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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.45Jun 19, 2024, 04:08 PMAuto59FemaleK6J4P2
$43.02Jun 19, 2024, 05:45 AMHome56FemaleK1G0M5
$24.31Jun 19, 2024, 03:31 PMTenant30FemaleM1H2E4

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

Updated on May 29, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 29, 2024

Visit author page

3 minute read

Article Contents

Quick Facts About Tenant Insurance in Belleville

  • Belleville tenant insurance is LESS expensive than the Ontario average.
  • The average cost of tenant insurance in Belleville is $12 per month.
  • On average a one-bedroom apartment costs $1,197 per month in Belleville.

The vacancy rate for low-cost apartments in Belleville is very low, at just 0.8%. Unfortunately, that means lower-income households have limited rental property choices due to the high demand and low supply.

Rental properties are generally in high demand due to rising homeownership costs and convenience. Renting a home is convenient because the landlord is responsible for maintenance and repairs. If the home is damaged in a fire, earthquake, or other disaster, their home insurance covers any damages to the building.

One caveat about renting, though – your possessions aren’t included in the landlord’s home insurance policy. So, you’re not compensated for anything if they get damaged in the same incident. That is unless you have tenant insurance

Tenant insurance provides peace of mind by covering your belongings from damages due to unforeseen incidents. This means you don’t have to shell out money to repair your things when disaster strikes.

Learn how Belleville tenant insurance works, what’s covered in a policy, and more to ensure you make the best insurance decision.

How Much Does Tenant Insurance in Belleville Usually Cost?

On average, the cost of tenant insurance in Belleville is $144/year. Belleville’s average tenant insurance rate is about $120 cheaper than tenant insurance in Ontario, which is around $264/year. At just $12/month, tenant insurance in Belleville is very affordable.

A Snapshot of Belleville Renters

We can learn more about a city’s rental landscape by looking at census data. In this case, we’re looking at a 25% sample pool taken for the 2021 Census of Population.

Out of the 23,535 households surveyed, 37.5% of them are renters, while 62.5% of them are homeowners. A very small minority of them (7.4%) live in condominiums, while the rest live in non-condo properties.

Single-detached homes are Belleville’s most popular dwelling type, with a 59.4% share of total households. Meanwhile, apartments in buildings under five storeys take second place at 17.6%, followed by apartments in buildings more than five storeys at 9%.

 The Canada Mortgage and Housing Corporation’s 2023 report showed that Belleville has a 2.4% vacancy rate and an average rent of $1,295 for purpose-built rentals. The city’s overall vacancy rate rose 0.7% from 2021 due to lower demand.

Despite the relatively high overall vacancy rate, the supply of affordable apartment units can’t keep up with the demand. Apartments costing under $1,000 have a vacancy rate of 0.8%, meaning lower-income households have a harder time finding affordable housing.

Average Monthly Rent in Belleville

Below are the average rent prices in Belleville categorized by apartment types:

Apartment TypeAverage Monthly Rent
Bachelor$953
1 Bedroom$1,197
2 Bedroom$1,317
3 Bedroom +$1,640

Belleville Rent Price Over The Years

Since 2018, the average rent has consistently increased across all apartment types (Bachelor, one-bedroom, two-bedroom, and three-bedroom). The 3-bedroom apartments have seen the highest price inflation of 38% in 6 years.

Belleville Vacancy Rate Over the Years

Bachelor apartments in Belleville had a significant spike in vacancy in 2019 (4.8%) but dropped to 0% in 2021. On the contrary, 1-bedroom apartments have had relatively stable vacancy rates since 2018, averaging at around 2-3%. This stability suggests a consistent demand for these units. Tenants should ensure their insurance policies are up-to-date to reflect any minor changes in the rental market.

Belleville Population Growth

The population of Belleville has increased by 8.58% since 2016. That’s relatively high population growth compared to other Ontario cities.

What Is Not Included in a Typical Belleville Renters Insurance Policy?

Even if you’ve opted for a highly comprehensive tenant insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by Belleville insurance companies.

Here are the most common tenant insurance exclusions:

Criminal activities

If your rented home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., water damage from frozen pipes, broken bannisters) won’t be covered.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate business insurance coverage to protect you from rental property or equipment damage.

Pest damage

Because this is considered a preventable risk, most insurers don’t cover damage or loss caused by insects, vermin, and animals.

Mould

Mould caused by poor home maintenance is typically excluded by insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant property risks

Many insurers may void your tenant insurance if you leave the property vacant for over 30 days in a row.

Note that a tenant insurance policy doesn’t cover loss or damage to items that aren’t yours, so it won’t cover a roommate’s belongings or your landlord’s possessions. Also, the list above is by no means an exclusive enumeration of risks typically excluded from a tenant insurance policy in Belleville. Talk to your tenant insurance provider to see what’s covered by your policy in case of loss or damage.

How You Can Get Cheap Tenant Insurance in Belleville?

If you’re trying to save money on tenant insurance, visit our Ontario page for a list of practical tips.

Sources

1. Mychoice.ca Internal Data, Tenant Insurance Quotes Collected, 2024.

2. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, Belleville, Average Rent. Data Published October, 2023.

3. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, Belleville, Average Rent, 2018-2023. Data Published October, 2023.

4. CMHC, 2023, Rental Market Statistics Summary by Metropolitan Areas, Ontario, Belleville, Vacancy Rate, 2018-2023. Data Published October, 2023.

5. Statistics Canada, 2016-2021, Census of Population Statistics, Ontario, Belleville, Population Statistics. Data Published December 16, 2022.

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