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.
How Tenant Insurance Works in Canada
Tenant insurance, also called renters insurance, protects you and your belongings against different risks and provides liability coverage for accidental property damage or injury. Canadian law does not require it to rent a home, although a landlord may make liability protection a lease condition.
A renters insurance policy in Canada generally includes the following coverage options.
It usually doesn’t cover these:
Choose from These Types of Tenant Insurance
Here are three types of tenant insurance you can buy in Canada and a description of each type.
Average Tenant Insurance Price in Canada by Province
Ontario and British Columbia are two of the Canadian provinces with the highest tenant insurance rates. See the table below for a countrywide breakdown of average tenant insurance rates.
| Province | Average 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
The table below compares the average tenant insurance price for a one-bedroom condo in major Canadian cities:
| City | Average Monthly Insurance Premium (1-bedroom condo) |
|---|---|
| Toronto | $19 |
| Montreal | $18 |
| Vancouver | $21 |
| Calgary | $20 |
| Winnipeg | $18 |
| Regina | $19 |
| Halifax | $17 |
| St. John’s | $18 |
| Moncton | $18 |
What Impacts Your Tenant Insurance Rate
Property size, property type, and several other considerations can either raise or lower a renters insurance quote. Keep them in mind while searching for inexpensive coverage because their effect on premiums may be significant.
How to Save Money on Tenant Insurance in Canada
Finding inexpensive tenant insurance in Canada calls for a clear view of your coverage needs and circumstances, along with careful comparison shopping. These steps can help:
How to Shop for Tenant Insurance with MyChoice
Comparing tenant insurance one provider at a time can demand considerable time and effort. Instead of calling each company or searching several websites, use our straightforward tenant insurance tool.
Provide a few basics—your property type, address, and any claims made in the last few years—to receive personalized, free tenant insurance quotes. Tenant insurance can also protect you from liability if your pet injures another person or animal, or damages property.
Tenant Insurance FAQs
Can you transfer tenant insurance between properties?
Yes. To move Canadian tenant insurance from the old property to a new one, notify the insurer of the address change. The rate may shift slightly according to the new property's natural-disaster exposure, crime rate, and other important factors, so discuss any quote changes with the insurer before moving.
Are pets covered by renters insurance?
Renters insurance provides only partial protection involving pets. It does not cover pet health insurance or damage your pet causes to your own property, but it may respond to liability if the pet bites or injures someone or damages that person's property. Ask the insurer exactly how far its pet coverage extends.
Does renters insurance cover theft?
The good news is renters insurance does cover theft. The less favourable news is theft coverage has its limits and exclusions.
Do insurance companies check credit scores for tenant insurance?
Yes. Insurance companies use credit scores to assess the risk of providing tenant insurance in Canada. A stronger score can lead to a lower renters insurance quote.
Does renters insurance cover holes in the wall?
Damage to the home itself, for example, if you make a hole in the wall, is not covered by renters insurance. That’s what your landlord’s insurance is for. But if you have renters insurance, your stuff is covered, as is your liability if a visitor is accidentally injured while visiting your home. Renters insurance pays out if you accidentally injure someone else or damage someone else’s stuff.
Does renters insurance cover bedbugs?
Bedbugs are considered a maintenance issue that is the responsibility of the landlord or property management company, so renters insurance does not cover them. Renters insurance treats pest removal as maintenance.
Does renters insurance cover car theft?
Personal belongings in your car might be covered by your tenant insurance. However, renters insurance does not cover car theft in Canada. For this, you’ll need auto insurance to protect your vehicle in case of damage or theft. Talk to your car and tenant insurers to determine what’s included in your policy.
Is renters insurance mandatory?
While renters insurance is not required by law in Canada, many landlords may include a requirement to have renters insurance as part of the lease.