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What is tenant insurance and why is it important?

Think insurance is only important if you own your home? Think again. Tenant insurance offers renters financial protection against personal liability, and the loss of or damage to their belongings. It's a lot like home insurance, but without coverage for the physical structure of the building.

All renters should consider a tenant insurance policy. Not only could it help prevent you from paying out of pocket for legal fees due to accidental damages, tenant insurance may also cover the cost to repair or replace your belongings. Some landlords may even require tenant insurance as part of their lease agreement.

What does tenant insurance usually cover?

Tenant insurance covers your belongings against common risks, like fire, theft, water and more – whether they're inside your home, or temporarily away (like if you lose your camera while on vacation). In addition, tenant insurance protects you financially if you're responsible for accidental damage to someone else’s property or if you unintentionally injure someone – and can help pay for the associated legal expenses too.

  • Standard coverage

    At TD Insurance, our standard policy offers extensive tenant insurance coverage, including:

     

    • All Risks
      Your belongings are covered against damage from fire, theft, water, and more. In fact, with All Risks coverage your stuff is financially protected against almost everything –with the exception of some exclusions, such as illegal activity or wear and tear.

    • Contents Insurance
      Most of your belongings are insured up to the amount you decide on, while some items – like fine art and jewellery – are subject to limits and may require additional coverage with either Enhanced Home Coverage or Personal Valuables Coverage.

    • Additional Living Expenses
      If you're unable to live in your home due to a claim, we’ll cover the cost of your temporary increased living expenses – like hotel and extra food costs – for the reasonable time required to repair your home, as outlined in your policy.

    • Personal Liability
      You’re financially protected in case someone gets injured inside your home or you accidentally damage someone’s property.

  • Optional coverage

    Need more than the basics? TD Insurance has tenant insurance coverage add-ons to meet your needs:

     

    • Enhanced Home Coverage
      Increased coverage for a variety of specialized items, like fine art, wine and spirits, some collectibles, jewellery, and more. Your coverage also extends to family members living in nursing homes, and for situations such as cyberbullying.

    • Claim Forgiveness
      With this option, your premium won't increase at renewal after you experience your first claim.2

    • Identity Theft Recovery
      Covers your family in case of identity theft with reimbursement for costs related to restoring your identity.
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How much does tenant insurance cost?

 

The cost of tenant insurance in Canada varies depending on a number of factors, including whether you live in a small town or large urban centre, your chosen deductible, and your claims history.

In fact, being claims-free is just one of over 30 ways to save on your home insurance. While premiums will differ for each renter, if you're an alumni or member of a professional group, you could save an average of $850† when you bundle your car and tenant insurance with TD Insurance.

Why choose TD Insurance?

Steps to buy tenant insurance online

  • 1. Start a quote

    Start by answering a few questions to get an accurate quote based on your needs, as well as any applicable discounts. Your information is kept completely confidential.

  • 2. Customize your coverage

    Once you have your quote, you’ll be able to fine tune your coverage to best suit your needs. You can adjust things such as deductible amounts and coverage limits.

  • 3. Complete your purchase

    After you’re satisfied with your coverage, review your choices, select your payment method, and check out.
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Tips and advice for tenants

What is tenant's insurance?

Cover your belongings and protect yourself with tenant insurance.

Water damage insurance coverage

Key things you need to know about water damage insurance.

What is contents insurance?

What you should know about contents insurance.

The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence. Please speak to an Advisor or consult your policy wordings for further details.

1 10% Home Insurance Savings (not available in Quebec)

10% savings off eligible coverage in the first policy term is derived from a combination of two separate discounts:
- a 5% Digital Discount for completing the home, condo or tenant insurance quote online. This Digital Discount will continue to be applicable upon policy renewal.
And
- 5% Buy Online Discount in the first policy term for completing the home, condo or tenant insurance purchase online. Both the Digital Discount and Buy Online Discount are applicable to premiums charged for the base insurance policy and the following endorsements: Above Ground Water, Extended Water Damage and Fuel Overflow or Escape.

5% Savings on Home Insurance (Quebec only)

Home Insurance: A Buy Online Discount of 5% in the first policy term will be applied to premiums charged for the base insurance policy and the following endorsements: Above Ground Water, Extended Water Damage and Fuel Oil Overflow or Escape.

Conditions apply. Subject to eligibility rules.

In order to be eligible for the Buy Online Discount for home or car insurance, you must meet eligibility requirements to buy home or car insurance online and complete your purchase of this insurance online. Note: You may not always be given the option to buy online. This may occur, for example, if information provided requires additional verification or if your purchase must be completed with an advisor based on your specific insurance needs. If you are unable to buy online, we encourage you to call and speak to one of our licensed advisors or let us call you!

Offers may be changed, withdrawn or extended at any time without notice.

2Your premiums may still increase at renewal time for reasons unrelated to your claim, such as changes made to the policy.

‡Nationally, the average annual savings of all of our clients who belong to a professional or alumni association that have an agreement with us and who insure both a residence and a car on May 26, 2023 (underwritten by Security National Insurance Company) was

  • $1,370 when purchasing both homeowner and car insurance
  • $900 when purchasing both condo and car insurance
  • $850 when purchasing both tenant and car insurance when compared to the premiums they would have paid without the preferred insurance rate for groups and the multi-product discount. Savings are not guaranteed and will vary based on the client's profile and province or territory of residence. Due to provincial legislation, car insurance is not available in British Columbia, Manitoba and Saskatchewan.

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