How Much is Tenant Insurance in Toronto?

In Toronto, basic tenant insurance often falls somewhere around $20–$40 per month for many renters, depending on your coverage level and situation.

Some people with very minimal coverage and higher deductibles may pay a bit less, and those with more contents to insure or higher liability limits may pay more. Think of it roughly as a few hundred dollars per year in most cases.

How KOHO Everything Can Help You

Tenant insurance is easier to keep up with when it’s smoothly built into your monthly cash flow.

With the KOHO Everything plan, you get:

• Build credit history and earn 0.25% on reporting rent

• KOHO members get one of the most competitive prices in Canada, with standard coverage from $22/month

• Grow your savings with 3.5% interest, one of the highest rates in Canada

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• There are no foreign exchange fees, so you save on international purchases and travel

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

What Affects the Cost of Tenant Insurance in Toronto?

A few key things push your premium up or down:

• How much stuff you’re insuring
  More furniture, electronics, and personal items = higher contents limit = higher cost.

• Your liability limit
  Policies with $2M liability will generally cost more than $1M.

• Building and neighbourhood
  Older buildings, certain postal codes, or places with more past claims (fire, theft, water damage) can mean higher premiums.

• Your deductible
  A higher deductible (what you pay out of pocket on a claim) usually means a lower monthly cost, and vice versa.

• Claim history
  If you’ve made multiple claims before, you may pay more than someone with a clean history.

Because of all this, two people in Toronto can pay different amounts even if they’re both “just renting an apartment.”