KOHO Renters (Tenant) Insurance Review for 2025

KOHO, a financial services platform, offers comprehensive renter’s insurance to protect tenants’ belongings and financial security. Additionally, KOHO provides rent reporting services that help tenants build their credit history through on-time rent payment reports to major credit bureaus.

This article examines the essential features and advantages of KOHO’s renter’s insurance offering.

KOHO Renters Insurance

KOHO’s renter’s insurance solution protects tenants from financial loss resulting from accidents, theft, or damage in their rented homes. It offers coverage for personal assets, liability protection, and additional living expenses.

Although it’s not legally required for tenants in Canada, some landlords may demand tenants to have a policy as part of the lease agreement.

Cost and Affordability

A renter’s insurance policy from KOHO is designed to be both affordable and comprehensive. The cost of a policy varies based on location, coverage limits, and risk factors.

The company offers Standard Coverage, a group insurance plan with protection available to tenants in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario. Policies start at $22 per month.

For individuals with unique coverage needs, KOHO also offers Custom Tenant Coverage, with pricing varying based on the policy.

What Is Covered

KOHO’s tenant insurance provides protection against various risks, including:

• Personal property coverage – Reimburses you for belongings that are damaged or stolen due to circumstances covered in your policy.
• Bodily injury liability – Provides coverage when guests suffer injuries within your rented property.
• Additional living expenses – Covers the costs of temporary accommodations when covered events make your rental home unlivable.
• Medical payments to others – Handles healthcare costs for guests who suffer accidental injuries while in your residence.
• Property damage liability – Safeguards you when accidents in your rental unit result in damage to someone else’s possessions.
• Special animal liability waiver –  Protects you from the financial consequences of pet-related incidents that result in property damage or personal injury.

How to Sign Up 

To sign up, download the KOHO app and select the Everything plan. Then, in the app, navigate to Tenant Insurance and choose between Standard and Custom Tenant Coverage based on your needs.

Obtain a quote and select your coverage options. Choose a payment method and finalize your policy.

KOHO Rent Reporting to Build Credit

KOHO Rent Reporting helps tenants build their credit history by ensuring rent payments contribute to their credit profile. Unlike regular rent payments that typically go unreported, this feature records payment activity and shares it with major credit bureaus.

By consistently paying rent through KOHO, users can strengthen their credit score over time without taking on additional debt or opening new credit accounts.

Eligibility and Enrollment

KOHO Rent Reporting is free for users enrolled in a paid KOHO plan or who have an active Credit Building subscription. Renters must pay their rent through KOHO using e-Transfer, pre-authorized debit, or their KOHO card for their payments to be reported to Equifax.

Once you’re eligible, prepare your rental agreement and register for the feature. To do this, open the KOHO app, navigate to the Discover tab, and select Rent Reporting. You can also find this option under the Credit or Plans tab, making registration quick and easy.

As an added benefit, you’ll earn 0.25% cash back on each rent payment reported through the system. This cashback feature is available only to Standard Tenant Coverage policyholders.

How KOHO Works

KOHO is a financial services platform that offers various tools to help users manage money, build credit, and earn rewards. It provides affordable alternatives, such as cashback cards, high-yield savings options, and other financial products.

KOHO Cashback Card

The KOHO Cashback Card is a reloadable prepaid Mastercard that rewards users for everyday spending. Unlike traditional credit cards, it requires no credit check and never charges interest. Cardholders can collect up to 5% cashback on specific purchases, while premium plan subscribers enjoy enhanced rewards.

Get a $40 welcome bonus using our referral code GETCASH.

KOHO High-Interest Savings Account (HISA)

KOHO’s High-Interest Savings Account (HISA) provides users a secure way to grow their savings while maintaining easy access to their funds. Offering competitive interest rates, this account helps users maximize their savings without the restrictions of a traditional bank account.

Deposits earn interest daily, allowing users to build their financial security over time passively.

Other Financial Tools KOHO Offers

In addition to the cashback card and HISAs, KOHO offers three financial products to improve financial management and spending flexibility. These subscription plans provide varying levels of benefits.

Depending on your chosen plan, you can earn more on everyday essentials, improve your spending and savings, or unlock premium benefits.

• Essential. The Essential Plan offers a straightforward approach to handling your daily finances. This plan includes features like reward-earning opportunities and spending trackers to help you keep your budget on track. Best of all, it costs nothing when you set up a direct deposit to your KOHO account.
• Extra. The Extra plan gives you more financial benefits, with better interest on your savings and cashback on everything you buy. This option helps you get more from both spending and saving, on top of access to money  management tools.
• Everything. KOHO’s premium package, the Everything plan, comes with comprehensive financial management capabilities for complete money management. It gives the highest cashback on everyday essentials and the best interest rates on your balance. This plan is ideal if you want all your financial needs in one place.

Comparison of Plans

Why Choose KOHO for Renters Insurance and Financial Services

KOHO offers a seamless way for renters to protect their belongings, build credit, and manage their finances in one platform. With its all-in-one financial management approach, KOHO combines renters insurance, rent reporting, cashback cards, and high-interest savings accounts into a single platform, simplifying financial planning.

It’s also ideal for credit building, with features that help renters enhance their credit history without taking on new debt. The rent reporting tool ensures that on-time rent payments contribute to credit scores through KOHO’s monthly reporting to major credit bureaus.

Furthermore, KOHO makes budgeting simpler by allowing users to preload their spending money. With real-time balance updates after each purchase, users can monitor their expenses easily and avoid overspending. Plus, the detailed spending insights provided by KOHO help subscribers make informed financial decisions.

Alternatives to KOHO Renters Insurance & Rent Reporting

While KOHO provides renter’s insurance and rent reporting, Canadian renters have several options for insurance and credit building through rent payments. Insurance providers like Duuo, Square One, TD Insurance, and RBC Insurance deliver tailored protection packages covering personal belongings, liability claims, and additional living costs.

For credit building, renters can use services such as Borrowell’s Rent Advantage, the Landlord Credit Bureau, and FrontLobby, which report on-time rent payments to major credit bureaus. These alternatives allow tenants to choose the best solutions for their financial and insurance needs.

Final Thoughts

All things considered, KOHO Renters Insurance offers a convenient solution for tenants looking to protect their belongings while managing their finances in one place. With features like rent reporting, budgeting tools, and flexible insurance plans, it provides both security and financial growth opportunities.

While other options are available, KOHO’s integrated approach makes it a strong choice for renters seeking simplicity and added value.