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What is Tenant Insurance in Ontario?
In Ontario, tenant insurance, also called renter’s insurance or apartment insurance, offers the invaluable benefits of a homeowner’s insurance policy without covering the physical structure itself. While the landlord’s insurance safeguards the building, tenant insurance steps in to protect your personal belongings and liability whereas home insurance covers both for homeowners.
In essence, a comprehensive Ontario tenant insurance policy encompasses three essential coverages: liability insurance, contents insurance, and additional living expenses. By consistently paying premiums to your provider, you gain peace of mind, knowing you’re financially shielded from a range of tenant-related emergencies.
At Sharp Insurance, we’re not just insurance brokers in Ontario; we’re your trusted allies in navigating the complexities of tenant insurance in Ontario. Let us guide you through the process with expertise and care. With our seamless online platform, you can secure a tailored tenant insurance quote – all from the comfort of your own home. We also offer other solutions, such as:
- Home insurance in Ontario
- Auto insurance in Ontario
Get financial protection from the top companies in the insurance industry now! It’s quick and easy to get a free online Ontario renter’s insurance quote today.
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What Does Tenant Insurance Cover in Ontario?
In Ontario, your tenant insurance coverage will depend on what insurance coverage you require. A standard insurance policy will include the below:
- Contents insurance: Helps you replace your belongings, including furniture, clothing, appliances and more after an insured claim.
- Personal liability: If a visitor gets hurt or has their stuff damaged in your rental unit because of your unintentional actions, having tenant liability insurance in Ontario will help you cover damages, bodily injury and legal expenses if you’re sued.
- Additional living expenses: If you’re forced from your rental unit because of a mandatory evacuation or a covered claim, this will help you cover expenses, including accommodation, food and transportation.
Some tenant insurance policies also include additional protection for things like identity theft and spoiled food. These coverage options will depend on your insurance coverage details, so talk to a Sharp Ontario tenant insurance broker to ensure you fully understand how your policy covers you. Your own tenant insurance policy will differ from another tenant depending on your needs.
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How Tenant Insurance Works in Ontario?
Tenant insurance won’t cover anything that isn’t yours Your landlord’s insurance will cover the structure of the home, condo or apartment, appliances and more. For example, if you rent a furnished apartment, your renter’s insurance won’t replace the furniture after a fire. However, if you rent an unfurnished apartment or supply some of your own furniture, your tenant insurance may cover it. Exactly what’s covered will depend on your renter’s insurance policy details. It’s essential to work with one of our Ontario insurance brokers to ensure you’ve got the protection you need and understand your coverage.
Tenant Liability Insurance in Ontario Protects you
One of the biggest components of your tenant insurance in Ontario is the liability portion. Personal liability protects you financially if you unintentionally cause property damage. If your landlord decides to pursue you for the repair costs or sues you, your tenant liability insurance in Ontario may cover you.
- Imagine this scenario: You’re making breakfast and you leave the stove unattended for a minute or two. A grease fire breaks out, expands and damages both your rental unit and the unit beside you. Because your actions caused the damages, you would be held liable for the repair costs.
- Now imagine another example: You’re hosting a get-together with coworkers, and someone slips and falls in your recently mopped hallway. They hold you financially responsible for their medical bills.
Your tenant liability insurance in Ontario would cover you. Without insurance, you’d have to pay to recoup the injured person’s medical bills. These costs can range from the tens of thousands of dollars to hundreds of thousands of dollars. Without insurance, you’d be left paying for their medical bills.
Recommended policy limits for tenant liability insurance in Ontario can range between $1 million and $2 million. It doesn’t cost much to increase your tenant liability limits and it can go a long way to protect you if anything happens. Contact our insurance brokers in Ontario to guide you through the entire process
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Tenant liability insurance: A $2 Million Liability Coverage
This coverage is arguably one of the most crucial, given the amount a lawsuit or liability claim could cost you without it. This coverage gives you peace of mind if you directly or indirectly cause damages to your unit or building or accidental harm to a third party or guest. This coverage offers reimbursem*nt for bodily injury claims.
