What is Tenant Insurance?

Home insurance isn’t just for homeowners. It’s a savvy way for renters to protect their investment as well. You may have heard of tenant insurance being referred to as renter’s insurance. Keep in mind that tenant insurance and renter’s insurance are terms that are often used interchangeably but generally offer the same coverage options.

What is renter’s insurance?

Renter’s insurance is a form of coverage that provides insurance protection for tenants and their belongings. It’s similar to home insurance but because you aren’t the property owner, renter’s insurance doesn’t cover the physical building . However, it will help to cover the cost to repair or replace the contents of your home following a covered claim and provide liability protection.

Typically, your landlord’s insurance won't provide coverage for your belongings if they're damaged or protect you if someone is injured in your home. Also, if you were found responsible for damages to the building, you could be sued to recover the cost of repairing or rebuilding the structure. Tenant insurance can offer you financial protection in these cases and more.

Are you considering investing in real estate and renting to tenants? Read more about Landlord Insurance.

What is the purpose of tenant insurance coverage?

The purpose of tenant insurance is to provide financial protection for you and your belongings – without including coverage for the physical structure of the building.  It typically provides coverage for your belongings against common risks such as theft, fire, and much more. If your home becomes uninhabitable due to a covered loss, tenant insurance will also cover necessary and reasonable additional living expenses until you can move back in or find another place to live. In addition, coverage for personal liability that's usually included in a tenant insurance policy may provide financial protection should you be sued for accidentally injuring someone or damaging someone else’s property. Liability protection is often your best line of defense if you’re named in a lawsuit or considered personally responsible for unintentional bodily injury or property damage.

Do I need tenant insurance?

Although it’s not mandatory to have tenant insurance if you’re a renter, it could help you cover expenses that come up accidentally or unexpectedly from a covered loss. In some cases, your landlord may require you to purchase tenant insurance as part of your lease agreement.

Here are some frequently used insurance terms that are also used to describe tenant insurance:


  • Contents Insurance offers financial protection for the loss of or damage to your belongings while they're located in your house or temporarily away from your home - like if you bring your surfboard on vacation.
  • Tenant Liability Insurance financially protects you if someone is unintentionally injured in your home, or if you’ve damaged someone else’s property. With this coverage, your insurer will take care of your legal defence costs, and help to pay for damages if you're found legally responsible as outlined in your policy. 
  • Replacement Cost means that in the event of a covered claim, items will be repaired to their original condition or replaced with new items of like kind and quality with no deduction for depreciation.
  • Additional Living Expense Coverage will help you pay for extra costs that are both necessary (like hotel and food costs) and reasonable in a situation where your home is uninhabitable following a covered loss.

At TD Insurance, we offer different coverage options depending on your unique needs. If you’re a student you may want to get specific tenant’s insurance for students to protect your laptop, textbooks and other personal belongings.

Why don’t I just go with a cheap tenant insurance option?

With rent being so costly, you may be on the lookout for cheap rental insurance options to help manage your budget. But keep in mind: cheaper doesn’t necessarily mean better. Cheap renter’s insurance may cost you less at the time; however, it may not provide you with adequate coverage to replace your belongings or protect you in the event of an unexpected accident which can cost you more in the long run. Instead, look for affordable rental insurance options that balance your coverage and budget needs.

How do I choose the right tenant insurance policy?

You'll want to consider the coverage offered, your deductible, any policy exclusions, and additional features or savings options when trying to determine the right tenant insurance for you.

  • Coverage: When reviewing your tenant insurance quote, make sure it includes the protection you need. While things like personal belongings and liability protection are usually a standard part of a tenant insurance policy, you may want optional coverage for things like identity theft or valuable items.
  • Deductible: Your deductible has a direct impact on your tenant insurance premium. To choose an amount that fits your needs, consider what you could afford to pay out of pocket for unexpected repairs.
  • Savings Options: Don't forget to ask about how you could save on tenant insurance. At TD Insurance, there are over 30 ways to save on your home and car insurance, including bundling your tenant and car insurance policy together, buying online, installing a monitored home security system, or being a member of certain alumni and professional groups

No matter what your specific needs are, a TD Insurance Advisor can help guide you through any questions you might have about tenant insurance.

Get a quote and buy tenant insurance online.

More than 1 million Canadians choose TD Insurance to insure their home and belongings. Start your quote online, and find affordable coverage that fits your needs. You'll have the opportunity to adjust things like deductible amounts and coverage limits - and even buy tenant insurance online once you're satisfied with your selected coverage.

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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.