Ontario tenant insurance

So, do you have to get tenant (also known as renters) insurance in Ontario?

Quick answer? No, it’s not a requirement – at least not provincially. 

That said, as insurance brokers, we highly recommend it. 

That’s because many landlords require tenant insurance as part of the rental agreement.

Plus, tenant insurance is a low-cost insurance policy that protects your belongings and can cover you in the event you’re found responsible for damages to the landlord’s property.

It’s a small monthly investment that can save you financially in the event that you need to make a claim. 

Read our full guide to tenant insurance requirements to learn more. 

Need a tenant insurance quote for your Ontario apartment?

Get in touch. We’ll be happy to help 

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There’s a few tried and true ways to get cheap tenant insurance premiums – or at least to keep your costs as low as possible.  

When speaking with your Ontario insurance broker, ask about these tips:

• Increase your deductible: A higher deductible reduces the cost of your monthly premium. 
• Bundle your renters and auto insurance: Insurance companies often offer discounts when you purchase multiple policies with them. 
• Install a security system: This reduces the risk you carry as a client in the eyes of insurance companies, and can lower your premium as a result. 
• Regularly shop around for quotes: This ensures that you’re getting the best price at any given time (a broker can do this for you!). 

Ready to lower your Ontario tenant insurance rate?

Still have questions? 

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No, they don’t. 

Tenant insurance is not legally required in Ontario (unlike car insurance). 

Instead, renters insurance requirements depend on the agreement you have with your landlord. 

For instance, many apartment complexes require that you provide proof of Ontario tenant insurance before you move in. 

On the other hand, if you rent a one bedroom in a house share, your landlord may have different expectations. 

However, in general, tenant insurance is recommended for all renters. 

It’s an affordable policy that can save you a pretty penny if there are losses to your belongings, or you’re responsible for damages to the landlord’s property. 

Still have questions? 

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You’ve found it!

But in all seriousness, insurance is a personalized service, which means that the best tenant insurance for you will be different from your neighbour – or even your roommate. 

So, the best tenant insurance is the policy that provides you with the best tailored coverage at the best rate. 

You can find this coverage by getting quotes from multiple Ontario insurance companies, or by working with an insurance broker like KBD.

Leave it to us to take care of the shopping for you. 

Ready for a tenant insurance quote?

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The deductible is the amount that you agree to pay before the insurance company will pay out in the event of a claim. 

So, for example: Let’s say your tenant insurance deductible is $500. 

In this case, if you file a claim, you will be required to pay $500 before the insurance company covers the rest. 

Still have questions? 

We’ll be happy to help. 

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On average, the cost of tenant insurance in Ontario is about $350 a year. 

However, the cost of your insurance premium will depend on the coverage you need. 

For example, standard tenant insurance covers things like losses to your personal belongings, or if you accidentally cause damages to your landlord’s property. 

So, for a policy that costs around $25 – $30 a month, it can save you several thousands (or more!) if you need to make a claim. 

Read our full guide to Ontario tenant insurance costs to learn more. 

Need renters insurance in Ontario?

We’ll be happy to help. 

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Ontario tenant insurance is made up of three different coverages. 

You can choose to be covered for one or all of them, depending on your individual requirements. 

So, what are the three major parts of a renters’ insurance policy? 

They include:

1. Tenant liability coverage: This covers you in the event that you unintentionally cause damages to your landlord’s property. 
2. Contents coverage: Subject to a deductible, your belongings will be insured in the event of a fire, theft, and more. 
3. Water & flood protection: Water-related damages are some of the most common we see, so you’ll want to make sure that you have the right coverage in place. 

Have questions about which tenant insurance coverages are the right fit for you?

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Clients often believe that getting a credit check will negatively affect their credit score. 

But when your insurance broker checks your credit, it’s considered a soft credit check – which will not impact your credit score. 

So, while your credit score is not required to purchase tenant insurance in Ontario, we recommend providing it. 

Why? Because if you have a good credit score, it can lower your insurance costs. 

On the other hand, if your credit score isn’t where you wish it would be, it can increase your premium. 

Either way, if you deny the credit check, your credit will be assumed to be low as a default. 

So, if you have good credit, why not make the most of it? 

Ready to get a tenant insurance quote? 

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Landlords can require tenant insurance as part of the lease agreement. 

So, while tenant insurance isn’t legally required on a provincial level, you may still be required to provide proof of tenant insurance depending on where you are renting.

Need an Ontario tenant insurance quote? 

Call us.

Insurance isn’t a one-size-fits-all service, so your tenant insurance policy should be tailored to your individual requirements. 

Here are a few things to consider when you’re purchasing a renters insurance policy:

• Know the value of your belongings 
• Consider the amount of coverage you will need 
• Make sure to purchase the right amount of coverage 
• Understand what is and is not covered in your policy  

Ready for an Ontario tenant insurance quote? 

Call us.