Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Do you own or rent your home? If you answered rent, you’re part of a growing segment of the Canadian population. 

In 2021, the rental rate in Canada was just over 33%. Meaning roughly 5 million households did not own their homes, but rather rented them.

So, when it comes to Canadian renters, how many have tenant insurance? Or, a better question might be, how many know what tenant insurance is? 

What Is Tenant Insurance?

Tenant insurance or renters insurance covers your personal belongings if they are damaged or stolen due to theft or vandalism. It won’t cover the actual building itself, or even the walls and floors of your unit. Tenant insurance will also cover you against any litigation if you or your possessions cause harm to any other person who lives on the property or visits. For instance, if you have a barbeque on the deck and it starts a fire that spreads to adjacent units. You could be on the hook for covering the damage caused. 

If your home becomes uninhabitable as a result, your tenant insurance policy will cover any living expenses that you require until you’re able to move back in or find somewhere else to live. 

Best Tenant Insurance (a.k.a. Renters Insurance) Companies In Canada 2024

AvailabilityFeatures
Loans Canada (Home) logo
Loans Canada
Across Canada
  • Free online quotes
  • Compare multiple options
MyChoice logo
MyChoice
Across Canada
  • Free online quotes
  • Compare multiple options
Insurely logo
Insurely
Across Canada (except Quebec)
  • Free online quote
  • Discounts may be available
Apply
Insurdinary logo
Insurdinary
BC, AB, SK, MB, ON, NB, NS, PEI
  • Free online quote
  • Compare multiple options
  • Shop for all your insurance needs in one place
Square One logo
Square One
BC, AB, SK, MB, ON, QC
  • Free online quote
  • Discount for policy bundles
Apply
Onlia logo
Onlia
ON
  • Free online quote
  • Discounts available
Apply
Apollo logo
Apollo
BC, AB, BC, SK, ON, NS
  • Low rates starting at $11 per month
  • Free online quote
  • Student tenant insurance policies available
YouSet logo
YouSet
QC
  • Network of multiple insurance providers
  • Competitive rates
  • Generous discounts
Duuo logo
Duuo
Across Canada (except Quebec)
  • Free online quote
  • Discounts available
Intact logo
Intact
Across Canada
  • Flexible payment plans
  • Guaranteed 30-minute claims
CAA logo
CAA
Across Canada
  • Free online quote
  • Optional home equipment breakdown insurance coverage
  • CAA membership perks
LC logo

Loans Canada

Are you a renter? Looking for the best, but still affordable tenant insurance?

Loans Canada can help you find the right tenant insurance policy by comparing rates from the country’s top insurance providers. The process is simple and straightforward. All you need to do is submit one online quote request and provide a few details about yourself, your rental unit, and your insurance needs.

Features

  • Available across Canada
  • Free online quote
  • Discounts may be available
  • Lock in your rate online
MyChoice logo

MyChoice

MyChoise is a great option for renters who need tenant insurance but also want to save time and money. With MyChoice, Canadians can compare renter’s insurance options, find the option that best suits their needs and even lock in a rate. All online from the comfort of their homes.

Features

  • Available across Canada
  • Free online quote in 3 minutes
  • Discounts may be available
  • Lock in your rate online

Insurely

Insurely logo

Insurely offers home and tenant insurance plans in all provinces and territories, except Quebec. Getting a quote and finding the right policy is quick and easy thanks to Insurely’s simple online application and helpful customer service. Plus, you can edit your policy online and pay your premiums using your debit or credit card.

Insurely’s policies provide comprehensive coverage to ensure you have the right amount of protection.  

Features

  • Available across Canada (except Quebec)
  • Free and fast online quote
  • Discounts may be available

Insurdinary

Insurdinary logo

Insurdinary is a comparison website that allows Canadians to compare Canada’s lowest insurance rates, all from the comfort of their homes. You can use the site to search for life insurance, travel insurance, snowbird insurance, and health and dental insurance, etc. 

