A young woman stands in an open-concept apartment, reading how much tenant insurance costs on her tablet

So, you’ve done the math, and you’re convinced that tenant insurance sounds like a good idea — in theory. But how much does it cost?

Tenant insurance: a small price to pay for big protection

While the price of tenant insurance can vary depending on factors like your location and the risks you present, the average premium in Canada is between $250 and $350 per year. For most Canadian renters, that’s just $20 to $30 per month, give or take a few bucks.

Could you do without one of these items each month to pay for tenant insurance?

  • A movie date for two (without the popcorn)
  • Four steamy pumpkin spice lattes
  • An extra-large Hawaiian pizza
  • One designer lipstick
  • Two pounds of Buffalo wings at the pub down the street
  • A paperback novel, hot off the press
  • Two cocktails at your favourite hole-in-the-wall
  • The left leg on a new pair of yoga pants (if you’re lucky)

Paying a little for peace of mind today could save you a lot of heartache (and hard-earned dollars) tomorrow.

Ready to take the plunge? Talk to your broker today.


If you’re still wondering whether tenant insurance is worth its price tag, take a walk through your apartment and consider each item you’d need to replace if it were taken from you. Your stuff might be worth more than you’d think.

Want to know more about tenant insurance and what it could do for you? Talk to your group’s licensed broker to learn about your options.

Want to show other renters just how much tenant insurance really costs? Share this article on Facebook or Twitter.