Tenant Insurance: Quotes, Premium Comparison, Tips

4 Reasons to Get a Tenant Insurance Quote
  • Get a free, no-obligation quote
  • Find out if you are overpaying today
  • Customize your insurance protection as you want
  • Talk to a live agent if you have questions to your quote

Tenant Insurance Guide: Intro

Welcome to your tenants insurance guide. Tenant insurance is also known under several other names:

Renters’ insurance
Apartment rental insurance
Contents insurance

These categories relate to the same insurance. If you are looking for tenant insurance for the property you rent, we can provide you a competitive quote and help to get you the proper insurance coverage. If you want to know if you are overpaying for an existing tenant insurance policy, give it a try, complete the quote and find out how much you can save. Another section of our website will help you, if you are looking for a business tenant insurance policy.

What are typical tenant insurance premiums across Canada?

This chart illustrates the average tenant insurance premiums across Canada. Tenant insurance rates are typically lower than home owners premiums due to the nature of insurance: Tenant insurance typically covers only the contents of your rented property and sometimes liability. It does not cover the building itself since that is covered under the insurance property of the homeowner.

How can you save on tenant insurance?

  • Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture!
  • Monitoring: Is there other security like a doorman or security guard on the premises?  This may mean an additional discount.
  • Hydrants and fire-station: Ask if your proximity to a hydrant or fire station will save you money.
  • Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies. (e.g. Meloche Monnex Insurance)
  • Students: Some carriers provide discounts for students.  (e.g.State Farm)
  • Alumni: Graduates from some Canadian universities, such as University of Toronto, McGill University and NAIT, may qualify for a discount through select providers.  (e.g. TD Insurance)
  • Dependent students: Dependent students living in their own apartment can be covered by their parents’ home insurance policy at no additional charge.  Check with your insurer for this benefit. (e.g. Desjardins Insurance)
  • Stop smoking: Some insurers increase their premiums for the homes with smokers since this means an increased risk of fire
  • Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer, also called a captive agent, may save you money. A captured agent only sells products from one company.  (e.g. Belairdirect)
  • Benchmark your costs: Use price comparison tools to know how much other companies are charging for similar policies, and check with your peer group to see if these comparisons are similar within your demographic.

Our Publications related to Home Insurance

How Much a Good Condo View is Worth Today?

How Much a Good Condo View is Worth Today?

A prospective buyer is always going to be focused on a condo unit’s view. Unlike a house, these units rarely have multiple windows to the outside in various directions. The exterior wall, which usually is either glass or contains a balcony, is likely the only point of contact with the natural world.[...]
Own your home? You could be eligible for these tax credits and rebates

Own your home? You could be eligible for these tax credits and rebates

It’s no secret that property prices in many urban areas of Canada are on fire. And it’s not limited to just the core of Toronto and Vancouver. Houses for sale in Hamilton, for example, have doubled in price in the last decade and houses in Mississauga are almost $750,000. It’s increasingly hard for [...]
How Competitive is it to Buy a Home in Toronto? INFOGRAPHIC

How Competitive is it to Buy a Home in Toronto? INFOGRAPHIC

Toronto real estate has been tumultuous in the last few years. At first, everything was going, up, up and up. Record low-interest rates made huge mortgages more attractive, and few new suburbs were developed thanks to the Greenbelt. Almost 90, 000 Newcomers were moving to Toronto each year, along wi[...]
Canadian Condo Review Platform CondoEssentials Launched

Canadian Condo Review Platform CondoEssentials Launched

InsurEye Inc has announced the launch of a new website: CondoEssentials. The new site is a condo review platform that has been designed to better inform Canadians about real estate, with a particular emphasis on condominiums. InsurEye has been informing consumers about details of auto, life and c[...]
Ten Tips for Selling Your Home in January

Ten Tips for Selling Your Home in January

Is a new job or another factor making you fret about the need to sell your home in January? Save your emotional energy for a good marketing plan, a good sales agent and your unleashing of optimism. Real estate sources note that nowadays fewer bad times to sell exist in major city markets. While ackn[...]

magnifier  Home Insurance by Province
Home Insurance in AlbertaHome Insurance in British ColumbiaHome Insurance in Manitoba
Home Insurance in OntarioHome Insurance in Saskatchewan