Replacement cost: Ensure you get the full replacement value of your things that are damaged, lost or stolen.
Sewer backup insurance: Ensure you’re compensated if a sewer backup damages your stuff.
Overland water insurance: Ensure you’re compensated if a flood damages your stuff.
Increased content coverage or increased tenant liability coverage.

What is not covered by tenant insurance in Toronto

Your Toronto tenant insurance does not protect you from all types of risks. The following items are generally not covered by a basic policy:

Anything that exceeds your plan limits.
Items specifically excluded in your policy.
Expensive jewellery, collectibles, art, and other rare items (you can add coverage for these items).
Business operations and equipment.
Damage from floods, sewer damage, earthquakes, and landslides.

Speak with your insurance provider to get clarification about what is included in your plan.

Is tenant insurance mandatory in Toronto?

A tenant insurance policy is not legally required in Toronto and the GTA. However, owners and landlords have the right to require you to have insurance as part of the lease agreement. It is increasingly common for occupants to be required to show proof of insurance before they can move in. Having it is in your best interests. It provides protection for personal liability and your personal property will give you peace of mind.

5 star Toronto tenant insurance

Rated 4.7 out of 5 stars in 1378 Google reviews

Check out what our Toronto customers are saying about getting tenant insurance with us.

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Robert Storey

2024-04-19

Thanks to Evan for his great advice and great service!

SHIRAZ HUDDA

2024-04-17

Great experience with Todd Allen, very personable and excellent customer service! Highly recommend wish I knew earlier could have saved thousand$

Paul Ricketts

2024-04-16

I would like you to know how thankful i am to have been assisted by Neil Sullivan. His courteous, prompt and thorough service should be acknowledged and applauded.

Eric Kim

2024-04-11

**Updated to 5-stars - Felicia (Supervisor) called almost immediately after this review went up - validated my concerns (ie. confirmed with system notes, that I wasn't crazy), checked everything was good now on my end, and will use the experience as coaching points. This one call has completely changed my view** Terrible broker. I was "assigned" to them when I signed up for CAA insurance (via CAA's website). In the last two weeks alone, I've had to follow up with several different agents on my request (updates to my policy, because the initial set up was also incorrect for deductible, coverage, etc). It's almost as if the agent listens to my words, says they'll get to it and call back, but in reality just hang up and move on. I mean, they're all super friendly on the phone, but actions speak louder than words, and there hasn't been much action on their end. Easily the worst insurance broker I've interacted with.

M Matin

2024-04-08

Shakir was very professional and friendly, excellent service!

Jennifer Kan-Hodgson

2024-04-07

Todd Allen is prompt, efficient and courteous! Thinkinsure has the best rates!

Dan

2024-04-04

Todd Allen was able to help me find a low rate for home and auto. Thanks Todd!

Matt Amaral

2024-04-04

I had my first call with Bailey Molella, and right from that call I knew I was good hands with getting me a suitable quote for my insurance . I had to do some thinking about it still so I let Bailey know that I would contact him at a later date , and he was very understanding . When I did call back it was like we had just picked up from where we had left off , lots of support lots of help from him in making sure I had the right insurance company to move forward with . He was an absolute pleasure working with and highly recommend having him as your broker .

How much is tenant insurance in Toronto?

Tenant insurance costs in Toronto are typically higher than in other areas in the province. Based on our customer premium data, the average cost for tenant insurance in Toronto is $450. This is $38 per month, which is only slightly higher than the average for tenant insurance in Ontario.

Here’s how Toronto compares to other areas:

Location	Annual Premium	Monthly Rate
Ontario	$438	$37
Toronto	$450	$38
Ottawa	$414	$35
Other cities	$438	$37

Top 10 things that impact Toronto tenant insurance premiums

There are a lot of considerations used to assess and figure out how much you will pay for tenant insurance in Toronto. Here are the top 10:

Policy type
Plan limits for contents and liability protection
Endorsements and add-ons
Dwelling type and location - including your postal code
Credit score (optional)
Insurance provider - a reason it's always a good idea to get a quote from multiple insurance companies
Insurance and claims history - when you make a claim and start the claims process, you may see increases
If you have a home security system
The value of the personal items included in your insurance policy
Deductible amount

How to get cheap tenant insurance in Toronto

condos in Toronto city downtown with Canada tower

Finding the cheapest tenant insurance in Toronto doesn’t have to be difficult. There are many ways you can put yourself in a position to save even more. Here are some of the most notable:

Comparison shop: See what insurers have to offer. You will not know which one has the best rate until you compare them.
Bundle: Have car insurance in Toronto? Combine your home and auto insurance and save on all policies.
Don’t over-insure: More is not always better.
Allow a credit check: If you have a good credit rating, allowing insurers to run a soft credit check can help you save money.
Secure your unit: Installing monitored security systems and fire alarms will result in a discount.
Choose a higher deductible: Increasing your deductible will reduce your payments.

