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Tenant Insurance

Even though you don’t own your apartment, it’s the place you call home, filled with your personal belongings and cherished items. That’s why tenant insurance is essential. At Solutions Insurance, we help you find the best possible protection for the best price, ensuring your belongings are safe and giving you peace of mind.


What Renter’s Insurance Covers

Much like home insurance, a typical renter’s policy includes coverage for three key areas:

  • Personal Liability: This protects you if a guest is injured in your unit or if an incident like a fire or a leak causes damage to someone else’s property. Your policy can cover medical expenses, legal fees, and loss of income without you having to pay out of pocket.

  • The Contents of Your Unit: This covers your personal property, including your furniture, clothing, appliances, and sporting equipment. It’s important to note that high-value items like jewelry and fine art may require a separate, specific policy due to coverage limits.

  • Coverage for Additional Living Expenses: If a covered incident, such as smoke damage or a required mould cleanup, makes your apartment unlivable, this coverage will reimburse you for the expenses incurred from staying in a hotel or other temporary accommodation. It can also cover costs for storage, moving, and increased transportation.

What Tenant Insurance Does Not Cover

It’s crucial to understand what a standard tenant insurance policy excludes:

  • High-Value Items: Items like jewelry or fine art have value limits and are not typically covered by a standard policy. You’ll need to consider a separate policy to ensure these items are fully protected.

  • Flood Damage: This should not be confused with water damage caused by a faulty pipe inside your apartment. Flood damage from external sources (e.g., rising river water) is not covered and must be added as an extra endorsement. This is especially important if you live on a ground or basement level.

  • Earthquake Damage: Similar to flood coverage, earthquake insurance must be added to your policy as a separate endorsement. This is a wise consideration if you live in an earthquake-prone area.

  • Roommates’ Property: A key thing to remember is that your policy only protects your belongings and your liability. Your roommate is not protected under your policy and must purchase their own.

How to Save on Tenant Insurance

Tenant insurance is already affordable, but there are ways to make it even more budget-friendly:

  • Pay Annually: Many insurance companies offer a discount if you pay your premium in one annual transaction instead of monthly installments.

  • Bundle Policies: You can often save money by bundling your tenant insurance with other policies, such as your car insurance.

  • Work with a Broker: An insurance broker will take the time to understand your specific circumstances and can help you find a policy with the exact coverage you need at a competitive price.

Actual Cash Value vs. Replacement Cost: What’s the Difference?

When you insure your belongings, you have two options for how they will be valued in the event of a claim:

  • Replacement Cost: This option pays you what it would cost to buy a brand-new replacement for a lost or damaged item. For example, if your sofa, which you bought for $2,000, is stolen, you would be compensated $2,000 to replace it.

  • Actual Cash Value: This option considers depreciation. The insurance company would only pay you what the item is worth today. If that same sofa was 10 years old, they would pay you its depreciated value, not the original purchase price.

While replacement cost premiums may be more expensive, they could be worth the price if you have several valuable items.

Is Tenant Insurance Required?

Unlike car insurance, tenant insurance is not required by law. However, we strongly suggest you consider it to protect yourself from a major financial loss.

In many cases, you may not have a choice. Some landlords require tenant insurance as a part of the lease agreement. Be sure to read your lease carefully. If your lease requires insurance and you fail to get it, you could be at risk of eviction.


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Contact Info

Head Office

2550 Meadowvale Blvd. Unit 2, Mississauga ON L5N 8C2

For inquiries, email us at info@ssinsurance.ca

Office Timing

Monday – Friday

10:00 AM – 6:00 PM