Compare the best tenant insurance quotes in Toronto
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.
for 1 tenant
for a couple
for a family of 4
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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.
Additional living expenses
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
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.start my quote
Factors that impact your Toronto tenant insurance cost
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.
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.
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).
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).
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.
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.
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.
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
Bundle insurance products
Install safety systems
Keep a clean insurance record
Pay annual premiums
Set a higher deductible
Ready to secure cheap tenant insurance in Toronto?
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.
Vacancy rate in Toronto
Average 2-bed Toronto rent
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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