What is Contents Insurance in Canada?

Content insurance protects your personal items. This could either be if the possessions are in your house or also while you travel. Whether you’re a tenant or homeowner, it can be incredibly beneficial to purchase contents cover as it’ll offer coverage for your furniture, electronics, and in some cases, jewelry.

The types of items covered really depend on what type of contents insurance you opt-in for. A lot of the time, it’s also included in any comprehensive tenant’s or home insurance policy. So before you jump into buying contents insurance, be aware that you may already be covered through the mentioned insurances.

Examples of Contents Insurance

To help you better understand contents insurance, I thought it would be best to describe some situations in which you can benefit from it.

For tenants, homeowners, or landlords that opt-in for contents insurance will have to tell the insurer how much you want to cover. You’d also need to make them aware of what you’re protecting and may have to supply some information about the products, such as barcodes, pictures, and other related identities a product may have.

For example, if you want to cover your TV, bed, kitchen appliance, etc. You may wish to choose a coverage that will at least compensate for $20,000. However, let’s say you have some high-end jewelry you want to keep protected and a painting. You may have to take out contents cover that is much higher than $20,000 and special policies to cover these types of goods.

The best way to prove the value of an item to an insurer is by providing them with a scanned copy of the receipt or any additional invoices that can verify an item’s cost. Also, be aware of any exclusions within your policy as you may need to purchase extra insurances to protect the type of goods or the way they’re damaged. For example, your contents may not be covered if they’re damaged in an earthquake, and therefore if you live in a high-risk area for this event, you’ll need to purchase additional coverage.

Types of Contents Insurance

When purchasing tenants, landlords, or comprehensive condo insurance, you’ll be offered two different content coverage types. These are:

Replacement cost coverage – For the item or items that have been damaged or stolen, you’re able to claim a reimbursement for the cost of replacing the item with either an exact match or something similar. For instance, if your cooker breaks which you’re not liable for, you can claim a new cooker that is either a similar price range or an exact match to the one you had before.
Actual cash value coverage – This will compensate for the damaged or stolen goods instead of a replacement. You’ll be able to receive a pay-out for the amount of the item which was stolen. However, the only downside to this coverage is that it’ll only pay-out on current market value. So, if your item depreciates over time, you won’t compensation for what you originally bought it for.

Our featured card

FeaturedCompare

Marriott Bonvoy^® American Express^®* Card

American Express Marriott Bonvoy

Annual fee: $120
Our valuation: $990Milesopedia first-year estimate First-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.; Milesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Welcome offer: Up to 110,000 points; Ends Sep 22, 2026

Apply Now

on American Express's website

Apply with confidence — no impact on your credit scoreApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).

The Marriott Bonvoy^® American Express^®* Card is the best credit card in Canada for free hotel nights.

New Cardmembers can earn up to 110,000 Marriott Bonvoy^® points with the current offer:

Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.

This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.

Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.

To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.

The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.

You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.

Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.

Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.

You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.

The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.

Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.

Legal

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.

Annual fee

Primary card$120

Additional card$0

Annual income required

Individual$0

Household$0

Conversion fees

2.5%

Earning rate

5xMarriott Bonvoy hotels
2xAll spending

Value

1st Year Value$1,437

2nd Year Value$312

Travel insurance

Delayed BaggageUp to $500

Lost BaggageUp to $500

Flight DelayUp to $500

Hotel BurglaryUp to $500

Travel AccidentUp to $500,000

Purchase protection

Purchase ProtectionIncluded

Extended Warranty+1 years

Auto Rental Collision (primary)Up to $85,000 / 48 days