As a tenant, you are not legally obligated to get tenant insurance in Ontario. Some people feel that if they don’t own the property, they don’t need insurance. However, tenant insurance is an important thing to have.

What is tenant insurance?

Also known as renter’s insurance, tenant insurance covers all of your belongings in your apartment. Most people have a computer, a mobile phone, a TV and jewelry that are worth money, and replacing all of these things at once can be extremely pricey. Tenant insurance will pay the replacement cost for your contents if they are stolen or damaged. 

What else does it cover?

Different policies cover different things, and you can customize your renter’s insurance to cater to your needs. But these are the basics:

• Contents: It covers the loss of your personal belongings (including furniture and clothing) if they are stolen or damaged due to flood, fire or some other catastrophe.

• Personal Liability: It protects you if someone gets hurt while visiting your home, covering things like medical bills and lost wages.

• Additional Living Expenses: If your home becomes uninhabitable due to damages, your tenant insurance will pay for a temporary place to live as well as your meals and other expenses.

If you own a dog, tenant insurance is a must, as pets are considered property. Tenant insurance will protect you if your dog bites someone. Any expenses due to the bite will be paid to that person, so you won’t have to pay out of your own pocket.

You may also have extra or premium items, like fine artwork or an expensive engagement ring. These premium items will also be covered for an additional fee based on the value of each item.

Should I get it?

The short answer is yes. Tenant insurance will protect you and your belongings in case of theft, fire, flood or any other accident that may occur in your apartment. It will cover you in case a visitor has an accident or is bitten by your dog. It’s generally quite affordable, and the small cost is definitely worth the peace of mind.