Tenant insurance for renters in Ontario
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Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Since 2017, YouSet has been making it easier for Canadians to buy tenant insurance online. Today, YouSet has over 300,000 users and an average rating of 4.9 stars on Google and Facebook.
What does renters insurance cover in Ontario?
Home to 39% of Canada’s population, Ontario is the country’s most populous province. Of its residents, 31.4% of households are renters, and as a renter, you face the same risks as homeowners: fires, thefts, injuries, and property damage. Fortunately, renters insurance covers your personal belongings, liability, displacement costs in the event your rental unit becomes uninhabitable and possibly more!
Personal belongings
Personal belongings coverage, also known as contents insurance, protects your possessions should they get damaged or lost as a result of a covered peril.
Tenant liability
Tenant liability coverage protects you financially if you are held responsible for unintentionally causing an injury to another person or damaging their property.
Additional living expenses
Additional living costs coverage provides financial assistance for the expenses incurred if you’re unable to temporarily live in your rental unit due to a covered event.
Water damage
While water damage that is unexpected and unpredictable is typically covered, there are other types which require optional coverage, such as overland, above-ground, or sewer backup coverage.
What is the average cost of tenant insurance in Ontario?
The average cost of tenant insurance in Ontario is $27 a month, or $324 a year, among YouSet users.*
While this figure should give you a better sense of what you might expect to pay, remember that premiums are calculated using a variety of factors, such as the location of your rental unit and your insurance history. As a result, your premium might end up being higher or lower than the average.
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 per month | Cost per year |
| Toronto | $26 | $312 |
| Ottawa | $26 | $312 |
| Mississauga | $26 | $312 |
| Hamilton | $26 | $312 |
| Kitchener-Waterloo | $23 | $276 |
| Windsor | $27 | $324 |
| London | $27 | $324 |
| Oshawa | $28 | $336 |
Do I legally need renters 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.
Even if it’s not required, renting without insurance means you are fully financially responsible for any lost or damaged belongings, temporary relocations, as well as legal and medical expenses resulting from accidents or injuries you’re liable for. That’s why it’s always a smart idea to buy tenant insurance for your own protection.
How much contents insurance should you get?
According to YouSet policy data, 57% of renters in Ontario get $25,000 to $30,000 in contents insurance. How much you need though will depend on how many belongings you own and the value of those belongings. For example, a young adult with fewer possessions might choose a $30,000 coverage limit, while a family with more items – especially expensive ones – might opt for a higher limit of up to $100,000.
| 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% |
How much liability insurance should a tenant have in Ontario?
Based on YouSet data, the majority (87%) of renters in Ontario get $1,000,000 in tenant liability insurance coverage. How much you opt for will depend on your personal circumstances, risk preferences, building size, and landlord’s requirements.
For example, at YouSet, renters can choose between a $1 million and $2 million coverage limit. While $1 million is the minimum, $2 million is commonly required by landlords, especially for those living in large, multi-unit buildings, where accidents can cause extensive and costly damage.
Top insurance claims among tenants in Ontario
The top insurance claims among YouSet users who are tenants 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 |
*All figures were extracted from YouSet policy data in May 2024
Ontario tenant insurance calculator
Want an estimate? Our tenant insurance calculator is a quick, easy, and anonymous way to get a sense of what other renters in some of Ontario’s biggest cities pay for insurance with YouSet. 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.
How to get cheaper 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 cheaper tenant insurance.
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.
Tenant insurance starting at $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%.