How Much Tenant Insurance Do I Need?

The right amount of tenant insurance comes down to three main pieces:

1. How much your stuff is worth (contents coverage)

2. How much protection you want if you’re sued (liability coverage)

3. How much you’d need if you couldn’t live in your place for a while (additional living expenses)

You want enough coverage that a bad day (fire, major water damage, theft, accident) doesn’t turn into a financial disaster.

How KOHO Everything Can Help You

Tenant insurance works best when it’s automatically baked into your budget, not a surprise bill.

With the KOHO Everything plan, you can:

• Build credit history and earn 0.25% on reporting rent

• KOHO members get one of the most competitive prices in Canada, with standard coverage from $22/month

• Grow your savings with 3.5% interest, one of the highest rates in Canada

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• There are no foreign exchange fees, so you save on international purchases and travel

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

1. Contents Coverage: How Much Is Your Stuff Worth?

Contents coverage protects things like:

• Furniture, electronics, and appliances you own

• Clothing, shoes, and personal items

• Kitchenware, books, décor, and other everyday belongings

A quick way to estimate:

• Walk through your place (room by room) and roughly price out what it would cost to replace everything at today’s prices.

• Don’t forget things like laptops, phones, gaming systems, and small appliances—they add up fast.

If you’d struggle to replace everything after a fire or big leak, that’s a sign you need more than just a bare-minimum policy.

2. Liability Coverage: Protecting Yourself If Something Goes Wrong

Liability coverage is what protects you if:

• You accidentally damage the building (e.g., kitchen fire, leaking bathtub, etc.)

• Someone is injured in your unit and you’re found responsible

Here, the question is:

“If the worst happened, how big could the bill be?”

Many renters choose at least $1 million in liability coverage, and a lot go higher (like $2 million) for extra peace of mind, especially in condos or multi-unit buildings where one accident can affect multiple units.

3. Additional Living Expenses: If You Can’t Stay in Your Place

If a fire, major leak, or other covered event makes your place unlivable, additional living expenses coverage can help pay for:

• Temporary accommodation (hotel, short-term rental)

• Extra food and transport costs

• Other basics while you’re displaced

Think about:

• How much your rent is now

• How long it might realistically take before you could move back or find a new place

You want enough coverage that you’re not stuck couch-surfing or draining your savings if something big happens.

4. A Simple Way to Decide Your Coverage

As a starting point, ask yourself:

• “If I had to replace everything I own tomorrow, what number feels realistic?”

• “Would I feel comfortable with $1M liability, or do I want more?”

• “Could I afford a few months of extra housing costs without going into debt?”

From there, you can choose a coverage level that won’t leave you exposed—but also isn’t way beyond what you actually own or earn.