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Written By Joel Kranc

Contributing writer

Updated

Home insurance in Milton 

Located in Halton Region, Milton is considered part of the Greater Toronto Area (GTA). Home insurance in Milton, and the rest of the province, isn't mandatory to buy. However, many lenders will refuse to finance a home purchase without it, so most Milton homeowners take out policies.

Types of home insurance in Milton 

Homeowners can choose from one of three insurance plans. Insurance providers may market them under different names, but here's what's generally offered:

  • Basic: A basic insurance policy, sometimes called 'named perils,' only covers losses incurred to your property from events or risks named on the plan. For example, some homeowners may only want coverage against theft or fire.
  • Broad: Protects the home against all perils and offers basic or named perils protection for contents. Broad insurance is sometimes referred to as a ‘standard’ policy.
  • Comprehensive: Your home and its contents are covered against every insurable hazard. Comprehensive insurance is sometimes called an 'all perils' policy.

Home insurance coverage 

  • Property and building: This covers your home (the physical structure) from perils such as fire and theft. Structures not connected to your home, such as a garage or guest house, may need additional coverage.
  • Contents and personal property: This coverage protects your home's contents. Everyday items such as furniture, clothing and electronics may be covered, but more expensive items like fine art and jewelry may need additional coverage.
  • Additional living expenses (ALE): Should you need to leave your home due to severe weather or fire, ALE coverage will pay for your lodging and food up to certain limits.

Liability coverage 

  • Personal liability: If someone accidentally injures themselves on your property, the personal liability part of your insurance will pay for any legal expenses you incur.
  • Voluntary medical payments: If you accidentally injure someone or someone injures themselves on your property, this will cover you for medical expenses.
  • Voluntary property damage: Covers unintentional direct loss or damage to someone else's property. It also extends to children under 12 in your care if they cause damage.

Add-ons to home insurance coverage in Milton 

Home insurance providers in Milton can add insurance coverage, sometimes known as riders, for even greater protection. Below are the most common home insurance add-ons that you can buy extra:

  • Overland water: Not all home insurance providers in Milton offer this, but for those that do, overland water insurance will protect you from overflowing water from lakes, rivers and melting snow.
  • Sewer backup: This protects when damage occurs after a backed-up sewer.
  • Earthquake: Covers you against any losses you incur from an earthquake.
  • Mass evacuation: This covers expenses if you are forced to leave your home in a mass weather or climate event.
  • Identity theft: This will cover expenses from stolen documents such as passports or other IDs.
  • Lock replacement: Locks that need to be replaced by a locksmith after a break-in or another event are covered.

Recent Milton home insurance quotes

Recent Home Insurance Quote from Kemptville, ON
Detached 1,836 sq ft
April 11, 2024
Cheapest Quote
$ 144 / month
$1,728 / year
Average Quote
$ 239 / month
$2,868 / year
Savings
$ 94 / month
$1,128 / year
or
39.00 %
Recent Home Insurance Quote from Hamilton, ON
Semi-detached 812 sq ft
April 11, 2024
Cheapest Quote
$ 128 / month
$1,536 / year
Average Quote
$ 158 / month
$1,896 / year
Savings
$ 30 / month
$360 / year
or
19.00 %
Recent Home Insurance Quote from Whitby, ON
Detached 3,600 sq ft
April 11, 2024
Cheapest Quote
$ 171 / month
$2,052 / year
Average Quote
$ 320 / month
$3,840 / year
Savings
$ 149 / month
$1,788 / year
or
47.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

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Which companies offer home insurance in Milton?

