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

Back home, getting insurance for a rented apartment wasn't really a common thing. I thought the landlord's building insurance covered everything. I was wrong. I was stressed, short on cash, and terrified of signing up for an expensive monthly bill I didn't fully understand.

If you are feeling the exact same way right now, take a deep breath. You are not alone.

Almost every landlord in Canada requires you to have tenant insurance (also known as renter's insurance). It protects them, but more importantly, it protects you from financial ruin if something goes wrong. Today, I am going to share exactly how I solved this problem. I have been using Square One Insurance for over two years. It is incredibly affordable, and because I recommend them so often, I actually worked with their team to secure a $20 account credit specifically for NewcomerSetup readers.

Here is everything you need to know about getting your apartment covered.

Why You Should Trust This Review: I am not a corporate insurance broker trying to hit a sales quota. I am an immigrant who moved to Canada, signed a scary lease, and had to figure this out from scratch. I have personally paid for and maintained a Square One policy for over two years in British Columbia. I am recommending them because their digital-first, unbundled model is mathematically the best option for temporary residents, students, and new workers building their lives here.

The Quick Answer: What is Square One and Is It Worth It?

Bottom Line Up Front: Square One is a Canadian digital insurance provider that specializes in customizable home and tenant insurance. Instead of selling you expensive, pre-packaged policies, they let you unbundle your coverage. The verdict? Yes, it is highly recommended as the most newcomer-friendly way to satisfy your landlord's requirement without overspending.

Square One 2026 Quick Facts:

• Starting Price: $15/month

• The Newcomer Perk: $20 account credit applied automatically via the link below.

• Availability: BC, AB, SK, MB, ON, QC

• Auto Insurance Bundling: Available only in ON and QC

• Payment Flexibility: Interest-free monthly payments

• Quote Process: 100% Online (No broker calls)

What Does Tenant Insurance Actually Cover in Canada?

Depending on what country you moved from or what province you live in, your landlord or property manager might ask you for "renter's insurance," "apartment insurance," "lease liability coverage," or "tenant insurance." In Canada, these all mean the exact same thing.

When you rent a condo or a basement suite in Canada, the owner has insurance on the physical building. If the roof blows off in a storm, their insurance pays for it. But their insurance does absolutely nothing for you, your belongings, or your mistakes.

Tenant insurance covers three main things:

1. Personal Liability (The Big One): This is why landlords force you to get insurance. Imagine you forget to turn off the bathtub water, and it floods your apartment. The water leaks down and ruins the apartment below you. You are legally responsible. A liability claim can easily cost $50,000 or more. Tenant insurance pays for this so you don't go bankrupt.

2. Personal Property: If a fire destroys your building, or a thief breaks in and steals your laptop, clothes, and TV, tenant insurance pays to replace them.

3. Additional Living Expenses: If your apartment building has a fire and you cannot live there for three months while they fix it, tenant insurance pays for your hotel or temporary rental, plus extra food costs, while you are displaced.

Why Square One is My Top Choice for Newcomers

When I first started looking for insurance, I walked into a bank. The advisor offered me a standard package for $45 a month. It included coverage for expensive furs, fine art, and high-end watches. I was a newcomer sleeping on a mattress on the floor. I didn't own fine art.

Here is why Square One's model is infinitely better for renters:

• You Control the Sliders: When you use the Square One website, you get a dashboard with sliders. You only pay to insure what you actually own. If you only own $10,000 worth of stuff, you set the limit to $10,000.

• Simple, Clear Language: Insurance companies love to use confusing terms. Square One writes everything in plain English.

• No Penalty for Monthly Payments: Many old-school insurance companies charge you an extra fee (usually 2-4% interest) if you want to pay month-to-month. Square One allows you to pay monthly without any interest charges, which is great for managing your budget.

How Much Does Square One Tenant Insurance Cost?

Your exact price will depend on your postal code, the type of building you live in, and how much coverage you select.

• Average Cost: Tenant policies start from just $15 per month. Most newcomers renting a standard 1-bedroom apartment can expect to pay between $15 and $30 per month depending on their chosen limits. Plus, if you use our link, that $20 account credit essentially pays for your entire first month.

• The Deductible Factor: A deductible is the amount of money you have to pay out of your own pocket before the insurance kicks in. Square One offers standard deductible options ranging from $250 to $5,000. If you choose a higher deductible, your monthly bill will drop significantly. (Warning: Never set your deductible higher than what you actually have sitting in your emergency savings account).

What Are the Downsides?

No company is perfect for everyone. While Square One is amazing for most renters, keep these two limitations in mind:

• Limited Auto Insurance Bundling: Many Canadians bundle their car and home insurance together to get a discount. While Square One recently started offering car insurance in Ontario and Quebec, they do not offer it nationwide. If you live in BC or Alberta, you will not be able to bundle your auto policy with them.

• Regional Availability: As of 2026, you can only get Square One in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. If you are moving to the Maritimes or the Territories, you will need to find another provider.

The Step-by-Step Plan: How to Get Your Quote (and the $20 Credit)

Getting set up is incredibly easy. You don't need to speak to a human unless you want to.

1. Use the Right Link: Click the button at the bottom of this page to ensure your $20 account credit is tracked and applied.

2. Gather Your Info: You need the exact address of your new apartment and a rough guess of when the building was built.

3. Start the Online Quote: The system will ask you basic questions about your building type and main heat source.

4. Adjust Your Coverages: Keep Personal Liability at $1 million to $2 million. Adjust Personal Property to match what it would actually cost to buy all your clothes and furniture brand new.

5. Pick Your Deductible and Pay: Choose a deductible you are comfortable with, enter your credit card, and you are done.

6. Send Proof to Your Landlord: Square One will instantly email you a "Confirmation of Insurance" PDF. Forward this directly to your landlord to get your keys.

The Relief of Being Protected

Moving to a new country is full of unknowns. The last thing you need is a freak accident wiping out your bank account. Setting up my policy with Square One took one massive stress off my shoulders. For the price of three coffees a month, I bought complete peace of mind.

✅ Ready to check this off your to-do list? Get your free, 5-minute custom quote and claim your $20 account credit by clicking the button below.

Get Your Custom Quote & Claim Your $20 Credit

Frequently Asked Questions by Newcomers

Do I legally have to have tenant insurance in Canada? By Canadian law, no. However, 99% of landlords write it into the standard lease agreement as a mandatory condition. If you sign the lease, it becomes a legally binding contract, meaning they can evict you if you refuse to buy a policy.

Does Square One check my Canadian credit score? Yes, like almost all Canadian insurance providers, Square One does a "soft check" on your credit file to determine your premium. A soft check does not hurt your credit score. If you are a brand new immigrant with zero credit history, you can still get approved, though your monthly rate might be a few dollars higher until you build a history.

Can two roommates share one Square One policy? Yes. If you are sharing a basement suite or an apartment with another newcomer to save money, Square One allows you to list roommates on the same policy, splitting that $15-$30 monthly cost in half. Just make sure you increase the "Personal Property" slider to cover both of your belongings.

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.