Ultimately, Insurdinary is looking to help Canadian consumers find the right insurance solutions to meet their unique lives. By comparing multiple quotes you can make the best decision and even save money on your next policy.

Features

  • Available in BC, AB, SK, MB, ON, NB, NS, PEI
  • Free online quotes
  • Compare multiple options
  • Shop for all your insurance needs in one place

Square One 

Sqaure One logo

Square One offers some of the most affordable tenant insurance policies around, with premium rates starting as low as $12 per month. In addition to affordable policies, Square One also makes the process of finding and buying insurance quick and easy with its online application. 

Square One representatives can help you tailor your policy to ensure you get the right coverage without paying more than you need. Plus, there’s no contract or fixed term. Instead, you can pay your premiums monthly with no long-term commitment. 

Features

  • Available in BC, AB, SK, MB, ON, & QC
  • Free online quote
  • Discount for policy bundles

Onlia 

Onlia logo

Onlia offers home, condo, and tenant insurance to Ontario residents. While a relatively new insurance company, Onlia has quickly developed a reputation for its affordable premiums, comprehensive policies, and user-friendly online platform. With Onlia, you can get insurance quotes in a few minutes. Plus, a variety of discounts are available to help you save.

Features

  • Available in Ontario
  • Free online quote
  • Discounts available

Apollo

Apollo logo

Apollo is an online insurance provider that offers a variety of insurance plans, including tenant insurance starting at a rock-bottom rate of $11 per month. The application process can be completed entirely online within a few minutes, and you can access an online portal to manage your policy. Insurance advisors are available via email, telephone, or live chat to answer any questions you have or troubleshoot issues you’re experiencing. 

Features

  • Available in AB, BC, SK, NS, and ON
  • Low rates starting at $11 per month
  • Free online quote
  • Student tenant insurance policies available

YouSet

YouSet logo

YouSet is an online insurance broker platform that connects consumers with insurance providers to find the most affordable policies available. Currently, YouSet’s services are only available to residents of Quebec, though there are plans to expand offerings throughout Canada. 

Features

  • Available in Quebec
  • Network of multiple insurance providers
  • Competitive rates 
  • Generous discounts

Duuo

Duuo logo

Duuo is the digital insurance arm of The Co-operators. The online platform provides tenant insurance plans, and quotes can be obtained online in a matter of minutes. 

Rates for Duuo tenant insurance premiums start as low as $12, depending on the location. Plus, there’s no commitment or contract. You can choose to pay month-to-month and turn off your policy if you no longer need it.

Features

  • Available in all provinces except Quebec, where Duuo is a damage insurance agency; not available in territories
  • Free online quote
  • No annual commitments
  • No cancellation fees

Intact

Intact logo

Intact is a Canadian insurance company that offers home and tenant insurance. The company’s mission is to help Canadians obtain insurance coverage that is customized to each policyholder’s needs. 

Insurance plans are available all across Canada. When you file a claim, Intact guarantees that the claims process will start no later than 30 minutes after a representative answers your call.

Features

  • Available all across Canada
  • Flexible payment plans
  • Guaranteed 30-minute claims

CAA

CAA logo

CAA has been in business for over 115 and is Canada’s largest not-for-profit automobile association, providing Canadians with a variety of services. In addition to its popular roadside assistance program, CAA also offers tenant insurance that provides comprehensive coverage to renters, including fire, smoke, and water damage protection. Policyholders can also add CAA’s Home Equipment Breakdown Insurance add-on to cover electronics, appliances, and other equipment.  

Features

  • Available all across Canada
  • Free online quote
  • Optional home equipment breakdown insurance coverage
  • CAA membership perks 

What Does Tenant Insurance Cover? 

Tenant insurance covers three specific things, including the following:

Personal Property

In the event of theft or damage, all the personal items in your home are covered. This includes furniture, appliances, electronics, clothing, etc. 

