wicked_22

So we're moving into our new apartment next week in Toronto, our tenancy agreement states we need tenant liability insurance. I will get contents insurance anyway and i assume i can wrap this into one policy?

I've got some quotes for contents only and currently with a cover of $50,000CAD, I am getting quotes of nearly $700-800 a year. This seems enormous! I was paying less thank 250gbp per year in the uk for a 3 bed house for buildings and content insurance.
I've been here a month and so far and Toronto has cleared me out! I'm almost regretting it!

Siouxie

Ouch!
That seems excessive for contents insurance, but perhaps the area you are in in Toronto is a high risk area.

Setting up as a new immigrant is expensive - and you have picked the 2nd most expensive city to live in.. is it essential that you live in Toronto itself, or could you perhaps move outside and reduce your costs a little? Hang in there - it will get better!

Try TD - https://www.tdinsurance.com/products...home-insurance I've always found them reasonable - I pay $1200 a year total for a 3 bed owned house plus contents and home office insurances from them. Most of the banks offer Tenants Insurance (which includes contents) - you can get a quote online - or you could get a broker to give you a quote.

Kannuk

Have you tried www.zipsure.ca? We pay about $20 a month for tenants insurance in Nova Scotia.

dbd33

$800 for the whole year seems a reasonable premium (relative to insurance in Canada in general). You'll be able to pay it monthly if you wish. If that seems a lot don't even think about insuring a car.

HGerchikov

wicked_22

Honestly, its totally confusing. I've gone to TD insurance and clicked on renters insurance, the other options were home owner or condo owner. I fill it all out and for some reason the box for "ice weight and snow damage to roof" and sewer back up is checked. now why would a renter need that cover? so have I used the correct form? i dunno.

head in the sand looks like a good option right now!

HGerchikov

can you uncheck those boxes? I would call rather than relying on online quotations. We rented for a bit last year and I recall the annual premium was around $200. Probably a cheaper area but difference shouldn't be that much.

Aviator

This is not the UK though, insurance costs there are irrelevant to Canada.

wicked_22

Has anyone got any good broker details? or is that not allowed here?

dbd33

It's allowed but my broker is terrible and, in any case, most insurance "brokers" here are really sales agents for a single company. It's not a good market for consumer choice as the companies make it difficult to cross shop products. If you're contractually bound to have a policy then I suspect it's going to cost $800. If not, then you may think it better not to have a policy.

Siouxie

Which company did you use? Might be something that would help the OP

scrubbedexpat091

We use Square One. Not sure if they insure in ON though.

We pay 285\yr in Vancouver for a 1 bed\1ba contents insurance for 30,000 which also includes 3 million liability and some earthquake coverage but that has a 2500 deductible vs the normal deductible of 300

Siouxie

You could use this online comparison website, perhaps, to give you an idea?
https://www.kanetix.ca/home-insurance

HGerchikov

scrubbedexpat134

I use BCAA Tenants insurance and pay $336/year includes contents and liability. $700/$800 does seem very high but Toronto is the centre of the universe so that does make a big difference