Do I Need Tenants Insurance?

The cost of tenants insurance and the amount of personal property coverage you need depends on how much your property is worth.

Remember, if you have ever asked yourself, "Do I need tenants insurance?" the answer is probably yes.

To better understand your tenants insurance coverage needs, ask yourself:

  • How much are my belongings worth?
  • Could I afford to replace them all if they were destroyed in a fire or stolen?
  • What would I do in the event of a liability lawsuit against me?

Did you know?

The average person has over $35,000 worth of belongings that are probably not covered by a landlord's policy.

Most people's belongings are worth more than they realize. And the average cost of tenants insurance is quite affordable.

Find out how much tenants insurance coverage you need.

Take an inventory of your possessions:

  1. List each item, when you acquired it, and the purchase price or current value.
  2. Total the purchase price of these items for a rough idea of what your property is worth.
  3. Once this is done, put your inventory in a safe place away from home - in a bank safe deposit box, for example.
  4. Consider adding photos to your inventory - they can help if you have a claim.

Coverage for certain types of property, such as those listed below, may have a dollar limit in a tenants policy:

  • Money, bank notes, coin collections
  • Business property
  • Watercraft including trailers, accessories, motors, personal effects and equipment
  • Silverware and goldware (applies to theft or loss only)
  • Computer software
  • Furs and jewellery (applies to theft or loss only)

Coverage for antiques, fine arts, paintings, statuary, and similar articles that cannot be replaced by new articles, and property not useful for its intended purpose, is limited to its market value. Higher limits on some of these items are available through optional coverages.

If you have this type of property, you may need additional coverage. Ask a State Farm® agent about these items.


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.