Company Company Type Phone Number Address
Aaxel Insurance Brokers Insurance broker 289-862-1119 342 Bronte St. S Unit#11, Milton, ON L9T 5B7
Allstate Insurance – Milton Agency Insurance agency 289-270-3772 71 James Snow Pkwy N unit 6, Milton, ON L9E 0H2
Billyard Insurance Group Insurance broker 905-203-1117 75 Main St E Suite 16, Milton, ON L9T 1N4
BrokerLink Insurance broker 905-876-4607 44 Main St E #201, Milton, ON L9T 1N3
InsuranceHotline.com Quotes comparison 604-829-3714 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
LowestRates.ca Quotes comparison 1-855-487-6911 1910 Yonge St Suite 401, Toronto, ON M4S 3B2
RATESDOTCA Quotes comparison 1- 844-726-0907 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7
RBC Insurance Insurance company 905-875-3144 65 Ontario St S Unit F6, Milton, ON L9T 2T2
Scoop Insurance Insurance broker 1-866-456-6620 300 Lincoln St unit 22, Welland, ON L3B 4N4

What types of risks do homeowners face in Milton?

Homeowners in Milton face risks such as:

  • Flooding: Some parts of Milton experience flooding in springtime as the snow melts. The run-off can cause damage to homes, especially those with basements.
  • Freezing temperatures: Cold weather can have adverse effects on pipes and concrete.
  • Windstorms: These can damage structures, break windows, and damage contents.
  • Theft: Milton is considered a relatively safe place within the Halton region. According to Halton Regional Police, there were 30 break-ins in Milton in 2022 compared to 129 and 110 in Oakville and Burlington, respectively. Still, the chances of your home being broken into aren't zero. Taking steps to safeguard your home will help protect your family and lower your annual premium.

Factors that determine your Milton home insurance rates  

  • Replacement cost – An expensive home is a risk factor for your Milton home insurance provider. The more it costs to replace, the higher your Milton home insurance rates will be.
  • Contents – Basic Milton home insurance policies will cover most of your contents, but expensive items such as art or jewelry likely require more coverage, which will add to your rate.
  • Location – Living in a location where break-ins are common, or one prone to flooding may increase your Milton home insurance rate.
  • Age of your home – Older homes sometimes have electrical, plumbing, and structural issues (especially ones with old roofs) that pose more safety risks. These factors combined will often lead to higher rates and limited coverage.
  • Credit score – A good credit score can result in a discount on your home insurance rates.
  • Claims – Milton home insurance companies judge future behaviour by pastclaims. A high frequency of claims could raise your rates.
  • Proximity to a fire hydrant – Every second counts when a house fire breaks out. Living near a fire hydrant can help contain the damage and reduce fatalities. Insurance companies consider your proximity to a hydrant when assessing your Milton home insurance rates.

How to get a cheap premium on your Milton home insurance  

Here are some tips to lower your Milton home insurance premiums:

  1. Shop around – Using sites like RATESDOTCA will help you compare the cheapest Milton home insurance rates from the top providers. You can compare quotes from multiple insurance companies at any time, but the best time to switch insurers is the grace period before your policy renews.
  2. Bundle – Milton home insurance companies often reward policyholders for giving them more business. If you bundle other insurance (like auto) with your home insurance, you will likely receive a discount as thanks.
  3. Increasing your deductible - Doing this shows your home insurance provider that you're willing to take on more risk and more of the financial burden. In return, it makes you look like less of a risk to insure, and in exchange, your provider may offer a discount.
  4. Pay annually – Your Milton home insurance provider likely prefers when you pay upfront for the year's coverage. It helps them recover revenue faster and save on overhead costs. In exchange, they will often discount your rate.
  5. Get an alarm – Milton home insurance companies often offer a discount for installing a third-party monitored security system.
  6. Maintain good credit – Be willing to have your credit checked by your Milton home insurance provider. A good score can lead to discounts.
  7. Stay claims-free – The less often you make a claim, the more likely you will receive discounts on your Milton home insurance policy.
  8. Reinforce your home against severe weather – Making upgrades will curb damage inflicted by severe weather, reducing the likelihood that you'll need to make a claim.

How much does the average home insurance cost in Milton?

The average home insurance cost in Milton is $1,142.80 per year, or about $95 per month, according to the RATESDOTCA Insuramap. It's 23% lower than the provincial average of $1,487 per year.


