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Toronto tenant insurance 

Tenant insurance, also sometimes referred to as renter’s insurance, is a type of property insurance designed for someone who is renting a property, whether an apartment, duplex, or house.  

While many landlords in Toronto will have their own insurance policies, those policies will not cover you in the event something goes wrong. If, for instance, the property you’re renting burns down, with all of your goods inside, your landlord’s insurance will not cover those lost items, whether it’s your television, computer, or priceless collection of family heirlooms.  

That’s where tenant insurance comes in. While this coverage is not mandatory, many landlords will require you to have it and to provide proof if you are renting their properties.  

Tenant insurance can protect you in a variety of ways. It can cover you if you accidentally damage your rental property or an adjacent unit. It can protect you if a party injures themselves in your home and sues. It can also provide you with temporary accommodation such as a hotel in the event of something like a fire.  

Tenant insurance is usually a good idea if you’re a Toronto renter. The good news is can help you quickly find a policy at the best price possible.

Toronto tenant insurance coverage types & endorsement 

Wondering what a tenant insurance policy covers? We have the answers. Take a look at what you can expect to be protected from below.

Broad coverage  

In addition to the broad coverages above, you can add on even more coverage, known as endorsements in the insurance world. We lay out some of the more common ones below.  

Additional tenant insurance coverage  

How to choose a tenant insurance policy

Tenant insurance types

Broadly, tenant insurance falls into two categories. They are:

Perils refers to a specific thing that is covered under your policy. Let’s take a look at what the above two types of coverages mean.  

All perils: This is designed to protect you against, you guessed it, all the perils you can potentially face. It’s a wide net that’s being cast to protect you against things like fire or theft. Anything that’s not included must be explicitly stated in your policy.

Named perils: This one is more specific. Instead of broad coverage, very specific things will be named so that you know you’ll be covered for those things. If it’s not named, it’s not covered. 

Unsurprisingly, all perils coverage will cost you more than named perils. However, that price may be worth it for some, as it will offer you peace of mind that you will be covered no matter what goes wrong.  

Tenant insurance coverage amount 

This is the total value of coverage you can get for your possessions if they are destroyed. This coverage should be tailored based on the value of what you own in your rental home.   

You can start figuring out this amount by taking an inventory of everything you own, or at least, things you would want covered. You should also keep a record of anything that proves you owned these things, including photos and receipts. A good time of year to update your inventory is when your policy is up for renewal.  

Actual cash value vs, replacement cost

While you're figuring out how much coverage you need, you’ll also want to figure out if you want an Actual Cash Value (ACV) plan or a replacement cost plan for your possessions. 

An actual cash value (ACV) plan is designed to reimburse you for the claimed value of your possessions at the time they were damaged. ACV plans account for depreciation, so the money you get from a claim might not be enough to replace the items. 

On the other hand, replacement cost plans pay you the full replacement value of any lost or damaged possessions. If your old TV is stolen from your insured property, the insurance provider will provide coverage so that you can buy a new TV of a similar make and model.  

The main benefit is that you can guarantee that your claim will be enough to replace anything stolen or damaged. 

Outline of a house. Illustration.

See how our customers in toronto save big on tenant insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from September 23, 2023
Type of home
High Rise
Toronto, ON
Previous claims
Lowest Rate
Average rate
$192/yr (49.00%)
Quote from September 23, 2023
Type of home
Low Rise
Toronto, ON
Previous claims
Lowest Rate
Average rate
$252/yr (54.00%)
Quote from September 22, 2023
Type of home
High Rise
Toronto, ON
Previous claims
Lowest Rate
Average rate
$252/yr (53.00%)
Tenant insurance quotes are compared from CAA, Dominion Insurance, Duuo Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.

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How much does tenant insurance cost on average?

Your pay will depend on what’s included in your policy. Prices can range from as low as $20 to as high as hundreds of dollars a month.  

