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Get cheap Ontario tenant insurance quotes

In under five minutes, get a personalized renters insurance quote from one of Ontario's top providers – free of charge.

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What is tenant insurance in Ontario?

Matt Hands

Owning a home sure comes with many financial risks, and you aren't immune to all of them, just because you're renting. 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. 

What does tenant insurance cover in Ontario?

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. 

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.

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Factors that impact the cost of renters insurance in Ontario

  1. Property type

    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.

  2. Location

    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.

  3. Personal belongings

    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.

  1. Credit score

    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.

  2. Claims history

    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.

  3. Applicable discounts

    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.

Ontario renters insurance quoting breakdown.

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.

  • $22.19/month

    for 1 tenant, renting out a basement unit in Markham, Ontario.

  • $49.70/month

    for a family of 4, renting out a house in London, Ontario.

  • $52.94/month

    for 2 roomates, renting out a condo unit in Toronto, Ontario.

How to get the cheapest tenant insurance in Ontario

Shop and compare – Different insurers will quote customers in different ways. Therefore, you won't know which insurer offers the cheapest Ontario tenant insurance until you shop around. 

Bundle insurance products – By purchasing tenant insurance along with other coverage products (e.g. auto insurance, home insurance), you'll be eligible for a multi-insurance bundle discount from your provider. 

Install safety systems – Home safety systems, such as a monitored alarm, can help lower your tenant insurance rate in Ontario – insurers like to see low-risk renters.

Pay annual premiums – While you can make payments on a monthly basis, paying your insurer in full at once often saves you money in the long run. 

Increase your deductible – Your deductible is the amount you'll be paying out-of-pocket before your insurer meets you with the rest. The more you're willing to pay out, the cheaper your coverage will be. 

Stay claims-free – Did you know making a claim can increase your future tenant insurance rate? So keeping your insurance history as clean as possible will lead to the cheapest rates.

Get an online renters insurance quote today

Ready to secure your Ontario renters insurance? We can help – in under five minutes, view how much you'll be paying for your customized policy.

Frequently asked Ontario tenant insurance questions

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, 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 more

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