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Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on July 18, 2024

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Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated July 18, 2024

Visit author page

6 minute read

Article Contents

Quick Facts About Tenant Insurance in Canada

  • A significant portion of Canadians, one-third of households, are now renters instead of homeowners.
  • Tenant insurance is not mandatory but strongly encouraged.
  • On average you can expect to pay somewhere within the region of $12 – $35 per month for tenant insurance depending on where you live in Canada.

Canada is becoming a nation of renters, with a third of Canadian households renting their primary residence instead of owning it. If you’re one of these households or are planning to rent a home, your landlord may have required you to get tenant insurance as part of your lease agreement. But what does tenant insurance cover, and how can you get the best rates for your property and needs?

Read on to learn about what impacts your quotes, the average tenant insurance premium in different provinces, and how to get cheap renters insurance in Canada.

Quote data from MyChoice.ca, October 2024

How Tenant Insurance Works in Canada

Tenant insurance, a.k.a. renters insurance, protects you and your belongings from different risks and covers your liability for accidental property damage or injury. It’s not a legal requirement to rent a home in Canada, but some landlords may include it as a condition in a lease agreement for liability protection.

Renters insurance in Canada covers the following:

Personal property

Your policy protects personal belongings in your rented property from covered risks like theft or fire. Personal property that may be covered includes appliances and clothing, and in the event of their loss or damage, your insurer will reimburse you up to your policy’s coverage amount limits.

Liability

If someone accidentally gets hurt in your rental property or accidentally damages the rental property, this will cover the expenses you may be liable for like medical bills or repairs.

Additional living expenses

If your unit becomes uninhabitable because of a covered risk, your policy will help you pay for the cost of temporary accommodations while your home is being repaired or restored.

It usually doesn’t cover these:

Water damage

Flooding and overland water damage typically aren’t covered by tenant insurance, but they may be covered as a policy add-on.

High-value belongings

Unique or high-value possessions like art or jewelry are typically not covered by the personal property coverage of tenants insurance. You’ll need separate riders for increased coverage limits for these items.

Pest damage

This is considered a preventable risk, so most insurers won’t cover this.

Earthquakes

This risk isn’t a standard tenant insurance inclusion, so you need add-on coverage for this.

Home business activities

If you run a home business, you’ll need a separate business insurance policy to protect your equipment and rental property from damage.

Vacant property risks

Most insurers will void a tenant insurance policy if you leave your property vacant for over 30 days, because this makes it more vulnerable to certain risks like theft and vandalism.

Choose from These Types of Tenant Insurance

There are three types of tenant insurance you can purchase in Canada. Here’s an overview of each:

This is the most affordable type of tenant insurance, where you only get coverage for specifically named perils. If it’s not listed, it’s not covered. This is best for renters on a budget who still want some protection from the most common risks in their location.

This offers protection against every risk that isn’t specifically excluded or required to be purchased as an add-on. This option is the most expensive and best for those who want absolute peace of mind.

Broad coverage offers basic coverage for personal property, but comprehensive coverage for the rented property. This means your home is protected from all perils that aren’t specifically excluded or need add-ons, but your belongings are protected only from specifically named risks.

Average Tenant Insurance Price in Canada by Province

British Columbia and Ontario have some of the highest tenant insurance rates in Canada. Below is the full breakdown of average tenant insurance rates across the country.

ProvinceAverage Monthly Insurance Premium
Ontario$12-30
Quebec$12-25
British Columbia$12-35
Alberta$12-25
Manitoba$12-25
Saskatchewan$12-25
Nova Scotia$12-25
Newfoundland$12-25
New Brunswick$12-25

Average Tenant Insurance Price in Canada by City

Below is the average price of tenant insurance for a 1 bedroom condo across major Canadian cities:

CityAverage Monthly Insurance Premium
(1-bedroom condo)
Toronto$19
Montreal$18
Vancouver$21
Calgary$20
Winnipeg$18
Regina$19
Halifax$17
St Johns$18
Moncton$18

What Impacts Your Tenant Insurance Rate

Several considerations can lower or increase your renters insurance quotes, such as property size and type. Keep these in mind when looking for cheap renters insurance, as they can make your premiums much higher or lower:

Location

If your rental property is located in an area prone to disasters like flooding or earthquakes, your quotes may be higher.

Property type

Are you renting a one-bedroom unit, a single-detached home, or a basement? Different types of properties have different risks, so they also have varying rates.

Construction

The older the rented property or the worse its condition, the higher your premiums will be.

