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Written By Katie Rook


Home insurance 101

Whether you live in a house in Mississauga, a condo, townhouse or rental, when it comes to insurance coverage, one of the first decisions you’ll have to make is how much protection you want.

Most home insurance policies come with three basic aspects: protection against perils, protection of contents and liability protection.

You’ll choose between two main policy types, each distinct for the protection they offer around perils:

  • A comprehensive policy — often referred to as an all-perils policy — will cover you for all perils to your home and its contents, except for those specifically excluded.

    In other words, you will be protected financially if your home and its contents are damaged, but you won’t be covered for named exclusions.
  • A named perils policy will cover your home and its contents against perils specifically named in a policy.

Though you’ll have the option to choose between policy types, brokers say comprehensive policies tend to be the most common.

Once you choose between an all-perils or named perils policy, we recommend you consider getting additional coverage for flood protection.

Though a comprehensive policy will offer protection against water damage, such as a burst pipe, flooding is often an exclusion.

Adding to the complication, insurance providers distinguish between different types of flood protection while others offer blanket water protection packages.

Insurance providers categorize flood protection in the following manner:

  • Groundwater: When groundwater enters a home through the foundation, floors or basement walls due to sudden accumulation of water after heavy rain or melted snow.
  • Overland: When water floods a home at, or above, ground level from a lake or river. It’s most common during a natural disaster, severe weather or thaw.
  • Sewer backup: When sewage floods into a home, entering through drains and toilets. This is common when a stormwater system is overwhelmed, especially in low-lying areas or floodplains.
  • Tidal: When saltwater floods a home following a tidal wave or tsunami. Tidal flooding is not relevant for Mississauga residents.

What’s important is that you have flooding protection for your home.

Consider getting protection that covers every type of flood risk, particularly if you live in an area that has flooded in the past, or if you know the home is situated on a floodplain.

What does insurance for a home in Mississauga cover? 

Whether you have a comprehensive/all-perils or named perils policy, you’ll want to be aware of what perils you’re protected against for your home in Mississauga.

Common perils include:

  • Broken windows
  • Electrical current
  • Explosion
  • Falling objects (depending on cause)
  • Fire
  • Hail
  • Lightning
  • Smoke damage (except from your fireplace)
  • Theft
  • Vandalism
  • Water damage
  • Wind damage

When it comes to making a claim, you’ll be asked to provide evidence reflecting that you took reasonable steps to protect your home.

For example, you may have a difficult time making a successful water damage claim if a pipe burst during a cold snap and your heat wasn’t turned on.

While Mississauga isn’t unusually prone to extreme weather, incidents of it are becoming more common across the country. When you’re assessing what sort of coverage to get, consider whether you’ll need protection against unexpected weather such as flooding.

What does insurance for a home in Mississauga not cover? 

Many home insurance policies come with exclusions, which are restrictions to coverage for certain causes of loss.

It’s essential to understand any exclusions in your policy.

Common exclusions include:

  • Being away from home: If you’re away for an extended period and damage or loss happens, you may not be covered. Be aware of the maximum amount of time that you can be away and still be covered by your policy.
  • Earthquakes: Insurance providers define earthquake as earth movement from a tectonic event. It’s excluded under most home insurance policies. If you’re seeking protection for earthquakes, you can get additional coverage in the form of an endorsement.
  • Flooding: While water damage is a peril that’s covered by most comprehensive policies, flooding is often an exclusion. When you add flood protection to a policy, know that insurance providers offer protection for distinct types of flooding: groundwater, overland, sewer backup and tidal. You may also have the option to get a water protection package, which will include coverage for a range of flood types.
  • Previous damage: You’re unlikely to be covered for existing damage to the home at the time of an insured loss, especially if the damage took place before you took out the policy.
  • Renters: Most home insurance won’t cover damage caused by people staying in the home who are not named on the policy, such as renters.  Occasionally, policies will contain an uninsurable peril which refers to perils that can’t be covered and could have been avoided. For example, if a home is built on a known flood plain, flooding may be listed as an uninsurable peril.

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Frequently asked questions about Mississauga home insurance.

How much is home insurance in Mississauga?

It’s difficult to zero in on the cost of home insurance for any specific city or home because of how many factors go into determining a rate.

While location is one of the main factors affecting cost, there are other important variables such as the property you’re insuring (type, construction, age, state of repair), coverage type as well as coverage amount.

In general, the more coverage you have, the more you’re likely to pay in premiums.

Your premium will also be affected by the limits you select around liability. You’ll have the option to choose the amount of personal liability protection you want ($1 million or $2 million), as well as any limits for contents protection.

How expensive is home insurance in Mississauga compared to elsewhere in Ontario?

In 2021, the estimated average premium for home insurance in Ontario was $1,282, while the estimated average premium for home insurance in Mississauga was $1,062.

While home insurance rates across Canada have been increasing due, in part, to an increasing volume of claims from extreme weather incidents, cities less vulnerable to flooding tend to enjoy lower rates.

What risks do Mississauga homeowners face?

Mississauga homeowners are as vulnerable as other Canadians to flooding, particularly as severe weather becomes more common across the country.

Residents with homes near Lake Ontario or any of the tributaries that feed into it should take steps to make sure their homes are protected in the event of flooding, even though there is not a long history flooding in Mississauga.

For optimal protection, consider getting a comprehensive home insurance policy with additional coverage for flooding.

If you’re using our free online quote tool to compare rates from the best providers in Canada, consider opting for a “water protection package,” which is how some insurance carriers describe one of their flood protection options. A package is most likely to offer protection that’s most relevant to your area.

How do I save on home insurance in Mississauga?

There are many easy ways to reduce insurance costs.

Comparison shopping is the crucial first step toward.

You can also bring down your insurance costs taking steps to reflect that you’re at low risk to make a claim.

Some easy ways to save include:

  • Applying for discounts available through any associations where you hold a membership, including your alma mater.
  • Bundling your policies so that both are held by a single insurance carrier
  • Installing burglar, carbon monoxide and smoke alarms to protect your home in Mississauga
  • Installing a sump pump or back-flow valve to better prevent water coming into the home during an extreme weather event
  • Keeping your home in good repair
  • Limiting the volume of insurance claims you make

*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.

Katie Rook
Katie Rook

Content Manager

Katie Rook was a content manager at RATESDOTCA, specializing in home insurance. She has been a full-time reporter at CTV, National Post, and The Globe and Mail. Her work has also appeared in Dow Jones’ MarketWatch, Toronto Star, Toronto Life, Saint John Telegraph-Journal and VICE. Katie is a graduate of Ryerson and Dalhousie universities.

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