Tenants Insurance


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Tenant Insurance For Ontario Home Renters

Don’t be caught thinking you don’t need to protect yourself with renter’s insurance just because you don’t own the building itself. Have our brokers find you coverage that makes the most sense for your lifestyle, at a rate you can afford.

What Does Tenants Insurance Cover?

Renter’s or tenant insurance is a very affordable way to have a “Plan B” in case of such scenarios, or a fire, overflowing bathtubs, theft, etc. A typical renter’s insurance policy covers you for:

  • Your personal property, from your TV, Ipads, cash and jewelry right down to toilet paper and toe nail clippers. Different insurance companies have varying limits on these coverages so be sure when you are shopping for tenants insurance you ask your broker about any limits that may be worth noting.
  • Additional Living Expenses in the event that a covered claim displaces you from your unit. If you have to stay at a hotel or ent a temporary accommodation, the insurance company will pay for those reasonable expenses.
  • Liability in the even you unintentionally cause come damage to the unit or injury to another person.

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If you already have a car insurance policy, pairing it with tenant insurance from the same insurance company generally results in savings in your pocket.

Even if you are not eligible for a multi-line discount, renter’s insurance is already a very economical investment, from as little as $20 to $55/month.


Common Questions About Ontario Renters Insurance

How much is tenants insurance in Ontario?

Tenants insurance can range from as little as $20-$55/month it can also save you some money on your auto insurance if you can bundle up!

Is tenants insurance mandatory in Ontario?

It is not mandatory in Ontario, but never the less it is a great idea to have. Some landlords may request that you have tenants insurance as a condition of your lease agreement. Be sure to clarify with your landlord, just in case.

What is tenants improvements insurance?

A tenants insurance policy may also extend coverage to any permanently attached finishes that you may have installed during you tenancy. If you have swapped out lighting fixtures, hung window dressings or refinished flooring in a long term rental, this would qualify as a tenant improvement. Your tenants insurance can assist you if these type of finishes become damaged after a covered claim.

Can renters get flood insurance?

Overland flood coverage is available on tenants insurance policies from a number of different insurance companies. We highly recommend it especially if you are renting a basement apartment. Basements are especially susceptible to an overland flood event.

Can roommates share renters insurance?

In short, no they cannot. An insurance policy only covers the property which belongs to that person. You your policy will cover your stuff and your roommate will need their own to cover their stuff.

Is renters insurance paid monthly?

Tenants insurance is available in a number of different payment methods including monthly installments. Different insurance companies have different billing methods and procedures. We are here to help you navigate this to suit your needs. You can also ask your broker about having these coincide with your automobile payments as well.

Can I get renters insurance without a lease?

A formal lease is not always required but recommended as it protects both your and the landlords interest and will outline duties and responsibilities of each party.

Are tenants responsible for building insurance?

As a tenant, you do not own any of the building and as such are not responsible for insuring it. You would not be responsible for building insurance unless you have a financial interest in the building such as a building cooperative.

Your lease agreement may deem you responsible for the landlords deductible in the event of a loss that results from your actions. So be aware of these types of clauses in your lease agreement.

How is renters insurance different than homeowners?

Homeowners insurance differs in that it includes coverage for the building itself. In addition to the coverages provided in a tenants policy, a homeowners policy will insure all finishes from the outside in.

How much personal liability is recommended for renters insurance?

With the increasing cost of claims, legal fees and the willingness of society to seek legal action, $2 million in coverage has become the new standard. Often times increments of $1 million in coverage come at a small price difference. To increase your coverage from $1 million to $2 million may cost less than $20/year.

Can’t Get Renters Insurance?

There are some insurance companies that will not provide tenants insurance to certain types of locations. If your unit is located over top of a restaurant or commercial space, you may experience some difficulty obtaining tenants insurance. It is also difficult to find if you have had previously policies canceled for non-payment.

But difficult doesn’t mean impossible. Your broker can help you shop around with many different insurance companies and specialty markets including high risk home insurance.


Questions?

Our insurance experts would be happy to answer your questions and provide a no-obligation quote. Feel free to call us at 1-800-731-2228 or email us at info@mitchellwhale.com.


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