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Compare tenant insurance quotes

In less than 5 minutes, compare personalized renters insurance quotes from Canada's top providers, for free.

What is tenant insurance?

There are 3 coverages included in any tenants or renters insurance policy.

Contents insurance: This protects your contents (like your TV, laptop, couch, or bed) if they're stolen or damaged. 

Liability insurance:  This covers you if a guest should injure themselves in your space and decide to take legal action against you. It also protects renters if they’re responsible for damage to other people's property or their own.

Additional living expenses: This pays for your to live elsewhere if you can't live in your rented space due to an insured peril (e.g. flood or fire). 

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, in a few minutes from the comfort of your couch. You'll also be able to compare renters insurance rates from multiple providers to see instantly which one offers you the cheapest tenant insurance.

Tenant Insurance Quotes

How to get a renters insurance quote via

  • Step 1: Share some information

    Tell our verfied partner a little about yourself including your coverage needs

  • Step 2: Review quote

    They will instantly show you a personalized quote just for you

  • Step 3: Save money

    Secure your insurance rate online, or via one of their licensed brokers/agents

Factors that affect your renters insurance rate

Of course you want the cheapest tenant insurance you can find, the good news is that renters insurance is affordable. The cost will vary based on the following factors.

Property type

Credit score

Your stuff


Past claims history

Other risks

How much is tenant insurance?

Renters insurance across Canada ranges between $15–$25 per month. Many factors including the cost of your stuff and risks associated with where you live will determine your price. Always compare renters insurance quotes before you purchase to make sure you get the best rate.

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How tenants insurance coverage works

As a renter, the first thing you'll want to figure out is if an existing insurance policy already covers you. If you're a university student, your parents' home insurance may also cover your apartment away at school, especially if you're on campus.

How much coverage is standard?

Second, as a renter, it's good to know how much coverage is standard insurance. The typical liability coverage is $1 million, and the average amount for contents insurance is $25,000, which protects your stuff. Within this $25,000, there may be limits for specific kinds of items (e.g., up to $3,000 for jewellery). As with all types of home insurance, raising or lowering your coverage has the same effects on your premiums.

How much does renters insurance cost?

Third, tenants will want to know how much renters insurance costs. Premiums generally cost between $15 and $25 per month, or $180 to $300 a year. How much you'll end up paying depends on the size of the property you're renting and the amount of your coverage, and the deductible you set. Find the right balance for you by looking at your budget and what you can't afford to lose.

ACV vs. replacement value

It's also essential to decide whether you are looking for a cash value or replacement value policy. A cash value policy takes depreciation into account, meaning that you won't get back what you paid for an item if you have to make a claim. In contrast, a replacement value policy will allow you to purchase the lost or stolen item at its current retail price. Replacement cost is more money than an ACV policy.

How to have a hassle-free claims experience

To make a claim, you'll need proof of your policy as well as documents that show the items you lost and how much you paid for them – keep detailed records. The last thing you want is to have this necessary documentation destroyed in a fire or flood, so make sure you store them in a safe place (e.g. on the internet, on your phone). You can use an app, like Sortly or Memento Database, to help. 

mandatory coverages

What does renters insurance cover?


Living expenses



Common coverage additions & endorsements

Overland water

Sewer backup

Identity theft


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Hot to get cheap tenants insurance

  1. Shop around and compare

    At, we take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several quotes from Canada’s best renters insurance providers in minutes.

  2. Bundle policies

    Insurers will often give a discount to consumers who get both their tenants and auto insurance from them. If you can, look to have both your apartment and car protected by the same insurer.

  3. Monitored alarm systems

    If your landlord has a monitored alarm system installed, or if you install one yourself - one that is connected to a central station, you could receive a discount. Know that this does not include your own cameras and motion sensor lighting, but some insurers are opening up to the idea with smart homes on the rise.

  4. Increase your deductible

    A standard apartment insurance deductible is $500. However, if you double the deductible (the amount of money you pay, before the insurance pays the rest), you could see a decrease in the premium you pay.

  5. Pay annually

    Paying annually, as opposed to monthly, reduces administrative costs to your insurer and ensures your loyalty. Your insurer may reward you with a cheaper renters insurance rate.

  6. Suggest a credit check

    There is no need for a credit check, but if you request one be done, and the insurance provider views your good credit as a positive sign, it could mean a reduction in your tenants insurance premiums.

  7. Review your coverage

    Do not overinsure yourself. Only get insurance for the products you own and their cost. Do not insure your TV for $1,000, if its value is only $500. Document your contents properly and review those contents with an annual audit of your belongings.

  8. Think twice before submitting a claim

    A clean claims history looks good to insurers. If you submit a claim, make sure it is worth it. Never submit a claim for less than your deductible. A submitted claim should be reserved for times of significant financial distress.


Frequently asked questions about tenants insurance

Does each tenant need renters insurance?

Does homeowners insurance cover renters damage?

Is tenant insurance mandatory?

Does tenant insurance cover bed bugs?

Can renters get flood insurance?

Does renters insurance cover holes in the wall?

Do renters require a credit check?

What does renters insurance not cover?

Can I rent my apartment on Airbnb?

Author Bio

Matt Hands, Business Director of Insurance

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’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.

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