What is Tenant Insurance?

Tenant insurance (also called renter’s insurance) is coverage that protects you and your belongings when you’re renting a home, condo, or apartment.

Your landlord’s insurance usually covers the building, not your stuff—tenant insurance fills that gap and can also protect you if you accidentally cause damage or someone gets hurt in your place.

How KOHO Everything Helps You

Tenant insurance works best when it’s just another planned part of your monthly budget, not a surprise.

• With the KOHO Everything plan, you get:

• 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

What Does Tenant Insurance Usually Cover?

Policies vary, but most tenant insurance includes three main parts:

1. Contents Coverage

This protects the things you own, such as:

• Furniture and electronics

• Clothing and shoes

• Kitchenware, décor, and other personal items

If there’s a fire, certain types of water damage, or a covered theft, contents coverage helps pay to repair or replace your belongings (up to your policy limit).

2. Liability Coverage

Liability coverage protects you if:

• You accidentally damage the unit or building (for example, a kitchen fire), or

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

In those cases, liability coverage can help with legal costs and damages, instead of you paying out of pocket.

3. Additional Living Expenses

If a covered event makes your place unlivable (like a major fire), this part can help pay for:

• Temporary housing (hotel or short-term rental)

• Extra food and transport costs

It’s there so you’re not scrambling to cover double housing costs while your place is being repaired.

Why Tenant Insurance Matters

Tenant insurance is often:

• Required by landlords as part of the lease, and

• Surprisingly affordable compared to the cost of replacing everything you own or paying out a liability claim

Without it, one bad incident—fire, serious leak, theft, or accident—could mean huge out-of-pocket costs.