It’s helpful to have your belongings itemized along with how much you paid for them and any documentation that can prove their worth. For valuable items, you should consider naming them directly in your policy. This will likely increase your premium, therefore this is a personal decision based on the items in question.

Living Expenses

If your home becomes unlivable because of extensive damage, your tenant insurance policy will cover any necessary living expenses, up to your coverage limit. Keep in mind that all tenant insurance policies will have specific requirements. As well, this coverage is meant to help with additional and necessary living expenses. 

Liability

This part of your insurance policy covers two types of incidents. If you’re sued because you caused damage to other units in your building. For example, if you started a fire that spread or caused a flood

Or, if you’re sued because someone injures themselves or damages their property while in your unit. 

What Is Not Covered By Tenants Insurance?

Not only is it important for you to determine what is covered by your tenant insurance policy, but it’s also important to know what’s not covered. Your policy will not cover the following:

  • Loss or damage caused by deliberate acts by you
  • Damage caused by overland flooding
  • Damage or loss to property that was acquired illegally
  • Loss or damage as a result of acts of terrorism

Replacement Costs vs. Actual Cash Value

Generally speaking, there are two ways that you can be compensated under your tenant insurance policy: 

Replacement Cost

This type of insurance will cover the cost of either restoring the item to its original condition. Or, purchasing a new item of the same quality as the one damaged or lost item. No deduction for depreciation is involved. 

For instance, if your stereo system is stolen, you will be covered to purchase a new stereo with similar features and calibre as the one that was lost or damaged. Since the same model is probably cheaper now (based on how long ago you bought the item), the payment you get will likely not be the same as what you originally paid for the stereo.

Actual Cash Value

Unlike replacement cost, actual cash value takes into consideration any depreciation involved. Your claims payment will be based on how much it costs to buy a similar item in a similar condition to the one lost, factoring in depreciation. 

For instance, if your stereo system is five years old and was damaged in a fire, your tenant insurance policy will establish the current value of that model in used condition and provide you with that amount as compensation. So, any wear and tear of your stereo system will be taken into account. Your insurance provider can determine whether or not an item is to be repaired or replaced. 

Be sure to read over your policy very carefully to find out exactly what you are covered for before you ever have to file a claim. 

What Affects The Cost Of Tenants Insurance? 

Luckily, tenant insurance is usually pretty affordable. Depending on where you live, you can buy a policy for as little as $12 a month. That said, there are certain factors that will influence the cost of your policy, including the following:

  • Type of coverage required
  • Location of the property
  • Age and condition of the unit
  • Your deductible
  • Your financial history
  • Previous claims made

How To Choose An Insurance Policy

When choosing an insurance policy to buy, consider the following:

What You Need Coverage for

Before you take out a tenant insurance policy, you’ll want to find out exactly what your landlord’s property insurance covers. That way you’re not overlapping anything or leaving anything out. Then, you can determine what you need to be covered and can take out a policy based on the coverage required. 

Standard Coverage

You should also find out how much coverage is standard with tenant insurance. Generally, the liability coverage is $1 million for regular insurance, but $25,000 is typical for contents insurance. Further, there may be caps on coverage for certain kinds of items. 

Deductible

Like with any insurance policy, your deductible will need to be paid before your provider pays out. The higher the deductible you pay, the lower your premiums will be.

Premiums

Determine how much you can comfortably afford with this type of policy before choosing one. 

Term

How long will you need your policy? The term of the policy is also something you will want to consider when buying tenant insurance. 

Cost-Benefit Ratio

Do the benefits of tenant insurance justify its cost? Since this type of policy is not required, some renters might be willing to take the risk rather than pay into an insurance policy. 

How To File A Tenant Insurance Claim

The following are the steps you will need to take to file a claim under your tenant insurance policy:

Report Loss Or Damage To Your Landlord

The first thing you might want to do is inform your landlord about what happened to your home or your belongings. This is especially important if the damage was to the home itself. In this case, your landlord might be liable for making certain repairs and may want to inform their own insurance provider if the damage is significant.