How does home insurance in Milton compare to other major cities in Ontario?

Milton is one of Ontario's cheapest cities for home insurance: out of 216 possible spots, Milton premiums ranked 202.

Like Milton, the cities ranked the lowest are in the Greater Toronto Area (GTA). Toronto proper, for example, has the cheapest premium in the entire province at $1,068 per year. Meanwhile, the highest premiums in Ontario were found in towns and small cities.

It’s further proof that current real estate values have minimal influence on the cost of home insurance. Topography — the physical features of the land — matters a lot more.

For example, the highest annual premium was found in LaSalle, located south of Windsor. At $2,411 per year, insurance costs 110% more than it does in Milton.

One likely explanation is that there is an elevated flood risk in the Windsor area, as it's surrounded by four large bodies of water and contends with some degree of flooding each year. Major floods occurred in 2016, 2017 and 2021.

Milton is susceptible to floods, but overland flooding hasn’t approached the severity seen in Windsor. The 2017 Windsor flood was the costliest insurance event in the country that year.

Rank City Avg. 2022 premium
1 LaSalle $2,411
2 Windsor $2,139
3 Hearst, Foleyet, South Porcupine $2,046
4 Keewatin $2,033
5 Fort Frances $2,023
202 Milton $1,142

Frequently asked questions about Milton home insurance

We answer our user’s most-asked questions about Milton home insurance.

Why is home insurance in Milton so expensive?

What constitutes an 'expensive' premium will vary depending on who you ask. Still, Milton's average premium is pretty cheap. At approximately $1,143 per year, Milton homeowners pay 23% less than the provincial average of $1,487.

There are a few plausible explanations for Milton’s cheaper-than-average home insurance premiums:

  • Milton’s housing stock is relatively new, and newer homes fetch cheaper rates than ones built half a century or more ago.
  • Many of the homes in Milton are classified as 'single-detached,' which provides some protection from fire spreading.
  • The rate of break-ins is lower in Milton than in other cities within Halton Region.
  • Most households in Milton have more than one occupant, the most common arrangement being a four-person household. Families are more likely to have multiple lines of insurance.
  • The median total income for Milton in 2020 was $126,000, according to the 2021 census, while the median income in Toronto was $84,000 by comparison. Milton residents have money to put towards the upkeep and might not need to file a claim to have repairs done to their homes.

Which company offers the cheapest Milton home insurance?

People have different needs and assets to protect, so prices will vary among residents.

It's best to comparison shop to see which company is cheapest for you and your specific needs. Comparison sites like RATESDOTCA can help by providing instant quotes on Milton home insurance rates from the top providers in the area.

How do I save on Milton home insurance?

Saving on Milton home insurance can start with finding the right policy that works for you. Start by comparing rates on RATESDOTCA to find the cheapest quote. We'll then put you in touch with a broker who can assist you with your specific needs.

In the meantime, here are some money-saving tactics to consider:

  • Bundling other insurance products like home and auto can help you receive discounts offered by your provider.
  • Paying your premiums in a lump sum every year can also result in a discount.
  • It’s also important to avoid making claims. Milton home insurance providers see that as a lower risk and may offer discounts.
  • Increasing your deductible is also a way to save on insurance rates. The more you are willing to pay expenses upfront, the less risk the insurance company takes on.
  • Finally, a good alarm or security system can help prevent theft and vandalism, as it lowers the risk of future claims.

*Shoppers in Ontario who obtained a home insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $360. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

Joel Kranc ,
Writer

Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."

Education
  • Master's of Political Science, University of Toronto
Featured in
  • Benefits Canada
  • Institutional Investor
  • Plan Sponsor Magazine
  • Global Finance Magazine
  • Infrastructure Investor
  • Private Equity Investor
  • The Globe and Mail
  • Fund Directions Newsletter
  • BenefitsPRO
  • HR Professional
  • Advisor's Edge
  • Institutional Investor
  • Employee Benefit Advisor
  • Investing in Infrastructure Magazine (i3)

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