Is Tenant Insurance Mandatory in Ontario?
Tenant insurance isn’t mandatory in Ontario. However, your landlord may require you to have coverage as part of your lease agreement. This ensures there is no legal trouble between you and your landlord if something is damaged, as each of you has your own insurance.
Can my landlord force me to get renters insurance in Ontario?
Well as a short answer, a landlord cannot force you to get renter’s insurance in Ontario, but they usually include it as a requirement in your lease agreement. So, If you sign a lease that includes a clause requiring renter’s insurance, you are contractually confirmed that. This practice is common in Canada as it helps protect both the tenant and the landlord in case of unexpected events. It’s always a good idea to review your lease agreement carefully and discuss any concerns with your landlord before signing. We also encourage you to contact our renters insurance broker in Ontario to make sure you are protected.
How Much is Tenant Insurance in Ontario?
The cost of tenant insurance in Ontario ranges from approximately $200 to $500 per year, or $10 to $50 per month. The cost of tenant insurance depends on several factors, including:
- Your insurance and claims history
- Your credit rating
- How much it would cost to replace your items
- The claim and crime rate of your area
- The frequency and severity of natural disasters in your area
- How close you are to risks like rivers
- Eligible discounts
- Policy options (e.g., loss settlement, policy limits, deductible and coverage)
What Does Renters Insurance Cover in Ontario?
You have a lot of choices when it comes to buying your own renters insurance policy in. First, you must decide what level of coverage you need.
Below are the most common types of tenant insurance coverage:
Named perils or basic coverage
These policies cover specific perils.
Broad coverage
Covers your home for a comprehensive list of perils but provides only named perils coverage for your contents.
Comprehensive coverage
Offers the most protection for your home and personal items. Offers coverage for everything unless it’s specifically excluded.
The more comprehensive the coverage, the better the protection but it may come with a slightly higher premium.
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What is Not Covered Under a Typical Ontario Tenant Insurance Policy?
There are circ*mstances where damages won’t be covered by your tenant insurance policy. Common scenarios not covered, include:
- Wear and tear of the unit
- Mould
- Damage caused by insects, vermin and animals
- Damages caused by a property left vacant and unmonitored
- Any damages caused by illegal activities
- War or terrorism
- Nuclear incidents
If your home is left vacant for more than 30 days in a row, you may not have any insurance protection
If you don’t have the add-on protection for earthquakes and landslides, sewer backup or flooding, you won’t be covered if that’s the cause of damage. If you’re unsure, always ask one of our experienced brokers for advice.
Ontario Tenant Insurance Add On’s
In addition to a standard tenant insurance policy, you may want to include additional coverage that suits your situation. When it comes to tenant insurance, Ontario has a few possible perils you may want to cover. Add-ons can include the following:
Sewer backup
Covers damage caused by sewer or drain backup.
Overland water
Covers flood damage caused by the overflow of lakes and rivers, snowmelt and precipitation.
Groundwater
Some insurers offer coverage if groundwater rises and floods your home.
Earthquake
Covers damage caused by earthquakes, landslides and other earth movements.
Identity theft
Extends any existing identity theft coverage beyond the standard offering.
Floaters
There are usually limits on the amount that is paid out per item in a covered claim. Usually, this limit is more than enough to replace the item, but in the case of art, jewellery, collections, sports equipment and electronics, it may not be enough. You can get a floater to extend the single-item limit to the amount it would cost to replace this item (or items).
If you rent a basem*nt suite, we strongly recommend getting as much water damage coverage as possible. Some of the coverage options listed above may also be included as part of a comprehensive tenant insurance package. We Also recommend you to check our Condo insurance in Ontario.
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Why You Need Renter’s Insurance in Ontario
There are a few reasons why you should have renter’s insurance in Ontario:
- It may be required by your landlord.
- You may not be able to afford to replace your belongings if something unexpected happens.
