5 common myths about tenant insurance and the real facts for Toronto renters

Getting tenant insurance in Toronto isn’t always top of mind for most renters. But while you may feel it’s unnecessary or too expensive, tenant insurance offers an easy and affordable way to protect your belongings in case of theft, fire, vandalism, flooding and more.

If you’re still hesitant, we’ve teamed up with CAA Insurance to help debunk common myths about tenant insurance and prove why you should get a quote today.

Myth: Insurance is just for homeowners

The myth that insurance is just for homeowners is untrue — just about anyone can benefit from the added security tenant insurance offers.

Tenant insurance will keep you covered to ensure your personal belongings — like your furniture, tech, and other contents — are safe from mishaps out of your control. It also protects you against legal liability to other people and their property.

Myth: Your landlord's property insurance covers your rental unit

Your landlord will most likely have property insurance, but that only covers the structural integrity of the building. It doesn’t, however, cover or protect the personal contents inside your rental unit, and doesn’t account for common tenant risks, such as theft, fire, or water damage.

What's more, even if you have a roommate who has tenant insurance, you may still need to get your own coverage, as their insurance may only cover them. Getting a licensed insurance agent to review your policy is always a good idea so you can be more informed about what's covered and what's not. 

It’s your personal responsibility to make sure you and your belongings are protected, which means it’s on you to get your own coverage!

Myth: Tenant's insurance isn't necessary in Toronto

While not legally required in Canada, some landlords can indeed make proof of tenant insurance a condition in their rental agreement or application — and it’s not uncommon.

In certain cases, your rental application could be rejected if you aren't covered, so it’s best to have it just in case so you're not missing out on your dream rental.

Myth: Your possessions can easily be replaced

Sure, you might think you don’t have anything that valuable to steal, and could easily replace anything that may get targeted during a theft, but how prepared are you actually?

Getting tenant insurance would protect your computer, furniture, electronics, clothes and jewellery against fire, flood, smoke and theft.

To determine how much insurance you need, make a list of your belongings and take pictures of one-of-a-kind items, like artwork or jewellery, before speaking to a licensed insurance agent.

Having to deal with theft is already stressful enough, having tenant insurance can help alleviate some of the headaches of replacing what you’ve lost.

Myth: You can't be found liable for accidents

Maybe it’s an overflowing bathtub or a fire from a dinner gone wrong — accidents happen, and you never know when they’ll strike.

As a renter, you may be personally responsible for paying any damage that is incurred from an accident, whether it only affects your unit or your neighbouring units. Tenant insurance can make sure you’re not paying an arm and a leg out of pocket to repair an honest mistake.

If your space becomes uninhabitable because of fire, smoke or a flood, tenant insurance can also help cover any expenses like a temporary place to live until you can return home.

Interested in protecting yourself now that we've separated some of the facts from fiction? That’s where CAA Tenant Insurance can help.

To help you find coverage that fits your needs, a licensed CAA Insurance agent can work with you to ensure your tenant insurance is affordable and tailored to suit your needs. 

If you already have tenant's insurance and want a complimentary policy review, you can call 1-833-673-3030.

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