Why do tenants need contents and tenant liability insurance in Toronto?

Having proper tenant insurance in Toronto is the best financial choice to help you recuperate and recover after a loss event. Without it, you would be on the hook financially to replace your damaged or lost personal items.

If you were sued because someone was injured on your property or caused property damage, you would have to cover the legal costs out of pocket. Tenant insurance financially protects renters in Toronto. It will cover the costs to replace your items and pay for legal costs, in addition to other benefits and protections.

Is renters insurance for a condo different than insurance for an apartment in Toronto?

Renters insurance is the same if you are renting a condo or apartment in Toronto. They are designed for people who lease all types of dwellings. Toronto condo insurance, on the other hand, is specifically for owners of the unit. If you are not sure which plan is right for you, speak with our insurance providers. We’ll make sure you get a plan that fits your lifestyle.

Toronto tenant insurance FAQs

If I have a roommate do we both need tenant insurance in Toronto?

It's estimated that about one-quarter of renters have a roommate. Since each person has individual belongings, it's important to have tenant coverage. Some policies allow you to add up to two unrelated people. You also have the option for each roommate to take out a separate plan. All roommates should have some form of protection. If you don’t have coverage, compare tenant insurance quotes in Toronto to review your options.

Is a credit check required when applying for tenant insurance in Toronto?

No, a credit check is not required unless you give your insurer consent. Allowing a credit check can be beneficial. You could qualify for additional savings. Even if your credit score is not high enough, you won't be penalized or receive higher rates. The decision to authorize a credit check is up to you.

How do I renew my Toronto tenant insurance?

Tenant insurance policies are valid for one year in Toronto and the rest of the province. Your plan will automatically renew at the end of the year. While this is convenient, do not overlook the importance of exploring your options before re-upping with your current provider.

Who has the cheapest tenant insurance in Toronto?

There isn’t one specific insurance that offers the cheapest tenant insurance in Toronto. Insurance companies use different methods to set rates. Often you will find the most savings when you combine your renters policy with your Toronto auto insurance. Bundling will help you save the most. ThinkInsure works with the leading providers so we can compare quotes and find you the cheapest rates.

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

To get a tenant insurance quote, Toronto residents will need to supply the following information:

The address of the property
Dwelling and applicant information
An estimated value of the belongings and replacement cost
A list of others who will be living in the residence alongside you
Policy type, limits, additional coverage
If you authorize the insurer to do a credit check

Applying is easy and only takes a few minutes to get started by completing an online quote or you can call us and our advisors can help you.

Toronto rental insurance facts and figures

Rental units with Toronto tenant insurance

46% of all renters in Ontario live in the Toronto metropolitan region in one of its 240 neighbourhoods. But, there are still hundreds of thousands of renters in the GTA without tenant insurance. Are you one of them? You are putting yourself in a potentially risky situation. Here is a look at the percentage of people with and without coverage:

Insured rental units in Toronto
Units	Insurance stats
Number of rental units	551,290 (2021 Census)
% or renters with insurance	50%*
Number of rentals without insurance	~275,000+

Source: CBC

Toronto is expensive. Rental rates are the second highest in the country. Most of these are in Old Toronto and the York region. With the high costs of rent in these areas, it's important to protect your home. Here’s a snapshot of the rental market:

Location of rental units in Toronto
Location	Percentage
York, East York, North York	40.40%
Old Toronto	33.90%
Scarborough	13.20%
Etobicoke	12.50%

Source: Toronto.ca

Toronto rental market statistics

Here’s an overview of the rental market courtesy of the Canadian Rental Housing Index:

There are 551,290 rental units
The average monthly rent and utilities is $1,560 (+$154 higher than the Ontario average)
40% of Torontonians spend over 30% of their income on rent/utilities. 18% spend over 50% of their income.
19% live in overcrowded living conditions
8% live in homes in major need of repairs
The majority of renters are non-family households (279,090) and couples without kids (89,215)
The 30-44 is the most popular age group among renters (189,990)

Saving on your Toronto tenant insurance is easy!

Enjoying the protection offered by tenant insurance is worth it for renters in Toronto. With ThinkInsure, you can compare quotes from the top insurance companies. Get affordable rates in just a couple of minutes. Save even more by speaking with one of our advisors.

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Compare Toronto Tenant Insurance Quotes

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Compare Toronto tenant insurance quotes from top providers

Helping renters save with the best tenant insurance in Toronto