Square One Tenant Insurance Review 2026: Is $15/Month Real?

I remember sitting in my first unfurnished apartment in Vancouver, holding a lease agreement that ran 15 pages. I had just moved from Mexico and my head was spinning. The landlord told me I needed something called "tenant insurance" before he would hand over the keys.

Back home, insuring a rented apartment was not really a thing. I assumed the landlord's building insurance covered everything inside it. I was wrong. I was stressed, short on cash, and scared of signing up for a monthly bill I did not understand.

If that is you right now, take a breath. You are not alone.

Almost every landlord in Canada requires tenant insurance, also called renters insurance. It protects them. More importantly, it protects you from a bill that could follow you for years.

I have been a Square One customer in British Columbia for over two years, and because I recommend them so often I worked with their team to get a $20 account credit for NewcomerSetup readers.

So let me start with the number everybody wants, including the one on my own bill.

The honest answer: I pay $36.19 a month

Square One advertises tenant insurance "from $15 a month." That figure is real. It is also the floor, not the average.

My own policy costs $36.19 a month in Vancouver. That is more than double the advertised starting price, and I want to explain why before you get your quote, so the number on your screen does not catch you off guard.

Here is what drives the gap:

• How much stuff you insure. This is the biggest lever by far. Somebody covering $10,000 of belongings pays far less than somebody covering $40,000.

• Your liability limit. Going from $1 million to $2 million costs a little more and is usually worth it.

• Your deductible. A higher deductible drops your monthly bill, because you agree to pay more out of pocket when you claim.

• Your postal code and building. A downtown Vancouver high rise is priced differently than a suburban basement suite.

• Your credit history. Brand new arrivals with no Canadian credit file often pay a few dollars more until that file builds up.

None of that is a knock on Square One. Every insurer in Canada prices on the same inputs. I am telling you because I would rather you hear it from someone who pays the bill than find out at checkout.

What this means for you: if you are a student with a laptop, a bike and a closet of clothes, you are probably close to the $15 to $20 range. If you have furnished a one bedroom apartment and own a decent amount, budget closer to what I pay. The $20 credit covers most of a first month either way.

Square One 2026 quick facts

• Starting price: $15 a month (their published figure)

• What I actually pay: $36.19 a month in Vancouver

• The newcomer perk: $20 account credit, applied through the link below

• Available in: BC, Alberta, Saskatchewan, Manitoba, Ontario, Quebec

• Car insurance bundling: Ontario and Quebec only

• Payments: monthly, with no interest charge

• Quote process: fully online, no broker phone call

What tenant insurance actually covers in Canada

Your landlord might call it apartment insurance, lease liability coverage, or renters insurance. In Canada those all mean the same product.

When you rent a condo, an apartment or a basement suite, the owner insures the building itself. If the roof blows off in a storm, their policy pays for the roof. Their policy does nothing for your belongings or for damage you cause.

Tenant insurance covers three things.

1. Personal liability. This is the real reason landlords insist on it. Picture leaving the bathtub running, flooding your unit, and soaking the apartment below. You are responsible for that repair. A claim like this can run $50,000 or more. Your policy pays it so you are not paying it off for a decade.

2. Personal property. Fire, theft, water damage. If a thief takes your laptop and your TV, this is the part that replaces them.

3. Additional living expenses. If a fire makes your building unlivable, this covers a hotel or a short term rental while repairs happen, plus the extra food costs that come with having no kitchen. Coverage typically runs up to three months.

Where you live changes the answer

Square One operates in six provinces, and the experience is not identical in each one. Here is what matters where.

British Columbia (Vancouver, Burnaby, Surrey, Victoria)

This is where I live and where my own policy sits. Tenant insurance is not legally required in BC, but it is written into nearly every lease here. Square One sells tenant, condo and homeowner policies across the province. No car insurance, because ICBC handles basic auto coverage in BC and Square One does not sell the optional layer on top.

Ontario (Toronto, Mississauga, Ottawa, Brampton)

Ontario renters get something BC renters do not: you can bundle car insurance with your tenant policy. Square One sells personal car insurance in Ontario through a partnership with Zurich Canada, and bundling can take up to 7.5% off the car side. If you are a newcomer in Toronto who needs both a tenant policy and a car policy, that is a real reason to look here first.

Toronto pricing starts at the same published $15 a month. Rent in Toronto is high and apartments there are often smaller, which usually means less to insure than a furnished place in the suburbs. Your quote will come down to your own coverage limits, same as mine did.

Quebec (Montreal, Laval, Quebec City)

Same as Ontario on the car side. Square One sells both tenant and personal car insurance in Quebec, so bundling is available. The quote process runs in English and French.

Alberta, Saskatchewan and Manitoba

Tenant policies are available in all three. No car insurance bundling, so if you drive, your auto policy stays with a separate company.

Not available yet

If you are landing in Nova Scotia, New Brunswick, PEI, Newfoundland, or any of the territories, Square One cannot help you. You will need a local broker or another online insurer.

