Compare the best tenant insurance quotes in Toronto

Q: How do I get tenant insurance in Toronto?

We can help by connecting you with one of the top tenant insurance providers in Toronto. By filling out a few details about your housing situation and your coverage needs, you'll be able to view your personalized tenant insurance quote online. And if you're happy with the number, all you need to do is check out.

Q: What is the cheapest tenant insurance in Toronto?

Because tenant insurance isn't a one-size-fits-all product, you won't know which insurer offers the cheapest rate for your case until you shop around. So research all your options carefully – and keep in mind that price isn't the only factor to look out for as you also want to make sure all your coverage needs can be met.

Q: Does landlord insurance cover the tenant in Toronto?

No, landlord insurance (or rental income property insurance) is only there to protect the landlord from financial implications, not the renter. For example, the policy won't help pay for the loss of your items after a flood – you'll need your own tenant insurance to ensure adequate protection.

Q: Can a landlord ask for tenant insurance in Toronto?

Yes, your landlord can make getting tenant insurance a requirement within the lease agreement. Even if yours doesn't do so, it's a good idea to equip yourself with the coverage anyway. One small incident can spiral into a huge financial emergency quickly, so the wise thing to do is protect yourself ahead of time – just in case.

Q: Can a landlord evict you for not having tenant insurance in Toronto?

Generally speaking, no – since tenant insurance isn't required by law in Toronto, your landlord can't evict you just because you don't have coverage. However, some landlords may require you to purchase a policy before moving in. This must be clearly stated in the lease agreement, and in some cases, breaking the agreement can be grounds for eviction.

Looking for cheap tenant insurance in Toronto? We've got you covered – get a personalized, low-rate quote with us today.

How to get renters insurance in Toronto with Ratehub.ca

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How much does tenant insurance cost in Toronto?

Tenant insurance companies quote you on an individualized basis by looking at your risk factors and coverage needs. For reference, however, here are three quotes we got from our partner in April of 2023. Coverage limits have been adjusted to match the recommended amount each policyholder should carry.

$26/month
for 1 tenant
renting out a studio unit in Toronto, ON
$28/month
for a couple
renting out a basement unit in Toronto, ON
$41/month
for a family of 4
renting out a house in Toronto, ON

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What is tenant insurance in Toronto?

Tenant insurance (or renters insurance) is there to protect you from the risks of renting out a property. While you probably aren't taking on the same level of risk as a homeowner, that doesn't mean you're immune to all financial emergencies – one break-in, slip-and-fall accident, or unattended stove can put you in deep trouble quickly. By paying out regular premiums to your insurer, however, you can receive peace of mind, knowing your tenant insurance policy has you covered.

What does tenant insurance in Toronto cover?

A standard Toronto tenant insurance policy comes with three main coverages. You'll also be able to customize your plan further with optional endorsements.

Tenant liability

Personal belongings

Additional living expenses

Optional coverages

Learn more about Toronto renters insurance

Compare cheap Toronto tenant insurance quotes
The cost of Toronto tenant insurance
Why do I need tenant insurance?
Is Toronto tenant insurance mandatory?
Factors affecting your tenant insurance quote

Why do I need tenant insurance in Toronto?

Renting out a property in the big city comes with all different types of risks – here are four common claims you could face (and how having the right tenant insurance in place can save you financially).

Rental unit damage
Your landlord can hold you liable for damage caused to the rental property. Renters insurance is there to help cover legal fees, settlement costs, and repair bills.
Stolen property
If a thief grabs your laptop while you leave it unattended at a coffee shop, tenant insurance has you covered. It can help replace all kinds of personal items – in or out of the home.
Kitchen fire
So an unattended oven turns into a hefty bill from your landlord, and you need to move into a hotel temporarily. Your renters insurance policy can help cover these costs.
Basement flood
If your basement unit floods, your insurance can help you replace your damaged items and pay for accommodation – provided you have flood coverage in place.

Is tenant insurance mandatory in Toronto?

While renters insurance isn't a requirement by law in Toronto, it's common practice for landlords to make it one before the move-in. And even if yours doesn't, you should highly consider purchasing coverage anyway. Financial protection doesn't need to be so costly – find out how little you could be paying with us today.

