Furnishing an apartment from scratch isn’t just a hassle—it can cost you over $8,000. That’s according to Furniture Bank, a Toronto-based charity that helps individuals and families in need. Between the sofa, bed, dining table, and everyday items like cookware and bedding, the expenses add up quickly, especially once you factor in taxes and delivery fees.
So, when renters come across a fully furnished apartment, it can feel like hitting the jackpot. After all, you’re not just saving money—you’re also saving yourself the time, effort, and stress of turning an empty unit into a comfortable place to live.
But there’s one common misconception that could leave you financially vulnerable: assuming that because you didn’t bring the furniture, you don’t need tenant insurance.
In this article, you’ll learn why that assumption could end up costing you hundreds, if not thousands, of dollars.
Do you need tenant insurance for a furnished apartment?
Yes, you should still have tenant insurance even if you’re renting a furnished apartment. That’s because tenant insurance covers your stuff (the belongings you bring with you).
And you’d be surprised just how much that “stuff” is worth.
Clothes. Personal tech. Sports gear. Gaming consoles. Musical instruments. The things you rely on every day add up fast. Just take a look at the table below:
| Personal belongings | Potential cost |
| Wardrobe (clothing, shoes, handbags, sunglasses, etc.) | $2,000–$5,000+ |
| Personal tech (smartphone, smartwatch, e-reader, tablet, laptop, etc.) | $1,000–$3,000+ |
| Personal Care (makeup, hair tools, grooming devices, etc.) | $300–$1,000+ |
| Small appliances (blender, coffee maker, air fryer, etc.) | $200–$1,000+ |
| Gaming (Xbox, PlayStation, Nintendo Switch, VR headset, gaming computer, etc.) | $500–$2,000+ |
| Furnishings (dishware, glassware, bedding, towels, etc.) | $300–$800+ |
| Media (books, records, games, DVDs, etc.) | $200–$1,000+ |
| Sports equipment (bicycle, hockey gear, golf clubs, skis, snowboard, etc.) | $500–$2,500+ |
| Musical instruments (guitar, keyboard, amp, etc.) | $300–$3,000+ |
| General hobbies (fitness equipment, photography gear, art supplies, etc.) | $100–$3,000+ |
Even if you don’t own everything listed, there’s a good chance you own enough of it that replacing it all could easily cost thousands of dollars. And that’s money you’d have to pay out of pocket if you didn’t have insurance and something like a fire, break-in, or water leak were to damage the belongings in your apartment.
If you think you’d have a hard time coming up with thousands of dollars out-of-pocket at a moment’s notice, you’re not alone. 60% of respondents in a 2024 RBC study reported feeling like they don’t have enough money to cover unexpected expenses, like this.
Fortunately, tenant insurance is a smart, cost-effective solution. Starting at just $8 a month from YouSet, tenant insurance not only covers the types of belongings listed above but also offers liability and additional living expenses coverage, making it a comprehensive safety net.
5 reasons why furnished apartments still need tenant insurance
There’s more than just one reason why you still need tenant insurance if you’re renting a furnished apartment. In fact, here are five to consider:
- Requirement of your lease: Tenant insurance is often a condition in lease agreements, which you agree to uphold by signing. Failing to have it could breach your contract.
- Protects against liability risks: Tenant insurance includes liability coverage so that expenses like medical or legal costs are covered if you’re responsible for injury or property damage to others.
- Covers displacement costs: If your apartment is deemed uninhabitable due to a covered event, tenant insurance can help pay for the additional living expenses.
- Relatively affordable: On average, YouSet users pay $27 a month for tenant insurance in Ontario and $18 in Quebec, with policies starting at $8. Considering what it covers, this is a relatively small price to pay for the peace of mind it offers.
- Personal belongings besides furniture: Contents insurance for your personal belongings is a standard component of tenant insurance and is meant to protect what moves into the apartment with you.
Next steps
Just because your apartment comes furnished doesn’t mean you’re free from the risks that tenant insurance is designed to cover. Fires, theft, water damage, and liability claims don’t care whether the couch came with the place, and going without insurance could even breach your lease.
That’s why it’s smart to get a policy that covers the value of your personal belongings and at least $1 million in liability. With YouSet, you can do it all in under 4 minutes.
