Best Toronto Tenant Insurance
What is renter insurance?
Think of it as a safety net for your stuff when you're renting a place. Your landlord's insurance usually only covers the building itself, not your personal belongings inside.
Renter insurance steps in to help if things like fire, theft, vandalism, or even some water damage (like a burst pipe, not usually floods) happen to your furniture, electronics, clothes, and other possessions. It can also cover you if someone gets hurt in your rental and you're found liable, or if you need to temporarily move out during home repairs.
Do I need renter insurance?
Renter insurance isn't legally required in Ontario, but it's definitely a smart move. Think of it as affordable peace of mind, protecting your valuables from unexpected events that your landlord's insurance won't cover. Plus, if your lease states you must have it and an incident occurs, you may be on the hook for negligence if it’s determined you do not.
Choosing a Provider
Best Option: Bundle it!
You can secure the best rate on renter insurance by bundling it with an existing policy, such as car insurance. Additionally, some banks offer renter insurance, which can be convenient; however, in our experience, the rates at banks are typically higher than those offered by dedicated insurance providers.
Our Top Recommendation
If you don’t have any other policies to bundle your insurance with, our top recommendation is Duuo by the Co-Operators.
Why they’ve earned our trust:
Easy Cancellation: No cancellation fees! This makes it easy to see if it’s the right choice for you, or to leave without a penalty if you need short-term coverage.
Affordable: Coverage starts from as little as $17/month, which in some cases may be all you need.
Education-Focused: Around here, we’re big fans of power through information. Duuo’s platform, blog articles, and policies make everything about renter insurance easy to understand.
Not sure who to choose?
Searching “renter insurance” or “tenant insurance” on Reddit, especially in /askTO or /TorontoRenting, can help you find popular providers and read about others' experiences with claims.
