RBC is a trusted name in Canada, making it an easy choice when it comes to tenant insurance. RBC Tenant Insurance offers a lot for renter insurance, covering personal belongings, liability coverage, as well as some nice benefits such as covering living expenses and property inside your vehicle.
But since it's a big bank, you’ll likely see higher premiums and extra costs for additional coverage. As with any premium, it’s best to compare and shop around before committing.
What you get with RBC Tenant Insurance
Here's an overview of what RBC tenant insurance has to offer:Verified on September 10, 2025
Why You Want It
Choose from comprehensive coverage options + Trusted, reputable bank.
Special Features
- Non-owned property
- Personal property at other location
- Property in your vehicle
- Voluntary medical payments
- Voluntary property damage
- Special item limits
- Extensions of coverage
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Personal Liability
Personal Belongings
Additional Living Expenses
Unit Improvements
Identity Theft
Sewer Backup
Overland Water
Our rating for RBC Tenant Insurance: 2.1 stars
RBC tenant insurance offers many of the main features we track (some at an extra cost), with a lot of extra features that you won't see everywhere. This includes coverage for non-owned property, additional living expenses, and property in your vehicle.
However, keep in mind that this is a big bank, so it’s important to do some comparison shopping before committing to your policy. Big banks tend to be a bit more expensive than their online counterparts.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
What's good about RBC Tenant Insurance
Here are the pros that you can look forward to with RBC tenant insurance.
Pros
Convenience and reliability
As with any big bank, you’ll have the added benefit of reliability since you’ll be dealing with a reputable, well-established company. This will make setting up your insurance coverage (and getting a payout if the time comes) much easier – even more so if you already bank with RBC.
Extra features
RBC tenant insurance also offers less standard coverages that you’re less likely to find with other companies. This includes coverage of property in your vehicle (which protects you against theft or burglary of personal property inside a vehicle parked on your premises), additional living expenses (which covers expenses like moving costs, storage, etc.), non-owned property (which provides coverage for property belonging to others while in your residence), and more.
Things to watch out for with RBC Tenant Insurance
Here’s what you need to look out for when considering tenant insurance with RBC.
Cons
High costs
Tenants who already rent will likely be looking for the most amount of coverage for the lowest price. Big banks tend to charge high prices for coverage, and RBC is no exception. This is why it’s important to get a quote from each company you’re considering and compare prices to get the most bang for your buck. Especially when it comes to insuring your property, you’ll want to cover as much ground as possible.
Need to pay extra for additional coverage
While optional endorsements are a feature, it means you’ll have to pay more for extra coverage for water damage (including sewer backup and overland water). Other banks have this included in their insurance packages, making RBC’s tenant insurance package much less valuable as a whole.
No coverage for identity theft
Although it used to be part of their package, identity theft is no longer covered under RBC. This limits its overall value and competitiveness with other packages that offer the same and more.
Best alternatives to RBC Tenant Insurance
Here's how RBC tenant insurance compares to other options on the market:
 |  |  | |
|---|---|---|---|
| Account | RBC Tenant Insurance | Sonnet Tenant Insurance | Scotiabank Tenant Insurance |
| Genius Rating | |||
| Why You Want It | Choose from comprehensive coverage options + Trusted, reputable bank. | Get an easy online quote for cheap insurance premiums + Multiple ways to save. | Easy to set up if you’re a Scotiabank customer + 24/7 claims service. |
| Personal Liability | | | |
| Personal Belongings | | | |
| Additional Living Expenses | | | |
| Unit Improvements | | | |
| Identity Theft | | | |
Show More | |||
| Get a quote See more RBC products Compare | Learn More See more Sonnet products Compare | Learn More See more Scotiabank products Compare |
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RBC Tenant Insurance frequently asked questions
What is included in RBC tenant insurance?
RBC tenant insurance covers personal belongings and contents, non-owned property, property in your vehicle (up to 100% of contents coverage), additional living expenses (up to 40% of contents coverage), liability coverage, voluntary medical payments (of $5,000), voluntary property damage (of $1,000), and other extensions of coverage.
Does RBC tenant insurance protect against flooding and water damage?
Technically, RBC’s tenant insurance does protect against water damage, but only if you purchase extra coverage. These extra endorsements are vital for protecting your property, especially if you live in an area that tends to get a lot of rain or snow, so you may want to shop around for insurance packages that already include protection against water damage.
What are the limits on personal belongings for RBC tenant insurance?
With RBC tenant insurance, you’ll have different limits depending on the property that was lost or damaged. This can be as little as $500 for money (including cash cards or bullion) and numismatic property (such as coin collections), or as much as $10,000 for garden tractors, snow removal equipment, property in a safety deposit box in a bank/trust company, and property belonging to student temporarily living away from home to attend school.
Does tenant insurance cover rental apartments, houses, or condos?
If you are renting a property, tenant insurance will generally provide coverage for your belongings as well as for liability claims if you are renting a dwelling and are considered a tenant, not an owner. However, it's important to read your renter insurance policy carefully to know what you are covered for and what you are not.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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