- Lawsuits are expensive. If a visitor to your rental space is hurt or their stuff gets damaged or you caused unintentional damage or injury, you may get sued.
- You want to worry less about the what-ifs.
What’s the Difference Between Home Insurance and Tenant Insurance in Ontario?
Home insurance is sometimes used as a blanket term for all types of property insurance: house, condo and renter’s insurance. Renter’s insurance, often called tenant insurance, is property insurance designed specifically for tenants. Tenant insurance provides different coverage than traditional home insurance and is usually much more affordable because home insurance coverage includes both the property building and your belongings.
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How Much Tenant Insurance do i need?
The amount of tenant insurance you’ll need in Ontario will depend on how much it costs to replace your personal items and how much protection you require. We usually recommend an all-risk or comprehensive policy with content limits of at least $30,000 and a personal liability limit of at least $1,000,000. But it’s always prudent to speak to one of our tenant insurancebrokersin Ontario for advice.
As experienced Ontario tenant insurance brokers, we can help you decide what coverage best fits your needs and budget. Plus, we’re here to answer any of your questions and get you the best price for the protection you need.
Business & Commercial Tenant Insurance
Say you’re a business that’s looking to set up its physical shop, and your potential landlord wants you to acquire either commercial tenant insurance or commercial general liability insurance policy. What do you do? Which is the best choice? Commercial tenant insurance contains coverage that’s also referred to as tenant legal liability insurance, which is included as part of a typical commercial general liability insurance policy. Tenant’s legal liability insurance may cover you if you or your employees cause damages to the building that you rent.
A landlord could require a commercial tenant insurance policy during your lease signing, so be prepared to work with a Sharp Insurance broker to find a comprehensive policy for your business.
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How to Submit a Tenant Insurance Claim in Ontario
Submitting a claim is easy. You can submit your claim through our app or web portal or give us a call. You can also submit a claim directly with your insurer. You can find the number of your insurer on your app or web portal as well as on your insurance documents.
Here are some tips to make the claims process easier for you:
- Document the damage as much as possible and try to get pictures and videos if you can. If there’s a police report, obtain a copy and document everything.
- If you need to vacate your home for a covered claim, you can get help with extra costs, including additional living expenses, accommodation, food and transportation. Make sure to keep all your receipts.
- Make a list of everything that was damaged, destroyed or stolen. It helps if you have a home inventory list for reference, or even photos and videos from before the damage happened.
- A claims adjuster will be in touch. They investigate the loss and will usually want to interview you. Next, you’ll be offered a settlement. The claim is closed when you accept the amount and payment is sent out.
We’re here to help you with your claim. We can answer any of your questions and advocate on your behalf.
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What is High-risk Renter’s Insurance in Ontario?
Are you considered a high-risk renter in Ontario? An insurance company will label you high-risk if you have:
- Had multiple claims
- Been cancelled for non-payment
- Been cancelled by an insurance company for a reason other than non-payment
You can still get renter’s insurance even if you’re considered to be high-risk, but it may be harder to get the premium and coverage options you want.
How Do I Get Affordable Tenant Insurance in Ontario?
- Bundle your tenant and auto insurance policies
- Raise your deductible
- Ask about other discounts
- Review your insurance annually
Work with a Sharp Insurance tenant broker today — it’s the best way to lower the cost of your Ontario tenant insurance. We take care of the price shopping and make sure you’re getting the discounts you’re eligible for.
How Does a Tenant Insurance Deductible Work?
In Ontario, need to pay a deductible before your insurance provider can cover the loss. Deductibles usually range from $250 to several thousands of dollars. The higher your deductible, the lower your tenant insurance premium We recommend choosing the highest deductible you can comfortably afford. Your insurance company may offer you a benefit where your deductible is lowered each claims-free year you have.
What Are Insurance Policy Limits?
A policy limit is the maximum amount you’ll get if you submit an insurance claim that’s covered. There may be different limits for different areas of your policy. You often have a single limit for each item as well as different, separate limits for a personal liability claim.
