Tenant insurance is one of the best investments you’ll ever make in protecting the contents in your primary dwelling, and in this article, I review my experience with Square One Tenant Insurance.
Tenant insurance provides peace of mind, and ensures that your assets are protected from damage, theft and more.
Requesting tenant insurance as part of the lease conditions is very common in Canada and it protects you as well as the landlord.
What is Tenant Insurance?
Tenant insurance aka renters’ insurance is a policy that covers the contents of your rental home.
Unlike home insurance, tenant insurance doesn’t cover the building or apartment itself (this is the landlord’s responsibility).
Instead your clothes, furniture, jewelry, appliances, etc are covered against theft, fire, vandalism, water damage, etc.
Tenant insurance also covers alternative accommodation if your home becomes uninhabitable.
Is Tenant Insurance Worth it in Canada?
Tenant insurance is worth every penny because you do not want to be caught up when any issues come up with your dwelling.
For instance, if there’s a fire in your bedroom and all your clothes and shoes are destroyed, tenant insurance will cover the cost of replacement up to a certain amount.
That’s great peace of mind to have. There are different types of tenant insurance available and a few things to consider before making a choice.
- Easy and simple process of securing a quote.
- Straightforward process for filing claims.
- Easy to understand and customize coverage options.
- Pre and after-sales support.
- Competitive quotes.
- Great feedback from previous customers
Is Square One Tenant Insurance Good?
Square One is an online brokerage operating in Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan since 2011.
Square One’s policies are underwritten by Mutual Fire Insurance Company of British Columbia.
Square One Tenant Insurance covers all the points above plus more, which is why I decided on it when I moved to my own apartment.
With Square One Tenant Insurance, you can get a quote and buy your policy within a few minutes. All claims are also filed online through your account.
What’s Covered in Your Renters Insurance Policy?
Square One provides a comprehensive cover (all-risk) which is the highest level of protection available in Canada. Square One renters insurance provides coverage for:-
- Personal belongings and premises
- Identity theft and financial loss coverage
- Water damage, theft, and sewer backup
- Additional living expenses
How Much is Square One Tenant Insurance?
Square One tenant insurance policies start from as little as $12/month.
Mine started at $17.57/month because I added a few more options. After a year with no claim, the price went down a bit.
You can opt to pay monthly or annually and you can switch back and forth between these options through your online account.
You are also able to cancel your policy any time you want without any issues or penalties.
And if you end up buying a home or moving, you can easily switch your policy over to the home insurance option or the new apartment.
How To Sign Up for Square One Tenant Insurance
How Do I Cancel Square One?
You can cancel Square One insurance within the dashboard in your account.
Head over to My account -> Policies and quotes -> Select a policy or quote. Scroll to the bottom of the page and click the “Cancel policy” button.
Choose a reason for canceling then click the submit button to cancel.
Depending on the reason you choose for cancelling, you might be provided with alternative options as well as the cancel button.
Final Word on Square One Tenant Insurance
Square One Tenant Insurance is an easy to set up, low-cost option for covering the contents of your rental home.
You can make payments monthly or annually and you can cancel anytime.
In addition to home insurance and tenant insurance, Square One provides a host of other types of insurance that are also competitively priced and provide peace of mind.
Abi has lived and worked abroad for over 13 years. She loves traveling, reading, and writing. She is a big believer in following your dreams and has been marching to the beat of her unconventional drums for a long time. She funds her adventures by making smart financial decisions and investing wisely. Her top personal finance tools include trading with Questrade, investing change on MOKA, and no-fee banking with Tangerine and Neo Financial. Learn more about Abi HERE.
This post may contain affiliate links which means I will make a small commission if you purchase through those links. Read full disclosure HERE.