Renters and Tenants Insurance in Ontario, Manitoba & Saskatchewan

A home is a home whether you rent or own, but it’s important for renters to protect their assets with Renters Insurance. Your landlord has insurance on the property you rent, however, that insurance is meant to cover the building structure and common areas, not your belongings.

At The Standard Insurance, we work with renters across Ontario, Manitoba, and Saskatchewan to ensure they are protected in case of fire, theft, or vandalism.

What is Renters Insurance and What Does it Cover?

Whether you are in a multi-floor, high-rise apartment complex or a duplex on a quiet suburban street, insurance protects you from financial hardship.

When you rent a home, something as simple as an overfilled tub can be a problem. If the water from that tub leaks out onto your bathroom floor, seeps through, and begins to leak from your dining room ceiling, there could be trouble. Your landlord will look to you to cover the cost of these repairs. Fortunately, the liability coverage in a Renters Insurance policy (Tenants Package) protects you from paying out-of-pocket for damage to your rental unit.

The most basic policy covers a variety of potential risks, such as:

Liability Coverage

If a guest is injured while visiting your rental unit, Liability Coverage prevents you from taking financial blame.

Replacement Coverage

From appliances to electronics and beyond, the Replacement Coverage portion of a Renters Insurance policy offers reimbursement up to the value of your belongings. These funds are provided so your lost or damaged property may be replaced in full.

Theft Coverage

If something is taken from your home, theft coverage allows you to replace your stolen articles without spending your own money. It may also cover the cost of legal action in cases where an investigation is necessary to find stolen property.

Living Expense Coverage

If your rental home is damaged and you are unable to reside there while it is under repair, Living Expense Coverage pays for an alternative residence. This is normally a hotel or similar dwelling.

The Standard Insurance partners with some of the best insurance carriers in Canada to give you the right coverage at the right price.

Optional Renters Insurance Policy Add-Ons

As a leading insurance brokerage in Canada, The Standard works to customize insurance policies for tenants in a way that suits their individual needs. We understand that no two households are alike, which is why we also help our clients with extended coverage and add-ons.

Some of the extended coverage you may need to include:

Water Damage Coverage

Broken water pipes, sewage backup, and other potential water damage problems are not your financial burden with Water Damage Coverage. Your basic policy does not cover all types of water damage, but adding water coverage for your personal belongings can offer peace of mind.

Home Business Coverage

More Canadians are working from home-based businesses now than ever before, and having your home business insured is just as important as insuring the belongings in the rest of your rental space. From your computer to your fax machine to your filing cabinets, Home Business Coverage keeps you from financial obligation should your work items get damaged or go missing.

Weather Damage Coverage

Canadians are lucky to forego most risks related to earthquakes and tornadoes, but you can extend your weather damage to cover more than fire and lightning. While the external portion of your rental is generally under your landlord’s financial jurisdiction, there are always possibilities that broken windows or electrical damage due to a storm could damage belongings inside your home as well.

Valuable Items Coverage

Not all items are replaceable with cash. Some are invaluable, such as artwork, family heirlooms, and other important belongings. Valuable Items Coverage is specifically put in place to provide financial retribution when valuable objects are lost or damaged.

Renters Insurance Quotes: Cost vs. Value

When compared to the potential hardships incurred by property damage, theft, or a broken pipe, the cost of Renters Insurance is a small price to pay to protect yourself, your family, and your contents.

In Canada, the cost of an insurance quote for tenants depends on:

• Contents Coverage Limits
• Extended coverage purchased
• Bundling with other insurance products
• Type of property
• Previous insurance claims