Insurance
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Canada now has over 5 million renter households, a 21.5% increase in the last decade. Yet 41% of renters still don’t carry renters insurance. That means millions would have to pay out of pocket if their belongings were destroyed or if they were held liable for damage.
If you’re wondering how to obtain renters insurance, the process is straightforward and typically takes around 15 minutes.
What renters insurance covers, how much it costs, and how to buy it online or through an advisor are all covered in this think piece.
Your landlord’s insurance covers the building, not your belongings or your liability.
Renters insurance (also called tenant insurance) protects:
Tenant insurance is not legally required in any Canadian province. However, many landlords require it in the lease agreement. If your bathtub overflows into the unit below or a kitchen fire spreads, you could be responsible for thousands of dollars in damages.
Half of uninsured renters say they would struggle to replace their belongings after a loss. That’s why consumer advocacy groups across Ontario, BC, and Saskatchewan strongly recommend coverage even when it’s not mandatory.
You have three main options:
All are legitimate ways to get renters insurance. If your situation is straightforward, online renters insurance is usually the fastest option. If you prefer advice or have unique needs, a broker can help compare policies.
Many renters also bundle tenant insurance with their auto insurance. Bundling often lowers premiums on both policies.
If you want to know exactly how to get renters insurance online, here’s how it works:
Walk through your unit and list everything you would need to replace; it can be furniture, electronics, clothing, appliances, and personal items.
Even a modest apartment can easily contain $25,000 to $40,000 worth of belongings.
You’ll also choose liability coverage. Most policies include $1 million by default. Many renters increase this to $2 million for added protection at a minimal cost difference.
You’ll decide between:
Replacement cost provides stronger protection.
To buy renters insurance confidently, compare quotes.
When you request an online renters insurance quote, insurers will ask for:
Look beyond price. Compare:
The cheapest policy is not always the best option.
Your deductible is what you pay before insurance kicks in. Common deductibles range from $500 to $2,000.
Higher deductibles lower your premium but increase your out-of-pocket cost if you file a claim.
Optional add-ons may include:
These aren’t included in standard policies and must be added separately.
Once you choose your policy:
You can buy renters insurance online instantly. After payment, you’ll receive policy documents and proof of insurance by email, often within minutes. Coverage can begin the same day.
To get renters insurance, you’ll need:
Insurers verify claims history, so accuracy matters. Misrepresentation can void your policy.
Tenant insurance protects three main areas:
Covers loss or damage from:
Coverage often extends outside your home. If your bike is stolen or luggage disappears while traveling, your policy may apply (subject to limits).
High-value items like jewellery and collectibles have sub-limits. If you own expensive items, schedule them separately for full coverage.
Covers you if:
Liability coverage pays legal costs and settlements up to your policy limit.
Standard coverage is $1 million. Many renters choose $2 million for greater protection.
If a covered loss makes your unit uninhabitable, your policy pays for:
Without this coverage, you would be responsible for paying both rent and temporary housing.
Standard tenant policies do not cover:
If you live in a flood-prone or earthquake-prone area, ask specifically about endorsements when you get renters insurance.
Most renters pay:
Many policies fall between $300 and $400 annually for modest coverage.
Your premium depends on:
Bundling with auto insurance often reduces costs.
You can get renters insurance and activate coverage the same day.
Online renters insurance purchases are processed instantly in most cases. Once you pay, your documents and proof of insurance are emailed immediately.
This is especially useful when landlords require proof before move-in.
If you’re using RentersChoice, you can compare multiple quotes and buy coverage all in one session. No waiting for callbacks or follow-up emails.
No province legally mandates renters insurance. However, landlords can include it in the lease condition. Once it’s in your rental agreement, it becomes a contractual obligation.
Many landlords and condo corporations now require proof of insurance before move-in.
Estimate your belongings, compare quotes, choose coverage limits, and complete the application online or through a broker.
Yes, most policies are issued instantly and activated the same day.
Your belongings, liability for injuries or damage you cause, and temporary housing if your unit becomes uninhabitable. It doesn’t cover the building, floods, earthquakes or roommates’ contents.
Most renters need $25,000 to $50,000 in contents coverage and at least $1 million in liability protection.
Is renters insurance worth it for a small apartment?
Yes. Even units hold thousands in belongings. Liability protection alone justifies the cost.
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