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Which tenant insurance is best?

Published Oct 29, 2026

There’s no single best tenant insurance in BC. The best policy for you is the one that covers what you own, the risks you actually face and what your lease asks for, at a price you can keep paying. Here’s how to compare tenant insurance (also called renters insurance) so you can decide for yourself.

What does tenant insurance cover?

Your landlord’s insurance covers the building, not your things. A tenant insurance policy usually has three parts:

  • Your belongings (contents): furniture, clothes, laptop, phone and bike, if they’re stolen or damaged by a covered event such as fire, theft or some kinds of water damage.
  • Liability: if you accidentally damage the building or injure someone, for example a bath overflows into the unit below. This is the part many leases ask for.
  • Additional living expenses: a hotel and extra costs if you have to move out while your place is repaired after a covered loss.

Is tenant insurance mandatory in BC?

No BC law makes every renter buy tenant insurance. But your 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. If you signed a lease that requires it, not having it can be a breach of your agreement. Check your lease, and see TRAC’s tenant insurance page if you’re unsure.

How much does tenant insurance cost in BC?

Published estimates for Vancouver run from about $15 to $40 a month (Rates.ca, APOLLO). Your price depends on how much you insure, your deductible, where you live, your claims history and the add-ons you choose. The only way to know is to get quotes.

How to find the best tenant insurance for you

  1. How much contents coverage you need. List what you own and roughly what it would cost to replace. Most people underestimate it.
  2. Replacement cost or actual cash value. Replacement cost pays for a new item. Actual cash value takes off depreciation, so a five-year-old laptop pays out far less.
  3. Liability limit. Make sure it meets any minimum in your lease.
  4. Deductible. A higher deductible lowers the price, but you pay that amount yourself on every claim.
  5. Water damage, earthquake and other add-ons. Sewer backup, flooding and earthquake coverage are often optional, and earthquakes are a real risk in much of BC. Expensive bikes, jewellery or instruments may need extra coverage.
  6. How easy it is to buy, change and claim. Can you get a quote online, pay monthly, and cancel without a penalty?

Get two or three quotes for the same coverage, then compare the price and the policy wording, not just the price.

Square One tenant insurance

Square One (sponsored) is one of the tenant insurance options we partner with. It sells home insurance online, including tenant (renters), condo and homeowners policies, in BC, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. Its home insurance is underwritten by The Mutual Fire Insurance Company of British Columbia.

What its tenant insurance includes, according to Square One:

  • Built around you: Square One calls it Canada’s first customizable tenant insurance policy. You pick your coverage limits, add-ons and deductible (from $250 to $5,000).
  • Broad, replacement-cost coverage: the policy is all-risk (it covers any loss that isn’t excluded), and your belongings are covered at replacement cost. Liability and additional living expenses are included.
  • BC-relevant add-ons: earthquake, broad water damage, water backup, inland flood (not available everywhere), and wind and hail. You can also add bikes and sports gear, jewellery and watches, art, and legal protection.
  • Flexible: quote and buy online in about five minutes, pay monthly or yearly, and cancel at any time without a penalty. Your policy moves with you when you move.
  • Claims: you can claim online, with one adjuster per claim and a 24/7 emergency line. Square One says it pays out on over 90% of claims and has an A+ rating from the Better Business Bureau.

How reviewers rate Square One

In its April 2026 review, the comparison site Hardbacon says Square One’s rates are “some of the lowest in Canada” and its plans are “highly customizable”. It also notes that coverage options are relatively limited and that it isn’t available in every province.

Square One advertises tenant policies from $15 a month. If you buy through our link, Square One adds a $10 credit to your account.

Before you buy

  • Read the policy wording, especially the exclusions.
  • Ask what proof of insurance your landlord needs.
  • Take photos of your belongings now. It makes any claim easier.

More for BC renters

This is general information, not insurance advice. If you’re not sure what you need, ask a licensed insurance agent.

Sources, checked Oct 29, 2026

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