A single renter, for instance, living in a bachelor apartment, or studio apartment, in a secure building, may have a low risk of being the victim of theft; however, if the bachelor or studio apartment is a garden level or basement apartment, the risk of flood damage can increase the premium somewhat.



If a renter decides to use a storage facility to house their belongings, the same rules of coverage apply. Usually, the storage facility will offer its own rental coverage or apartment insurance from a company or agent it has agreed to work with, to cover damage to personal property, but as stated, the facility is not responsible for damage to anything other than the facility itself.




Most major insurance carriers feature apartment insurance in Toronto, and local agents, or insurance consultants, can often provide free quotes for prospective renters. Apartment insurance can often seem like an unnecessary expense, until personal property is stolen or damaged. It is important to note that premiums paid help to keep the overall cost of insurance lower. Normally, the low monthly payment is justified by the knowledge that personal items can be replaced. Some rental insurance policies also cover legal fees to recover damage or security deposits from a landlord. It is important for Toronto renters to determine the value of their personal property compared to the type of premium they can afford, and to craft the apartment insurance coverage that suits their individual needs.