Myth: Tenant insurance is too expensive.
Fact: Tenant insurance can cost between $15 and $50 a month on average.
Here are two tips to save on tenant insurance:
- Increase your deductible. When you choose a higher deductible, it could help lower your premium. But remember that you’ll have to pay the deductible every time you file a claim for loss or damage.
- Bundle your home and auto insurance for a potential discount and added benefits.
Myth: Your landlord has insurance that will cover you.
Fact: Your landlord’s insurance covers damage to the building. It doesn’t cover your personal belongings or your liability.
Myth: Everything in your home will be covered by tenant insurance with no limits.
Fact: You may need additional coverage for expensive artwork, fine jewellery and other items.
Here are some examples of what is covered by tenant insurance:
- Loss of or damage to possessions caused by fire, smoke, lightning, vandalism, theft, explosion, windstorm and some types of water damage.
- Your personal legal liability for bodily injury or property damage you unintentionally cause to someone else. It also covers your legal defence costs, whether the incident occurs in your home, elsewhere in Canada or even while you’re travelling.
Additional costs to temporarily relocate if your dwelling is being repaired following an insured loss (for example, if there's a fire and tenants have to leave the building). This could include living expenses, meals, or transportation.
Getting tenant insurance is generally a smart decision given the price of premiums and how extensive the coverage can be. We recommend starting by making an inventory of all your possessions and figuring out how much it would cost to replace them in the event of loss or damage. This will help you decide if tenant insurance is right for you.