The average cost of tenant insurance in Ontario is around $350 a year in 2023. Here we’re breaking down how much tenant insurance costs based on the number of tenants, and the Ontario city you live in.
Moving out for the first time?
Wondering how much tenant insurance is in Ontario?
We’ve got you covered in this complete guide to tenant insurance costs in Ontario. ✅
That way, whether you’re moving into a house or apartment, you’ll know what tenant insurance prices to expect.
Or, if you’re ready for a custom quote, just give us a call.
We’re happy to help.
Skip ahead to find what you need.
- How much is tenants insurance in Ontario?
- Average tenant insurance cost in different Ontario cities?
- Cost of renter’s insurance for apartments vs. houses in Ontario
- Cost of tenant insurance for families + roommates
- What factors affect tenant insurance costs?
- How to save money on renter’s insurance in Ontario
How much is tenants insurance in Ontario?
So, how much can you expect to pay for renter’s insurance in Ontario?
The average cost of tenant (also known as renter’s) insurance in Ontario is around $350 a year in 2023.
That works out to around $29 a month, which is a pretty cheap investment for the money it can save you if you need to make a claim.
For example, say there’s a fire that starts in your unit that causes a ton of damages to your apartment and other areas in the building.
Without tenant insurance, you could be liable for tens of thousands in repairs.
So if you’re asking whether the extra $30 (on average) a month is worth it, we’d say yes!
If there’s an accident in your rental unit (knock on wood), your tenant insurance will cover the following:
- Your personal belongings (contents insurance)
- Damages you unintentionally cause to your landlord’s property
Still not sure if it’s worth it?
Here’s a quick clip of our thoughts on why we recommend renter’s insurance:
Ready for a quote?
What’s the average cost of tenant insurance in different Ontario cities?
Tenant insurance costs fluctuate based on a few factors, and location is one of them.
This is because things like crime rates in your neighborhood, proximity to emergency services (like a fire station), and frequency of weather related damages all affect your tenant insurance rate.
And obviously, these things change from place to place.
So naturally, the average tenant insurance cost in Toronto is a bit different than in Ottawa.
With that covered, below are the average tenant insurance costs across different Ontario cities.
Average costs of renter’s insurance in Ontario cities:
- Toronto: $480
- Ottawa: $360
- Thunder Bay: $480
- Kingston: $340
- Mississauga: $500
- Barrie: $400
To note: Keep in mind that these are just averages; the price of your tenant insurance policy will depend on your personal circumstances, and how much contents (belongings) you have to insure.
Need a quote on renter’s insurance?
Cost of renter’s insurance for apartments vs. houses in Ontario
The type of building you live in doesn’t affect your renter’s insurance rates – at least not in the way that it does with home insurance.
This is because as a renter, you’re not responsible for insuring the building.
The property owner is responsible for getting landlord’s insurance for that.
So to recap, your renter’s insurance covers:
- Your contents, aka: your stuff
- If you cause damages to the landlord’s property
However, the type of rental unit you live in can affect your insurance rates in other ways.
For example, you could potentially get a lower rate for security features in the building (ex: security guard, alarm system, etc).
Since it varies so much on an individual basis, the best way to get an accurate estimate of the cost of tenant insurance for you is to get a quote.
Ready to get Ontario tenant insurance?
Just give us a call. 😊
Cost of tenant insurance for families & roommates
If you’re renting and have a family, you might be wondering how much rental insurance is for each additional person.
The quick answer is that your dependents (husband, wife, kids) are automatically covered under your tenant insurance policy.
However, if you live with roommates, they will have to be added to your insurance policy, or purchase their own coverage.
If you do add your roommates, a good rule of thumb is to expect your insurance premium to go up by $15 to $20 a month per individual.
And remember: Whenever you add people to your tenant insurance (unless they’re dependents), you MUST add their name to your policy in order for them to be covered.
Adding someone to your insurance policy can be done with a simple call to your insurance broker or company.
If you’re not sure, the best thing to do is give us a call.
We’ll be happy to set you up with the best Ontario renter’s insurance for your household.
What factors affect tenant insurance costs?
Knowing the average insurance costs for renters in Ontario can be a great place to start when it comes to budgeting.
BUT, with that being said, tenant insurance is really determined on a case by case basis.
So the price you pay will never be the same as your brother, sister or neighbour.
To give you a better idea, here are some of the factors that affect tenant insurance rates:
- The amount of insurance coverage you need
- Your deductible
- Value of your contents
- Building’s proximity to emergency services
- Crime rate in your neighbourhood/city
- Your credit history
- Your age
- Neighbouring risks (do you live on top of a restaurant/bar, etc.)
So all in all, the biggest thing to remember is that tenant insurance costs are personalized to the policy holder.
Just because you live in a city that has a high average cost of tenant insurance, doesn’t mean that will be reflected in your rate.
So there’s still hope for you to get a low cost renter insurance rate. 😉
Keep reading to learn how to get the cheapest tenant insurance for you.
Or just give us a call, and we’ll help you out.
How to save money on renter’s insurance
Looking for the cheapest renter’s insurance in Ontario?
You’ll be happy to hear that even if you live in an area with a high average cost of insurance, you can still find ways to save.
Here are a few easy things you can do to save money on renter’s insurance:
- Increase your deductible
- Bundle your renters and auto insurance
- Install a security system
- Shop around with different insurance companies (a broker can do this for you)
For example, if you’re living a minimalist lifestyle and don’t have many belongings to insure, consider getting insured only for liability and fire protection, and not contents.
By nixing the contents insurance, you can lower your monthly tenant insurance premium.
BUT before doing this, it’s best to consider whether you could easily afford to replace your belongings.
This includes items like:
- Laptops, TVs, and other electronics
So grab your Excel spreadsheet and tally up the value of everything you own.
If you add everything up and find that you’d struggle to replace all of your belongings if they were stolen or damaged, then you shouldn’t skimp on content insurance.
To note: In certain cases, tenant insurance can cover theft of your belongings if they’re stored in places like your car or a storage unit.
Check out this video where we chat about these exceptions:
Ready for a tenant insurance quote?
Give us a call.
So to wrap things up, how much is tenants insurance in Ontario again?
In 2023, the provincial average is about $350 a year, or $29 a month.
So at such a cheap rate, tenant insurance should be a no-brainer for all renters.
It’s a low cost insurance coverage that can save you financially if you need to make a claim.
Plus, it only takes about 10 minutes to get your tenant insurance set up.
Need a quote on tenant insurance in Ontario?
Get in touch with the team at KBD.
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