Why Square One works well for newcomers

When I first went looking, I walked into a bank. The advisor quoted me $45 a month for a standard package that included coverage for furs, fine art and high end watches.

I was sleeping on a mattress on the floor. I did not own fine art.

That is the difference, and it comes down to three things.

You control the sliders. Square One's quote tool gives you a dashboard where you set your own limits. You pay to insure what you actually own, which is exactly how I got my own number to a place I could live with.

The language is readable. Most insurance documents feel like they were written to be skimmed and signed. Square One writes in plain English, which matters a lot when English is not your first language.

Monthly payments cost nothing extra. A lot of older insurers add 2% to 4% if you pay month to month instead of a year up front. Square One does not. When you have just paid first month, last month and a damage deposit, that is a real help.

🤝 The pragmatic move: get your first month covered

Your landlord will not hand over the keys without proof of insurance, so this is an unavoidable expense. We partnered directly with Square One to make it hurt a little less. Generate your quote through our link and a $20 credit lands on your new account automatically. On my own bill that covers more than half of a month. On a lighter policy it covers the whole thing.

Transparency note: NewcomerSetup may earn a commission when you use this link, at no extra cost to you. It is how this guide stays free.

Get Your Custom Quote & Claim Your $20 Credit Here

What are the downsides?

No company fits everyone. Three things to weigh.

Car insurance only exists in two provinces. Plenty of Canadians save money by putting their car and their home with one company. Square One sells car insurance in Ontario and Quebec only. In BC, Alberta or the Prairies, your auto policy has to live somewhere else.

Six provinces, not ten. As of 2026 that is BC, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Maritimes and the territories are not covered.

The advertised price is a floor. I have said it once already and I will say it again, because I think this is the most common complaint people have. The $15 figure assumes modest coverage limits. Go in expecting a range rather than a headline price, and nothing about your quote will feel like a surprise.

How to get your quote and the $20 credit

You do not need to talk to anyone unless you want to.

1. Use the link on this page so your $20 credit is tracked and applied.

2. Have your details ready. The exact address of your new place, and a rough idea of what year the building went up.

3. Start the online quote. It asks about your building type and your main heat source.

4. Set your coverages. Keep personal liability at $1 million to $2 million. Set personal property to what it would cost to buy your clothes and furniture new, not what you paid for them.

5. Pick a deductible and pay. A higher deductible lowers your monthly cost, so pick an amount you could actually cover out of savings tomorrow.

6. Send proof to your landlord. Square One emails you a Confirmation of Insurance PDF right away. Forward it and collect your keys.

The relief of being covered

Moving to a new country is full of unknowns. A freak accident emptying your bank account should not be one of them. Setting up my policy took one big worry off my shoulders, and for what I pay, that trade is easy.

✅ Ready to check this off the list? Get your free quote and claim your $20 account credit.

Get Your Custom Quote & Claim Your $20 Credit

Frequently asked questions

Is Square One tenant insurance really $15 a month?
Yes, and also no. The $15 is a real starting price, not a marketing trick, but it assumes modest coverage limits. I pay $36.19 a month in Vancouver with higher limits than the minimum. Treat $15 as the floor and build your expectation up from there based on how much you own.

Is tenant insurance the same as renters insurance?
Yes. Tenant insurance, renters insurance, apartment insurance and lease liability coverage all describe the same product in Canada. Your landlord, your broker and your insurer may each use a different word for it. The coverage is the same.

Does Square One cover Ontario?
Yes. Square One sells tenant, condo and homeowner insurance in Ontario, including Toronto, Mississauga, Ottawa and Brampton. Ontario is also one of only two provinces where you can add car insurance and bundle it with your tenant policy.

Does Square One offer commercial auto insurance?
Not as far as I can find. Their car insurance is a personal product, sold in Ontario and Quebec through a partnership with Zurich Canada. If you need coverage for a work vehicle or a fleet, you will need a commercial broker.

Do I legally have to have tenant insurance in Canada?
No Canadian law requires it. Almost every standard lease does. Once you sign that lease it becomes a contract, and refusing to buy a policy can get you evicted.

Does Square One check my Canadian credit score?
Yes, like almost every Canadian insurer, they run a soft check to set your premium. A soft check does not hurt your score. If you have no Canadian credit history at all you can still get approved, though your rate may sit a few dollars higher until that history builds.

Can two roommates share one Square One policy?
Yes. You can list roommates on the same policy and split the monthly cost. Just raise the personal property limit so it covers both sets of belongings, otherwise you are both underinsured.

How fast can I get proof of insurance for my landlord?
Minutes. The quote takes about five minutes online, and the Confirmation of Insurance PDF arrives by email as soon as you pay. I have forwarded mine to a landlord from my phone while still standing in the lobby.

Disclaimer: NewcomerSetup.ca is a research and educational platform. We are not certified financial or legal advisors. This guide is for informational purposes only. We may earn a commission if you sign up through our links, at no extra cost to you.