Tenant insurance is designed to be tailored to a specific person, the rental unit they live in, and the city or town they are located in. All these factors help determine the final price, which makes it difficult to determine the Toronto average.  

One thing to remember when shopping for a tenant insurance policy is that coverage is just as important as price. If you cannot afford to replace your jewelry collection if it is stolen or damaged, then sometimes it’s worth paying the extra $10 a month to ensure it is covered.  

Also, keep in mind some coverages, such as liability, can help cover you from financially devastating lawsuits. If a guest were to hurt themselves in your home and sue you for loss of income due to being unable to work, you could be on the hook for hundreds of thousands or even millions of dollars. A tenant insurance policy can help protect your financial future in such an event.  

At the end of the day, if you have to make a large claim, the amount you pay for a tenant insurance policy will seem like a small price to pay in comparison. So make sure you’re protected.  

Why you’ll love using to find cheap tenant insurance quotes. 

By entering a few details about your home, you can compare the quotes from the best home insurance providers in your area. That’s all it takes to save hundreds of dollars per year on your home insurance policy — just like that.

Factors that determine your tenant insurance rate

As mentioned, tenant insurance policies are a tailored product, meaning your individual circumstances are taken into account when determining price.  

Let’s look at some of those circumstances.  

How to get the cheapest tenant insurance

How to get the cheapest tenant insurance

  1. Bundling: If you have multiple insurance products, such as car insurance, make sure you inquire about a bundling discount. Many insurance companies offer these, and savings can range from 5-15%.

  2. Compare: Your policy will come up for renewal every year. This is a great time to shop and compare the market. Make sure you’re always comparing rates from multiple insurers before you commit to a policy. You can save hundreds or even thousands of dollars annually by doing so. Using a site like makes this process easy. 

  3. Customize coverage: We listed some common endorsements above. Adding or removing these will have an immediate impact on your insurance pricing. While having the right coverage is important, make sure you’re also getting insurance that is within your monthly budget. 

  4. Improve safety: Have an alarm system? You may be eligible for a discount. Taking steps to secure your rental unit, such as installing a deadbolt, may lead to an insurance discount for you. It lowers the likelihood of theft and, thus, of you making a claim. 

  5. Increase deductible: A deductible is an out-of-pocket amount you pay before the insurance company covers you for your claim. The higher this is, the lower your annual premium will be. A good rule of thumb is to set aside the amount of your deductible in an emergency account so you can pay it whenever you make a claim.  

Frequently asked questions about tenant insurance in Canada

Where can I get tenant insurance in Toronto? 

Tenant insurance is available from various insurance brokers and companies in Toronto. Almost all property and casualty insurers in the city will offer this type of insurance. Given that about 50% of those who live in Toronto are renters, the city has a diverse mix of companies competing for your business, meaning you can get some great pricing on tenant insurance.  

How do I compare Toronto tenant insurance quotes? 

Tenant insurance is available from a number of insurance companies and brokers in the city. The fastest way to compare quotes and find the cheapest prices is to use a site like Our site partners with Canada’s top insurance companies, so you know you’re comparing the best prices in the market while eventually being paired with a trust-worth insurance company.  

Is there a credit check when I apply for tenant insurance in Toronto? 

There is not unless you consent to it. In Ontario, insurance companies are not allowed to pull credit scores unless you specifically give approval. If you do consent, you may be eligible for savings. The good news is if your credit score is not high enough, you will not be punished with a worse rate. So this can only help you.  

Is getting renters insurance worth having in Toronto? 

While this answer is specific to an individual, the answer is usually yes. Tenant insurance can provide protection to you and your family and prevent a major financial claim that could have a material impact on you. The least you should do is speak to an agent or broker to explore pricing and decide from there.  

How can I file a tenant insurance claim? 

Any claims made by you for property damage must be made through your insurance company. Many companies allow you to start the claims process by calling in or using the company’s app. Always have your company’s phone number close by in the event of an emergency, as they can help direct you to the proper way to report any damage.  

Lisa Coxon Staff

About the Author

The writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.

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