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MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

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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 Brantford

  • Brantford tenant insurance is MORE expensive than the Ontario average.
  • The average cost of tenant insurance in Brantford is $31 per month.
  • On average a one-bedroom apartment costs $1,215 per month in Brantford.

In 2022, Brantford’s rental vacancy rate was lower than the provincial rate. This usually signifies a competitive rental market with high demand and low supply.

Many people prefer renting over buying homes for many reasons. For example, renting is more flexible since you can move out whenever you want. Another common benefit of renting is that the landlord is responsible for property maintenance. When you’re renting, you don’t need to worry about keeping your rented home in good shape since the landlord does that for you.

A landlord’s home insurance policy will even cover damages, so you won’t be charged anything if a fire, earthquake, or other disaster strikes your home. Unfortunately, this protection doesn’t extend to your belongings. You need to purchase tenant insurance to safeguard your items in case of various perils.

Tenant insurance protects you by covering your belongings’ repair or replacement bills when disaster strikes. That way, you don’t need to spend lots of money to fix your things. 

Buying tenant insurance can be tough because there are so many options. To ensure you make the right insurance decisions, you need to first learn more about tenant insurance in Brantford. Once you understand the city’s insurance landscape, you’ll be ready to make informed decisions.

How Much Does Tenant Insurance in Brantford Usually Cost?

On average, Brantford tenant insurance is $372/year, which is about $100 more than the average rent for tenant insurance in Ontario. When you break it down, this means you’re paying about $31/month for tenant insurance protection.

Depending on the insurer you work with, you can land more affordable rates. Many factors influence your tenant insurance quotes, like where you live and what items you have in the house. Use MyChoice to find the best tenant insurance prices and satisfy your insurance needs without going over budget.

A Snapshot of Brantford Renters

Examining a city’s rental landscape is a good way to understand its market. Cities with higher renter populations tend to be more competitive, with low vacancy rates and high rent. Here’s a look at Brantford renters from the 2021 Census of Population.

Renters make up roughly one-third of Brantford’s residents. Of the 41,675 households surveyed, 34% rent their homes. 

Apartments are relatively popular in the city, with 25% of Brantford’s households living in duplexes, low-rises, and high-rises. These three types of apartments combined make them the second-most popular dwelling type in the city.

According to the Canada Mortgage and Housing Corporation’s 2022 report, Brantford has a 1.5% rental vacancy rate. This is slightly lower than Ontario’s provincial vacancy rate of 1.8%. If you’re looking to rent a home in Brantford, you should be prepared for relatively stiff competition.

Average Monthly Rent in Brantford

Below are the average rent prices in Brantford, categorized by apartment type.

Apartment TypeAverage Monthly Rent
Bachelor$984
1 Bedroom$1,215
2 Bedroom$1,422
3 Bedroom +$1,401

Brantford Rent Price Over The Years

Bachelor apartments seem to be the hottest cake on the Brantford rental market. The average price for renting a bachelor apartment rose from $677 in 2018 to $984 in 2023, an increase of approximately 45.3%.

Brantford Vacancy Rate Over the Years

Bachelor apartments had a 0.0% vacancy rate in 2021 and 2023. This might be one reason why this apartment experienced one of the highest rent price surges in the last six years.

Brantford Population Growth

The population growth in Brantford was at 6.21% in 5 years since 2016.

What Is Not Included in a Typical Brantford 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 Brantford 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 Brantford. 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 Brantford?

Compare Brantford tenant insurance rates with MyChoice, or visit our Ontario page for practical tips on how to get cheap tenant insurance.

Sources

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

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

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

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

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

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