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It takes less than five minutes to find your cheapest renters insurance quote from one of Canada’s top providers. Get insured for as little as $19 monthly.
Recent tenant insurance quotes from Ratehub.ca
Here are four different quotes we received for one renter's profile in June 2026, with the changing factor being their location. Remember that insurers calculate rates based on your risk and the coverage you need. You won't know how much you'll be paying until you get a quote yourself. Try our free comparison tool today.
- $21/month
British Columbia tenant insurance
for a 1-bedroom low-rise condo unit in Vancouver
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What is tenant insurance?
Tenant insurance (otherwise known as renters insurance, contents insurance, or apartment insurance) gives you the benefits of a homeowner's insurance policy but without coverage for the physical dwelling. The landlord’s insurance protects the building, but not your belongings.
Generally speaking, there are three types of coverage on a basic tenant insurance policy: liability insurance, contents insurance, and additional living expenses. By paying regular premiums to your provider, you'll be protected financially from all types of tenant-related emergencies.
If you're looking for tenant insurance in Canada, we’re here to help. You can get a customized tenant insurance quote online with us in under five minutes today – all from the comfort of your couch.
Is tenant insurance mandatory?
No, tenant insurance is not mandatory in Canada, but many landlords will require you to purchase coverage as a stipulation in the lease agreement. And even if that's not the case for you, it's a good idea to get insurance anyway.
While your landlord may have their own home insurance policy, that doesn't mean you're immune to risks as a renter. Landlord insurance (or rental income property insurance) is only there to protect the landlord from their own financial implications, such as building damage or a tenant liability claim. You could still face your own financial troubles as a renter for various reasons, such as the loss of your belongings due to a break-in.
Does homeowners insurance cover renters damage?
No, a landlord’s home insurance won’t cover damage caused by a renter. 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.
What does renters insurance cover in Canada?
As a renter, it's important to understand the coverages on your tenant insurance policy. While a standard package may be enough, you can also add optional endorsements to better suit your coverage needs.
Included types of renters insurance coverage
Generally speaking, a standard renters insurance package includes three types of coverage: contents insurance, living expenses, and liability protection.
Contents
Living expenses
Liability
Optional types of renters insurance coverage
Depending on your provider, some coverages may be excluded unless you pay extra. Here are a few popular options you can ask your insurer about.
Overland water
Sewer backup
Identity theft
Personal valuables
Earthquake
What does renters insurance not cover?
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, or damage due to war or terrorism. You also won't be covered if your property is illegally acquired.
Pets and maintenance issues are also not covered. For example, bed bugs, mice, rats, or any rodent damage are typically seen as a maintenance task to be carried out by the renter or landlord. However, depending on your provider, you may be able to add rodents or vermin to your policy. Structural repairs like patching small holes in walls are also not covered by insurance, 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.
How much does tenant insurance cost in Canada?
Renters insurance across Canada typically ranges between $19 and $50 each month, but this will depend on a number of different factors, such as the property type, location and your insurance history. Be sure to compare renters insurance quotes before you purchase a policy to make sure you get the best rate on the market.
get a free quoteWhat factors impact your tenant insurance quote?
There are multiple factors that can impact the cost of your tenant insurance policy. Here are the primary factors you should be aware of to better understand the quoting process for your policy.
Property type
A studio apartment comes with different risks than a basement unit. So your provider will take your property type into account when calculating your tenant insurance rate.
Location
Renting in a neighbourhood prone to theft and vandalism can increase your rate substantially. Flood-prone areas also won't reflect well on your tenant insurance premium.
Personal belongings
The more items you have to insure, the more expensive your coverage will be. Some valuables (e.g. artwork) may also require extended coverage limits for an added cost.
Credit score
Not all tenant insurance companies use credit to calculate your tenant insurance quote. But if you can opt for a soft credit check, you may see a discount for having a good score.
