Renters Insurance in Vancouver

Most properties in Vancouver now require renters insurance (tenant insurance) to move in. Regardless, it’s something you should definitely have in case of fire or flooding etc. I met someone recently who 5 days after getting their apartment after moving from Ireland, their apartment building burnt down, their apartment had a lot of water damage, and insurance covered an alternative stay fully in a nice Airbnb while they wait for their apartment to be rebuilt. They now recommend it to everyone, and I do too.

The price ranges depending on where you are, how much insurance you need, and what you need to insure.

I checked with 4 companies to do a price comparison, so you don’t have to.

Price comparison for renters insurance in Vancouver:

The four contenders I came across, and their costs for my situation (it’s different for everyone and based on a lot of factors, but just as a general comparison):

• Apollo - $24.41/month
• BCAA - $33.36/month
• Square One - $46.40/month
• Belair - Could not get a quote online

For me, the best price was through Apollo, I think I may have got a small deal from my apartment, but nonetheless, it seemed substantially less. Check if your property manager has a deal with an insurance company.

Does it cover floods, earthquakes, or wild weather?

It is recommended you make sure to get extra insurance for extreme weather and also water damage as that is sometimes not included. At the time of writing this, there were floods in the area so I was happy I had it. I have been through 3 earthquakes in the lower mainland.

Renters insurance comparison

Apollo

Square One

BCAA

Belair

Reddit recommended this one the most, but I filled out a bunch of things online, and then they said I had to call them, I didn’t.

FAQ

Is renters insurance required in Vancouver?

A lot of places will ask for proof of renters insurance before you can move in, my apartment did. Even if it’s not required, it’s a smart thing to have. Fires, floods, break-ins... it’s not that rare, even if you don’t have anything of value, you will need a new temporary place to stay, and insurance will cover that.

What does renters insurance cover?

It covers your stuff (furniture, electronics, clothes), liability (if someone gets hurt in your place), and somewhere to stay if your apartment becomes unlivable (like an Airbnb or hotel). Not everything is included by default though — for example, water damage or earthquake coverage might need to be added on.

How much does renters insurance cost in Vancouver?

It depends on how much coverage you want and where you live, but expect around $15–$35/month. Some buildings or property managers have deals with certain providers, so check with them. I pay $24.41/month through Apollo but your quote might be different.

If I have roommates, can we just share one policy?

Sometimes — but most of the time, no. Policies usually only cover the person named on the plan. So it’s best for each roommate to get their own unless the insurer says otherwise.

Does it cover floods, earthquakes, or wild weather?

Not always! You usually need to add extra coverage for those. I added flood and earthquake protection because I’ve had a few shakes in Vancouver and there were floods nearby when I moved in. Glad I did.

How do I know how much coverage I need?

Walk around your place and add up roughly what your stuff is worth — think furniture, electronics, clothes, etc. Most providers will guide you through this as part of the quote process.

Can I take my renters insurance with me if I move?

Yes — just let your provider know your new address and they’ll update the policy. Easy peasy.

How do I file a claim if something happens?

Each company is a little different but usually you contact them right away, send in photos or receipts (if you have them), and explain what happened. I haven’t had to file a claim but based on reviews I read all of the ones I listed above seem pretty good to deal with.

I have not been in a situation where I needed insurance to cover these things, so I can’t comment on how good they are to deal with once you need to make a claim. I did look up other people’s experiences online, and these were all good. If you have had experience, please share it with me hi@jayceeday.com!

Next steps

Set up your electricity and hydro in Vancouver: