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Frequently asked questions about tenant insurance in Canada

If this is your first time renting, let’s answer some of the most frequently asked questions you may have.

Is renters insurance mandatory? Is it a legal requirement?

Renters insurance isn’t a legal requirement. However, it is often a mandatory requirement from most landlords and they will include it into the lease contract. If it is included into the contract, you are obligated to purchase it. Not doing so could break the terms of agreement.

Why should I get tenant insurance?

If you don’t have tenant insurance any of your personal belongings like furniture, electronics will not be covered in case of damages or theft. Also, if something happens to the property and makes it unfit to live in while under repair, tenant insurance will also cover you while you have to stay somewhere else. One additional great reason to get tenant insurance is in case a visitor to your home gets injured. If they decide to sue you, your renters insurance policy will cover you.

How much does renters insurance cost? Is it worth it?

The average tenant insurance policy will cost around $20/month. Costs vary depending on property type, your insurable assets, location and the type and history of your building, and your credit score.

What is not covered in a standard condo insurance plan?

General wear and tear is not covered. Any damages caused by illegal activity will also not be covered.

Will tenant insurance providers do a credit check?

Not usually, however some providers will do a credit check. There is a correlation between credit score and likelihood of filing a claim. If you have a good credit score, you may be able to get a better rate on your tenant insurance.