Pets
Did you know owning a pet can increase the cost of your renters insurance? This is especially the case for vicious dog breeds, due to the added risk of a liability claim.
Living situation
Do you live with others? The more people there are to insure, the more expensive your coverage will be. Also, remember that it's often a better idea to buy separate policies when living with roommates.
Insurance history
If you've made several property insurance claims in the past, this will reflect poorly on your tenant insurance rate – providers like to see low-risk customers.
Applicable discounts
Be sure to ask your provider about any available discounts. For instance, just having a fire extinguisher on hand can save you a few bucks each month.
What are the average rent prices in Canada by province?
Below, we break down the average rent prices Canadians pay for a two-bedroom apartment by province. The numbers were sourced from the Canadian Mortgage Housing Corporation’s 2025 Rental Market Survey, based on October 2025 data.
|
Province
|
Average rent price (two-bed)
|
|---|---|
|
$1,658
|
|
|
$2,337
|
|
|
Manitoba
|
$1,547
|
|
New Brunswick
|
$1,447
|
|
Newfoundland & Labrador
|
$1,463
|
|
Nova Scotia
|
$1,963
|
|
$2,167
|
|
|
Prince Edward Island
|
$1,467
|
|
$1,492
|
|
|
Saskatchewan
|
$1,486
|
How to get a cheap tenant insurance quote online
Everyone wants to feel like they’re getting a good deal, even on their insurance policy. Here are eight tips you can test to ensure you're getting the cheapest tenant insurance quote on the market.
Shop and compare
At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages. By entering your information once, we can show you quotes from Canada’s top insurers.
Bundle policies
Insurance companies often give discounts to customers who get multiple products from them (e.g. tenant and auto insurance). Look to bundle multiple policies for a cheaper rate.
Install monitored alarms
Having a monitored alarm system installed – one that is connected to a central station – can lead to a discount on your policy. This typically won't include your own cameras and motion sensor lighting.
Increase your deductible
The standard tenant insurance deductible is about $500. If you increase the deductible (the amount of money you cover before insurance pays the rest), you'll see a decrease in your premium.
Limit your claims
A clean claims history looks good to insurers. If you submit a claim, make sure it's worth it. Never submit one for less than your deductible – claims should be reserved for times of significant financial distress.
Pay annually
Paying your premiums on an annual basis, as opposed to monthly, reduces your insurer's administrative costs while showing loyalty, so you may be rewarded with a cheaper rate.
Review your coverage
Make sure you aren't overinsured. Document your contents properly and review their value with an annual audit of your belongings – you won't need $1,000 in coverage for a TV that's only worth $500.
Get a group rate
Some insurance companies offer special discounts to school alumni and working professionals (e.g. CPA). It won't hurt to ask your insurance representative about any eligible discounts.
Common tenant insurance claims in Canada
While tenant insurance can cover various risks, here are three examples of common claims in Canada and how having the right coverage in place can protect you financially.
Stolen property
In 2024, over 120,000 incidents of burglary cases of burglary were reported nationwide. With tenant insurance, however, you won't be on your own when it comes to replacing all your prized possessions.
Basement flood
Basement floods cost an average of $40,000 to repair. And while tenants might not be financially responsible for building damage, you'll still want coverage for all your contents.
House fire
In 2021, residential fires across the country amounted to over 10,000 incidents. If your unit burns down, a renters insurance policy can help replace your items and pay for temporary accommodations.
Shop for Canadian renters insurance online today.
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Tenant insurance misconceptions
In a survey conducted for our Digital Money Trends Report, we found that less than 50% of renters in Canada actually have tenant insurance in place. Only 48% of renters surveyed claimed to carry coverage.
If you're part of this group, you may be under the impression that tenant insurance isn't a necessity. And while it isn't mandated by law, this is not true. Statista reported four reasons why tenants in Canada believe they should forego coverage, and here, we explain the invalidities behind each one and why you should highly consider getting a policy anyway.