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Ontario Tenants Insurance

Safeguard your belongings with the right protection.
  • Protect your contents including electronics, laptops and cellphones
  • Living expenses covered in the event of a claim
  • Save money when you bundle your tenants and car insurance
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Tenants Insurance today.

Tenants Insurance For Your Home or Condo

Tenants insurance protects a tenant's personal belongings and treasured items, and additionally provides insurance coverage for a tenant's personal liability exposures. If a tenant is sued, the insurance policy will pay for the tenant's defence of the allegations and pay for any damages awarded to the injured party. A tenant insurance policy also provides the tenant with property insurance experience which can assist in additional savings when they are ready to purchase their first home and require insurance. For those tenants who have had a tenant policy for several years, they could qualify for a claims-free or loyalty discount.

What is Tenants Insurance?

Tenants insurance covers a tenant of a property against various damages and liabilities. This type of policy can also include additional protection, including financial protection in the event of theft of belongings, accidental damage to the property or unintentional bodily harm on the premises.

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Who Needs Tenants Insurance?

If you currently rent the space in which you live, you should strongly consider tenant insurance. Without tenant insurance you have no coverage in the event of your belongings being stolen or accidental damage to the property. Tenant insurance provides you with the peace of mind that your dwelling and valuables are protected against common risks.

DID YOU KNOW?  According to Statistics Canada, 32% of Canada's population rents their dwelling?

Is Tenants Insurance Mandatory In Ontario?

Tenants insurance is not required or mandatory in Ontario.  That said,  it is very common that landlords will require you have an in-force tenants insurance policy (with proper insurance coverage) before you are provided with the keys to move into your unit. The cost of tenants insurance is very reasonable given that it covers your belongings, provides coverage if you need to live elsewhere after a significant loss, and protects you in case of a liability issue.

Remember: no tenants insurance means no insurance protection for a tenant. The tenant will have to cover the costs of the loss entirely if they do not have tenant insurance and there is a loss.

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How Much Tenants Insurance Do I Need?

Tenants require enough tenant insurance to cover the value of their personal items and at least $1 million in personal liability coverage.  Many insurance brokerages will recommend $2 million of liability as this coverage is relatively inexpensive, and offers better protection in the event someone is seriously injured or hurt while visiting or staying at your property.  Some other aspects you should ensure you are properly covered:

  • Take an inventory of your personal belongings: Take the time required to identify the personal items and property you have, along with their value by creating a home inventory list. When conducting your personal belonging inventory, it is recommended to create a list. Include all of your belongings such as TVs, computers, laptops, speakers, games consoles, furniture, any appliances, soft furnishings, instruments, jewelry, and any expensive art or collector's items. Don't forget to include any sports equipment – hockey equipment, bicycle(s), or other similar things – in your calculations.
  • Get help from a top-rated insurance broker: There are so many insurance providers to choose from, so don't forget to check online reviews from Google or Facebook to ensure you are working with one of the best.  An insurance broker will discuss your requirements and belongings with you and will determine how much tenants insurance you require.  The value of some items, such as jewellery, may exceed standard limits on some tenants insurance policies. In instances like this, you may want to purchase additional coverages to be sure these items are protected.
  • Everyone’s needs are different: Each tenant has unique insurance needs. As an example,  a tenants insurance package may look quite different for family of five renting a 2,500 square foot home, when compared to a single tenant who is staying in a 650 square foot condo on their own.  Again, it all depends on how many personal belongings there are to insure, and the value of these belongings.  Make sure your tenants insurance policy meets your needs. Any highly rated insurance broker should be happy to help with this.

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What Does Tenants Insurance Cover?

There are three primary elements covered by tenants insurance: contents coverage for personal items and belongings such as furniture, clothing, laptops, computers, TV's and other electronics, sports equipment, books, etc. additional living expenses coverage in the event of a loss and you are unable to reside in the unit until repairs are finished, and liability coverage in case someone is injured while in your home.

  • Tenants Content Coverage: As a tenant, contents insurance includes coverage for personal items and belongings such as TVs, computers, furniture, clothing, sports equipment, jewelry and other items you own in your rented home or rented condominium. In the case of an insured loss, you are protected. Limits in your tenant insurance policy determine the limit of your coverages. When getting home tenants insurance it is very important to let your insurance broker or insurance provider know what belongings and contents you have.  This will ensure your items are adequately insured and the coverage limits in your tenant insurance policy are appropriate for, and tailored to, you.
  • Tenants Additional Living Expenses Insurance Coverage: If there is a fire in your unit and you are not able to live in it until repairs are completed, or you have to find another rental condo or home, additional living expenses coverage will cover reasonable costs that may be incurred by you until you move back in or find a new rental home.  These specific terms are covered in a tenants insurance policy, so prior to opting in for your new tenant policy, ensure you have your insurance broker explain these details.
  • Tenants Liability Insurance Coverage: Liability insurance coverage helps to protect you if someone is injured while in your rented home due to an accident or you caused unintentional damage to another person’s property. If the injured person launches legal action, you will have protection as outlined in the policy. These terms are in your policy.

What Does Tenants Insurance Not Cover?

Tenants insurance does not cover your personal items under certain circumstances, such as natural disasters like flooding, earthquakes, and sinkholes.  In addition, tenants insurance will not cover the building where you rent your unit as this insurance is the responsibility of the landlord. It's also important to know that your landlord's insurance does not protect you as a tenant, so it's very important to have your own tenants insurance policy.

DID YOU KNOW?  According to the Insurance Bureau of Canada (IBC) only 50% of Ontarians who rent have tenant insurance.

Tenants Insurance Is Not Landlord Insurance

The owner of the property will have insurance on the actual building, but their insurance will not cover you as the tenant or occupier of the home for your personal property such as your furniture, jewellery, clothing, etc. or for your personal liability. In the event of a loss such as a fire if you do not have a tenant policy you could be left without anything and be forced to replace everything you own. That is why it is so important to have tenant insurance.

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How Much Does Tenants Insurance Cost?

Tenant insurance is considered to be quite inexpensive for the coverage it provides. On average, tenants insurance will cost you between $16 and $66 per month (or $200 to $800 per year).  The insurance rate is determined using many factors, the location or postal code of where you are tenanting, your claims history, and the age and condition of the building in which you moved.  The tenant policy will cover your personal property and additional living expenses you may incur due to a loss in which you are forced out of your rental property.

Tenants insurance will generally cost less if you bundle (combine) it with a car insurance policy.  By adding a tenants policy to your auto insurance it will oftentimes save you even more money on both your auto and tenants insurance. The potential savings on your car policy through a multi-line insurance discount can possibly pay for the entire annual cost of your tenant policy.  For all of these reasons, tenant insurance is generally considered a very affordable protection in the insurance industry.

Where Can I Buy Tenants Insurance?

You can contact Morison Insurance to request a tenants insurance quote today. We are a top-rated insurance brokerage that specializes in tenants insurance throughout the province of Ontario.  Get started by filling out the form on our website or by calling 1-800-463-8074. You'll be happy you did!


This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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