If you’re renting a home or apartment in Ontario, there’s a good chance you’ve heard about tenant insurance. But is it really necessary? What does it cover, and how much does it actually cost?
Let’s clear things up.
Tenant insurance, also known as renter’s insurance, protects more than just your belongings. It covers liability, loss of use, and more, often for less than the cost of a daily coffee. At Marathon Insurance Group, we help renters across Ontario find coverage that fits their needs and their budget.
Here’s what you need to know about how much tenant insurance costs, and why it’s one of the smartest investments a renter can make.
Related Article: What Is Tenant Insurance?

What Is Tenant Insurance?

Tenant insurance is a type of property insurance designed specifically for people who rent rather than own their homes. It doesn’t cover the building itself, because that’s your landlord’s job. Instead, it covers:

• Your personal belongings (clothing, electronics, furniture, etc.)
• Liability protection if someone is injured in your unit or if you damage the building
• Additional living expenses if your home becomes uninhabitable due to an insured event (like a fire or flood)

Even if your landlord doesn’t require it, having tenant insurance protects you from major out-of-pocket expenses when the unexpected happens.
Related Article: How Is Renters Insurance Different from Home Insurance?

The Cost of Tenant Insurance

In Ontario, the average cost of tenant insurance ranges from $20 to $40 per month, depending on your coverage needs and risk profile. That works out to about $240 to $480 per year.
Let’s break down what affects the price.

Factors That Influence Tenant Insurance Costs

Several variables go into your tenant insurance premium. Here are the most common ones:

1. Location

Your city and neighbourhood can affect your rate. Densely populated urban areas or neighbourhoods with high crime rates may cost more to insure.

2. Type of Building

Do you rent a single-family home, a condo unit, or an apartment in a high-rise? Older buildings or those with outdated electrical or plumbing systems may increase your premium.

3. Coverage Amount

You’ll choose a coverage limit for:

• Contents (your belongings)
• Liability (typically starts at $1 million)
• Additional living expenses

Higher limits = higher premiums.

4. Deductible

A deductible is the amount you pay out of pocket before your insurance kicks in. Choosing a higher deductible lowers your monthly premium, but you’ll pay more in the event of a claim.

5. Claims History

If you’ve made multiple insurance claims in the past, even on a different policy, it could affect your tenant insurance rate.

6. Security Features

Having smoke alarms, security cameras, or a monitored alarm system can reduce your costs.

Sample Monthly Costs by Scenario

Here’s a general estimate of what you might pay:

• Single renter in a Toronto condo: ~$25/month
• Family in a rented home in Mississauga: ~$35/month
• Student in a shared apartment in Ottawa: ~$18–$25/month
• Young couple in a Hamilton rental: ~$28/month

Keep in mind: these are estimates. To get an accurate quote, speak with an insurance advisor at Marathon Insurance Group. We’ll help tailor your policy to your real-life needs.
Related Article: Everything You Need to Know About Renters’ Insurance

What Does Tenant Insurance Cover?

Tenant insurance can cover more than you might expect. Here’s a breakdown:

Personal Belongings

Covers theft, fire, vandalism, water damage, and other insured events. This includes:

• Furniture
• Electronics
• Clothing
• Appliances
• Jewelry (limits may apply)

Personal Liability

If someone gets injured in your unit or if you accidentally cause damage to another unit, liability coverage protects you. Most policies start at $1 million in coverage.
Example:
Your bathtub overflows and damages the unit below. Without insurance, you could be on the hook for thousands in repairs.

Additional Living Expenses

If your rental becomes uninhabitable due to an insured loss, your policy can cover:

• Hotel stays
• Meals
• Temporary rentals

Off-Premises Coverage

Did you know your belongings are protected even when you’re not home? If your laptop is stolen from your car or your bike is taken while locked outside, your tenant insurance may help.

What’s Not Covered?

While tenant insurance is broad, it doesn’t cover everything. You’ll want to review your policy carefully, but here are some common exclusions:

• Intentional damage
• Wear and tear
• High-value items beyond standard limits (you may need to schedule these separately)
• Damage caused by earthquakes or floods (unless added as optional coverage)

Not sure what’s included in your policy? That’s where we come in. Marathon Insurance advisors walk you through your options so there are no surprises later.

Do I Really Need It?

You might think, “I don’t own that much stuff. Do I really need tenant insurance?”
Here’s the reality:

• Replacing your clothing, electronics, furniture, and kitchenware could easily cost $10,000 to $20,000 or more.
• One liability claim could financially devastate you.
• Most landlords now require proof of tenant insurance before signing a lease.

For under $1 a day, tenant insurance gives you peace of mind and serious financial protection.

How Marathon Insurance Group Helps You Save

At Marathon Insurance, we make it easy for renters to get the right coverage without overpaying.
Here’s how:

• Customized quotes based on your specific rental situation
• Access to multiple insurance providers to find competitive rates
• Bundle discounts when you combine tenant insurance with auto or other policies
• Digital policy management tools so you can update or access your policy anytime
• 24/7 support for questions, claims, and emergencies

With over 30 years of experience and partnerships with Canada’s top insurers, we know how to match renters with affordable, reliable coverage.

Tenant Insurance Tips for First-Time Renters

• Take inventory of your belongings before setting coverage limits
• Ask about bundling with your car insurance to save
• Review the deductible—higher deductibles lower monthly costs, but raise out-of-pocket expenses during a claim
• Ask questions—we’re here to explain terms and help you compare options
• Update your policy if you move or buy new valuables

It’s Not Just About Price, It’s About Protection

Tenant insurance is one of the most affordable and valuable tools you can have as a renter. It protects your belongings, your liability, and your peace of mind—all for a cost that’s often less than your streaming subscription.
At Marathon Insurance Group, we’re here to help you understand your coverage and get the best value for your money.
Reach out to us today for a fast, free quote, and if you want to know exactly how much tenant insurance would cost for your rental. Get the coverage you need, without the guesswork.