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There’s no question about it: You need insurance if you’re renting in Ontario.

In fact, we would call it a no-brainer. 

Not only does rental insurance assist renters in recovering from damage to their personal property, but it also provides them with coverage for living expenses if they need to relocate temporarily.

Is Tenant Insurance Mandatory in Ontario?

Technically, rental property insurance is NOT mandatory in Ontario. 

However, many landlords do require that all renters have tenant insurance. 

In most cases, renters insurance will be listed as a mandatory requirement of a rental contract. 

What Else Does Rental Insurance Cover? 

Covering Displacement Costs 

With increased rental insurance, you will receive funds to cover hotel costs and to purchase meals if you cannot access your rental unit. 

Damage Protection 

Rental insurance will help to protect you if an accident occurs in another apartment unit or home and your living space is affected by the damages.

Support During Injury

Tenant Insurance also covers liability coverage in the event someone is injured while at your home.

Is My Landlord In Charge Of My Rental Property Insurance? 

Your landlord’s property insurance policy covers losses to the building itself. 

However, your personal property is ONLY covered if you have your own renter’s insurance policy.

What Happens If The Damage To My Rental Property Isn’t My Fault?

It is a very common misconception that if damages are caused by another tenant in the home or building, the landlord or neighbour is required to pay the damage to your contents. 

This is NOT true. The renter is ALWAYS responsible for their possessions.

What Happens If I Don’t Have Rental Insurance?

If you do not take out a tenant’s insurance policy, you risk losing your personal belongings should a fire, flood, theft, or disaster occur. 

It is also critical to note that if you are the one responsible for the damage to the building and other buildings or units, you can be sued. 

Therefore, even if your landlord doesn’t require that you get your own insurance, you should. 

How Much Does Rental Insurance Cost In Ontario?

There are several factors that are considered when determining rental insurance coverage in Ontario. Insurance companies will want to know the value of your personal property, especially high-value items such as antiques, musical instruments, and jewelry. 

In general, rental insurance is considered very affordable. Ultimately, the deductible amount is up to you and your insurance provider to agree upon. 

How Do I Protect Myself When Renting Property?

Many people incorrectly assume they are covered by their landlord’s insurance policy. 
Protect yourself and your belongings by contacting BKIFG to learn more about our affordable rental property insurance in Ontario.