Tenants Insurance Cost Factors

Not only does the cost of tenants insurance vary from company to company, but it also depends on the coverages and deductible selected.

Tenants Insurance Rates

Tenants insurance rates vary by company and by:

  • The coverages you select
  • How much coverage you buy
  • The deductible you select

Tenants insurance is designed to help protect you from losses. Losses are events that cause damage to property or injury to persons, whether covered by insurance or not.


Personal Property (Contents)

This coverage helps protect against losses to your personal property (contents), while it is in your home or with you while you travel.*

Coverage for your personal property is an all-risk insurance coverage. It covers you for everything, except what's specifically excluded in your insurance policy. For example, it protects you against things like:

  • Fire or lightning
  • Explosion
  • Impact by aircraft and land vehicle
  • Smoke
  • Windstorm or hail
  • Theft
  • Riot
  • Falling objects
  • Vandalism
  • Certain water damage

Additional Living Expense

This coverage provides payment for certain losses when your home is damaged and uninhabitable because of an insured loss, including your additional living expenses for the reasonable time required to repair or replace the premises, or for your household to settle elsewhere.

Inflation Protection

The amount of insurance for your property coverages are automatically increased as inflation changes the cost of replacing your property.

Liability Coverage

Liability coverage protects you or a member of your household against bodily injury and damage you may involuntarily cause to someone else or their property.

In addition to compensatory damages costs, this coverage may pay defence costs— even if a suit brought against you is groundless, false, or fraudulent.

It is essential that you select liability amount of insurance high enough to protect your assets.

Medical Payments

This coverage pays medical expenses up to the amount of insurance selected for people who are on your premises with your permission and who are unintentionally injured.

The coverage also extends if you unintentionally injure another person.

However, the coverage does not pay for medical expenses for you or members of your family who live with you.

Losses Not Insured

While our tenants policy provides comprehensive coverage, it does not provide coverage for every loss.

All property coverages are subject to the common exclusions of the insurance policy.

Examples of losses not insured include but are not limited to:

  1. Water damage caused by sewer back-up, seepage and flood
  2. Damage caused by earth movement including earthquake or landslide
  3. Damage caused by nuclear hazard

Some exclusions, for example, earthquake, seepage, sewer back-up and flood can be insured with optional protection if eligibility requirements are met.

Please refer to the insurance policy or talk to a State Farm®¬†agent for a complete list of losses not insured.

Optional Tenants Insurance Coverages

Coverages available for an additional premium include but are not limited to:

  1. Additional liability coverage.
  2. Identity restoration.
  3. Earthquake coverage.
  4. Additional business property.


*Coverage is limited, except with the purchase of an additional coverage to insure up to 100% of the personal property amount of insurance.

This page contains only a general description of coverages and is not a contract. Details of coverage or limits may vary in some provinces. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.