While there's no legal requirement for renters to have tenant insurance in Canada, many landlords require proof of a valid policy before handing over the keys. It's also common for landlords to require that coverage remain continuous throughout the tenancy — so letting your policy lapse could put you in breach of your lease.
Beyond what your landlord requires, there are strong reasons to have tenant insurance regardless:
Protect your belongings — tenant insurance covers the cost of replacing your personal property in the event of unexpected losses like fire, theft, or water damage, so you don't have to pay out of pocket.
Build your insurance history — maintaining continuous coverage helps establish an insurance track record, which can make it easier and more affordable to get home insurance down the road.
Personal liability protection — if someone is injured on your property or your pet causes harm to a third party, tenant insurance can help cover legal fees and any damages you're found responsible for.
Looking to learn more? Read our article Do I Need Tenant Insurance? for more information.