Considering tenant insurance? Here's what you need to know first

Water damage, a kitchen fire or a visitor’s slip and fall in your apartment can all lead to significant financial headaches if you’re found liable.

Tenant insurance, also known as renter’s insurance, is designed to help reduce those costs. The price tag attached to a policy is typically $20 to $50 a month, which covers you if such an event occurs. 

While some landlords may require tenant insurance before handing over the keys to a rental unit, it’s not required in Canada so it’s up to tenants to weigh the pros and cons themselves.

That said, most experts agree that getting caught in a sticky situation without tenant insurance is not something renters should risk.