We Help Canadians Find Great Rates On Many Types of Insurance
Tenant Insurance In Ontario - What Do You Need to Know?
Surex can help you find and compare quotes on tenant insurance in Ontario. We work with dozens of providers that meet different insurance needs. Once you're ready to purchase tenant insurance, we can help you proceed!
Tenant insurance in Ontario (also called renters’ insurance) is meant for people who rent the place where they live, whether a house, a condo, or an apartment. It provides coverage against common risks like theft, fire damage, and personal injury that occurs on the property.
Tenant insurance is necessary because a landlord’s home insurance policy won’t cover these perils on behalf of the renter.
No, tenant insurance is not mandatory at the provincial level. However, many property managers won’t lease their units without tenant insurance coverage in place.
Tenant insurance generally covers three main things.
If your belongings are damaged or stolen while in your rental property, tenant insurance in Ontario will help cover the cost of replacement or repair.
This is among the most important aspects of tenant insurance since most people don’t have the money to replace thousands of dollars in lost items out-of-pocket.
If an accident on your property causes financial harm to a third party, tenant’s insurance with personal liability coverage can help cover lawsuit and settlement costs.
For example, if a guest slips, falls, and injures themselves on a wet floor in an apartment you’re renting, tenant insurance will shield you from the financial fallout of a potential lawsuit.
Relocation cost reimbursement
If the property you’re renting is rendered uninhabitable, tenant insurance will help shoulder the costs of relocating.
For example, if you’re forced to stay at a hotel for a few weeks because your rental apartment flooded, tenant insurance may help with your hotel bill along with the cost of purchasing meals.
Tenant insurance may also help you cover the costs of moving to an entirely new place in the event that your home becomes, for all intents and purposes, permanently uninhabitable.
Tenant insurance in Ontario typically won’t cover replacement costs above a certain amount for extraordinarily expensive items (i.e. jewelry).
Tenant insurance also doesn't replace home insurance. It won't protect your landlord against damage to their property (which they're responsible for covering with a traditional home insurance policy).
Lastly, tenant insurance is not a replacement for certain types of auto insurance coverage, either. If someone breaks into your home's garage and damages your vehicle, this won't necessarily be covered by your tenant insurance policy. You'll need to file a claim through your auto policy.
To make sure you’re covered for the items that matter most to you, it’s important that you read the policy thoroughly. Your Surex broker can help you find the exact policy you need.
Frequently Asked Questions About Tenant Insurance in Ontario
This depends on where you reside, the value of your total contents, your liability limits. Policies normally start at $300/yr and increase as the content values and liability limits increase.
The cheapest tenant insurance provider depends on how your situation fits into the formula companies create to evaluate policyholders. For example, one insurer might weigh your age more heavily than another.
This is why it’s a good idea to compare rates from various insurers with Surex. The cheapest tenant insurance provider isn’t always evident.
Get a quote from Surex today and see how much you could save!
Tenant insurance in Ontario typically renews automatically each year. You’ll receive new policy documents detailing any changes to your premium and confirming your coverage.
Keep in mind that you do have the option to switch policies before your existing one renews, however.
Tenant insurance is rated based on the type of unit you rent, the number of tenants in the unit, the value of your contents, the unit's postal code, and prior tenant or home claims in the past under your name.
Of course, it also depends on the tenant insurance policy you take out. Your insurance company will consider the coverage you've requested and provide a quote that is in line with it.
No. If you rent the unit you live in you only require tenant insurance which is often more affordable than home insurance. You want to be properly insured, and tenant insurance will do that for renters.
Home insurance provides coverage for the physical property. The landlord is responsible for obtaining this coverage. As a tenant, you simply need to obtain coverage for your belongings. If an incident results in damage to your personal belongings, you'll make a claim with your insurance company and receive compensation from them.
You can contact your assigned broker/advisor or contact the insurance company directly. Make sure you have your policy # and details of the claim prepare when you call.
Your insurance company will likely have specific questions regarding the claim. They may dispatch an adjuster or other official to evaluate the matter in person. How long it takes to make a claim will ultimately depend on its complexity and whether you follow up with their requests fast enough.
Many policies hover around the $20 to $30 range. Since there’s no minimum coverage requirement, you can achieve lower rates by purchasing only the coverage you need.
Get a quote on renters insurance from Surex. We'll help you compare dozens of rates and pair you with the best insurance company for your needs.
The law does permit landlords to include tenant insurance coverage as a lease requirement. Many landlords in Ontario do so as a tenant’s policy serves to reduce their overall risk.
With renters insurance, they'd face little to no threat of recourse in the event that an incident causes damage to your personal belongings. They'd request that you simply file a claim with your insurance company.
You’ll need to provide basic information about yourself and the property you’re renting, including:
- The address
- Your belongings’ cumulative value
- Who else will be occupying the rental property
It's important to be truthful when applying for renters insurance. Any dishonesty (such as false statements about who will be occupying the property) may come back to bite you if you ever file an insurance claim.
You may find it's much easier to obtain an insurance quote if you work with a broker like Surex. Fill out one form and use it to get quotes from dozens of providers.