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Best Renter's Insurance Rates in Canada

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Square One Insurance

$12
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guaranteed building
replacement coverage
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APOLLO Insurance

$19
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Allstate

$30
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Renter’s Insurance

More than 4.4 million families and adults in Canada live in rented houses. While some families prefer to rent a place with a stranger, others do it because they have to move out of their hometown to study or search for a better life.

Whether you live in a self-owned house or a rented space, there is always a chance of natural calamity or fire that can damage your household. In such situations, renter’s insurance can help you recover from significant financial losses.

A renters insurance policy helps you quickly mitigate your financial losses and help you and your family recover. Comparewise makes finding insurance solutions more accessible to you, helping you find the best renter’s insurance for your house at the right price.

At Comparewise, you can look through tens of insurance providers and quickly compare the ones that suit your requirements. As a local Canadian company, we understand how important it is for you to protect your house from an unforeseen event. So, we try to help you by suggesting the best options.

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What Is Renters Insurance?

A renters insurance is a type of home insurance policy. It helps you protect yourself and your belongings from substantial losses, including natural disasters, fires, theft, or even accidental damage. It covers any losses or damage incurred by people living in rented accommodation. It is also known as a tenant’s insurance policy.

This type of insurance policy is for tenants and their protection from sudden financial losses. It also covers any legal liabilities that may arise if a third-party person like domestic help gets injured in their house.

A landlord’s property insurance is quite different from a renter’s insurance. In case of an unpredictable event like a fire that broke out in the house due to a short circuit, the landlord’s insurance will cover the cost incurred to their property. However, it will not cover the damage caused to the tenant’s personal belongings. All of that gets covered by renter’s insurance.

Renters insurance is available for renting or subletting an apartment, condo, studio, single-family home, duplex, loft, or townhouse. It covers the losses to a tenant’s personal property within the rented property.

If your rented house is damaged and becomes uninhabitable after an unpredictable incident. Your renter’s insurance will also cover all the expenses incurred towards temporary accommodation.

You can find the best renters insurance solutions at Comparewise. Our platform has a huge database of verified insurance providers, allowing you to analyze multiple options efficiently. Our intelligent algorithm can also suggest the best plans based on your requirements.

Renter'S Insurance - Comparewise

Why Do You Need Renters Insurance?

Accidents and natural disasters are a part of life and can hit your family at any given time. Without renter’s insurance, you will have to pay for all your damage by yourself. Whether renting out a townhouse or a small studio room, you need to protect yourself and your belongings with renter’s insurance.

Covers Losses to Personal Property

Unlike your landlord’s property insurance, renter’s insurance will cover your personal belongings in case of a fire or any other natural calamity. Your personal property like jewellery, luggage, electronics, furniture, and even clothes gets protected under this policy. It can save you from a significant financial loss.

It protects your property and belongings from an explosion, fire, lightning, riot, theft, damage caused by a vehicle or aircraft, vandalism, volcanic eruption, windstorm, and damage caused due to the weight of snow, ice, or sleet.

Provides Liability Coverage

Renter’s insurance policy can also cover any legal liabilities. For instance, if someone gets injured in your home, or you accidentally hurt someone on your property, and they decide to file a lawsuit against you. Your policy will cover all the legal expenses, including the lawyer fees, documentation charges, and penalties. It will also cover all the medical costs incurred by the third party.

Covers Additional Living Expenses

Suppose your rented house becomes unfit to live in due to damage caused by one of the mentioned perils in the policy. In that case, your insurance company will cover all the additional expenses incurred against temporary living accommodation and food. You should always check out the restrictions on these other expenses, like the limited number of days or the limited amount they cover.

Protects Belongings While on Travel

Whether your insured belongings are at your home or in your car while you travel, they are always protected. Suppose you suffer a loss due to theft or other covered risks. In that case, your insurance policy will cover all the expenses, no matter where you travel in the world.

Required by Landlords

Most landlords now require their tenants to have their renter’s insurance and demand proof before renting their apartment. This is because a landlord’s insurance policy covers their apartment in case of unpredictable damage. When tenants have their insurance, some of the damage’s responsibility can be pivoted away from the landlord.

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What Is Included in Renters Insurance?

Renters insurance helps you cover financial losses for your personal belongings. It generally covers three types of financial protection.

Personal Possessions

Your rental insurance will cover all your possessions, including your clothes and jewellery, in case of an unprecedented event. These events include fire, explosion, smoke, lightening, theft, vandalism, windstorms, or certain types of water damage.

While choosing your policy, you can either cover your belongings based on their replacement cost or the actual cash value. When you buy your renters insurance, you need to ensure that your provider offers you enough coverage to replace your possessions. You can create a detailed list of all your belongings along with their estimated cash value. Once you know the total amount of your belongings, you can opt for coverage accordingly.