Credit score

A bad credit score usually results in higher rates, as you’re considered more likely not to pay your premiums on time or at all.

Smoking or non-smoking

Non-smokers tend to get lower rates, as insurers consider it less likely that a fire will start on the property because of a cigarette or smoking device.

Past claims history

The more claims you’ve made in a certain period, the higher your rates.

Pets

Your tenant insurance provider will ask you to disclose if you have any pets, how many, and what breed they are, as pets are considered an additional liability risk.

How to Save Money on Tenant Insurance in Canada

Saving money on tenant insurance requires understanding your coverage needs and personal circumstances, as well as savvy shopping. Here’s what you can do to get cheap tenant insurance in Canada:

Bundle your insurance policies

Insurers often give discounts if you purchase multiple policies from them. Consider bundling your life insurance or auto insurance with tenant insurance for cheap renters insurance quotes.

Pay annual instead of monthly premiums

Paying annually results in lower overall payment because it lowers administrative costs for your tenant insurer.

Improve your rental property’s safety

Most insurers offer discounts if you install security systems, alarms, and other features that add protection.

Increase your deductible

Ask your insurer if you can increase your deductible, which is the amount you pay before the insurance company pays out your claim. A higher deductible reduces the risk of you submitting a claim, so they may offer discounted premiums.

Shop and compare

Use MyChoice to compare tenant insurance quotes from different trusted Canadian providers. With just a few clicks, you can find the best rate for you.

How to Shop for Tenant Insurance with MyChoice

Shopping for tenant insurance from different providers can take up a lot of time and effort. Instead of calling up insurance companies one at a time or browsing different sites, try our easy-to-use tenant insurer quoter

Just share some basic information like the property type, any past claims in the last few years, and your address to get personalized, free tennant insurance is that it will protect you from liability if your pet hurts another person, animal, or if it damages property.

Tenant Insurance FAQs

Can you transfer tenant insurance between properties?

Yes, you can transfer your tenant insurance in Canada from your old property to another property by updating your insurer about the address change. Note that your rates may change slightly depending on the new property’s risk for natural disasters, crime rate, and other key considerations, so talk to your insurer about any changes to your quotes if you’re planning to move.

Are pets covered by renters insurance?

Pets are partially covered by renters insurance. Renters insurance doesn’t cover pet health insurance or damage caused to your own property by your pets. However, it may cover pet-related liabilities if your pet injures or bites someone or damages their property. Talk to your insurer to learn more about the extent of their coverage for pets.

Does renters insurance cover theft?

es, renters insurance covers theft but has limitations and exclusions. Here are some limits to keep in mind:

Personal property coverage: This covers property inside and outside your home and may exclude some items like jewelry, electronics, and other high-value items.

Replacement cost or actual cash value: Insurers will specify if they cover replacement cost value or actual cost value of stolen items. Check your policy’s declarations page to see which applies.

Roommate theft: Renters insurance doesn’t cover items stolen by a roommate if you share a policy.

Check your policy’s terms and conditions to learn which items are covered and what value will be considered.

Do insurance companies check credit scores for tenant insurance?

Yes, insurance companies will check credit scores for tenant insurance in Canada. This is to assess the risk of insuring you. The better your credit score, the lower your renters insurance quotes.

Does renters insurance cover holes in the wall?

No, renters insurance doesn’t cover holes in the wall. It covers your personal property and your liability if someone accidentally gets hurt in your rented home, or if you accidentally hurt someone or damage their property. Damage to your rented home isn’t included, as this is covered by your landlord’s own insurance policy.

Does renters insurance cover bedbugs?

Renters insurance doesn’t cover bedbugs because they’re considered a maintenance issue that your landlord or property management company should address.

Does renters insurance cover car theft?

No, renters insurance doesn’t cover car theft in Canada. You need auto insurance to cover your car in case of theft or damage. The belongings inside your car, however, may be covered by your tenant insurance – talk to your auto insurer and car insurer to check what each policy covers.

Is renters insurance mandatory?

Renters insurance isn’t mandatory in Canada, but many landlords may opt to include a clause in the lease requiring a tenant to get it.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female tenant with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The tenants also have a $1,000 deductible, a $1,000,000 liability, a $30,000 personal property limit and water damage included.

Incident Profiles

We examined how rates change by evaluating incident profiles. We looked at the most common tenant insurance claims in Canada: theft, fire-related, accidental injury, and water damage claims while comparing them to a clean record (standard).

Home Details

Quoted rates are based on either a duplex or triplex home constructed in the year 2010 or later.

Team

MyChoice data science, MyChoice research.

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