Should renters get insurance?
Published Oct 29, 2026
Should renters get insurance? If your lease requires it, you have to. If it doesn’t, it’s your call. This post explains what renters insurance (tenant insurance) protects, what it costs in BC, and the reasons people buy it or skip it, so you can decide.
Your landlord’s insurance doesn’t cover you
Many renters assume the building’s insurance covers them. It covers the building. It doesn’t pay for your belongings after a fire or break-in, and it doesn’t protect you if you cause damage.
What tenant insurance protects
- Your belongings: furniture, electronics, clothes and bikes, if they’re stolen or damaged by a covered event.
- Your liability: if you accidentally damage the building or a neighbour’s unit, for example a kitchen fire or an overflowing bath. Without insurance, you could be asked to pay for the repairs yourself.
- Somewhere to stay: hotel and extra costs if a covered event forces you out while your home is repaired.
Read more in what tenant insurance covers.
Is renters insurance required in BC?
No BC law requires it, but a landlord can make it a term of your tenancy agreement. The BC government lists tenant’s insurance requirements among the extra terms a lease can include. Check your lease before you sign, and see TRAC’s tenant insurance page if you’re unsure.
How much does renters insurance cost?
Published estimates for Vancouver run from about $15 to $40 a month. Your price depends on how much you insure, your deductible and the add-ons you choose. See how to compare tenant insurance.
Reasons renters buy it
- You couldn’t easily replace everything you own after a fire, flood or theft.
- You want protection if you accidentally damage someone else’s home.
- You live in an older building, a basement suite or a busy area where water damage or break-ins worry you.
- You’d have nowhere to go if you had to move out for repairs.
- Earthquakes are a real risk in much of BC. Earthquake coverage is usually an add-on.
Reasons some renters skip it
- You own very little and could replace it yourself.
- You’d rather keep the monthly cost.
Even then, think about liability. Damage to a building can cost far more than your belongings are worth.
Where to get a quote
Square One (sponsored) is one tenant insurance option we partner with. You can get a quote and buy online, and if you buy through our link, Square One adds a $10 credit to your account. We earn a commission if you buy, at no extra cost to you. Compare a few quotes before you choose.
More for BC renters
- How renting works in BC: deposits, rent and fees
- How landlords do credit checks
- Should I rent here? A checklist
- Renter rights in Canada and BC
- Average rent by city in BC
- Rent increase checker
This is general information, not insurance advice. If you’re not sure what you need, ask a licensed insurance agent.