Tenant insurance 101: Insurance for when you are renting


Tenant’s (or Renter's) Insurance is often overlooked. Many think it's too expensive or just not worth it. People tend to think "I don't own my house or apartment, so I don't need coverage."

Tenant’s insurance seems much more affordable once you consider how much you would save should something unexpected happen. In fact, many policies can protect you from thousands of dollars in losses from not only theft/damage of personal property, but living expenses should you have to move out during repairs, or liability expenses should someone get hurt in your home – for less than the daily expense of your morning latte.

There's also the common belief that you are covered by your landlord's insurance policy, but this may not be true. Your landlord has insurance, but it likely only covers the building itself and not your unit. Insurance coverage should be outlined in your rental agreement and understood before shopping around for a policy.

What's usually covered?

While policies differ, there are some standards features for most plans, including:

  • Contents: Your personal property
  • Personal liability: Should someone hurt themselves while visiting your home
  • For particularly valuable items, such as an engagement ring, you can add a personal articles extension to cover it
  • Additional living expenses: For temporary accommodations and expenses if you cannot live at home due to covered loss or damage

Worried about cost? Your belongings are worth more than you think

When most people estimate the value of the contents of their property, they consider big items such as furniture, appliances and major electronics. But these days, most of us own valuable electronic and mobile devices that are essential to our everyday work and personal lives. And depending on your lifestyle, the contents of your rental property could easily amount to tens of thousands or more.

Personal belongings aside, it's smart to plan for the unexpected. If there is a fire in your apartment building that forces you to evacuate and live elsewhere for a period of time, tenant insurance may provide coverage for some expenses. Or you may be entertaining and someone trips and injures themselves, tenant insurance will provide coverage for a potential lawsuit or medical expenses you could be liable for.

Still worried about cost?

There are a few ways you could save on your policy:

  • If you've never made an insurance claim before
  • If you purchase your auto insurance with the same company
  • If you have an alarm system, you may qualify for a lower rate

How to choose a Renters Insurance Policy

Once you decide what type of protection you need, the next step is to develop a value estimate and inventory of your possessions, so you can be sure you get the right amount of coverage. Get a quote or call 1-866-660-9035 toll-free to speak to a PC® insurance broker.

How to make a claim

Call 1-877-251-8656 to speak with a Claims Advisor.

Renewing your policy

Call 1-877-251-8652 for information regarding policy renewal.

Buying a new policy

Call 1-866-660-9035 for information on obtaining a quote.

Need help?

Take a look at the top 5 FAQs:

  • Why should I have home insurance?

    Why should I have home insurance?

    While the government doesn't require you to purchase home insurance, your mortgage-holder probably will - at least enough to cover its share of ownership. There are various kinds of home insurance that cover general and specific kinds of damage to your home, and you should research your options carefully. You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

    Home insurance also includes liability coverage for people who are hurt on your property.

  • Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Most people would be surprised at the value of their personal property if they were to add it up and have to replace it all immediately. Think about your furniture, clothing, electronic equipment-then try to put a price tag to it all. Also, if you've purchased items on credit and they are stolen or destroyed by fire, you could still have to make the payments.

    Tenants insurance also includes liability insurance for damage the tenants or their guests cause to the building, for injuries in the rented home, etc.

  • How can I earn PC Optimum points?

    How can I earn PC Optimum points?

    When you use your President's Choice Financial® MasterCard® to pay your PC home insurance premium, you'll get 20 PC Optimum points per dollar of your premium. If you use your President's Choice Financial bank card to pay your PC home insurance premium, you'll get 10 PC Optimum points per dollar of your premium.

  • What is a deductible?

    What is a deductible?

    A deductible is your share of the amount that needs to be paid to cover the repair or replacement of your covered property before your insurance pays the rest.

  • How are premiums calculated?

    How are premiums calculated?

    The building itself has a lot to do with how your home insurance premiums are set. Many things about your home are taken into consideration including:

    • Its age and size
    • Type of building (detached, semi, high rise, etc)
    • Type of construction (brick, stucco, wood, etc)
    • Type of heating system
    • How close it is to a fire hydrant or fire station
    • Where it is located

See all Home Insurance FAQs


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