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Mississauga Tenant Insurance

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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

Updated on May 29, 2024

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

Updated May 29, 2024

Visit author page

2 minute read

Article Contents

Quick Facts About Tenant Insurance in Mississauga

  • Mississauga tenant insurance is LESS expensive than the Ontario average.
  • The average cost of tenant insurance in Mississauga is $16 per month.
  • On average a one-bedroom apartment costs $1,215 per month in Mississauga.

Over a quarter of Mississauga residents choose to rent their homes. Some people like to rent because their landlords take care of building maintenance and repairs. 

But your landlord’s home insurance policy won’t protect your personal belongings. This poses a problem because rent in Mississauga is already one of the highest in the country, so you might stretch your finances too thin to cover repair costs if something happens to your home.This is where tenant insurance comes in. Tenant insurance helps pay for replacement and repairs when accidents or natural disasters happen. Learn more about tenant insurance for Mississauga renters, what affects your rates, what it covers, and more.

How Much Does Tenant Insurance in Mississauga Usually Cost?

On average, tenant insurance in Mississauga costs $196/year. This is around $70 cheaper than Ontario’s average renters insurance rate, which is around $264 annually. At roughly $16/month, you can get a policy protecting your personal belongings in Mississauga. 

One thing to note is the $196/year mentioned is just the average tenant insurance rate in Mississauga, and your individual quotes may differ depending on many factors. Use MyChoice to compare policy deals from multiple insurers to find the best option.

A Snapshot of Mississauga Renters

Based on the 25% sample data gathered during the 2021 Census of Population, 72,355 out of 244,575 Mississaugans live in rented properties. Condominiums are also relatively popular in the city, making up 28.2% of Mississauga’s total dwellings.

As of May 2023, rent in Mississauga is considerably more expensive than in other cities. With an average of $2,260/month for a one-bedroom apartment, the city boasts the fourth-highest average rent in the country, around $250 higher than the Canadian average of $2,002/month.

Mississauga Population Growth

Mississauga’s population decreased slightly from 721,599 to 717,961 between 2016 and 2021, corresponding to a negative growth rate of roughly -0.5% over the five years.

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

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

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female tenant with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The tenants also have a $1,000 deductible, a $1,000,000 liability, a $30,000 personal property limit and water damage included.

Incident Profiles

We examined how rates change by evaluating incident profiles. We looked at the most common tenant insurance claims in Canada: theft, fire-related, accidental injury, and water damage claims while comparing them to a clean record (standard).

Home Details

Quoted rates are based on either a duplex or triplex home constructed in the year 2010 or later.

Team

MyChoice data science, MyChoice research.

Sources

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

2. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Mississauga, Population Statistics. Data Published December 16, 2022.

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