Tenant Insurance: Compare Cheap Renters Insurance Quotes | Ratehub.ca (2024)

1. Share information

   Tell us a little about yourself and your property coverage needs.

2. Compare quotes

   We instantly show you tenant insurance quotes from top Canadian providers.

3. Save money

   Choose your quote and secure your renters insurance rate online.

1. Property type

   A studio apartment comes with different risks than a basem*nt unit. So your provider will take your property type into account when calculating your tenant insurance rate.

2. Location

   Renting in a neighbourhood prone to theft and vandalism can increase your rate substantially. And flood-prone areas also won't reflect well on your tenant insurance premium.

3. Personal belongings

   The more items you have to insure, the more expensive your coverage will be. Some valuables (e.g. artwork) may also require extended coverage limits for an added cost.

4. Credit score

   Not all tenant insurance companies look at credit to calculate your renters insurance rate. But if you can opt-in for a soft credit check, you may see a discount for having a good score.

1. Pets

   Did you know owning a pet can increase the cost of your renters insurance? This is especially the case for vicious dog breeds – due to the added risk of a liability claim.

2. Living situation

   Do you live with others? The more people there are to insure, the more expensive your coverage will be. Also keep in mind that it's often a better idea to buy separate policies when living with roommates.

3. Insurance history

   If you've made several property insurance claims in the past, this will reflect poorly on your tenant insurance rate – providers like to see low-risk customers.

4. Applicable discounts

   Be sure to ask your provider about any available discounts. For instance, just having a fire extinguisher on hand can save you a few bucks each month.

1. Shop and compare

   At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages. By entering your information once, we can show you quotes from Canada’s top insurers.

2. Bundle policies

   Insurance companies often give discounts to customers who get multiple products from them (e.g. tenant and auto insurance). Look to bundle multiple policies for a cheaper rate.

   See Also

   Information for landlords and tenants

3. Install monitored alarms

   Having a monitored alarm system installed – one that is connected to a central station – can lead to a discount on your policy. This typically won't include your own cameras and motion sensor lighting.

4. Increase your deductible

   The standard tenant insurance deductible is about $500. If you increase the deductible (the amount of money you cover before insurance pays the rest), you'll see a decrease in your premium.

1. Limit your claims

   A clean claims history looks good to insurers. If you submit a claim, make sure it's worth it. Never submit one for less than your deductible – claims should be reserved for times of significant financial distress.

2. Pay annually

   Paying your premiums on an annual basis, as opposed to monthly, reduces your insurer's administrative costs while showing loyalty – so you may be rewarded with a cheaper rate.

3. Review your coverage

   Make sure you aren't overinsured. Document your contents properly and review their value with an annual audit of your belongings – you won't need $1,000 in coverage for a TV that's only worth $500.

4. Get a group rate

   Some insurance companies offer special discounts to school alumni and working professionals (e.g. CPA). It won't hurt to ask your insurance representative about any eligible discounts.

Yes, it's recommended each tenant has their own renters insurance policy. If you have roommates and everyone's belongings are damaged in a flood or fire, only those protected by their own tenant insurance policy will have coverage for their contents. Also, renters insurance can pay for you to live elsewhere during renovations, but it won't cover your roommate's expenses.

You may be able to list multiple roommates on a policy, but make sure you're aware of the risks of doing so. Shared insurance policies lead to shared insurance histories. This means that if your roommate were to make a claim, it could lead to future rate hikes in your property insurance, even if the claim had nothing to do with you.

Landlord insurance protects the building, detached structures, and the landlord's belongings. Home insurance does not protect the renters' belongings. If a renter damages the unit, a tenant insurance policy may repair it. If no tenant insurance policy is available, you may turn to the landlord's insurance, but it could likely end up in a court dispute.

To avoid problems, it's best that each person is insured on the property. If both have insurance, and there is damage to the rental unit, it's possible for it to be claimed by the landlord's policy, and the tenant's policy could potentially pay the landlord's deductible.

Whether or not you need sewer backup insurance depends on the type of apartment and the level of risk it brings. For instance, if you live on the tenth floor of a condo building, you likely won't need sewer backup insurance. If you live in a basem*nt near water, on the other hand, sewer backup may be a top priority.

However, know that if there is a clog in the drain below your unit, all the flushing from the units above yours could spill out through your bathtub and sink drains. Though rare, this is a situation in which sewer backup insurance could come in handy for an apartment unit.

Check with your landlord first. It is a high-risk endeavour – Airbnb does offer insurance for their hosts, but if you need more coverage, or if your landlord needs more coverage, there are only a select few providers that offer home-share or short-term rental property insurance. You could void your existing policy if you home-share without notifying your provider.

For more information, check out our blog on how Airbnb insurance works in Canada.