If you’re already paying for an Auto Insurance policy, then you might be losing money by not having Tenant’s Insurance or Renter’s Insurance in Ontario.
These terms both mean the same thing; coverage for you and your stuff whether you’re living in a rental home, a condo, or an apartment. They are simply interchangeable terms.
So, here’s how you can save yourself money by getting Renter’s Insurance in Ontario: most insurers will give a 5% to 10% discount off your auto insurance when you buy a Renter’s Insurance policy. That means, instead of paying $250 every month in auto insurance, you could be saving $25. Some Renter’s Insurance policies can cost you as little as $18-$20 per month. Now that you’re sipping on a fancy $7 coffee you just bought with all the money you saved, let’s talk about what you can get with the Renter’s Insurance you’re basically being paid to have.