Quote data from MyChoice.ca, October 2024
Ottawa Tenant Insurance Overview
Primarily due to the high cost of homeownership, almost half of those who live in Ottawa rent their homes. The rental market is competitive, with a low vacancy rate of 1.7% for purpose-built buildings and just 1.1% for apartments.
Despite the challenges of renting in Ottawa, plenty do. And the main reason for this is that renting can be convenient and affordable. Also, since you don’t own the property, you don’t have to worry about maintenance and repairs, even in the worst-case scenario.
With that said, your landlord’s insurance only extends so far. If your belongings are damaged (or if you damage someone else’s) you’ll be out of pocket.
Fortunately, tenant insurance can help you cover the cost of replacing or repairing your assets and shield you from the financial blow of an insured peril. Learn more about how renters insurance in Ottawa works, what it can do for you, and how you can get the best policy for your budget.
How Much Does Tenant Insurance in Ottawa Usually Cost?
Tenant insurance in Ottawa usually costs $229/year, which translates to monthly premiums of $19 This is slightly below the average Ontario rate of $265/year or $22/month. For a pretty affordable rate, you can get a Ottawa tenant policy that protects your personal belongings.
With that said, it’s important to remember that these are just average figures. How much insurers will actually charge you depends on a variety of factors, such as where in Ottawa you live, what kind of dwelling you rent, and what kind of items you need to insure.
Quote data from MyChoice.ca, October 2024
A Snapshot of Ottawa Renters
According to the 2021 Census of Population, almost half (48.1%) of Ottawa residents, translating to 557,970 households, are renters. High-rise apartments are the second-most popular housing structure, comprising a massive 46.7% of all dwellings. The 2023 rental report by the Canada Mortgage and Housing Corporation found that the ratio of completions to rentals for apartments has maintained at around 36%.
The vacancy rate of both purpose-built buildings and apartments both fell in 2023 to 1.7% and 1.1% respectively, despite a record number of apartments being added to the market. Meanwhile, the average rent for two-bedroom homes rose 6.5% to $1,765, while two-bedroom condos cost $2,671.
The CMHC attributes this to an increase in interprovincial migration, post-pandemic rental demand (especially as students return to school), and employment recovery for the youth – a group that accounts for most of the rental households in the GTA.
A lack of supply combined with rising mortgage costs are turning many away from homeownership. As more people rent for longer, we’ll likely see more pressure on the rental market in Ottawa.
Average Monthly Rent in Ottawa
According to CMHC, the average monthly rent in Ottawa varies by apartment type, with bachelor apartments at $1,173, one-bedroom at $1,409, two-bedroom at $1,693, and three-bedroom or larger at $1,893.
| Apartment Type | Average Monthly Rent |
|---|---|
| Bachelor | $1,173 |
| 1 Bedroom | $1,409 |
| 2 Bedroom | $1,693 |
| 3 Bedroom + | $1,893 |
Ottawa Rent Price Over The Years
The rent for 3-bedroom apartments saw the most significant growth in 5 years, increasing from $1468 in 2018 to $1893 in 2023, an increase of 28.9%.
Ottawa Vacancy Rate Over the Years
Below are the vacancy rates over the last 5 years for different apartment types in Ottawa. In 2020 and 2021, 3-bedroom apartments saw the highest vacancy rates at 4.1% and 4.3%, respectively, before declining to 1.9% in 2023, showing an overall improvement in occupancy rates.
Ottawa Population Growth
Ottawa’s population grew from 934,243 to 1,017,449 between 2016 and 2021, a growth rate of roughly 8.9% over the five years.
What Is Not Included in a Typical Ottawa Renters Insurance Policy?
Even if you’ve opted for a highly comprehensive tenant insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by Ottawa insurance companies.
Here are the most common tenant insurance exclusions:
Note that a tenant insurance policy doesn’t cover loss or damage to items that aren’t yours, so it won’t cover a roommate’s belongings or your landlord’s possessions. Also, the list above is by no means an exclusive enumeration of risks typically excluded from a tenant insurance policy in Ottawa. Talk to your tenant insurance provider to see what’s covered by your policy in case of loss or damage.
How You Can Get Cheap Tenant Insurance in Ottawa?
If you’re trying to save money on your tenant insurance coverage, visit our Ontario page for a list of practical tips.