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Written By
Steve Tustin
Apr 17, 2025
•Insurance
For newcomers, tenant insurance in Canada is the best way to protect your valuables with peace of mind. Also called renters insurance, it’s vital when moving into a long-term rental in Canada, especially when facing an emergency. Get the basics of tenant insurance, why you need it, and how it protects you financially.
When you rent your first home in Canada, you don’t own the property, but likely own the contents. This can include furniture, electronics, clothing, and other valuables. Replacing any of these items is expensive without insurance.
Tenant insurance provides peace of mind and protects you financially after a loss due to a break-in, fire, flood, or other event beyond your control. For example, if there is a fire in your apartment, you would have to pay for the damage even if you didn’t cause the fire.
While repair costs vary, even minor fire damage could range from $5,000 to $15,000 in Canada. Tenant insurance would pay to cover damages and other costs.
Arriving with an action plan for your first weeks in Canada can save you time and money. The quicker you settle into your new environment the faster you’ll feel at home! In this webinar, Your First Weeks in Canada, we discuss the important things to do to manage your first weeks efficiently.
REGISTER FOR THE WEBINARAn insurance policy in Canada can protect newcomers by covering:
Theft or loss of valuables can be a major setback for newcomers settling in Canada. Tenant insurance covers loss or damage to electronics, furniture, jewellery, etc., based on the policy limit.
You can be financially responsible if someone is hurt in your home, even if you didn’t cause the injury. Liability coverage includes medical expenses, property damage, and legal fees. It can also protect you if you injure or damage someone else’s property, even by accident.
If you must leave your rental because of property damage, tenant insurance will cover temporary living expenses during repairs. Relocation costs cover hotel bills, food, and other necessary living expenses until you can return.
While you do not need tenant insurance by law, it’s risky if you don’t have it. Also, many Canadian landlords will insist you have it as a condition of your lease agreement. Landlords likely won’t rent an apartment to you, and can refuse you if you don’t have insurance.
Buying tenant insurance is smart, especially if you don’t have the money to cover a large bill or a Canadian credit history. It could take a long time to recover financially, and that’s not how you want to begin your life in Canada. The landlord’s insurance will not cover loss for:
Your landlord’ s home insurance covers building damage, liability, and loss of rental income. But it does not cover your belongings or any expenses if you have to leave your rental for a period.
International students living in campus housing have costly valuables like laptops, phones, musical instruments, and jewellery. Plus, theft does happen in student housing. Tenant insurance covers and protects these belongings. Learn more about why insurance is vital for international students.
Monthly premiums are based on the value of your belongings. Generally, policies are affordable, and you’ll have peace of mind knowing you are protected in an emergency. Get your free quote now!
Emergencies are stressful, especially in a new country. Insurance is the best way to give you peace of mind and protect your valuables as you begin life in Canada!
WRITTEN BY
Steve Tustin
Senior Editor, Prepare for Canada
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
© Prepare for Canada 2025
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