Liability Protection

Your renter’s insurance will also keep you safe against any legal liabilities that arise due to a bodily injury of a third-party person. Or if any property damage is done by a family member or pets. In simple terms, if someone gets hurt in your apartment and decides to file a lawsuit against you, then your insurance provider will cover all the costs. These include lawyer fees, penalties, and documentation filing expenses.

You should also ensure that your insurance provider offers medical coverage as part of their liability protection clause. The coverage allows someone injured in your apartment to submit their medical bills directly to your insurance provider.

Additional Living Expenses Coverage

The renter’s insurance policy also covers your expenses if your apartment becomes uninhabitable due to the damages caused by an unpredictable event. It means that the insurance company will pay for your hotel bills, food bills, temporary rentals, and other expenses incurred during that period.

Your insurance company will calculate these additional living expenses by determining the difference between your ordinary living expenses and your current expenses. Usually, the total difference will be paid up by the companies. 

However, you should always read your insurance policy carefully to determine whether the company has a specified limited time duration or an amount they will cover.

Additional Coverage

A few insurance providers offer extra coverage services to their clients. It includes protection against bank fraud caused by your stolen debit or credit card, food spoilage due to a sudden breakdown of your fridge, or damages caused due to a terrorist attack.

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What Is Not Included in Renters Insurance?

While the renter’s insurance covers most of your personal belongings, there might be a few things that are excluded from their list. Additionally, it would help if you remembered that all renter’s insurance offers coverage only up to a limited amount. Therefore, it is essential to analyze the value of your personal belongings before you buy renters insurance.

  1. Renters insurance does not cover expensive jewellery or fine art due to the high-value limits imposed on these products.
  2. Flood damage is usually not covered under this type of insurance. However, the insurance company will cover damage caused by a faulty pipeline.
  3. Renters insurance does not include damage caused due to an earthquake.
  4. The insurance company will not cover any damage you caused due to your mistake. For instance, you lit up a cigarette and slept, which caused a fire in your apartment. This damage will not get covered under the renter’s insurance.

Should You Insure against the Actual Cash Value or Replacement Cost?

When you choose renters insurance, you have two options to consider. You can either insure your products based on their replacement cost or their actual cash value. The monthly premium you’ll pay will differ significantly based on your choice.

Replacement cost refers to what you paid for an item when you bought it. So, in case it is damaged, the insurance company will have to pay the total amount. For instance, if you purchased a dining table for $2,000 and it was destroyed in a fire, then your insurance company will pay you a total of $2,000 in coverage.

On the other hand, under actual cash value, your insurance policy will analyze the current value of your product and will pay you accordingly. They usually consider the depreciation caused to the product over the years. For instance, if the same dining table was 15 years old and had a few cracks on the glass and chipped-off wood, then your insurance company will pay you what your table is worth today.

Before deciding which type of coverage you want, you should first analyze your personal belongings and their value. If you have several expensive items, then paying for a replacement renter’s insurance would be worth the price. Otherwise, you can opt for the actual cash value option, which is much more affordable.

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How to Reduce the Cost of Renters Insurance

Before you buy your renters insurance, you should know about a few tricks you can use to lower your monthly premium.

Installing an Alarm System

Suppose you install a basic alarm that can alert you whenever a non-authorized person enters your apartment. In that case, there is a slightly less chance of burglary. Similarly, a fire alarm system would inform you before the fire can destroy your entire house. Installing these alarms will help you avoid basic mishaps and reduce your monthly premium.

Bundling Your Insurance Policies

Most insurance providers seek customers willing to buy more than one policy. To entice them, they offer great discounts when you bundle a few policies together. So, you can look up a company that provides multiple insurances and then buy a renters insurance policy with an auto insurance policy.

Comparing Policies at Comparewise

The best way to save money on renters insurance is to compare quotes from multiple providers. You can use Comparewise to filter out companies that suit your needs and then ask them to send you a quote. Our platform can also automatically shortlist the best insurance providers for you once you fill in your requirements and budget.

Getting a Group Insurance Policy

Getting an insurance policy with many people is always a great idea. It would help you score great discounts on your monthly premiums. You can take a renters insurance policy along with your roommates. However, you should be sure that you have enough understanding amongst yourselves and have determined the value of your personal belongings. You also need to decide who will manage the policy.

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Square One Insurance

  • Digital platform
  • Superior protection
  • Personalized coverage
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Types of Insurance Offered by Square One

We have already discussed the company’s overview and the advantages and disadvantages of taking insurance from this insurance provider. In this Square One insurance review, we will now talk about the range of services.

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Home Insurance

Every homeowner should get a home insurance policy to protect their house and belongings from unforeseen damage. In this section of the Square One insurance review, we’ll discuss the home insurance policy offered by this company.

Square One offers Canada’s first personalized policy. You can customize your coverages, deductibles, and limits. This gives you control over how much premium you could spend in a year. In simpler words, the company allows you to choose what to insure and how much to insure it for.

Their home insurance policy offers protection against fire, windstorms, or break-ins. The company also offers guaranteed building replacement coverage. When you agree to their suggested limit and incur a loss, the company will rebuild your home. This would be done even if the cost of the building exceeds your insurance coverage.

The claim process for their home insurance policy is also pretty simple and digital. The company assigns a dedicated adjuster to work with you from start to finish. Square One pays out 90% of claims on time. Additionally, the company allows you to make interest-free monthly payments against your insurance premium.

Home Coverages

This section of the Square One insurance review will discuss the home coverages offered in this policy. Under the home insurance policy, you can protect your building. The coverage protects your house on a guaranteed replacement cost basis. The building includes the main structure of your house, along with hot tubs, swimming pools, and garages.

Apart from the main building, you can also choose to cover additional structures located on your property. This includes workshops, garages, decks, lawns, fences, retaining walls, or gazebos.

Tenant Insurance

This section of the Square One insurance review will discuss the tenant insurance offered in this policy. If you rent a place in Canada, the house owner will probably have a home insurance policy. However, it is always best to secure your belongings with a tenant’s insurance policy. Additionally, most homeowners prefer tenants who have renter’s insurance.

Under the tenant insurance policy offered by Square One, you are free to choose your deductible, coverage, and limits. This helps you personalize your own policy based on your budget. The policy would protect you against loss that occurred to your rented house, including fire, theft, or accidental damage.

Square One gives you the option to get optional, additional coverages under both home insurance and tenant insurance.

Personal Property Coverage

In this section of the Square One insurance review, we will discuss the personal property coverage offered in this policy. This includes pre-packaged protection and protection for specialty property. The optional coverage allows you to protect your belongings from unforeseen damage.

Square One’s home insurance policy gives you the option to cover personal or portable equipment used for recreational activities. This includes hockey, fishing, golf, hand gliding, hunting, paragliding, snowboarding, or surfing. You can also choose to cover visual arts and collectibles. These include sculptures, limited edition prints, carpets, hand-knotted rugs, first edition books, porcelain crockery, or sports card collections.

Under this home insurance policy, you can also choose to cover personal goods like electronics, clothes, or furniture. In case you love to collect ornaments and watches, you can choose to cover them as well. These include watches, bracelets, rings, earrings, and precious stones.

APOLLO Insurance

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Apollo Personal Insurance

Investing in property and asset insurance can pay off in the long run.

It guarantees that your insurer will reimburse you for damaged or stolen items. Also, if you’re sued, you’ll be able to defend yourself in court and pay any settlement fees.

APOLLO Insurance provides the following personal insurance:

  • Renter’s insurance
  • Homeowners insurance
  • Wedding insurance
  • Boat insurance

I’ll explore these personal insurance options below.

Apollo Renter’s Insurance

As a renter, you may face unexpected situations that your landlord’s insurance policy doesn’t cover. This could include incidents like pipes bursting or the theft of your belongings.

With renter’s insurance, you can make a claim for:

  • Fire and smoke damage
  • Crime and vandalism
  • Personal liability
  • Water damage and extended water coverage
  • Additional living expenses

Apollo Homeowners’ Insurance

This type of coverage protects you and your belongings when an unanticipated situation occurs. It applies whether you own a five-bedroom house or a condo.

While it may not appear necessary, homeowners’ insurance covers you if your valuables are stolen or damaged. And if your house becomes uninhabitable.

Also, you won’t be burdened with an unmanageable financial expense if you’re found legally liable for someone getting hurt on your property. Your home insurance provider would cover legal and medical costs.

How to Buy Renters Insurance in Canada?

Buying an insurance plan to protect your personal belongings can be quite a tedious task. First, you have to look for insurance providers, verify their legitimacy, and compare tens of quotes you have received from multiple insurance companies. It can take up a lot of effort and time.

Instead, you can choose to use Comparewise and access our vast database of verified insurance providers. As a local Canadian company, we make finding insurance accessible and easy for you. By clicking on the ‘Get Started’ button on our homepage, you can fill up a short online form stating your requirements. Our smart algorithm will then match you with the best and the most trusted insurance providers who suit your needs.

Comparewise can be accessed from anywhere in Canada, saving you the time to research and set up face-to-face meetings with tens of insurance providers.

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Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

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April 3, 2022
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FAQs about
Renter's Insurance

What is renter's insurance?

Renter’s insurance is a policy that cover’s your rented home, apartment, townhouse, or condo. Renter’s insurance policies can be customized to include your furniture and belongings in addition to the home you rent.

Do I need renter's insurance?

Most landlords require a renter’s insurance policy to be in place when you move in. So generally, renter’s insurance is something you’re required to buy.

What does renter's insurance cover?

Renter’s insurance covers any damage that may happen to your rented home while you are living there. Your renter’s insurance policy can also be customized to include your furniture and other belongings.

How much does renter's insurance cost?

Renter’s insurance is very affordable with our partner, Square One Insurance. Their policies start at just $16/month!

You can also get great prices on renter’s insurance from APOLLO Insurance.

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