When you buy your renter’s insurance policy, you will need to choose your policy limits. You should choose an overall limit that will cover replacing your stuff but isn’t so high that you’re paying for coverage you don’t need. As Ontario tenant insurance brokers, we can help you choose the right policy limits for your needs and budget.
What Are My Loss Settlement Options for Tenant Insurance in Ontario?
The loss settlement determines the amount you’ll receive if your personal possessions are destroyed. Generally, there are two options available:
- Actual cash value: This is the market price or purchase price minus depreciation.
- Replacement cost: This is the cost to replace the item as is.
Work with the Best Ontario Tenant Insurance Brokers
At Sharp Insurance we use technology to make insurance as easy and convenient as possible.
With us, you have the freedom to manage your insurance whenever and wherever you want through our app and online portal. Download or print your pink card, request a change, submit a claim or review your policy documents whenever you want. It works on your smartphone, tablet or computer so you can make changes when it’s convenient for you.
We’re an independent brokerage, which means you get competitive tenant insurance quotes and the best coverage for your personal housing needs.
Fill out the quote form or give us a call to get your free tenant insurance quote today!
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Best Tenant Insurance Companies in Ontario
We work with the best insurance companies in Ontario. Since we’re an independent brokerage, we work with a variety of insurers that offer variable insurance rates. That means you get competition and choice with your tenant insurance policy. We’re always growing our network of insurers to offer you better coverage and better prices. Currently, we work with the following highly rated insurance companies:
Tenant Insurance Locations
If you’re interested in exploring tenant insurance policy coverage in other Canadian cities, please refer to the following locations:
- Alberta Tenant Insurance
- Calgary Tenant Insurance
- Edmonton Tenant Insurance
- Fort McMurray Tenant Insurance
- Grande prairie Tenant Insurance
- High prairie Tenant Insurance
- Lethbridge Tenant Insurance
- Medicine Hat Tenant Insurance
- Red Deer Tenant Insurance
- Kanata Tenant Insurance
- Ottawa Tenant Insurance
- Toronto Tenant Insurance
Ontario Tenant Insurance FAQ
Sharp Insurance believes in the phrase “knowledge is power.” Too few renters in Ontario have zero insurance or lack sufficient insurance and are left floundering when the unexpected happens.
The average cost of tenant insurance rates in Ontario ranges from $200 to $500 per year or $10 to $50 per month. This is an estimate and the actual cost will depend on many factors, like insurance history, credit score, and more.
There are a few ways you can lower your tenant insurance in Ontario:
- Bundling policies: Consider bundling your tenant and auto insurance policies with the same insurance provider to receive a discount.
- Raising deductibles: Increasing your deductible can lower your premium, but make sure it is an amount you can comfortably afford in case of a claim.
- Inquiring about discounts: Ask your insurance provider about any available discounts, such as for being a non-smoker or having a security system in your rental.
- Annual review: Review your tenant insurance annually with your broker to make sure you are getting the best price and coverage for your needs.
Landlord insurance covers the building and structure of a property without the belongings, and the opposite applies to tenant insurance. Both are equally important for landlords and tenants to protect their belongings in case of accident or loss.
Some common tenant insurance claims include theft, fire damage, water damage, and liability claims for injuries or damages caused by the tenant. We can help you understand your policy and make sure you are properly covered.
Yes, any previous property insurance claims you made will affect the cost of your tenant insurance. If you made multiple claims before, you are considered higher risk and the insurance company may charge a higher premium to insure you. That being said, it’s important to tell your insurance company if you have any previous claims to avoid any potential future coverage issues.
- Bundle your tenant and car insurance policies
- Raise your deductible
- Ask about other discounts
- Review your insurance annually
Work with a Sharp Insurance tenant broker today — it’s the best way to lower the cost of your Ontario tenant insurance. We take care of the price shopping and make sure you’re getting the discounts you’re eligible for.
