Is Tenant Insurance a Requirement in Ontario?
2 min read
Ontario has one of the most competitive housing markets in Canada, so it is essential to come prepared with the necessary documentation when you find your ideal space, such as tenant insurance. Although tenant insurance is not a mandatory requirement for renting a property in Ontario, it is becoming increasingly common among landlords to ask for it.
Tenant insurance covers damages and losses of personal property within your rental, liability claims that may happen on your property, and living expenses caused by emergency incidents. Insurance companies also allow you to receive additional add-on coverage like ALE (additional living expenses) if you require temporary accommodations. This insurance is for the benefit of the tenant. It is not the property owner's responsibility to cover any damages to your personal properties in Ontario, only the property itself.
The cost of tenant insurance can vary depending on the company you sign up with. Some companies will charge anywhere from $20 to $50 +, depending on the additional coverage you select. The cost also varies depending on the area and the type of property you live in. Other factors that can cause price variations include what you are claiming on your insurance, the number of people who will be covered and more.
Whether you are a seasoned tenant or a first-time renter, securing tenant insurance will help make your rental search all that much easier.
Reference
Group, B. I. (n.d.). Is tenant insurance mandatory in Ontario? https://www.thebig.ca. Retrieved October 11, 2022, from https://www.thebig.ca/blog/title/is-tenant-insurance-mandatory-in-ontario
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