Tenant insurance calculator

What is a tenant insurance calculator?

A tenant insurance calculator is a convenient tool that allows you to estimate your monthly insurance costs without having to provide any personal information, such as your name or birthday. Its purpose is to give you an approximate idea of the range of premiums you might expect to pay, from the lowest to the highest amounts, based on your location. This is important information to have on hand before committing to a policy, as it can be used to weigh your options and ultimately, make an informed decision regarding your insurance needs as a renter in Canada. 

Remember, an estimate is not a quote. A quote can be accepted and purchased, forming a binding agreement. In contrast, an estimate, such as one generated by a calculator, provides only an approximate cost and cannot be accepted or purchased.

How to get a tenant insurance estimate

Getting a tenant insurance estimate with YouSet’s tenant insurance calculator is quick, easy, and anonymous. Here’s what you need to do: 

1. Select the kind of insurance you need 
2. Select the city you live in (or the one closest to you) 

Once you have an estimate, you can compare tenant insurance quotes from multiple insurers in one place and buy a policy online with YouSet. If you choose to do so, you’ll be asked more specific questions about yourself and your rental unit. Once those questions are complete, you’ll receive a quote in seconds that you can buy 100% online, if you so choose.

The difference between a tenant insurance estimate vs. quote

When you begin shopping for tenant insurance, it’s helpful to understand the difference between an estimate and a quote, as both are important in the decision-making process. 

While a tenant insurance estimate will give you an approximate price and is usually anonymous to complete, a quote can give you an exact price because it is based on the information you provide about yourself and your rental unit. You might want to get an estimate first so that when you start shopping around and requesting quotes, you have something to compare the quotes you receive to. 

Here’s a more in-depth breakdown of the differences:

Tenant insurance estimate

• Provides an approximate price range: A tenant insurance estimate provides you with a rough idea of what your premiums might be, offering a range rather than an exact figure.
• Anonymous:  It requires no personal information such as your name, birthday, or contact details, ensuring your privacy.
• Takes a few seconds to complete: Typically takes around 30 seconds to complete, making it a swift option for obtaining preliminary cost insights.
• No credit check required: Since an estimate doesn’t ask you for any personal details besides your general location, there is no credit check of any kind.

Tenant insurance quote

• Provides an exact price: A tenant insurance quote gives you an exact price based on the detailed information you provide about yourself and your rental unit. 
• Not anonymous: Personal details like your name, age, address, and more are all required to get a tenant insurance quote.
• Takes a few minutes to complete: A tenant insurance quote will take slightly longer to complete due to the amount and nature of the information required to provide an accurate and exact quote. 
• Triggers a soft credit check: When you request a tenant insurance quote, insurers will do a soft credit inquiry to determine how much risk you would pose to them as a client. This won’t affect your credit score but it may be factored into your premium. 

Average price of tenant insurance

Insurers always consider the location of your rental unit when calculating your premium. Cities with high crime rates, dense populations, or significant environmental risks such as wildfires or earthquakes typically incur higher tenant insurance costs due to these heightened risks. You can see the average monthly cost of tenant insurance among YouSet users in Ontario and Québec in the following table.

What factors are used to determine the cost of tenant insurance premiums?

Insurance companies use many factors related to you and your rental unit to determine the cost of your insurance premium. Although all insurers use a similar set of criteria to calculate your tenant insurance premium, which you will find below, the importance and weight given to each factor varies between companies.

• How old your building is (The year it was built) 
• How many other people live in the building (The number of units) 
• Where your rental unit is located in the building (The floor your unit is on) 
• How far your rental unit is to the nearest fire station and fire hydrant (The approximate distance) 
• When you will move in or did move in
• What pets do you have, if any
• How your rental unit is heated in the winter (The type of heating system)
• Presence of advanced security features (ex. Monitored security system) 
• Where you live (Your address) 
• How old you are (Your age) 
• Employment status
• Your gender
• How long you’ve had insurance for 
• How many claims you’ve filed, if any