Do I need Tenant Insurance?

By: Sylvia Smith

Do I need Tenant Insurance?


For most renters, tenant insurance is not at the top of their priority list when they decide to rent a home or an apartment. Renting an apartment in Ontario is expensive and when you consider all the expenses in renting such as rent, utilities, and other bills tenants may struggle to pay the additional cost of tenant insurance.

But this can be a huge mistake as tenant insurance coverage can be surprisingly affordable and possibly protect you should there be a fire or water damage.

 What is Tenant Insurance and What Does it Cover?

             Renting and do you need tenant insurance

Tenant insurance is also referred to as renter’s insurance or content insurance and is very similar to home insurance. The biggest difference is that there isn’t coverage for the building and or house. Coverage for tenants is designed to protect personal property, liability, and additional living expenses in the event that the tenant has a claim.

Insurance policies vary a little depending on which insurance carrier you get your coverage from plus there are also different coverage options you can pick from. However, most policies in Ontario cover the following:

Liability – this protects you in the event of an accident that causes bodily injury or unintentional damage to someone’s property.

Contents – tenant insurance protects your personal belongings such as clothing, furniture, TVs, computers, jewelry, makeup, etc.

Additional Living Expenses – in the event that you cannot live in the home or apartment due to a claim, this helps you with any necessary expenses related to food, clothing, and accommodation.

Is Tenant Insurance Mandatory in Ontario

Tenant insurance is not mandatory in Ontario but is highly recommended. Having tenant insurance to protect you is always a good idea. In many cases, the lease agreement will quite often include a requirement for the tenant to have a tenant insurance policy. This requirement is normally added to the lease by the landlord and is not a mandated government requirement.

Does the Landlord’s Insurance Cover Your Personal Stuff?

                      Renting and why you need tenant insurance

The landlord’s insurance policy does not cover the tenant’s personal belongings or liability. Landlord’s policy protects the building or house and their liability-only coverage does not extend to the tenant. In the event of a theft or fire, etc. you as the tenant will be responsible for expenses out of your own pocket. This could include replacing personal belongings, renting a new place during repairs, and any legal costs for damage that may be caused to others.

Is Tenant Insurance Expensive?


Having tenant insurance just makes sense plus if you have a car insurance policy adding tenant insurance can result in extra discounts that can sometimes cover the cost of tenant insurance protection.

The cost of tenant insurance will be dependent on the amount of coverage required, what city you live in, the type of building or house you live in, the insurance carrier you choose, and your insurance history.

Whether you are renting for the first time or you have tenant insurance for many years it is always wise to shop around for insurance.

Tenant insurance provides you with peace of mind that should an unintentional event happen your personal belongings and your well-being is protected.