Get the best tenant insurance in Canada!
Compare multiple tenant insurance quotes for the cheapest rate in Canada! Insurancesumo.ca will help you buy the best and most affordable tenant insurance coverage from the leading home insurance companies!
We help you compare renter’s insurance quotes from the leading home insurance providers!
Just provide a bit of information about the residence you’re renting and our quote comparison software will connect you to the best tenant insurance through a Squareone insurance broker. It’s fast easy and can save you hundreds of dollars!
Comparing the best tenant insurance quotes in Canada. How it works:
What does tenant insurance cover?
Renter’s insurance is very similar to other types of home insurance but excludes coverage to the actual building itself. Suffice to say that since the building belongs to someone else, insurance coverage for the building would be purchased by the property owner. But like other habitational insurance policies, tenants insurance addresses other risk exposures a tenant could face.
Liability Insurance Coverage
Protection from liability you’re legally liable for, subject to conditions, limitations, and restrictions. Tenants’ liability coverage usually applies anywhere in the world! An example would be accidentally knocking over an old lady causing her to break her hip, while on vacation overseas.
Another example is negligently causing damages to the building you’re renting, such as water or fire damages are also covered by tenant insurance.
Your tenant insurance policy also responds in defending a legal action made against you, including expenses and third-party indemnification up to policy limits.
Content Insurance Coverage
Protection for your personal contents and belongings is probably the most notable feature of tenant insurance. Most tenants who purchase renter’s insurance do it mainly to protect their personal belongings.
Contents insurance covers the cost to repair or replace your personal property, including clothes and household items!
Additional Living Expenses Coverage
Tenant or Renter’s insurance includes a special coverage named “additional living expense”. Additional living expense insurance coverage is found usually on all home insurance and habitational insurance policies.
It provides insurance coverage for any extra expense you might incur while your dwelling is considered unfit for occupation, and the evacuation from your dwelling is caused by an insured peril. An example would be having your neighbour’s apartment flood your unit to the point where you cannot occupy the space. Additional expense insurance coverage would help for lodging and food, over and above what you normally would pay if the loss did not happen.
Additional living expense coverage in a tenant’s insurance policy is usually a percentage of the contents coverage you purchased, rather than the building as in a homeowner’s insurance policy. For example is the tenant policy covers your personal property, or contents up to $100,000, and offers 20% of the content value towards additional living expenses that would be 20,000 that could be applied to that coverage if needed.
Tenant Insurance Canada FAQs:
Frequently asked questions regarding Tenant insurance in Canada
How much does tenant insurance cost?
The average cost of tenant insurance varies, but usually between $300 to 600 hundred dollars a year. The cost of tenant insurance is primarily determined by the amount of contents coverage, your liability limit, and the type of building.
What is tenant insurance?
Tenant insurance also referred to as renters insurance, is a form of habitational insurance geared towards people who rent their homes.
The coverage tenant or renters’ insurance offers is very similar to home insurance, but with the exception of not extending coverage for the actual building. This makes sense since the tenant does not own the building!
Do I need renter’s insurance?
Renters or tenant’s insurance is not legally required according to most residential tenancy laws but that doesn’t mean you shouldn’t purchase it. Some people may argue that because they may not own much personal property a tenant’s insurance policy is a waste of money or not pertinent to them. This couldn’t be further from the truth.
Renters insurance covers more than just contents:
1. It protects you against your personal liability anywhere in the world
2. It provides Additional Living Expenses coverage for lodging, extra expenses incurred from eating out, should your rented dwelling become unfit to live in. An example would be if your building caught on fire and was unfit to occupy until safe to do so.
3. It protects your contents or personal property
4. Peace of mind
How much does tenant insurance cost?
The average cost of tenants insurance is roughly $200 a year, or between $15 to $20 a month, for one million liability coverage, and $100,000 in contents coverage, according to the Globe and Mail.
Other factors that can affect the price or cost of tenants insurance include:
-Your postal code
-Amount of contents coverage required
-The insurance company filed rates
-Your insurance history (i.e. past claims)
-The type of structure of your building
Is tenant insurance mandatory in Canada?
Tenants insurance is not mandatory by law but could be required by your landlord or property management company to include into the terms of your lease or rental agreement.
Although tenant insurance may not be mandatory it doesn’t mean it’s a good idea not to have it.
Is renter’s insurance worth it?
Renters insurance or Tenant’s insurance is worth it. Not only are you protecting yourself and your belongings, but you’re also being financially responsible.
The cost of a tenant insurance policy is very affordable and when combined with a multi-line policy discount from the same insurance carrier it almost works out to be free.
Having tenant insurance can also help build a history of home insurance. This can help you reduce your premiums of the future by establishing a positive history of habitational insurance.