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Before you purchase renters insurance, it’s important to do your homework. No two policies are the same, and you want to ensure that you get the best bang for your buck. To help you narrow it down, we’ve piled together some great companies that offer renters insurance.
The Best Renters' Insurance by Province
When you’re in the market for renters insurance, it’s important to remember that where you live also makes a difference in the insurance provider you’re using. However, there are also other factors to consider when getting insurance. These factors are individual to you, so they can make getting a quote a little difficult. The best way to find the best rates in your province is to shop around.
Cheapest Renters Insurance in Canada
Again, determining the cheapest renters' insurance in Canada is difficult. While one person may qualify for cheap insurance, someone else with the same company may need to get a significantly more expensive policy. When it comes to your choice of insurance company, though, you can go with an online company, your normal insurance agency, or even an insurance agency through your financial institution.
CIBC Tenant Insurance
Like most other financial institutions in Canada, CIBC offers tenant insurance coverage which is separate from your landlord’s insurance policy. While you can’t get the insurance online, the tenant’s insurance cost is unique to you and your situation. It can help you cover the cost of personal property and provide financial protection for yourself and your landlord.
What’s important to understand about tenant insurance is that it’s actually contents insurance and is seen as additional coverage since your landlord’s home insurance policy won’t cover the cost of your personal belongings. It’s best to contact a CIBC branch in order to get a quote. However, like most insuances, the standard polity covers:
- Liability
- Valdalism
- Water Damage
- Personal Belongings
- Theft
- Additional Living Expenses
TD Tenant Insurance
With TD, you have a few more options for coverage with your tenant insurance policy. You can get your standard renters insurnace, which includes all risks, contents, additional living expenses and personal liability coverage. This means your belongings are covered for fire, theft, water damage and more. It’s important to determine if any of your belongings are going to need additional coverage, though.
If you’re unable to live in your home during a covered claim, the renter’s insurance policy will cover the cost of a hotel and any other reasonable expenses. The personal liability coverage protects you financially against legal fees if someone gets injured inside your home or you damage someone else’s property.
The optional enhanced home coverage added to your tenant insurance covers specialty items that are too valuable to be included in the original coverage. There are also claims forgiveness, which won’t increase your premiums after your first insurance claim. You can even get identity theft recovery, which helps with the cost of restoring your identity.
If you’re interested in coverage with TD and think it might be the right tenant insurance for you, you can request a tenant insurance quote. If you choose to purchase online, you can also get a buy online discount of 10% off the insurance cost. You can also get a claims-free discount if you’re renewing.
When considering tenant isurance, though, it's important to remember TD offers different choices including:
- Tenant Liability Insurance
- Replacement Costs
- Additional Living Expense Coverage
- Standard Content Insurance
Duuo Tenant Insurance
Duuo tenant insurance is a legitimate insurance policy that you can purchase online. It allows you to get your own insurance policy for as little as $17 per month. They have no annual commitments or cancellation fees, and they run on a month-to-month basis. Just like other insurance companies, their tenant insurance protects your:
- Personal Property
- Personal Liability
- Personal Finances
Apollo Tenant Insurance
What’s unique about Apollo and their contents coverage is that they have a best price guarantee. This means that they compare insurance rates around Canada and aim to beat them. If you have a current tenant insurance policy, they’ll beat it by 15%.
Since Apollo is all online, it’s simple to use. There are also insurance advisors you can speak to anytime you need them. To get a quote, all you need to do is request one online, and then you can sign up. It all includes:
- Personal Liability Insurance
- Additional Living Expenses
- Contents Coverage
Getting Renters Insurance Through Your Car Insurance Provider
Most insurance providers also offer renters insurance, as well as home and auto insurance. This is the case whether you live in British Columbia or another province in Canada. Whether you have a rental apartment or another type of rental unit, your insurance provider can get you a discount by bundling with your auto insurance. They also usually offer a variety of coverage options for you and your family members.
Is Renters Insurance Required in Canada?
While having a tenant policy for insurance isn’t required, many landlord’s will require it in their lease agreement. This is because a landlord’s insurance only provides coverage over the building and the property damage, and isn’t responsible for replacement costs. The tenant insurance provides both you and the landlord with financial protection.
The Cost of $300,000 in Renters Insurance
One question you might be wondering is: How much does tenant insurance cost? Well, the cost is based on your tenant policy and the coverage offered. However, you don’t just want to choose coverage based on the cost. It’s important to ensure that you have enough coverage and that you meet the eligibility requirements.
While it will be hard to give an accurate quote without specifics, we can give a ballpark estimate. For example, let’s say you’re looking at a coverage amount of $300,000, and your insurance cost will likely be around $1,000 per year or $90. Even with such a high amount, that’s actually relatively affordable.
What Renters Insurance Typically Covers
As we mentioned, there are quite a few things that tenant insurance typically covers. However, the specific will be based on several factors, including your policy of choice. For your rental property, it’s important to choose the right coverage that fits you the best. For some, this may include optional coverages as well. Common things that are covered are:
- Liability insurance
- Theft
- Fire
- Unintentional bodily injury
- Accidental damages
- Fine art and other specialty items
- Personal items
- Moving costs
- Smoke damage
When purchasing your policy, though, it’s not only important to look at what they provide coverage for; you should also look at the policy wording and whether they pay you the actual cash value. It’s also important to pay attention to what happens if you’re found responsible for the damages that the policy covered.
The Average Cost of Renters Insurance in Canada
With most insurance companies, it’s actually pretty cheap to get renters insurance. In fact, the average in Canada is just $15 to $30 a month. If you’re paying for your tenant insurance annually, then the cost is just roughly a maximum of $360. The lowest is normally between the $180 and $200 mark.
When you’re considering getting tenant insurance, it’s important to remember that where you live will impact your insurance costs. Larger cities tend to cost more for tenant insurance than more rural towns, and the value of your belongings can also influence the cost. You should also consider your deductible amount; a higher deductible will result in lower premiums.
As we mentioned, another thing that can impact the cost of your premiums is bundling. Being able to stack your insurances can get you an even larger discount. Not just on your tenant insurance, either. This can also result in a decrease in your other insurance premiums.
Key Things to Remember About Renters Insurance
When it comes to renters insurance, it’s important to remember that it’s insurance. This means that there’s always a chance that you won’t get approved. Here are some key things to keep in mind when setting up your insurance.
Documentation is Important: In some cases, you may need to get reimbursed for expenses instead of having them covered up front. In this case, it’s important to be sure that you keep all of your receipts and relevant documentation.
You Get off Premise Coverage: This means that a stolen computer from your car or any of your other belongings that are normally kept on your premise, can be covered even if they’re stolen elsewhere. For high value items, this can be very helpful.
Inventory is Key: Instead of guessing how much everything you own is valued at, doing an inventory can be a great way to make sure your getting the right coverage amount. Often, people will guess an amount that’s too high and end up paying higher premiums then they need to. Often the opposite can also happen when you guess too low and your insurance won’t cover the actual cost.
Final Thoughts
If you’re a renter, the fact of the matter is that contents insurance is relatively cheap. While you never want to be able to use it, if you have to then you’re in a really good position. It can help you cover the cost of the things that you lost, and it can even provide you accommodations until you’re able to return hom eor find a new place to live. All things that your landlords insurance is unable to provide.
Even though renters insurance is relatively cheap, it’s still a good idea to shop around. Not only do you want to be sure that you’ve found the best prices, but it’s also a good way to determine that you’re getting the maximum amount of coverage that you can. Being prepared for every situation is ideal and can reduce your stress in the event that you ever need to use your coverage.
