Renters insurance (also called tenant insurance) is one of the best financial deals available to Canadians. For as little as $15–30/month, you protect your personal belongings against theft and damage, cover your liability if someone is injured in your rental, and pay for temporary accommodation if your unit becomes uninhabitable. Yet less than 40% of Canadian renters have it. This guide explains why every tenant needs it.
Your landlord's home insurance covers the building — it does not cover your stuff. If a fire, theft, or burst pipe destroys your furniture, laptop, clothing, and kitchen appliances, you are entirely on your own without renters insurance.
Do a quick mental inventory of everything you own in your rental: furniture, electronics (laptop, TV, gaming systems, camera), clothing and shoes, kitchen equipment, sporting gear, books, and other personal items. Most renters are surprised to find they own $20,000–$60,000 in personal property. All of it can be lost in a single fire or theft event.
Standard renters insurance provides $30,000–$100,000 in contents coverage. Choose a limit that genuinely reflects what you own. Special limits often apply to high-value items like jewelry ($1,000–$5,000 per item), bicycles ($500–$1,000), and electronics — schedule valuable items separately for full coverage.
The liability component of renters insurance is arguably as important as the contents coverage. Consider these scenarios:
Without liability coverage, you could be personally responsible for tens or hundreds of thousands of dollars. Standard renters insurance includes $1 million–$2 million in personal liability coverage — enough to cover the vast majority of scenarios.
If your rental unit is made uninhabitable by a covered loss (fire, smoke, water damage), additional living expenses coverage pays for your temporary accommodation, meals, and other costs while repairs are made. Hotel stays in major Canadian cities cost $150–$300+/night — this coverage can save thousands during a displacement period.
Renters insurance is remarkably affordable — it is one of the least expensive insurance products available. Average costs in 2025:
| City / Province | Typical Monthly Premium | Annual Cost |
|---|---|---|
| Toronto, ON | $20–$35 | $240–$420 |
| Vancouver, BC | $22–$38 | $264–$456 |
| Calgary, AB | $18–$32 | $216–$384 |
| Montreal, QC | $15–$25 | $180–$300 |
| Ottawa, ON | $18–$30 | $216–$360 |
| Halifax, NS | $15–$25 | $180–$300 |
| Winnipeg, MB | $16–$28 | $192–$336 |
Premiums depend on your contents value, liability limit, deductible, location, building type (apartment vs basement suite vs condo), and whether you add endorsements for flooding or earthquake.
Provincial landlord-tenant legislation does not mandate renters insurance — landlords cannot legally require tenants to carry it in most provinces as a condition of tenancy. However, many landlords include renters insurance as a lease requirement (or strongly encourage it), as it reduces disputes over liability claims. Some building management companies make it a condition of lease.
Regardless of whether it is required, it is almost always in your financial interest to carry renters insurance. The annual premium is less than most Canadians spend on coffee per month.
| Provider | Strengths | Online Purchase |
|---|---|---|
| Intact Insurance | Largest P&C insurer, strong claims | Yes |
| Square One Insurance | Renters and condo specialist, digital-first | Yes |
| Sonnet Insurance | Fully online, competitive pricing | Yes |
| Aviva Canada | Comprehensive coverage options | Through brokers |
| TD Insurance | Bank integration, group discounts | Yes |
| Economical / Definity | Broker channel, flexible terms | Through brokers |
| Wawanesa | BC, AB, MB competitive rates | Yes |
Renters insurance costs as little as $20/month. With KOHO's no-fee account and cash back rewards, you can easily cover that premium — and build the savings buffer to handle your deductible if you ever need to make a claim.
Get KOHO Free — Code 45ET55JSYAStudents living in on-campus residences, off-campus apartments, or shared houses should carry renters insurance. Many students assume their parents' home insurance extends to cover their belongings at school — it may, but often with limitations. Check whether your parents' policy extends to dependent students and what limits apply (often $5,000–$100 away from home). A standalone student renters policy costs as little as $15/month and provides full coverage.
No. Your landlord's insurance covers the building they own — not your furniture, electronics, clothing, or personal belongings. If there is a fire in your unit, your landlord's insurance pays to repair the building. Your possessions are your responsibility entirely.
Standard renters insurance typically covers all named insureds on the policy. If your roommate accidentally causes a covered loss (knocks over a candle, floods the bathroom), your policy may cover it — but each roommate being named on the policy is important. Alternatively, each roommate can have their own policy.
Yes. Renters insurance follows you (not the property). If you move, update your insurer with your new address. Most policies adjust premiums for the new location. You can also cancel at any time with a pro-rated refund for the unused premium period.
Standard renters insurance covers bicycles, but often with a per-item limit of $500–$1,500. If you own an expensive bicycle ($1,000+), schedule it separately for full replacement cost coverage or add a bicycle rider.