Renter’s Insurance And What You Should Know

As a renter, you experience a never ending cycle of things that you are required to do for the place you call home. There are also many times in which you are prohibited from doing something, even if that means you think you are improving the property in which you reside. One thing that might be required of you is to possess renters insurance. Or so you thought. In Ontario, a landlord or property manager cannot require their tenants to have renters insurance. However, if you should go without renters insurance, there are potential consequences you may suffer from. Here are some instances you would wish you had renters insurance, if these disasters happened to you.dreamstime_xxl_10879387


  1. Fire – In the event of a fire, you could lose every belonging you own. If you don’t have renters insurance there is no way to replace these items. If you do have renters insurance, make sure your coverage is sufficient for the things you own.
  2. Flood – Whether it’s a flood from a natural disaster or severe weather, or even if your dishwasher or washing machine flooded, it can damage quite a bit of your belongings. This is another instance in which having renters insurance would be beneficial to you.
  3. Theft – While there no guarantee that your items will be returned, you can receive compensation for the cost amount of the items that were stolen. If the thief should damage your property, renters insurance can help with that as well.


While your property management company may not require you to have renters insurance, they also won’t be responsible for replacing your belongings in the event of a disaster. Or course each case is circumstantial, but waiting to depend on others to take care of your personal items is asking for trouble.

Be sure to talk to your property management company about other requirements and standards they have for their tenants.