Compare cheap tenant insurance quotes online and save today

You can get a renters insurance policy online on Ratehub.ca. By providing us with a few details, we can show you customized renters insurance quotes in under five minutes. We can also connect you to an insurance agent to help finalize your tenant policy and answer any questions you may have.

Renters insurance will not cover you for any loss as a result of deliberate actions caused by the insured (including criminal acts), damage due to overland or sewage flooding (provided you don't have the proper flood insurance in place), as well as damage due to war or terrorism. You also won't be covered if your property is illegally acquired.

The liability portion of your tenant insurance policy protects you against third-party claims of bodily injury and property damage. For instance, if a friend comes over and slips on your wet floor, you could be held legally responsible for their injuries. In this case, having tenant insurance can help pay for the medical bills and legal fees involved. 

It's recommended that tenants have their own renters insurance policy. If you have roommates and everyone's belongings are damaged in a flood or fire, only those protected by their own tenant insurance policy will have coverage for their contents. Renters insurance can also pay for you to live elsewhere during renovations, but it won't cover your roommate's expenses.

You may be able to list multiple roommates on a policy, but make sure you're aware of the risks of doing so. Shared insurance policies lead to shared insurance histories. This means that if your roommate were to make a claim, it could lead to future rate hikes in your property insurance, even if the claim had nothing to do with you.

Comparing quotes is one of the best ways to get cheap tenant insurance in Toronto. Different providers offer different rates, so you won't know what your cheapest options are until you shop the market. 

Keep in mind there are also many external factors that will influence the price of your policy, including your location, your contents, and your insurance history. By lowering your risk with these factors (e.g. choosing a safe location, keeping a clean claims history), providers will quote you for less. Compare tenant insurance quotes online today to find your cheapest tenant insurance rate. 

Landlord insurance protects the building, detached structures, and the landlord's belongings, but it does not cover the renters’ belongings. If a renter damages the unit, their tenant insurance policy may cover the repair. If they do not have a tenant insurance policy, they may need to turn to the landlord's insurance, but it could likely end up in a court dispute.

To avoid problems, it's best that each person is insured on the property. If both have insurance, and there is damage to the rental unit, it's possible for it to be claimed by the landlord's policy, and the tenant's policy could potentially pay the landlord's deductible.

Unfortunately, no. Depending on your provider, you may be able to add rodents or vermin to your policy, but generally speaking, bed bugs, mice, rats, or any rodent damage are seen as a maintenance task to be carried out by the renter or landlord.

Yes, flood insurance is available as an add-on to any tenant insurance policy. Call your broker or insurance provider to find out the details. Floods come in many forms – a burst pipe is typically covered, but heavy rainfall or sewer backups may require an endorsement. 

No, and it's likely not worth making a claim. You can patch the work yourself or hire a professional. If not, the landlord may take the repair costs out of your damage deposit. 

Whether or not you need sewer backup insurance depends on the type of apartment and the level of risk it brings. For instance, if you live on the tenth floor of a condo building, you likely won't need sewer backup insurance. But sewer backup may be a top priority if you live in a basement near water. 

However, if there is a clog in the drain below your unit, all the flushing from the units above yours could spill out through your bathtub and sink drains. Though rare, this is a situation in which sewer backup insurance could come in handy for an apartment unit.

Unlike getting a standard home insurance quote, a provider does not generally require a soft credit check for tenant insurance. But if the option is available, it will help to reduce the price you pay. Insurance companies have noticed a relationship between someone’s credit score and their likelihood to file a claim. The higher your credit score, the less likely insurers expect you to make a claim. Your landlord may also want a credit check.

Check with your landlord first. It is a high-risk endeavour. Airbnb does offer insurance for its hosts, but if you need more coverage or if your landlord needs more coverage, there are only a select few providers that offer home-share or short-term rental property insurance. You could void your existing policy if you home-share without notifying your provider. For more information, check out our blog on how Airbnb insurance works in Canada.