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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

  1. Share information

    Tell us a little about yourself and your property coverage needs.

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    Choose your plan and secure your tenant insurance rate online.

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 four quotes we got from our partner in November of 2023. Coverage limits have been adjusted to match the recommended amount each policyholder should carry.

  • $15/month

    for 1 tenant

    renting out a studio unit in Toronto, ON

  • $26/month

    for a family of 4

    renting out a house in Toronto, ON

  • $29/month

    for 3 roomates

    renting out a condo unit in Toronto, ON

  • $58/month

    for a couple

    renting out a basement unit 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

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

  1. 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. 

  2. 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. 

  3. 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).

  4. 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).

  1. 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. 

  2. 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.

  3. 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. 

  4. 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.

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, 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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