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Ontario Home Insurance Calculator

Easily estimate your Ontario home insurance within minutes

Compare home insurance quotes from providers in Ontario you trust

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Economical
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Written By Shivani Kaul

Content Manager

Updated

How is home insurance calculated in Ontario? 

Property insurance or home insurance is not a mandatory insurance product in Canada, however, many financial institutions or lenders will not offer you a mortgage if you don’t have home insurance.

Home insurance protects owners against instances that cause loss or damage to their property. It indemnifies the owner or user of the property, such as a tenant, for its loss or the ability to generate rental income, when the damage is caused by events such as fire or explosion which is covered by the insurance policy.

Home insurance is based on an exchange of promises between the homeowner and financial lender. The insured party or owner promises to pay a premium to the insurer in return of the insurer’s promise to assume the risk of loss to the homeowner.

In the event of loss or damage, the insurance company offers compensation to the insured as nearly as possible to the actual loss suffered and the financial position he or she enjoyed immediately prior to the loss.

How to get your Ontario home insurance quotes on RATESDOTCA

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How to use Ontario Home Insurance Calculator?

You can leave your property insurance worries behind and use our home insurance calculator for best results. It's your first step toward securing your home and belongings with the right coverage. In just a few minutes, you'll gain valuable insights to make well-informed decisions when you receive quotes from more than 50 leading home insurance providers in Canada.

In less than three minutes, you will be closer to getting the best possible rate. The more details you share, the more accurate your customized quote will be. If there's anything you're unsure about, don't worry – our expert partners can help you fine-tune your information later in the process.

How to get an estimate for your Ontario home insurance?

At RATESDOTCA, we're dedicated to helping homeowners like you save big. Our home insurance calculator is not only incredibly useful but also entirely free, and there's no obligation to commit. To kickstart your journey, simply enter your postal code above and hit the 'Get Started' button.

So, what happens when you take this step with us? Here's a glimpse of what you can expect when filling out our home insurance quotes form on RATESDOTCA. Your peace of mind is our priority.

Step 1: Insurance Type: Enter the type of insurance you are searching for – home, tenant or condo.

Step 2: Your address: Add your home address as accurately as possible. This will help us assess your area and provide a quote with more precision.

Step 3: Your information: By providing us more information like your insurance history, date of birth, who resides in your home, what year you started residing in the property and when do you want to start the policy, you can help the calculator assess your needs better.

Step 4: Discount information: In order to receive a more personalized quote, provide us with some detailed information about the facilites at your new home. Do you have a fire alarm system, a security system, are you smoker or non-smoker? Also, bundling up home insurance with auto would help you reduce the premium by 18% or more.

Step 5: Voila! Your best rate will pop up on the top of the page, followed by some more quotes. Please do due deligence on what you’d like to be covered in your insurance policy.

The more protection the better, however, it may cost you extra dollars to add on to your policy. Speak with an agent to get the best deal for you.

What people say about our quotes

Mandatory and optional home insurance coverage in Ontario

Owning a home in Ontario doesn’t require you by law to have home insurance. However, most lenders won’t provide a mortgage unless coverage is in place. As a result, most homeowners have it.

A home is likely to be your life’s big investment and asset, and to protect it will help you financially and emotionally in the event of a loss in the future. If the loss is covered in your insurance policy, the insurer will compensate you for it. With that comes some peace of mind.

Most home insurance policies also include liability protection which means that if someone is injured on your property, you will also be protected financially.

Climate change has become a harsh reality everyone has to deal with today. From wildfires to extreme cold conditions, homes in Canada are increasingly impacted by damage from climate change. The Insurance Bureau of Canada reports that in 2021, insured damage for severe weather events reached more than $2-billion, ranking it as the sixth highest in insured losses since 1983.

Following are some of the important details you need to consider when choosing coverage that’s right for you and your home.

Types of home insurance in Ontario

These are the most common types of home insurance coverage in Ontario.

Home insurance coverage

  • Property and building: This insurance provides protection for both the physical structures on your property and the property itself against a range of potential risks. Covered incidents encompass fires, theft, water damage, and more. If you have secondary structures on your property, such as a garage or guest house, it's advisable to review your policy and consult your insurer if you have any questions regarding additional coverage requirements.
  • Contents and personal property: Contents and personal property coverage provide security for your belongings, including items like furniture, clothing, and sports gear, safeguarding them from theft and acts of vandalism. However, it's important to note that valuable items such as fine art and high-value jewelry may not be covered by a standard policy. To ensure protection for these excluded items, you can obtain additional coverage.
  • Additional living expenses: If you’re temporarily displaced by an insurable event such as fire, this protection covers your temporary housing costs. For example, if damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of the room and food, up to a certain amount.

Liability coverage

  • Personal liability: This coverage offers safeguards in case of accidental injuries occurring on your property, providing liability protection. You will not be drowning in medical bills if someone else is injured on your property. The insurer will take care of it.
  • Voluntary medical payments: Should you inadvertently cause harm to someone or if an individual accidentally injures themselves on your premises, this coverage will cover their medical expenses for a period of up to one year following the incident.
  • Voluntary property damage: This coverage pertains to accidental and direct loss or damage that you may inadvertently cause to another person's property. It also extends to accidental loss or damage to the property of someone else who is in your care, provided they are a minor aged 12 years or under.

Add-ons to home insurance coverage in Ontario

Besides the standard components of an Ontario home insurance policy, there are additional coverages you can purchase to further protect your home and the contents within.