Report Loss Or Damage To The Police

If you’ve been burglarized, you’ll want to notify the police right away. A police report will serve as additional proof that your insurance provider might need to compensate you.

Make Sure Your Home Is Safe

If someone has broken into your home or your home has been significantly damaged, you could be in danger if you don’t take certain precautions. Change the locks on your door, patch up any broken windows, or arrange for alternative living quarters while your home is being repaired. 

Call Your Insurance Provider

Contact your insurer right away after you’ve suffered loss or damage. Most insurance companies will have a deadline to file a claim, which is usually anywhere from 48 to 72 hours after the loss or damage occurred. You will want to have several things handy to make the claims process run smoothly. For example, your policy number, details about the loss or damage, photos of the loss or damage, and any other pertinent documents. 

Complete A Claims Form

Once you’ve documented any loss or damage and have been in touch with your insurance company, you will have to fill out a claims form. The more detail you can provide, the better. In some cases, someone from the insurance company may need to visit in person to inspect in more detail. You might also want to supply any receipts, a police report, or any other pieces of information that can help ensure that you receive the appropriate compensation. 

After the insurance company has received your claim, the investigation process will begin. While some claims only take a day or two to complete, others can take a few days or longer, depending on the complexity of the situation. 

Final Thoughts

While tenant insurance is not mandatory in Canada, it is highly recommended. If your belongings are ever stolen or your home is damaged for whatever reason, your tenant insurance policy can help cover the cost of replacing or repairing anything affected. If you are a renter and are considering taking out a tenant insurance policy, be sure to do your homework to choose an insurer and policy that is best suited for you.

Renters Insurance FAQs

How much does renters insurance cost?

The cost of renters insurance varies slightly from one province to the next. The price generally ranges from $20 to $50 per month, depending on a variety of factors such as coverage amount.

Will my credit score affect my tenant insurance rate?

Insurance providers cannot review your credit score if you don’t provide explicit permission to do so. However, if you have good credit, you should allow a soft credit check to be performed, as good credit could help you qualify for a lower rate. But if you have bad credit, you have the right to refuse to have your credit score reviewed.   

Is tenant insurance mandatory when renting? 

No, tenant insurance is not required in Canada. However, it’s highly recommended that tenants obtain a policy to protect their belongings and avoid potential litigation in case someone gets hurt on the property. Also, some landlords may require tenants to have insurance and have the right to ask for it in some provinces.

Can a landlord add tenant insurance as a clause in my lease agreement? 

Yes, your landlord may include a clause in your lease contract requiring a tenant insurance policy. 
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2021/06/Income-Assistance-New-Brunswick.png
Income Assistance In New Brunswick 2024

By Mark Gregorski

The province of New Brunswick provides a comprehensive social assistance program for residents called Income Assistance.

https://loanscanada.ca/wp-content/uploads/2022/03/Home-Reno-Tax-Credits.png
Home Renovation Tax Credits In Canada 2024

By Bryan Daly

Federal or regional government may offer tax incentives to residents who are financing their homes in various ways, such as home renovation tax credit...

https://loanscanada.ca/wp-content/uploads/2024/03/How-To-Calculate-Credit-Card-Interest.png
How To Calculate Credit Card Interest

By Sandra MacGregor

Ever wonder how much interest is being charged on your credit card? How exactly does it work and how much are you really paying?

https://loanscanada.ca/wp-content/uploads/2021/05/Online-Chequing-Accounts.png
Best Online Chequing Accounts In Canada 2024

By Trevor O'Hagan

Are you looking for an online chequing account with no fees or a minimum balance? Check out our list of the best online chequing accounts in Canada.

https://loanscanada.ca/wp-content/uploads/2024/03/how-much-can-you-claim-for-medical-expenses-on-taxes-in-canada.png
Medical Expenses You Can Claim For Taxes In Canada

By Sandra MacGregor

Wondering how much can you claim for medical expenses on taxes in Canada? Find out what medical expenses are eligible and the proper way to claim them...

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card