Compare the best tenant insurance quotes in Toronto
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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 four quotes we got from our Ontario tenant insurance 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?
Matt Hands, VP, Insurance and MoneySense
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.
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 quoteFactors 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
While insurers are the ones that quote you, that doesn't mean you can't take a few matters into your hands to ensure you're getting the best rate possible. Here are six different tips that can lead to cheap 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.
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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 2024, it analyzes the Canadian rental landscape within 2023.
The purpose-built rental market saw a vacancy rate of 1.5% – This was a slight decline from the previous year's rate of 1.7% and the same as the Canada-wide rate (also 1.5%). While population continued to grow – along with the obvious high borrowing costs – there just weren't enough properties on the rental market to offset the demand.
The average rent for a 2-bedroom Toronto unit cost $1,940 – While this number is representative of the purpose-built rental market, the average 2-bed unit in the condo apartment market cost $2,862. This was a much higher price point than the national averages of $1,359 and $2,049, respectively. Tenants in Toronto faced substantial rent increases as the average 2-bed purpose-built unit cost 8.7% more to rent when compared to data from the previous year.
- 1.5%
Rental vacancy rate
for the purpose-built rental market in Toronto (2023)
- $1,940
Average 2-bed rent
for the purpose-built rental market in Toronto (2023)
- 8.7%
Rental cost increase
for the purpose-built rental market in Toronto (2023)