It's all about our customer.


Are you renting a condo in Ontario? 

Renting a condominium is just like renting an apartment or a home. 

And just like renting a home, you need insurance to protect what’s yours. 

However, if you’ve got questions about some of the specific details regarding condo tenant insurance for a condominium, you’re not alone, and we’re here to help. 

Here are some of the questions we’ve received, and our respective answers. 

How do I protect myself as a tenant renting a condo unit?

As a tenant, you are legally responsible for any damage you cause to any part of your building and for unintentional harm caused to others who live in or visit the condo building.

 Tenant insurance can offer you financial protection in case of these damages.

Do I need condo insurance as a tenant?

Although it’s not mandatory to have condo tenant insurance if you’re a renter, it could help you cover expenses that come up accidentally or unexpectedly from an incident. 

It is important to note that most condo corporations require you to take out tenant insurance as part of your contract. You may not be able to rent a condo without condo tenant insurance. 

“Condo insurance is highly recommended for anyone who owns a condo unit.” – Allan Mott, Canadian Automobile Association

What does condo tenant insurance cover? 

Tenant insurance can cover your belongings against risks such as:

Property Damage or Theft

Content insurance coverage will protect your personal belongings, such as clothing, electronics, furniture, etc. 

“Insurance doesn’t just cover furniture, TVs and expensive items. Insurance will repair or replace pots, pans, clothes and most other household items.” Insurance Bureau of Canada

Identity Theft 

Identity coverage applies to you and anyone else on your policy in the unfortunate case that your identity is stolen and your income or savings are compromised. It happens more often than you would think.

Personal liability 

Personal liability coverage helps to protect yourself and the people in your home in case you’re sued with tenant liability insurance. This coverage will help to protect you if someone gets hurt while visiting the building or for damage you may unintentionally cause while within the building.  

“A typical tenant’s insurance policy provides coverage, up to a limit, for the amount that you would have to pay to someone who successfully sues you.”Insurance Bureau of Canada

Condo Improvements 

You will be covered for any damage to improvements you’ve made to your unit. This could be kitchen upgrades, storage organizing systems, etc.

Relocation Fees

Condo tenant insurance can also provide coverage if you need to temporarily relocate due to concerns or issues with the condo building.

“Tenant’s insurance pays for any necessary expenses while your apartment is being repaired, such as hotel bills, restaurant meals and moving costs.” Insurance Bureau of Canada

What does condo insurance not cover?

How much does condo insurance cost?

The cost of tenant’s insurance depends on the amount of insurance you choose, where your condo is located, how it was constructed, and the insurance company you choose. 

You can also choose to purchase additional coverage for risks such as water damage.

“The more you own, the more coverage you will need to replace those contents.” Insurance Bureau of Canada

Are tenants responsible for everything that happens to their unit?

No, as a renter, you are not responsible for all aspects of the unit. Some are the landlord/owner’s responsibility. 

As every policy is unique, we recommend that you review your tenant policy to get a full understanding of what’s included. 

Do condos have their own insurance? 

Yes. Condominium corporations cannot operate without general liability insurance and property insurance. This insurance protects the condo from legal and physical damages.

However, this is separate from what you would need as a tenant to insure your own belongings.

What normally happens when a claim needs to be made?

When it comes to accidental damage, your tenant’s insurance coverage will take care of many costs, depending on the circumstance.

If you need to file a claim, document everything. 

Next, contact your insurance provider and provide all the necessary information they request. From there, the insurance company will prepare the settlement you qualify for. 
Contact our team at BKIFG to learn more about your options for tenant insurance. We’re also here to answer any questions you may have about paying a deductible in the case of damages.