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Vancouver tenant insurance 

Tenant insurance also known as renter’s insurance is an important protection tool for renters in British Columbia.  

While not mandatory by law in Vancouver (or BC), many landlords require tenants to have it before forming a lease agreement. Having tenant insurance protects, not only your belongings from damage or theft, but also protects you from liability should someone sue you for injury. 

Although certain major areas of responsibility are indeed your landlord’s responsibility (for example major plumbing or roof leaks), there are many incidents that a good tenant insurance policy will help you recover from.

Vancouver tenant insurance coverage types & endorsement 

Vancouver tenant insurance can cover a whole host of things and help you minimize future expense. They include:

Broad coverage  

Additional coverage and/or endorsements are available should you need more than the basic coverage.

Additional coverage  

How to choose your best tenant insurance in Vancouver

Tenant insurance types

Perils refers to a specific thing that is covered under your policy.

There are two types of Vancouver tenant insurance to consider:

Be sure to check the fine print as all policies will have some exclusions in them. Understanding what you are not covered for is almost as important as knowing what you are covered for 

Tenant insurance coverage amount 

Each Vancouver tenant insurance will have different coverage amounts. It’s important to assess all your belongings and place a value on them. Take inventory and you should also keep proof of items, in case of future claims, with photos and receipts.   

You can always update your inventory list at renewal time or once a year (like spring cleaning time). 

Actual cash value vs. replacement cost

When you are looking at how much tenant insurance you need you should also look at Actual Cash Value vs Replacement Value.

An actual cash value policy is meant to reimburse you for today’s value of the item. Beware that many possessions depreciate over time so that $1,500 TV you bought 5 years ago may not be worth that much today.

Replacement cost is a different form of reimbursement. This policy will pay you for what it costs to replace an item and get a new version of the object. So, if that TV is stolen, you will get the replacement cost to 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 vancouver save big on tenant insurance.

Type of homeLocationPrevious claimsLowest rateAverage rateSaved
Quote from July 18, 2024
Type of home
Low Rise
Vancouver, BC
Previous claims
Lowest Rate
Average rate
$192/yr (48.00%)
Quote from July 18, 2024
Type of home
Vancouver, BC
Previous claims
Lowest Rate
Average rate
$156/yr (40.00%)
Quote from July 18, 2024
Type of home
Vancouver, BC
Previous claims
Lowest Rate
Average rate
$156/yr (42.00%)
Tenant insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, Square One Insurance, and Wawanesa Insurance.

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How much does average tenant insurance cost in Vancouver?

Vancouver tenant insurance is different for everyone depending on your circumstances, where you live, and how much you want to insure. Prices can range from as low as $20 to as high as hundreds of dollars a month.

Vancouver residents may be wary of natural disasters such as earthquakes or flooding issues and may opt for extra endorsements that cover those issues.

Coverage should reflect what you want to protect, which could mean an extra $10 per month for expensive items such as fine art or jewelry. Each person looking at acquiring Vancouver tenant insurance needs to take this into account as they price out their premiums. Make sure you are protected as the payments you make to replace your most precious possessions will feel quite large in comparison to the costs of insurance.

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 in Vancouver

All Vancouver renters seeking insurance will have separate and distinct needs. It is for that reason that it is difficult to determine an average price.  

However, the following items should be considered when assessing different quotes:  

How to get the cheapest tenant insurance in Vancouver

  1. Bundling: Companies offering Vancouver tenant insurance will offer discounts to clients that bundle many services, such as auto, tenant and life insurance in one package. Some providers offer savings of between 5% and 15%.

  2. Compare: One of the best ways to get the cheapest Vancouver tenant insurance is by comparison shopping. is always your best starting point. You’ll get current quotes that will allow you to compare and save hundreds or thousands of dollars annually

  3. Customize coverage: Everyone has a budget and choosing the right Vancouver tenant insurance premiums will help you stay within yours. Only take out insurance for the things you need and customize your policy as much as you can. By customizing your policy and reducing endorsements you will be able to save money on your policy.

  4. Improve safety: Any reduction in risk will help your Vancouver tenant insurance provider re-adjust pricing in your favour. By installing security alarms, cameras, locks etc., you reduce risk of break-in and the potential for future claims.

  5. Increase deductible: Having a higher deductible can save you on your monthly premiums. Insurance companies see this as a lower risk for them giving them the ability to pay fewer payouts and/or less valuable payouts. 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 Vancouver

Where can I get tenant insurance in Vancouver?

According to the 2021 Census, there were 669,450 rental households in B.C., about one-third of all B.C. households.

As one of the larger cities in Canada, Vancouverites have many choices for their tenant insurance needs from the nation’s top providers. can help you compare and find an insurance provider among 50+ insurance partners, best suited for your needs and financial situation, all in just a click.

How do I compare Vancouver tenant insurance quotes? 

Comparing Vancouver tenant insurance quotes is easy on A few bits of information about your location and insurance needs, and you’ll receive instant, and current, quotes.

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 Vancouver? 

Credit checks are not mandatory when applying for tenant insurance in Vancouver. However, many top providers offer discounts for renters who have good credit scores. They’ll need your consent before checking but there is now downside. Your score won’t get any worse just for checking.

Is getting renters insurance worth having in Vancouver?

Generally, yes. Although the choice is yours, Vancouver tenant insurance will protect your belongings (and pocketbook) should you suffer any damages. And it will protect you financially should you face any lawsuits related to injury in your home. 

How can I file a tenant insurance claim?

Your first and best step is to notify your tenant insurance provider about the best ways to file a claim. Sometimes this can be done on the phone or through an app. Make sure you have a list of your inventory, with photos and receipts, to make the claims process go as smoothly possible.

Lisa Coxon

Joel Kranc

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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*Shoppers in Canada who obtained a tenant insurance quote on from January to December 2023 saved an average of 31% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by Excludes home and condo insurance.