The Importance of Tenant’s Insurance
December 8, 2025
Insurance is critical for all renters to purchase and maintain for the entire duration of their tenancy. Content and liability insurance are commonly purchased together (as an inseparable bundle), and will renew on a month-to-month, or yearly basis. It is important for tenants to understand that the landlord’s personal insurance coverage for the unit does not cover your own belongings, nor does it apply to any damage done to the property (or other units) by accidental negligence of yourself, or any of your guests.
In recent times, we find that the most common way to acquire renter’s insurance is through online providers, as this route is straightforward and efficient. Some popular providers among our tenants include Square One, Duuo, Sonnet, Apollo, and Aviva. Your bank will likely offer some form of home/renters insurance, which in certain cases can be bundled with auto insurance, or other pertinent services.
It is always a good idea to shop around, as rates commonly change among companies, depending on your needs. At the end of the day, the provider you choose is entirely your decision, so pick the plan that is the best fit for you.
What is Content Insurance?
Your content insurance cost will vary depending on the declared value of your personal belongings. Insurance policies will make these calculations accordingly, based on a number of factors such as the location and construction date of the condo, previous documented claims by other customers, and your personal finances. Content insurance will cover personal belongings that become lost or damaged as a result of:
- Fire damage
- Theft
- Vandalism
- Water damage
- Power outages, or power surges
What is Liability Insurance?
Liability insurance is necessary to cover any external damage to the unit by way of large scale incident. This is often touted as a “worst case scenario” where a portion of the unit’s structural components, or even components of adjacent units, become heavily damaged. A minimum of $1M in liability insurance is required for all condo units, with no exceptions available. The importance of liability coverage can be demonstrated in the following scenarios
- Undetected and accidental water damage travels from your unit, to a neighbouring unit
- An individual undergoes accidental personal injury on the premesis, such as a slip or fall
- Another resident is injured by your pet, incurring medical bills
- The property undergoes severe structural damage due to fire, as a result of your negligence
- An individual is injured during your move-in, due to accidental incidents with furniture or fixtures
Please note that content and liability insurance are so critical that tenants among our managed portfolio will not receive their keys without first providing proof that the property is insured. We will also require you to provide your proof of insurance renewal each year!
The Rental Lifestyle Group Inc. – Residential Leasing and Management – Toronto
Date: December 8th, 2025