A tenant insurance policy foots the repair bill for any of your belongings damaged by covered perils. Rent in Burlington is already expensive, so tenant insurance can prevent you from spending too much in case of disaster.
At MyChoice, we highly recommend getting tenant insurance, but we also understand choosing the right policy is challenging due to the many options. Here, learn more about tenant insurance for Burlington renters to ensure you make informed decisions regarding your policy.
It is important for Burlington tenants to understand what is and is not covered under their landlords’ policies. For instance, landlord and condominium policies do not provide coverage for a tenant’s belongings or liability.
Some types of rental properties are more susceptible to certain risks than others. Tenants living in basement suites may want coverage for sewer backup and overland-water. Those living in condo units may want coverage for their storage lockers and additional living expense coverage.
Burlington Tenant Insurance Premium Snapshot
Cheap insurance doesn’t always mean getting a similar product, so Burlington renters should be sure to compare features including storage limits and water deductibles to make sure they’re getting a bargain.
| Median annual tenant insurance premium | $278 |
| Median monthly tenant insurance premium | $23 |
| Burlington premium vs. Ontario benchmark | 14.7% below the Ontario benchmark |
| Lowest-premium postal code area | L7R ($268) |
| Highest-premium postal code area | L7T ($276) |
Tenant Insurance Costs Across Burlington Postal Code Areas
Rates are pretty much the same in each postal area within Burlington, so it’s more beneficial to compare policies according to water deductibles, storage limits and settlement of contents.
| Postal Code Area | Median Annual Tenant Insurance Premium |
|---|---|
| L7R | $268 |
| L7M | $270 |
| L7L | $273 |
| L7P | $276 |
| L7T | $276 |
A Guide to Tenant Insurance Coverage in Burlington
Other water-related endorsements cost an average of 13.3% of the standard premium in Burlington. Find out whether sewer backup and overland water are covered separately or in combination, whether they have a combined limit and deductible, and how you’re covered for possessions in a storage room or locker.
| Coverage Component | What It Generally Covers | Median Annual Tenant Insurance Premium Allocation |
|---|---|---|
| Contents / Personal Property | Pays for damaged or destroyed property from a covered peril, according to loss payment provisions of the policy. | $211 |
| Personal Liability and Voluntary Medical | Pays if the insured is sued for bodily injury to another person, damage to another person’s property, and may include voluntary medical payments, subject to liability provisions of the policy. | $18 |
| Additional Living Expenses | If the rented premises are uninhabitable because of a covered occurrence, the policy may also pay eligible additional living expenses. | $12 |
| Optional Water and Other Endorsements | Some carriers also provide additional types of coverage on an optional basis. Examples include identity theft, sewer backup, overland water, groundwater, etc. | $37 |
| Coverage Total | $278 |
Tenant Insurance Costs Across Different Unit Sizes in Burlington
Our internal data shows $252 per year for units below 500 sq. ft. and $310 for units of 1,600 sq. ft. or more, a modest $58 range. An inventory that includes locker contents and bicycles is likely more useful than relying on floor area to choose an appropriate limit.
| Rental Unit Size | Median Annual Tenant Insurance Premium |
|---|---|
| Under 500 sq. ft. | $252 |
| 500–799 sq. ft. | $266 |
| 800–1,199 sq. ft. | $278 |
| 1,200–1,599 sq. ft. | $293 |
| 1,600+ sq. ft. | $310 |
Tenant Insurance Costs for Older and Newer Buildings in Burlington
With such a small difference in premium (with our standard tenant profile, a home built before 1940 in Burlington is $302 a year, and a home built in 2020 or newer is $273, which is only a $29/year difference), renovations and the level of protection can give a truer picture of a home’s risks.
| Building Construction Period | Median Annual Tenant Insurance Premium |
|---|---|
| Before 1940 | $302 |
| 1940–1959 | $295 |
| 1960–1979 | $287 |
| 1980–1999 | $282 |
| 2000–2009 | $278 |
| 2010–2019 | $276 |
| 2020 or newer | $273 |
Additional Coverages Selected in Burlington Tenant Quotes
Sewer backup appears in 59.8% of Burlington tenant quotes and overland water in 54.6%. Determine whether they share a limit or use separate deductibles, then decide whether replacement-cost contents coverage is worthwhile for expensive-to-replace property.
| Selected Coverage | Share of Burlington Quotes |
|---|---|
| Sewer backup | 59.8% |
| Overland water | 54.6% |
| Replacement-cost contents | 23.2% |
What Is Not Included in a Typical Burlington Tenant Insurance Policy?
What if you live in a basement apartment that floods? Or use your condo as a place of business? Tenant insurance may not cover everything. Here are some exclusions and limitations to look for when reviewing tenant insurance in Burlington.
Roommates and locker property need clear treatment in the policy. Confirm every insured person and record any special limit for bicycles, seasonal equipment or belongings stored away from the unit.
How Can You Find Cheaper Tenant Insurance in Burlington?
After finding suitable protection, ask about bundling and consult the Ontario tenant insurance guide for more provincial guidance. With little separating Burlington’s area rates, water deductibles, storage limits and contents settlement offer a better comparison than chasing a postal area to save a few dollars.