Why compare with LowestRates.ca?
We bring you the best rates on renters insurance from the top insurance providers in your area. Simply provide a few quick details about your place and click ‘Compare’ to find the cheapest renters insurance quotes available. You can shave hundred of dollars off your policy every year — just like that.
Don't spend more money on renters insurance than necessary. Compare rates and get the cheapest plan.
Getting a quote doesn’t take long. In fact, the best rates on renters insurance are just three minutes away.
We don’t charge you for your renters quote. Find the lowest insurance rates in your area for free.
Just fill in a few quick details about yourself and the place you’re renting and then leave the rest to us.
Insurers compete for your business on an even playing field, and you pick the best quote.
You've got options. We generate up to 10 renters quotes from all the top insurers in your area.
Just provide a few personal details to receive your quote. We'll never share your info with a third party.
All it takes is a few minutes and you can save money on your renters insurance quote. That's just plain, well, awesome.
Why do I need renters insurance?
If you’re renting, your personal belongings — stuff like furniture, electronics, and clothing — aren't covered by your landlord’s insurance. If a fire, theft, or other hazard occurs in your rental, you’ll have to pay for the damages out-of-pocket. Unless you buy renters insurance.
Renters insurance is also called tenants insurance or apartment insurance. Why's it great? If a hazard renders your rental unfit to live in, renters insurance also covers the cost of temporary accommodations while your unit's being repaired.
Renters insurance also provides coverage for any upgrades you paid for in your rental unit. For example, if you built extra shelving into your closets or added high-end light fixtures, those items would be protected by your renters insurance policy.
And finally, renters insurance equips you with personal liability coverage. If you accidentally cause damage to an adjacent resident’s property or a visitor to your home gets injured and decides to sue, you're covered.
How do I compare quotes?
Just fill out the form at the top of this page and provide a few details about you and your place. Then we'll find you the cheapest renters insurance rates available. Depending on where you live, you’ll receive up to 10 quotes.
Once you’ve selected your quote, an insurance broker will call you to lock in your rate and help you get set up with your new policy. That's it. Shopping for renters insurance has never been quicker or easier.
Is there a credit check?
A credit check is optional, but it'll help you get the lowest rates on your renters insurance. Insurers use credit checks to help determine how much to charge, and a good credit score can lower the price of your policy. You’ll find the cheapest rates on renters insurance if you submit to a credit check.
One great advantage of our service is that we only do one credit check per application, so your credit score won't be impacted. Canadians who shop around on their own often have to submit to multiple credit checks, which can temporarily lower their credit score.
What does renters insurance not cover?
Most renters insurance policies will cover all of your belongings inside your rental unit, but there are some exceptions. Standard renters policies don’t cover high-value items like jewelry, art, rare books, family heirlooms, etc. You’ll have to request special coverage if you want these included in your plan.
Should I select an all perils or named perils renters insurance plan?
It depends. All perils coverage protects your belongings against the widest range of hazards, and any coverage exclusions must be explicitly listed in the policy document.
Named perils coverage only protects your belongings from the most common types of hazards, which will also be stated in the policy document.
Deciding which type of policy is best depends on how comprehensive you want your renters insurance coverage to be. All perils policies cost more, but they offer a much broader range of coverage, so you know you’ll be protected if the unexpected strikes.
Should I select an actual cash value plan or a replacement cost plan?
An actual cash value (ACV) plan reimburses you for the value of the items you claimed at the time they were damaged. But ACV plans account for depreciation, so the money you get from a claim might not be enough to replace your items. If your old TV is stolen, your insurer covers the depreciated value of your TV, which is probably less than what you paid for it and less than it'll cost to replace.
But replacement cost plans pay you the full replacement value of your lost or damaged belongings. If someone steals your old TV from your rental, your insurance provider will pay to replace it with a new one of similar make and quality. That's what's great about a replacement cost plan: you'll be able to replace all your belongings if a hazard results in theft from, or damage to, your rental.
How much renters insurance coverage do I need?
The amount of coverage you buy should reflect the total value of everything in your rental. Savvy renters will take a room-by-room inventory of their belongings and estimate the cost of replacing each item in their rental.
Even after you request coverage for that amount, remember to take inventory of all your belongings at least once a year. It's a good way to check if your current policy is up-to-date and still fully reflects the value of your possessions.
How can I have a hassle-free claims experience?
You should take photos of all your belongings when you get a renters insurance policy. That way you'll have a record of everything in your rental, which will help you account for your belongings in the event that they're damaged or stolen. Bonus: visual evidence helps expedite the claims process.
It’s also a good idea to keep your receipts for higher value items, like televisions and furniture. Credit card statements will also work, so make sure you can access your credit card history online and remember to store your paper receipts in a secure place.