Renter’s insurance is for that.
Basically, like homeowner’s insurance, renter’s insurance covers the belongings in your home against loss, theft and damage, depending on your policy. The difference between the two is that homeowner’s insurance covers the structure as well, while renter’s insurance doesn’t.
Even better, some policies cover your belongings even when you’re not at home. For example, you might be covered if you’re travelling and your camera gets stolen by a sacred monkey in Thailand or your iPhone is smashed by an elephant in Cambodia. In those cases, renter’s insurance could help you recover the cost of replacing your stolen, lost or broken belongings even while travelling.
Renter’s insurance definitely covers your belongings should there ever be a break-in at your apartment, but always check out the details with your policy provider.
Shopping around is key to getting a renter’s insurance policy that fits your needs and your budget. Generally speaking, renter’s insurance is very affordable for the massive benefits it can provide to renters like you.
There are a ton of Toronto agencies that provide renter’s insurance – this list isn’t exhaustive, but can give you an idea of what to expect.