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Factors that impact your Toronto tenant insurance cost

Property type
Different properties bring different types of risks; for example, a basement suite is much more likely to flood than a condo unit. The more susceptible your rental property is to damage, the more expensive tour insurance will be.
Living situation
You'll require coverage if you live with your entire family compared to living alone. And if you have a roommate, it's a good idea to purchase separate policies to ensure everyone has protection.
Coverage needs
The more expensive your contents are to repair or replace, the more expensive your insurance will be. Specialty items may also need to be topped off with extra coverage (for an added cost).
Pets
Certain pets will increase the cost of your tenant insurance. This is because you're much more susceptible to making a liability claim (e.g. due to a dog attack).

Location
Where you live within Toronto matters. Areas with high crime rates are much more likely to face theft and vandalism, causing your insurance premium to increase. Living in flood-prone areas can also impact your rate negatively.
Insurance history
Having an extensive list of claims on your property insurance record is a bad look. Providers typically offer the cheapest rates to those who stay claims free as it's a telltale sign of a low-risk tenant.
Credit score
Not all tenant insurance companies look at your credit score, but some do. Generally speaking, you won't be penalized for a poor credit score, but good credit can help you out immensely.
Discounts
Each tenant insurance insurance company offers their customers different ways to save (e.g. bundling, group rate). You won't know all the discounts you're eligible for until you ask.

How to get the cheapest tenant insurance in Toronto

Compare tenant insurance quotes
Every tenant insurance company quotes their customers differently. You won't know which insurer offers the lowest rate until you shop around and look at all your options.
Bundle insurance products
Did you know that you purchasing multiple insurance products under one provider leads to more savings? So consider bundling your tenant insurance with your auto needs.
Install safety systems
Insurers in Toronto like to see low-risk policyholders. Depending on your provider, installing a monitored alarm or even just having a fire extinguisher on hand can lead to a lower renters insurance premium.
Keep a clean insurance record
Insurance companies look at your past claims history to calculate your future rate – more claims, equals to more risk (also known as pricey insurance). So before you file a claim, make sure it's worth it.
Pay annual premiums
When binding your policy online, choosing to pay an up-front, annual premium (instead of multiple, monthly premiums) usually comes with a renters insurance discount.
Set a higher deductible
A deductible is the out-of-pocket cost you'll be paying before your insurer foots the rest. So weigh your risk carefully – the higher you set this, the cheaper your tenant insurance will be.

Ready to secure cheap tenant insurance in Toronto?

We can help – in just a few minutes, find out how much you'll be paying for renters insurance in Toronto.

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A snapshot of the Toronto rental market

Before you learn everything there is to know about tenant insurance in Toronto, let's take a quick look at the city's overall rental market. Here are a few interesting numbers we found from Canada Housing Mortgage Corporation's Rental Market Report – while the information was released in January of 2023, it analyzes the Canadian rental landscape within 2022.

The purpose-built rental market saw a vacancy rate of 1.7% – This was a sharp decline from the previous year's rate of 4.4% and a slight dip compared to the Canada-wide rate of 1.9%. While demand grew due to the lift of pandemic restrictions and the high cost of home ownership, there just weren't enough properties on the rental market to offset the stark increase.

The average rent for a 2-bedroom Toronto unit cost $1,765 – While this number is representative of the purpose-built rental market, the average 2-bed unit in the condo apartment market cost $2,671. This was a much higher price point than the national averages of $1,258 and $1,930, respectively. Tenants in Toronto faced substantial rent increases as the average 2-bed purpose-built unit cost 6.5% more to rent when compared to data from the previous year.

1.7%
Vacancy rate in Toronto
in the purpose-built rental market
$1,765
Average 2-bed Toronto rent
in the purpose-built rental market

Frequently asked questions on Toronto renters insurance

How do I get tenant insurance in Toronto?

What is the cheapest tenant insurance in Toronto?

Does landlord insurance cover the tenant in Toronto?

Can a landlord ask for tenant insurance in Toronto?

Can a landlord evict you for not having tenant insurance in Toronto?

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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