Tenant Insurance: Is it worth the money?

Should I buy renter's insurance? 

Here's a scenario:

You are renting a room in a three-bedroom house with two of your buddies located in a friendly neighbourhood. One evening while everyone is out of the house, someone breaks in. This person steals a bunch of electronics, kitchenware and personal items from each roommate.

When one of roommates comes home, they see glass on the floor immediately calling the police. After a thorough investigation, the police come to a conclusion that this was a crime of opportunity and there was no evidence left behind to identify the thief.

The next day, you and your roommates have a meeting with your landlord about options. The landlord then tells you and the other tenants that they cannot do anything for you because there is no tenant insurance present for any of the roommates.

Since none of the tenants have renter's insurance, they will not receive any compensation for their stolen/damaged items. That sucks right?

To prevent this situation from ever happening, insurance companies offer their own version of renter's insurance.

What is tenant insurance?

Tenant Insurance protects your personal belongings that your landlord’s building/property insurance does not cover if they are stolen, damaged or destroyed.

This insurance also covers liability claims that may arise in different situations such as someone getting hurt within your Home or unintentionally injuring someone/damaging their property. Basically if you get thrown into a lawsuit, your insurance will cover your defense costs.

If you are already insured, ask your broker about what they can offer you regarding tenant protection.

How much will it cost?

It all depends on your situation and the overall coverage. If you are combining another insurance with tenant insurance under one umbrella, you may be eligible for a discount.

To ballpark what amount you might pay per year or per month, look up quotes from different companies online.

What am I covered for?

Basic personal property coverage can include:

  • Robberies
  • Evacuation from the property (fire, flood, bug infestation)
  • Identity theft
  • Vandalism
  • Interior upgrades (with landlord's permission)
  • Lock replacement (key or code)
  • Debris removal if caused by natural disaster


The choice is yours whether or not you are willing to fit this cost in with other tenant bills such as rent, utilities, internet, water, sewage... you get the point.

Interested? Contact your insurance provider about further details about tenant insurance. You can also contact HomeHow for more information about how you can protect yourself as a renter or if taking the next step and becoming a Homeowner is a realistic choice for you.

HomeHow Mortgage.