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What’s Renters Insurance and Why Do I Need It?

Being responsible is cool and we will not entertain notions to the contrary.

Let’s talk about renters insurance! This lesser-known type of insurance doesn’t get talked about enough, but it could help you save *big time* if you encounter a problem as a renter.

So what’s the deal? Below, we’ll give you the rundown and tell you about a rad insurance company every renter in Canada should know about. (TL;DR, we’re talking about our friends at APOLLO.)

What’s Renters Insurance?

Renters insurance covers your belongings and aspects of the home that you rent.

Renters insurance, also known as tenants or tenancy insurance, is insurance that covers your belongings and aspects of the home that you rent—whether a house, apartment or condo.

Your landlord most likely has property insurance. Generally, these policies are meant to protect against the risks of all the damages that could occur to the home—from the foundation to the roof—in the event of an emergency. This emergency could be something like an accidental fire or even an “act of God,” which means a totally surprising event that is impossible to predict.

As a renter, that property insurance doesn’t generally protect you or your belongings, though. So if someone breaks into your apartment and steals your entire collection of Jordans, you’re out of luck.

Unless you have renters insurance.

What Does Renters Insurance Do?

if you're liable for building damage, renters insurance can also protect you from a huge financial burden.

Renters insurance is your way of protecting the contents of the rented home that you live in. But that’s not all: if building damage occurs and your landlord’s insurance company finds you liable or you get hit with a lawsuit, renters insurance can also protect you from a huge financial burden.

Like your car insurance, you select a policy that suits your needs best. This policy is structured in relation to the cumulative value of your belongings, and how much extra coverage you may want  for things like lawsuits.

So renters insurance is two-pronged: in case of an emergency, damage, or theft (bad), renters insurance can protect the value of everything you own (good). And if your landlord comes after you for damages (bad), renters insurance can insulate you from the impacts of potential lawsuits (good).

Why Do I Need Renters Insurance?

Say your home is ransacked. Without renters insurance, you'd be stuck replacing all of that stuff out of pocket.

“But why should *I* get renters insurance? My most valuable possession is a hand-me-down Norco mountain bike with only one tire.”

We get it. For many, many Canadians, it might not seem like the monetary value of our belongings warrants getting renters insurance (sentimental value is something else entirely and no I will not get rid of my Avril Lavigne ticket stub collection damnit).

But think again. Imagine everything you use in your home every day—to sleep, shower, feed yourself, work, and hang out. Pots, pans, a television, the clothes you wear, the mattress you sleep on.

Now imagine all of that stuff gone. Say you’re on vacation for a few nights and you get home to find your entire home ransacked—even your one-wheeled Norco is nowhere to be found.

What do you do?

Well, first you’d call the cops. But second, you’d call your insurance company. Because without renters insurance, you’d be stuck replacing all of that stuff out of pocket. No, your decades-old can opener probably isn't worth much.

But suddenly, you’re on the hook for buying brand new replacements for everything you need to live.

With renters insurance, all you’d pay is your deductible and you’d get cash in hand (or reimbursements) to start living again. Without it, you’ll be burning through your emergency fund—and fast. No emergency fund? Well… Then you’re really in a pickle.

(P.S. you can start building an emergency fund with the Mogo Visa* Platinum Prepaid Card. It’s a prepaid card that can actually help you spend less and control your spending. In fact, respondents to a recent Mogo survey reported an average savings of $201 per month from using the MogoCard - that’s an extra $200 you could throw into an emergency fund!1


Can I Get By Without Renters Insurance?

No. No! Don’t risk it. Next question.

Team Up With APOLLO

If you're in the market for renters insurance, let us introduce you to our friends at Apollo. Their policies start at $18 per month, and they've got your back with round the clock customer support via phone, email, or chat.

We’re all here because we want to get our finances under control and our goals on track. We want to make responsible decisions to protect the things we work so hard for.

In the full picture of perfect financial management, renters insurance can play an important role. If you’re in the market, let us introduce you to our friends at APOLLO.

APOLLO is a company offering really robust and customizable home, condo and renters insurance policies that can help  protect you from the unexpected. Their policies start at only $18 per month—that’s less than $1 per day—and they’ve got your back with round-the-clock customer support via phone, email, or chat. That’s two good things: affordable policies and customer priority; that’s why we think APOLLO is so great.


If your belongings are super expensive, they’ve got a policy to cover you. If your belongings aren’t worth much but your landlord’s a jag, they’ve got a policy for that too. It’s easy to get a quote online and start protecting the things you love today.

Check out Apollo to find the perfect policy, and rest easy knowing you're protected. You got this!

Remember, it’s up to you to do your own research and make sure the insurance policy and insurance company you select is right for you. So give APOLLO a call or visit them online to find out if they have the perfect policy for you, and then rest easy knowing you’re protected.

Now go make good financial decisions! You got this.

This blog is provided for informational purposes only. Mogo explicitly disclaims any liability related to your use of Apollo’s website, products and services. Apollo is currently only available to individuals in Canada (excluding Quebec).

*Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoCard means the Mogo Visa Platinum Prepaid Card.

1- Based on an online survey of active MogoCard users conducted by Mogo Inc. between July 13, 2021 and July 16, 2021. The survey consisted of a combination of multiple choice and fillable text box questions. There were a total of 1,446 respondents to this survey. Respondents reported that they believed they were saving an average of $201 per month using the MogoCard (based on 902 respondents who specified an amount and excluding 60 respondents who did not specify any amount).

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