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Tenant insurance in Ontario

There is a misconception that protecting household items and covering injury in the home is something that only homeowners need to worry about. However, people who are renting should understand that their personal belongings (furniture, clothing, electronics) are not covered under the coverage of the landlord (homeowner).
With this in mind, renters insurance becomes essential for customers who want to ensure their belongings are protected. Another name for renters insurance is tenants insurance or sometimes apartment insurance. It is a policy that covers the rental property you live in, while also providing temporary accommodation if necessary.
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Renters insurance is also the policy you want to cover any upgrades made on a unit. Many customers spend years in rental properties and make improvements to them, such as fixed furniture and lighting. These items are not protected by the homeowner’s policy, but renters insurance does cover those upgrade items.

Additionally, tenants insurance also offers important personal liability coverage. This means you are covered if you accidentally cause damage to an adjacent property or visitors in your unit.

Find Cheap Tenant Insurance Online

Protecting your rented unit allows you to save money and feel secure in the event of any unforeseen problem. Shopping for coverage online with ShopInsuranceCanada.ca is a fast and efficient way of finding the best policy for you, at the very best price.

Our job is to find you the most affordable rates on renters insurance in Canada, allowing you to compare the best rates in your area. Shopping online is important as it is the only way you can guarantee you are choosing the most affordable option.

There are many benefits to shopping for tenant insurance quotes online:

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Affordable

With the ShopInsuranceCanada.ca quote engine, you can get the most competitive prices from over 25 of the country’s leading car insurance providers. Our system always looks for the cheapest quotes based on the criteria you choose during the quote-filling process.

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Speed

The Shop Insurance Canada rating system was designed to mix speed, ease of use, and accuracy to deliver the most potent comparison tool online. Our form takes seconds to fill in and you can usually have a quote within 30 seconds.

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Free

You shouldn’t have to pay for a simple comparison. Our quote system is completely 100{b91daac08650ad021dcfdb42f57a0ea947e6fdbe91fd703478838d32e9c3c4b2} free, letting you see quotes without having to spend anything. You can use our engine multiple times and there is never an obligation to buy a policy. Of course, this is ideal for car owners looking to insure a vehicle, but it is also a perfect tool for customers who are buying a new car and want to know how much it would cost to insure.

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Easy

The speed of our tool is possible because it is just so easy to use. Our questions are easily understandable and answering them is as simple as selecting an option from a drop down menu. Our tool is optimized for PC and mobile, so you can get a quote wherever you are.

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Fair

We work for the customer and not for insurance companies. It is in our interest to assure our users the cheapest deals possible. In fact, it is the insurance providers who are competing for you, not you competing for them!

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Secure

These are unsure times when data is passed around by companies and even stolen to be sold on. Shop Insurance Canada never passes customer data onto third parties, will never sell data, and we only ask questions that are necessary to deliver quotes.

Ontario Tenant insurance details

bg_rental_2There are several different renters insurance options, and there are also some important limitations and policy exceptions. For example, a standard tenants insurance policy will not provide protections for high-value items, such as valuable family heirlooms, art, and precious stones. Customers wishing to cover these items must do so either on a separate policy or as additional listed items on a standard policy.

There are two main types of condo insurance:

All perils coverage: Protects belongings and items against a breadth of hazard, with exclusions clearly listed on the policy. While the most expensive coverage, it is arguably the most suitable because it comprehensively protects across a wide range of dangers.

Named perils coverage: protects against the most common types of hazards, which will be clearly listed in your policy.

Actual cash value or replacement cost?

An actual cash value (ACV) plan means insurance providers will pay out a claim for the value of items at the time they were damaged, taking into account depreciation. For example, if an older TV is lost or damaged, the pay-out will be to the value of the item at its loss. Of course, an old TV will not be worth what it was new. This means customers with an ACV plan will rarely cover the price of buying a replacement.

Replacement cost plans do cover full reimbursement and consider the full value of the item and not depreciation. For example, the older TV would be fully replaced for a product of similar make and quality. This type of coverage means customers can fully replace their lost or damaged items, provided the policy is of a high standard.