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While the cost of insurance will differ on a case-to-case basis, here are three hypothetical quotes we received from our partner for three different renting situations. Coverage limits have been adjusted to the recommended amount each tenant should carry, and all rates were last updated in November of 2023.
for 1 tenant
for a family of 4
for 3 roomates
for 2 roommates
better choices made
to Canada’s top financial institutions
Matt Hands, VP, Insurance and MoneySense
It's no doubt that owning a home comes with many financial risks. But as a renter, you also won't be immune to all of them. You could still be held liable if a guest slips and injured themselves in your unit. You could still lose your expensive flatscreen if a thief breaks into your place. And you could still be left with a hefty hotel bill if your property needs to be repaired after a fire. This is where tenant insurance comes in.
Tenant insurance – also known as renters insurance or apartment insurance – is essentially an agreement between you and your insurance provider. By paying out regular premiums (typically monthly or annually), your insurer agrees to cover you financially for the various risks that come with renting out a property. This can include a liability claim, the loss and damage of your belongings, as well as the additional living expenses you may face if your rental is deemed unliveable.
Is tenant insurance mandatory in Ontario?
While tenant insurance isn't required by law in Ontario, your landlord can make it a stipulation in your lease. Oftentimes, you'll need to show them proof of your policy before you're able to finalize the rental agreement.
And even if your landlord doesn't require you to carry coverage, it's a good idea to do so anyways. A common misconception is that your landlord's home insurance will cover you if you run into trouble, but that's usually not the case. Instead, it protects your landlord financially from their own set of risks, such as building damage and tenant liability claims.
The liability portion of your tenant insurance policy pays out claims related to third-party bodily injury or property damage. This means that if someone sues you because they get injured in your unit (e.g. a slipping and falling) or you damage their property (e.g. breaking a neighbouring unit's wall), your insurer will help cover related expenses, such as legal bills and settlement fees.
The standard liability limit on most tenant insurance policies is $1 million in coverage, but you can also increase this amount for the added peace of mind.
Examples of Ontario renters insurance claims
Rental unit damage
How much is tenant insurance in Ontario?
The cost of renters insurance in Ontario is generally quite affordable. Depending on the tenant's specific needs, some policies may even cost less than $20 per month. Find out how much you'll be paying with us today.find out now
Factors that impact the cost of renters insurance in Ontario
Basement units come with different risks than a high-rise apartment. The age and construction materials of your rental may also be factored into your tenant insurance quote.
The specific Ontario address you're renting from will matter to your insurer. High-crime neighbourhoods and flood-prone areas tend to lead to hike up your insurance premium.
The more stuff you own, the more coverage you'll need – and therefore, the more expensive your insurance will be. For high-value objects, you may even need an endorsement for extra protection.
Having certain pets, such as a vicious dog breed, can impact your tenant insurance rate negatively. This is because you're more susceptible to a liability claim (e.g. if your dog bites a guest).
If you rent with other people, you'll want to let your insurer know. It's also a good idea for roommates to get separate policies to ensure everyone is adequately protected.
Some insurance companies may use your credit score to calculate your tenant insurance rate. You won't be penalized for bad credit, but a good score can help lower your bill.
The more claims you've made in the past, the more likely (or seemingly more likely) you'll need a payout in the future. Therefore, insurers will increase rates for those who don't have a clean insurance history.
Be sure to ask your insurance representative about any applicable discounts. For instance, you can save money by bundling your tenant insurance with your car insurance.
How to get the cheapest tenant insurance in Ontario
Shop and compare
Bundle insurance products
Install safety systems
Pay annual premiums
Increase your deductible
Stay claims free
Get an online renters insurance quote today.
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Now that you've become an expert on Ontario tenant insurance, let's take a look at some key statistics on renters within the province – here are some interesting numbers we found from the Canadian Rental Housing Index.
1,552,300 households in Ontario rent instead of own – On the other hand, there are over 3.5 million households in the province that own their home. That means approximately 30% of the total household population is renting.
The average cost for rent and utilities in Ontario is $1,109 – When comparing this to the Canada-wide average of $1,002, tenants in Ontario pay about 10% more than the national standard to cover their rent and utilities.
The average renter household income in Ontario is $53,691 – That's quite close to the national number: $53,163. And while the average renter household in Ontario spends 25% of its income on rent and utilities, 21% of this population uses over half of their income on these living expenses.
of households in Ontario rent their property instead of own.
of Ontario households spend more than half their income on rent and utilities.
Do you need renters insurance in Ontario?
How do you get tenant insurance in Ontario?
Can you buy Ontario tenant insurance online?
What is tenant liability insurance in Ontario?
Can landlords require renters insurance in Ontario?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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