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Matt Hands, Sr. Business Unit Director
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 covers the building, not yours.
Generally speaking, there are three types of coverages on a basic tenant insurance policy: liability insurance, contents insurance, and additional living expenses.
Whether you’re looking for tenant insurance in Ontario or anywhere else in Canada, we’re here to help you choose better. 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?
While tenant insurance isn't required unless it's stipulated by your landlord, it's always a good idea to protect yourself financially ahead of time.
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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 coverages
Generally speaking, a standard renters insurance package includes three types of coverages: contents insurance, living expenses, and liability protection.
Optional types of renters insurance coverages
While the standard tenant insurance policy provides you with three basic coverages, here are a few optional coverages you can ask your provider about.
How much is tenant insurance?
So what is the average cost of renters insurance? Renters insurance across Canada typically ranges between $15 to $25 each month, but this will depend many different factors. Be sure to compare renters insurance quotes before you purchase a policy to make sure you get the best rate on the market.compare quotes
Looking for cheap tenant insurance on a budget? The good news is that a renters insurance policy is generally affordable – your premium will vary based on the following factors.
Past claims history
How to get cheap tenant insurance online
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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 best renters insurance providers in just a few minutes.
Insurance companies often give discounts to customers who get both their tenants and auto insurance from them. If you can, look to have both your housing and vehicle protected by the same insurer.
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 double the deductible – also known as the amount of money you pay out before the insurance pays the rest – you could see a decrease in the premium you pay.
Limit your claims
A clean claims history looks good to insurers. If you submit a claim, make sure it's worthwhile. And never submit a claim for less than your deductible –claims should be reserved for times of significant financial distress.
Paying your premiums on an annual basis, as opposed to monthly, reduces your insurer's administrative costs while ensuring your loyalty. Therefore, you may be rewarded with a cheaper renters insurance rate.
Suggest a credit check
Credit checks aren't required, but if you request one be done – and your insurance provider views your good credit as a positive sign – it could reduce the cost of your tenant insurance.
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.
Shop for Canadian renters insurance online today
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Ratehub.ca partners with top tenant insurance providers across Canada, so you can request a personalized renters insurance quote with ease. Because each rate is calculated using the insurer's own underwriting and quoting process, you’ll be able to receive accurate estimations based on your individualized profile.
Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.read linkedin bio
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