Tenant Insurance 101: Safeguarding Your Personal Belongings & Liabilities

a man holding key of his house while other man signing the tenants insurance paper

Does a tenant need home insurance? No, but they do need tenant insurance in BC, Canada for rental property to protect their belongings. 

Just to simplify it, remember that tenant insurance and Renters insurance refer to the same insurance plan.

Most renters are under the misconception that the landlord insurance of the owner covers any damage to their belongings.

However, let’s pop the bubble for you that you need to have Rental Property Insurance to protect your assets and cover the damage done to another’s property.

What is Tenant Insurance?

Renters insurance or tenant insurance provides peace of mind to tenants in cases of unforeseen circumstances. It protects their personal belongings and property, and provides liability coverage. 

So, if your property gets damaged or stolen due to fire, robbery, or natural disasters, your owner’s insurance will not cover the costs. Therefore, you need to get renters insurance in BC, Canada to stay prepared and protected.

How Does Renter Insurance Work? 

Similar to other insurance plans, you need to pay a premium for your renters insurance every month. Moreover, when you make a claim, a deductible needs to be paid. The insurance company will cover for the costs of damages that are beyond the deductible.

How Much Monthly Premium You Need to Pay?

The amount you pay as premium every month depends upon several factors:

  • Deductible amount (if deductible is higher, premium will be lower)
  • Size of the rented property
  • Location
  • Age of the building
  • Construction condition
  • Type of rented property
  • Value of personal belongings
  • Insurance provider

Here, the last factor is of crucial importance. If your insurance provider is a trustworthy and transparent broker who provides quality tenant insurance in BC, Canada, your premium will vary accordingly.

Why Do I Need Tenant Insurance?

Many landlords make it mandatory for tenants to get renters insurance in Canada. Even if it’s not a part of the lease agreement, you must act proactively to be prepared for the unforeseen. Imagine your possessions getting swept away by a flood and you have no backup to buy them again. Think of your renters insurance plan as an emergency fund you can rely on in times of adversity.

Besides this, renters insurance also covers the damages done to another’s property, maybe due to a natural disaster or by accident. 

However, we highly recommend selecting your insurance broker wisely. If cheaper insurance plans allure you, there are higher chances of not getting the claim accepted or experiencing delays.

That’s why Choice Insurance in Canada is making the biggest promise to you for your insurance plans: 100% transparency that’s hard to find anywhere else. 

We only provide quality renters insurance coverage to back you up when times are rough. If interested, get your customized tenant insurance quote in BC, Canada.

What’s Covered Under Tenant Insurance in Canada?

The tenant insurance coverage plan includes:

  • Personal Belongings:

The insurance fully covers the cost of repairing or replacing your belongings in cases of fire, theft, or natural disasters. You can get coverage for furniture, electronics, jewelry and other valuables.

  • Liabilities

If someone gets injured while being in your rental property or if your rental home damages another’s property (maybe neighbor’s home), the cost will be covered. therefore, your insurance provider will pay all the legal fees, medical expenses and property repair costs.

  • Living Expenses

If you are unable to stay at your home due to a disastrous event, the cost for temporary home and living expenses are covered.

Within your insurance plan, you must specify the coverage options you want to take such as:

  • Earthquake coverage
  • Flood coverage
  • Other natural disasters coverage

For further guidance on your custom tenant insurance in BC, Canada, Contact Choice Insurance. You can get a personalized insurance plan with guaranteed coverage to back you up in unforeseen situations.


Is tenant insurance required in Canada?

No, it is not mandatory in Canada. But, some landlords make tenant insurance mandatory in BC, Canada before renting the property. 

Does my tenant insurance cover my roommates?

Your insurance will cover your roommate’s belongings if you are related to them or if their name is listed on your insurance plan.

How much is tenant insurance in Canada?

Generally, tenant insurance in BC, Canada costs about $20 to $50 based on your deductible amount and several other factors. 

Can you transfer tenant insurance to a new rental property?

Yes, you can transfer your renter’s insurance to a newly rented home. Make sure to change the address, date of moving and other details on your insurance plan.

How can I lower my tenants insurance costs?

Here are several ways to reduce the renters insurance cost:

  1. Increase the deductible
  2. Look for bundle coverage 
  3. Cut down on unnecessary coverage options
  4. Save on security by investing in Home Security
  5. Change payment method.