50+ Ratings on Google!

Thunder Bay Tenant Insurance

3 minutes can save you hundreds. Enter your postal code below and join thousands of Canadians saving on tenant insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

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. 

How to Compare Tenant Insurance Quotes with MyChoice

Comparing tenant insurance quotes with MyChoice is as simple as it gets:

Share Your Tenant Insurance Needs

Tell us what you want out of your tenant insurance.

Shop for the Best Deals​

Compare tenant insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

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

How MyChoice Works



have compared rates and saved money over the last 24 hours
Leah D
Leah D
July 19, 2023
I was able to get a tenant insurance quote and a car insurance quote for my Jeep on the same day, in the same place, super fast and convenient, less than 10 mins! Would use again and would absolutely recommend
Imaan Pirani
Imaan Pirani
July 13, 2023
Got a great quote for my Camry and to my surprise was able to purchase online... They passed all my information to the companies website automatically and it made the process a breeze!” Highly recommend
David Ifejika
David Ifejika
July 13, 2023
I was shopping around for car insurance and a friend suggested that I try MyChoice to help find the least expensive insurance for my partner and I. It was very reliable, straightforward and user friendly. It made finding new car insurance easy!”
Ty Warner
Ty Warner
July 12, 2023
I was able to bundle my home and auto insurance with My Choice. Getting a quote for both was pretty quick, once I had done my auto portion I had the option to easily check my home insurance too so that was ideal!
John Doyle
John Doyle
July 7, 2023
Recently closed on a place in Markham and was able to get a great home insurance quote in minutes with MyChoice. Purchased online through square one right on closing day!
Tim Borgstädt
Tim Borgstädt
July 4, 2023
I don’t always shop around when it comes to my insurance but I’m glad I did this time, My Choice had a good range of options and I was able to chat to a broker once I found a quote that I liked!
Hao Sheng
Hao Sheng
June 30, 2023
I got a great quote from mychoice. Would definitely recommend everyone to start a quote. I got a much cheaper rate from CAA than my TD
Leo Brasil
Leo Brasil
June 19, 2023
Great experience getting an online quote, quick and easy. All things considered, it looks like I'm going to save around $80 a month on my car insurance!
Mark Whiteley
Mark Whiteley
June 19, 2023
I was shopping around for home/auto insurance because my rates seemed to skyrocket on renewal. MyChoice allowed me to easily search for the most competitive rate, and next thing I know I'm saving $400 a year. Strongly recommend it!
Secure. No Spam. No Fees.
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 Thunder Bay

  • Thunder Bay tenant insurance is MORE expensive than the Ontario average.
  • The average cost of tenant insurance in Thunder Bay is $33 per month.
  • On average a one-bedroom apartment costs $1,054 per month in Thunder Bay.

Primarily due to the high cost of homeownership, almost half of those who live in Thunder Bay rent their homes. The rental market is competitive, with a low vacancy rate of 1.7% for purpose-built buildings and just 1.1% for apartments.

Despite the challenges of renting in Thunder Bay, plenty do. And the main reason for this is that renting can be convenient and affordable. Also, since you don’t own the property, you don’t have to worry about maintenance and repairs, even in the worst-case scenario.

With that said, your landlord’s insurance only extends so far. If your belongings are damaged (or if you damage someone else’s) you’ll be out of pocket.

Fortunately, tenant insurance can help you cover the cost of replacing or repairing your assets and shield you from the financial blow of an insured peril. Learn more about how renters insurance in Thunder Bay works, what it can do for you, and how you can get the best policy for your budget.

How Much Does Tenant Insurance in Thunder Bay Usually Cost?

Tenant insurance in Thunder Bay usually costs $396/year, which translates to monthly premiums of $33, around $130 more when compared to the Ontario average rate of $264/year.

With that said, it’s important to remember that these are just average figures. How much insurers will actually charge you depends on a variety of factors, such as where in Thunder Bay you live, what kind of dwelling you rent, and what kind of items you need to insure.

A Snapshot of Thunder Bay Renters

According to the 2021 Census of Population, almost half (48.1%) of Thunder Bay residents, translating to 557,970 households, are renters. High-rise apartments are the second-most popular housing structure, comprising a massive 46.7% of all dwellings. The 2023 rental report by the Canada Mortgage and Housing Corporation found that the ratio of completions to rentals for apartments has maintained at around 36%.

The vacancy rate of both purpose-built buildings and apartments both fell in 2023 to 1.7% and 1.1% respectively, despite a record number of apartments being added to the market. Meanwhile, the average rent for two-bedroom homes rose 6.5% to $1,765, while two-bedroom condos cost $2,671.

The CMHC attributes this to an increase in interprovincial migration, post-pandemic rental demand (especially as students return to school), and employment recovery for the youth – a group that accounts for most of the rental households in the GTA.

A lack of supply combined with rising mortgage costs are turning many away from homeownership. As more people rent for longer, we’ll likely see more pressure on the rental market in Thunder Bay.

Average Monthly Rent in Thunder Bay

The average monthly rent in Thunder Bay varies by apartment type, with bachelor apartments at $823, one-bedroom at $1,054, two-bedroom at $1,322, and three-bedroom or larger at $1,511.

Apartment TypeAverage Monthly Rent
1 Bedroom$1,054
2 Bedroom$1,322
3 Bedroom +$1,511

Thunder Bay Rent Price Over The Years

Below are average rent prices in Thunder Bay categorized by apartment types. The average rent for 1-bedroom apartments rose from $831 in 2018 to $1054 in 2023, a 26.8% increase over 5 years.

Thunder Bay Vacancy Rate Over the Years

The vacancy rate for Bachelor apartments in Thunder Bay fluctuated significantly, peaking at 8.1% in 2020 and dropping to 3.6% in 2023. It’s a 55.6% decrease from the peak.

Thunder Bay Population Growth

Thunder Bay’s population increased from 107,909 to 108,843 people between 2016 and 2021, indicating a growth rate of roughly 0.8% over five years. This is a relatively low population growth rate compared to other Ontario cities.

What Is Not Included in a Typical Thunder Bay 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 Thunder Bay 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.


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 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 Thunder Bay. 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 Thunder Bay?

If you’re trying to save money on your preferred home insurance coverage in Thunder Bay, visit our main province page for practical tips.


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

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

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

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

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

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

Read our digest of the recent report on home insurance profitability. Learn how extreme weather affects insurer profits and your premiums.
Sump pumps prevent your home from flooding and provide home insurance benefits. Click through to learn more about sump pumps and how they can save you money.
While home insurance typically doesn’t cover furnace repairs, you can still save money through regular maintenance and government rebates. Click through to learn more.

Even More Ways To Save