Buy better tenant insurance in Ontario for less
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Cost of tenant insurance in Ontario per month – $27
The average cost of tenant insurance in Ontario is $27 per month among YouSet users. While this figure should give you a better sense of what you might expect to pay for tenant insurance monthly in the province, remember that premiums are calculated using a variety of factors, including the location and features of your rental unit, the value of your personal belongings, and your insurance history. As a result, your premium might end up being higher or lower than the average.
Cost of tenant insurance in Ontario per year – $325
In Ontario, the average cost of tenant insurance is $325 per year among YouSet users. It’s important to note that this figure reflects the price of comprehensive tenant insurance, which provides more extensive coverage at a slightly higher price point compared to basic policies.
Cost of tenant insurance in Ontario by city
One of the factors that will be used to calculate your premium is the location of your rental unit. Cities with higher crime rates, population densities, environmental hazards, or construction costs generally pose a greater risk to insure. Therefore, tenants residing in such cities may pay higher premiums to appropriately reflect these risks.
The following table highlights the average cost of tenant insurance in Ontario’s biggest cities.
| City | Cost of tenant insurance per year |
| Toronto | $312 |
| Ottawa | $314 |
| Mississauga | $306 |
| Hamilton | $314 |
| Kitchener-Waterloo | $273 |
| Brampton | $355 |
| London | $323 |
| Windsor | $318 |
| Vaughan | $298 |
| Markham | $282 |
| Oshawa | $333 |
Ontario tenant insurance pricing trend
Prices across the insurance industry, including tenant insurance, have increased in recent years, in part due to factors such as inflation, rising repair costs, and changes in risk assessment.
You can see how the price of tenant insurance in Ontario has fluctuated over time in the table below.
| Year | Cost per year |
| 2024 | $325 |
| 2023 | $306 |
| 2022 | $342 |
Amount of contents insurance coverage Ontario
The amount of contents insurance, also known as personal belongings coverage, you opt for will depend on what belongings you own, how many belongings you own, how much they’re worth, and how much you want to spend on tenant insurance. Based on YouSet data though, 57% of renters in Ontario get $25,000 to $30,000 in contents insurance coverage.
| Content insurance coverage amount | % of renters |
| $20,000 – 25,000 | 30% |
| $25,000 – 30,000 | 57% |
| $30,000 – 35,000 | 7% |
| $35,000 – 50,000 | 3% |
| $50,000 – 70,000 | 2% |
| $75,000+ | 1% |
Amount of liability insurance coverage Ontario
The amount of tenant liability insurance you opt for will depend on your personal circumstances, risk preferences, building size, and landlord’s requirements. Based on YouSet data though, the majority (87%) of renters in Ontario get $1,000,000 in tenant liability insurance coverage.
| Liability insurance coverage amount | % of renters |
| $1,000,000 | 87% |
| $2,000,000 | 13% |
Most common tenant insurance claims in Ontario
The five most common types of tenant insurance claims among YouSet users in Ontario are burglary, flood, fire, water damage, and windstorm-related incidents. The table below shows the frequency of these claims and the average claim amount for each. You may use this information to decide which additional coverages to add to your policy and the appropriate coverage amounts.
| Type of claim | Claim amount |
| Burglary | $7,837 |
| Flood | $8,666 |
| Fire | $16,847 |
| Water | $8,095 |
| Windstorm | $5,000 |
Ontario tenant insurance calculator
Want an estimate? Our Ontario tenant insurance calculator is a quick, easy, and anonymous way to get a sense of what other renters in your area typically pay for insurance. This is information you can use to weigh your options and ultimately, make an informed decision regarding your insurance needs and budget as a renter in Canada.
How to get cheap tenant insurance in Ontario
Want to pay less for tenant insurance without sacrificing coverage and peace of mind? If so, here are five tips to help you find cheap tenant insurance in Ontario.
Compare quotes
You’ll never know you’re overpaying for tenant insurance unless you compare quotes. Fortunately, the YouSet platform can save you the trouble of doing so manually by automatically comparing prices from multiple insurers in minutes. On average, this saves users up to 29%!
Bundle your policies
If you have car insurance, bundling your insurance policies is a great way to get cheaper tenant insurance. In fact, doing so with YouSet can save you up to 15% more.
Choose a deductible you can afford
A higher deductible – what you pay out-of-pocket for a claim – is a well-known way to get cheaper tenant insurance. Just be sure you can actually afford it if there comes a day when you need to file a claim.
Avoid making claims
Insurance companies love low-risk clients, so the longer you go without filing a claim, the more likely you are to receive discounts that lower your premium. Therefore, only file a claim if it’s really necessary.
Pay annually
If you can manage it, ask to pay your premium for the year upfront. This not only can result in discounts but also saves you from paying the 2-4% interest typically incurred with monthly payments.
Ontario tenant insurance from $12/month
As a digital broker, YouSet is uniquely positioned to help renters, just like you, save money on insurance. Through partnerships with some of Ontario’s most recognizable insurers and our proprietary technology, we’re able to secure you the most competitive rates and apply exclusive discounts for you, resulting in savings of up to 29%.
Is it mandatory to have tenant insurance in Ontario?
While it is not legally mandatory to have tenant insurance in Ontario, many landlords and property management companies will require it as part of their standard lease agreements.
What is the average cost of tenant insurance in Ontario?
The average cost of tenant insurance in Ontario among YouSet users is $325 per year and $27 per month. However, policies can cost as little as $12 per month.
What insurance do tenants need in Ontario?
Tenants in Ontario need insurance that provides coverage for personal belongings, tenant liability, and additional living expenses. The coverage limits you select for each, along with any optional add-ons like water damage or identity theft, will depend on your individual needs and circumstances.
What happens if you don't have tenant insurance in Ontario?
If you don’t have tenant insurance in Ontario, you bear total financial responsibility in the event of a disaster. This means it would be up to you to pay for your lost or damaged belongings, temporary relocations, as well as legal and medical expenses resulting from accidents or injuries you’re liable for. These expenses aren’t covered by your landlord’s insurance and can result in significant costs. Therefore it’s wise to err on the side of caution and buy tenant insurance for your own protection.
What city has the highest tenant insurance rates in Ontario?
The city that has the highest tenant insurance rate in Ontario among YouSet users is Hanover, with the average premium costing $1,297 a year.
How much contents insurance do you need in Ontario?
When determining how much contents insurance you need, consider the value of your personal belongings. Most renters in Ontario typically opt for coverage between $20,000 and $30,000. In fact, 87% of YouSet users choose an amount within this range.
Making it easier to buy tenant insurance online since 2017
Since 2017, YouSet has been making it easier for Canadians to buy tenant insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the lowest-priced offers. With over 250,000 users and an average rating of 4.9 stars on Google and Facebook, YouSet is a trusted way to get the coverage you need for less.
