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Tenant insurance (also referred to as renter’s insurance) helps renters cover the cost of replacing or repairing their personal belongings in the event of an incident (i.e. fire or break-in) on the property.

Provincial law does not mandate tenant insurance in Ontario. However, landlords often require tenants to purchase insurance in order to qualify for a lease.
This reduces a landlord’s liability in the event of an incident on their property. The fear is that tenants without insurance will attempt to recoup their costs from the landlord.

Although tenant insurance policies in Canada will differ, you’ll find in general they will exclude, or limit coverage, on high value items like bicycles, sporting equipment, collectibles, fine art, jewellery, and watches. Additionally, since a tenant insurance policy is for personal property it also typically excludes items associated with a home-based business. 

It is always best to speak with your Surex Advisor to check your coverages.

Tenant insurance coverage typically includes benefits such as the following:

Repair or Replacement of Contents
As mentioned in the previous section, tenant insurance typically covers the cost of repairing or replacing a renter’s possessions in the event of theft or damage.
Note that particularly expensive items (such as jewelry) may not be fully covered by a basic tenant insurance policy. Renters may need to specify their intent to insure these items when signing up for a policy as companies may consider that to be an add-on.

Relocation Costs
If a rental property is rendered uninhabitable due to an eligible incident (i.e. fire or flood), tenant insurance can cover the costs of relocating, including purchasing meals one otherwise would have cooked at home.

Liability
Liability coverage protects a tenant financially in the event that someone else faces damages in relation to the rental property. For example, if a guest slips and injures themselves because the floor was wet, tenant insurance may reimburse the renter in the event of a lawsuit.

Liability coverage may also pay for damages arising from, say, a fire that affects the tenant’s neighbor

Tenant insurance typically costs between $20 and $30 per month. The exact amount can vary, however, depending on various factors, including your location and insurance record.

Yes, tenant insurance and renter’s insurance are the same. They are policies purchased by a renter to protect themselves financially.

A landlord’s insurance policy may cover tenant damage (i.e. vandalism or accidental destruction of property). However, it depends on the policy, including factors such as the landlord’s deductible.

Typically, a tenant insurance policy covers only the policyholder’s belongings. You can purchase insurance jointly, however, but don’t assume you’re automatically covered by your housemate’s policy because you probably aren’t unless specified.