Guelph is one of the most expensive cities in the country for rentals, but many of its residents still rent homes. The popularity of rentals may come from expensive homeownership, the desire for flexibility, and a host of other reasons.
Tenant insurance covers the costs of fixing your belongings if they’re damaged by covered perils. With the expensive rent in Guelph, this means you don’t have to shell out a lot of money and potentially stretch your finances thin.
Insurance costs vary according to location, dwelling size and building age in Guelph. See how premiums vary by each category and check out other add-ons to get an idea of the true cost of insurance.
Tenant Insurance in Guelph at a Glance
Students and shared households should ensure that they are all insured, and have adequate coverage for portable items, such as laptops or bikes.
The median annual premium for insurance in Guelph is $324, which is almost identical to the benchmark of $326 in Ontario.
| Median annual tenant insurance premium | $324 |
| Median monthly tenant insurance premium | $27 |
| Guelph premium vs. Ontario benchmark | 0.6% below the Ontario benchmark |
| Lowest-premium postal code area | N1E ($316) |
| Highest-premium postal code area | N1H ($323) |
Guelph Tenant Insurance Premiums by Postal Code Area
The rates in Guelph range from $316 (N1E) to $323 (N1H). With this being the case, a difference of $7 should not make the difference between quotes. Focus on quotes that allow roommates, insure your contents at the appropriate value and make sure that your policy covers your belongings when they’re away from your home.
| Postal Code Area | Median Annual Tenant Insurance Premium |
|---|---|
| N1E | $316 |
| N1G | $318 |
| N1K | $318 |
| N1L | $318 |
| N1H | $323 |
What Goes Into a Tenant Insurance Premium in Guelph?
If you’re living in a shared situation you should also clarify who’s named on the policy, and whether there’s a single contents limit per person or per household.
For context, contents makes up 74.1% of the standard premium in Guelph; optional add-ons like water protection and other policy endorsements make up 12.0% of the standard premium.
| Coverage Component | What It Generally Covers | Median Annual Tenant Insurance Premium Allocation |
|---|---|---|
| Contents / Personal Property | Loss/damage to personal property due to a covered event, subject to the method of settling a claim, the policy limits and any applicable deductibles. | $240 |
| Personal Liability and Voluntary Medical | Protection against claims for damage or injury that you are accused of inflicting on someone else’s person or property. | $24 |
| Additional Living Expenses | Extra costs you incur while your rental is uninhabitable and you’re forced to live elsewhere because of a covered event. | $21 |
| Optional Water and Other Endorsements | Other options include the following add-ons: sewer backup, overland water, groundwater, Identity Theft Protection, and carrier-specific protection plans. | $39 |
| Coverage Total | $324 |
Guelph Tenant Insurance Premiums by Unit Size
If you’re renting, keep a separate inventory from your roommates so their laptop, bicycle, or sofa doesn’t become part of your coverage.
Our data shows annual tenant insurance premiums ranging from $266 for homes under 500 square feet to $404 in 1,600 square foot homes.
| Rental Unit Size | Median Annual Tenant Insurance Premium |
|---|---|
| Under 500 sq. ft. | $266 |
| 500–799 sq. ft. | $297 |
| 800–1,199 sq. ft. | $324 |
| 1,200–1,599 sq. ft. | $360 |
| 1,600+ sq. ft. | $404 |
Guelph Tenant Insurance Premiums by Building Age
When inquiring about an older student rental, ask about renovations and smoke or fire protection. And, of course, make sure to let your insurer know the number of unrelated tenants that will be living in your rental.
Under our standard tenant profile, a home built before 1940 in Guelph pays $367 per year, whereas a home built in 2020 or later pays $316 per year.
| Building Construction Period | Median Annual Tenant Insurance Premium |
|---|---|
| Before 1940 | $367 |
| 1940–1959 | $354 |
| 1960–1979 | $340 |
| 1980–1999 | $331 |
| 2000–2009 | $324 |
| 2010–2019 | $320 |
| 2020 or newer | $316 |
Popular Tenant Insurance Add-ons in Guelph
Also, ask how bicycles or property in your shed/basement/shared storage room are covered, as they may be subject to a sub-limit. For instance, sewer backup coverage was included on only 46.4% of tenant insurance quotes in Guelph, while overland water coverage appeared in 44.8%. Storage protection was on 22.8%.
| Selected Coverage | Share of Guelph Quotes |
|---|---|
| Storage/outbuildings | 22.8% |
| Sewer backup | 46.4% |
| Overland water | 44.8% |
What Is Not Included in a Typical Guelph Tenant Insurance Policy?
The annual premium does not indicate whether every occupant, bicycle or laptop is insured. Students and shared-house renters in Guelph should carefully read exclusions covering roommate eligibility, portable property and extended absences.
Here are some areas to inspect:
Each unrelated roommate should confirm whether they are named or need a separate policy. Keep individual inventories for laptops, bicycles, furniture and other belongings so the contents limit reflects the people actually insured.
How Can You Find Cheaper Tenant Insurance in Guelph?
Refer to the Ontario tenant insurance guide for more detail. To reduce tenant insurance costs without sacrificing coverage for you and your belongings, bundle policies to save money and choose a reasonable deductible that reduces your total costs.