Tenant Insurance
Protect your belongings and lifestyle. As a renter, you have worked hard to create a home that reflects your personality and style. Tenant insurance can help safeguard your belongings, give you financial security, and peace of mind.
What does tenant insurance cover?
Our tenant insurance policies provide three layers of protection:
- Your Belongings: This can help to replace or repair your personal belongings, such as furniture, electronics, and clothing if they are lost, stolen, or damaged.
- Personal Liability: This can protect you if someone is injured in your rental unit, or if you're found responsible for causing damage to another person or their property.
- Additional Living Expenses: This can help cover temporary accommodation costs if you are unable to live in your rental unit due to an insured loss.
- Optional Coverages for Enhanced Protection
Consider adding these optional coverages to tailor your policy to your unique needs:
- Fire Fighting Coverage
- Glass Breakage Deductible
- Home Systems Protection
- Premises Improvements, Excess Protection
- Water and Sewer Backup Coverage
- Rental and Seasonal Home Protection
- Watercraft and ATV Coverage
- Scheduled Personal Property Coverage
Tenant Insurance FAQs
How is tenant insurance different from rental home insurance?
Tenant insurance and rental home insurance protect different people and different things:
Tenant insurance is designed for renters. It covers your personal belongings (furniture, clothing, electronics and other valuables) against risks like theft, fire, or vandalism. It also provides personal liability protection. Tenant insurance does not cover the actual building structure, since you don’t own it.
Rental home insurance, on the other hand, is for property owners. It covers the building itself (walls, roof, plumbing, electrical systems, etc.), plus any appliances or fixtures the landlord owns. It may also include liability protection for the landlord if a tenant or visitor is injured due to issues with the property. However, it does not cover tenants’ personal belongings.
Tenant insurance: your belongings + your liability.
Rental home insurance: the building + landlord’s liability.
Does tenant insurance cover theft outside my home?
Most tenant insurance policies include “off-premises coverage”. This means your belongings are insured not just inside your rental unit, but also if they’re stolen or damaged when you take them elsewhere.
A few examples:
- If your laptop is stolen from a coffee shop.
- If your bike is stolen from outside your building.
That said, there are three important things to know:
- Coverage limits may apply. Certain items (like bicycles, jewelry, or art) often have limits unless you add extra coverage.
- Deductibles still apply. If the cost of replacing the item is less than your deductible, your policy won’t pay out.
- Not all scenarios are covered. Some policy types may not cover mysterious disappearance or accidental damage.
Always review your policy details, or ask your insurance provider, so you know exactly what’s covered and whether you need additional insurance for high-value items.
How much does Tenant insurance cost?
In Saskatoon, tenant insurance policies typically cost $200-$400/year or $15-$35/month.
In Saskatoon, tenant insurance premiums are influenced by the value of your contents, the liability coverage limit you choose, your deductible, your location within the province, your past claims history, and whether you add extra coverages.
What is tenant insurance, and why do I need it in Saskatchewan?
Tenant insurance is a policy that protects your belongings and provides personal liability coverage.
Here’s why condo insurance is essential in Saskatchewan:
- Protects your belongings – Covers furniture, clothing, electronics, and other personal property against risks like fire, theft, and vandalism.
- Liability protection – Provides coverage if someone is injured in your rental unit, or if you’re found responsible for causing damage to another person or their property.
- Living expenses – Pays for temporary accommodations if you are unable to live in your rental unit due to an insured loss.