Here are some of the most common additional coverage options:

  • Overland Water: While not offered by every insurer, this add-on covers property damage resulting from overflowing water from nearby rivers, streams, lakes, or melting snow.
  • Sewer Back-Up: This coverage protects your home in the event of a sewer backup, preventing damage caused by such incidents.
  • Earthquake: If you live in an earthquake-prone area, this add-on covers losses or damage caused by earthquakes, offering peace of mind.
  • Mass Evacuation: In cases like floods or wildfires leading to government-issued evacuation orders, this add-on helps cover expenses incurred while you're away from your home.
  • Identity Theft: This coverage handles the costs associated with replacing vital documents like your passport in the unfortunate event of identity theft.
  • Lock Replacement: If you need to replace the locks on your home, this add-on provides the necessary coverage.

What is not included in a typical home insurance policy?

Even if you've got the best insurance policy and added all the extra protections, there are certain things your policy won't cover. These are called 'exclusions.'

Here are some common exclusions:

  • Absence from Home: If damage occurs while you're away for a long time, it might not be covered.
  • Alterations: If you're making changes to your home, you'll need permission from your insurer. Regular repairs like painting are usually fine.
  • Bylaw Enforcement: Costs related to laws and regulations might not be covered.
  • Damage from Renters: Regular home insurance may not cover damage caused by renters; landlords often need separate coverage.
  • Earthquakes: Earthquake damage is often excluded, but you can add it with extra coverage.
  • Existing Damage: Damage that started before you had insurance might not be covered.
  • Flooding: Many policies exclude flooding, but you can usually add it as extra coverage.
  • Volatile Substances: If you have a lot of dangerous substances on your property, like gasoline, damage caused by fires or explosions might not be covered.

There are also 'uninsured perils,' like building your home in a flood-prone area; in such cases, insurance protection might not be available at all.

Recent Ontario home insurance quotes

Recent Home Insurance Quote from Seagrave, ON
Detached 1,027 sq ft
May 24, 2024
Cheapest Quote
$ 203 / month
$2,436 / year
Average Quote
$ 320 / month
$3,840 / year
Savings
$ 117 / month
$1,404 / year
or
37.00 %
Recent Home Insurance Quote from Richmond Hill, ON
Townhouse 1,155 sq ft
May 24, 2024
Cheapest Quote
$ 81 / month
$972 / year
Average Quote
$ 105 / month
$1,260 / year
Savings
$ 24 / month
$288 / year
or
23.00 %
Recent Home Insurance Quote from Woodlawn, ON
Detached 1,873 sq ft
May 24, 2024
Cheapest Quote
$ 189 / month
$2,268 / year
Average Quote
$ 309 / month
$3,708 / year
Savings
$ 121 / month
$1,452 / year
or
39.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

Choosing the right home insurance coverage in Ontario

At RATESDOTCA, we work with 50+ home insurance companies and brokers in Ontario to provide you with a broad selection of quotes. We quickly collect your information and use it to generate the best offers from each of our partners. Our service is fast, easy and free to use.

By comparing Ontario home insurance quotes from several insurance providers in a single place, you can instantly assess the market and find the best policy to protect your property.

Here are some tips that can help you choose the right home insurance coverage in Ontario:

  1. Evaluate your insurance needs: Assess your home contents, valuables and the value of your home before searching for home insurance. This should help you determine how much coverage you actually need and make sure that includes high-value items like art, equipment, jewelry, etc.
  2. Understand policy types: Home insurance policies come in different types. Understand which type of policy suits your situation best.
  3. Compare policies: Go window shopping for insurance policies. Yes! Obtain quotes and compare policies from multiple insurers and look at coverage limits, deductibles, and the cost of premiums. Having said that, you must keep in mind that the cheapest policy may not always provide adequate coverage.
  4. Check coverage limits: Please make sure that your policy's coverage limits are sufficient to replace your home and possessions in case of a total loss. Consider extended replacement cost coverage if available
  5. Review deductibles: Higher deductibles can lower your premium but that means you'll pay more out of pocket in case of a claim. It is best to choose a deductible you're comfortable with.
  6. Bundle policies: Many insurers offer discounts for bundling home and auto insurance policies. Explore bundling options to save on premiums.
  7. Ask about discounts: Some insurers offer discounts if you have a home security system, smoke alarms, or have been a customer previously. These discounts can help reduce your premiums.
  8. Read the fine print: Carefully read and understand the policy terms and conditions, including any exclusions. Please clarify any doubts with your insurance agent or broker.
  9. Seek professional advice: If you have unique needs or questions, consider consulting with an insurance agent or broker who can provide personalized guidance.

Frequently asked questions about home insurance in Ontario

Have more questions about home insurance in Ontario? We have the answers...

What’s the average home insurance in Ontario?

According to the RATESDOTCA Home Insuramap, the average home insurance premium in Ontario was $1,487 per year in 2022. However, based on how many components go into determining your home insurance coverage, your quote could be more, or less than this amount.

How can I find the cheapest home insurance in Ontario?

The best way to find cheap home insurance in Ontario is by shopping around and comparing quotes from different insurers. The cost of premium will depend on various factors such as your deductibles, your insurance history and the type of insurance you choose.

What is an insurance deductible? 

Insurance deductible is the amount of money an insured person will pay upfront before their insurance policy begins to cover the remaining costs of a covered loss or claim. In other words, it's the portion of the claim that the policyholder is responsible for paying before the insurance company starts contributing.

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