As of June 2023, Scarborough is within the top ten most expensive places in Canada for renters. High rent generally signifies high demand, which means there’s a competitive rental market in Scarborough.
Renting homes is popular for many reasons. Some people prefer to rent because they want flexibility, while others do so because homeownership costs much more.
Another prominent benefit of renting a home is that your landlord is responsible for maintaining the property. You don’t have to spend anything or worry about repairs because the landlord will keep your home in good shape. Better yet, the rental home is protected under the landlord’s home insurance policy, so you won’t be charged anything if disaster strikes.
But one thing to note: your landlord’s home insurance doesn’t cover your belongings. You won’t be compensated if they’re damaged in the same event. Fortunately, tenant insurance can provide that protection. It gives you financial coverage if covered perils damage your belongings.
Finding the right tenant insurance policy can be confusing since there are so many options. That’s why it’s a good idea to learn more about tenant insurance in Scarborough to ensure you make the right decisions regarding your policy.
How Much Does Tenant Insurance in Scarborough Usually Cost?
Tenant insurance in Scarborough usually costs $408/year. That’s around $150 more than the Ontario average renters insurance rate, which is around $264/year. Broken down, you’re paying about $34/month for the policy, which is quite expensive.
The good news is that $408/year is your average rate, you may get lower rates if you work with the right insurer. Your rates may also vary depending on various factors, like where your rental property is located and what items are in your house. Use My Choice to compare deals between multiple insurers and find the right policy that suits your needs.
A Snapshot of Scarborough Renters
Taking a look at a city’s rental landscape helps us understand its market. Cities with lots of renters generally have higher demand and higher rent prices.
Since the 2021 Census of Population doesn’t list Scarborough as one city, we’ve merged the data from individual census results for Scarborough’s six districts to represent Scarborough as a whole.
Of all the households surveyed in the census, 36% or one-third are renters. This means there’s a sizable renter population in Scarborough.
Apartments are also incredibly common in Scarborough, with high-rise apartments taking up a 35.2% share of the city’s total dwellings. Apartments in duplexes and low-rises take a 7.5% and 5.7% share, respectively. When put together, apartments are the most common dwelling in Scarborough.
A national rental report stated that rent in Scarborough had increased considerably between June 2022 and June 2023. Rent for a one-bedroom apartment as of June 2023 is $2,125, a 27.1% increase from the previous year. Meanwhile, rent for a two-bedroom apartment is $2,506, a 22.2% increase.
What Is Not Included in a Typical Scarborough 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 Scarborough insurance companies.
Here are the most common tenant insurance exclusions:
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 Scarborough. Talk to your tenant insurance provider to see what’s covered by your policy in case of loss or damage.
Scarborough Population Growth
Scarborough’s population slightly increased from 102,386 to 103,449 people between 2016 and 2021, roughly a 1% increase over the course of the five years. That is a low population growth rate relative to other Ontario cities.
How You Can Get Cheap Tenant Insurance in Scarborough?
Looking for cheap tenant insurance in Scarborough? Compare rates with MyChoice or visit our provincial tenant insurance page for practical tips on how to get cheap tenant insurance.