Insurance Bureau of Canada Tenant Insurance #TenantsNeed2Know


When I was a tenant my biggest fear was that something would happen and we would lose everything. The owner would be okay as his/her insurance would replace the building, but what would happen to us? We did not own our home but we owned its contents. It took us many years to collect and save to have what we had. It would have been hard to replace it all. I do not think it would have been possible, unless we had tenant insurance.

Tenant insurance? What’s that? Why would you need to get tenant insurance?

Insurance is for people who own their own homes right? Wrong.

IBC has answers for you.

Your possessions have value…even if you don’t think they do.

Think about everything you own. Now imagine having to replace all those items at once, out of your own pocket. Even if you think you don’t have much personal property, it is likely worth more than you think. Your clothing alone could run you thousands of dollars. Although subject to some exclusions or limits, tenant’s insurance will help you recover your losses.

It took years to get what you have. If you had to replace it, it would be very costly.

What if there was a fire or flooding? Where would you go and how would you pay?

Tenant insurance helps you cope with other needs after a loss.

In the event you’re forced to leave your apartment while it’s being repaired, insurance pays for necessary expenses such as hotel stays, restaurant meals and moving costs, subject to some limits.

When I rented I thought insurance what going to be a huge payment. As if it could cost as much as it would be to replace my stuff. I was wrong.

Tenant’s insurance is very affordable.

For the cost of a few coffees a month, you’ll have not only the protection you need, but also peace of mind. And that’s more than worth it.

Statistics Canada says tenant households that bought insurance spent an average of $309 on it last year — less than half the amount spent by those who owned their homes. Once I realized how much I would lose and how little it would cost I knew I needed to get tenants insurance. It was a smart decision for my family and I.

Have you considered tenants insurance?

Although this post has been generously been sponsored by IBC, the opinions and language are all my own, and in no way do they reflect The Insurance Bureau of Canada


  1. Great info here! To be honest, when I was single and renting a house with 2 of my girl friends, I don't even remember what our tenants' insurance was like! Now that I'm older, I think of how unorganized we were and how lucky we were never in a situation where we required our insurance. Crazy girls!
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  2. Great info! I wish I had known this in university when I was tenant!
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  3. When I was younger and rented, I'm embarrassed to admit that I never had tenant's insurance. I look back and cringe. The what if's are scary.
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  4. I always got tenant insurance when I rented a condo and am insured now with our home. It's worth it since you never know if you will get broken into or a fire might start in the building. Great advice!
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  5. mybitsandbleeps says

    I've never had tenant insurance and, luckily, have never needed it. That's not to say that it's not a good idea to have it … not at all! We have house insurance and have had it for many years (we don't rent). Going forward, if I ever go back to being a tenant, I'll be looking for a quote on tenant's insurance for sure.

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