Furnishing a new apartment from scratch is not only stressful but also costly. According to Furniture Bank, a Toronto-based charity that supports families in need, expenses for beds, dining tables, cookware, and other essentials rise quickly, especially with taxes and delivery charges.
That is why many renters see a fully furnished apartment as a stroke of luck. It saves money, time, and effort, instantly turning an empty space into a comfortable home.
However, there is a common misconception: if the apartment comes with furniture, tenant insurance is unnecessary. This belief could leave renters financially vulnerable.
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Why Tenant Insurance Matters in Furnished Apartments
Even when renting a well-furnished unit, tenant insurance remains essential. It covers the personal belongings you bring with you—such as clothing, electronics, and musical instruments.
Replacing these items after a fire, theft, or water damage could cost thousands of dollars. Without insurance, tenants must cover the expense themselves. A 2024 RBC survey found that 60% of Canadians lack sufficient savings to handle unexpected costs like these.
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Tenant insurance also provides liability coverage and support for additional living expenses, creating a vital safety net.
Key Reasons Furnished Apartments Still Require Tenant Insurance
Here are five important considerations:
- Lease Requirements – Many rental agreements mandate tenant insurance. Failure to maintain it may breach the contract.
- Liability Coverage – Protects against medical or legal expenses if you are found responsible for injury or property damage.
- Displacement Support – If the apartment becomes uninhabitable due to a covered event, insurance can cover additional living costs.
- Affordability – Tenant insurance is relatively inexpensive. In Ontario, the average monthly premium is $27, while in Quebec, it is $18. Policies start as low as $8.
- Coverage Beyond Furniture – Insurance protects your personal possessions, not just the furniture included in the rental.
Conclusion
Just because an apartment is furnished does not mean it is risk-free. Fires, theft, water damage, and liability claims can still occur. Having tenant insurance protects your possessions, offers liability coverage, and ensures peace of mind—making it a wise investment for every renter.
