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Many renters in Canada don’t carry tenant (renters) insurance because they assume it will be expensive or difficult to obtain. Some also mistakenly believe their landlord’s policy covers their personal belongings—this is not the case. A 2021 TD survey found that roughly 40% of Canadian renters lack tenant insurance, leaving a significant portion of renters without protection for valuables, electronics and other personal items should they be damaged or stolen.

Requesting a tenant insurance quote is straightforward and should be one of the first steps after you move into a rental property. Below is a clear overview of what tenant insurance covers, optional add-ons to consider and practical tips for finding and applying for affordable coverage. When you’re ready, click the button above to compare quotes.

What is tenant insurance?

Tenant insurance, commonly called renters insurance, is a type of home insurance designed for people who rent an apartment or house. It protects your personal belongings against risks such as fire, theft and vandalism, and it provides liability coverage if someone is injured in your rented home or you accidentally damage someone else’s property.

What does tenant insurance cover?

Coverage varies by insurer and policy, but most tenant insurance plans include core protections and offer optional add-ons for additional risks. Typical components include:

• Contents: This is the core of most tenant policies. It helps repair or replace your personal items—electronics, furniture, clothing, jewelry and more—up to policy limits if they’re lost or damaged by covered perils such as fire or theft. Basic policies usually exclude many natural disasters like floods or earthquakes. If you own very valuable or unique items (art, antiques, high-value jewelry), speak with the insurer about additional coverage or endorsements. Contents coverage often applies even when your items are stolen outside your home, such as during travel. Insurers typically recommend keeping an inventory of valuable items to speed up any claim.
• Living expenses: If a covered loss makes your rental uninhabitable, this coverage helps pay for temporary living costs, such as hotel stays, meals and moving your belongings.
• Liability: Liability protection covers legal expenses and damages if you’re responsible for injuring someone or damaging another person’s property. Many basic policies include $1 million of liability coverage, with options to purchase higher limits.

Additional coverages

Insurers often offer optional endorsements that you can add for extra protection. Common add-ons include:

• Overland water (flood) coverage: This protects belongings against certain kinds of water damage from outside the property, such as flooding. It’s worth considering if you live near bodies of water or in a flood-prone area.
• Sewer backup: This covers damage from sewer or drain backups, which can be especially important if you live in a basement unit.
• Identity theft: This add-on helps cover costs related to identity fraud, such as legal fees and lost wages while you resolve fraudulent activity tied to your identity.

How to find cheap tenant insurance

Thanks to digital services, getting affordable tenant insurance online is easier than ever. You can request quotes directly from insurers or use a Canadian comparison site to see multiple quotes side by side. When comparing options, evaluate coverage details, deductibles, exclusions and customer service reviews rather than choosing solely on price.

Some practical ways to lower premiums include bundling tenant insurance with another policy (for example, auto insurance), maintaining a claims-free record, selecting a higher deductible, and asking about discounts through alumni associations, unions or professional organizations. Mentioning safety features in your home—smoke detectors, monitored alarms or fire extinguishers—can also sometimes reduce costs.

How to apply for tenant insurance online

Applying online is typically fast if you prepare in advance. Follow these steps:

• Research: Compare quotes and coverage options. If you already have another insurance policy, ask your current provider about renter coverage and potential bundle discounts. Read the policy wording carefully to understand limits and exclusions.
• Gather documents: Have your lease, ID and a basic inventory of your belongings ready—especially for any high-value items you might want listed separately.
• Complete the application: Fill out the online form accurately. Mistakes can delay approval. If policy terms are unclear, contact the insurer’s customer service before purchasing.

Frequently asked questions

Read more about tenant insurance:

• What is tenant insurance?
• How much is renters insurance?
• Watch: What is tenant insurance?
• Video: Is tenant insurance mandatory?