The Best Home Insurance Quotes in Ottawa

The average lowest home insurance quote a RATESDOTCA user in Ottawa received in 2021 is $1,080. This is $202 cheaper than the provincial average of $1,282.**

While these averages offer a glimpse at typical home insurance quotes in Ottawa, keep in mind that the cost of a policy depends significantly on the home and person being insured, not just city in which the property is located. Factors like the age of the building, the materials used for its construction and the homeowner’s claims history are also very important factors that go into determining the cost of a policy.

There is no single home insurance company that offers the cheapest insurance quotes for homes in Ottawa. Each provider assesses risks differently, which means that the company that gave your neighbour a low rate might not give you the same rate nor a lower one. The best way to find which company offers the cheapest insurance for your home is to comparison shop before settling on a policy.

Home insurance providers in Ottawa will not cover every peril under a standard policy. In fact, perils such as flood and earthquake will require extra coverage. Additional liability coverage is also commonly added on. To be sure you understand what your policy excludes, consult a representative from your insurance provider.

On average in 2021, the RATESDOTCA Home Insuramap tool reflects that Ottawa homeowners paid about $200 less per year than residents of other Ontario cities: $1,080 in Ontario vs the provincial average of $1,282.

Some things you can do to help further reduce the cost of a house insurance policy in Ottawa, include:

• Bundle – Bundling your policies so that each is held by a single provider could result in a discount of 5-15%.
   
• Flood prevention – Install a backwater valve that will move water away from the home in the event of a sewer back-up. Many municipalities over rebates for homeowners who install them.
   
• Keep your home updated – Make sure your home is well cared for and outfitted with sufficient safety measures. If you replace the roof and/or upgrade the electrical system, let your insurance provider know. You could receive a discount for making the home more safe. Similarly, consider installing a security system as well as carbon monoxide and fire alarms.
   
• Pay more upfront – If you pay the full cost of your annual policy up front, you may get a discount. You can also opt for a higher deductible to help bring down the overall cost. You can usually choose from a deductible of either $500, $1,000 or $2,000. If you increase the deductible, be sure you’ll have cash available if you need to make a claim.

Once you figure out what type of policy you’d like for your Ottawa home, you have some room to amend the coverage amounts allocated to specific perils. In general, the more coverage you have, the more you’re likely to pay.

To save on your overall insurance costs, we recommend that you customize your policy, carefully assessing what perils make sense for your home and your risk tolerance.

Due to increasing incidents of severe weather, it’s wise for homeowners in every part of Canada to make sure they have protection against flooding. Many home insurance policies exclude it, so, if you don’t add it, you could be entirely without protection in the event of a flood – whether it be from a sewer back-up or overland flooding from a nearby waterway.

When you’re deciding how much coverage to get, consider how you’re likely to respond if you end up having to make a claim and don’t have protection.

Loss settlement refers to the amount of money the policyholder is compensated for damage from a covered peril. That amount will be determined by the type of loss settlement option you selected when you purchased your policy.

When deciding on a home insurance policy, you’ll choose one of the three following options: Actual cost value, replacement cost value and agreed value.

• Actual cost value – Means that in the event of damage from a covered peril, you’ll receive compensation for the current value of an item. For example, if your five-year-old laptop is damaged, you’ll be compensated for the value of a five-year-old laptop.
   
• Replacement cost value – Means that you’ll be compensated for the full cost of replacing an item at the time of the damage. So, if your five-year-laptop is damaged, you’ll receive enough money to purchase a new laptop provided it’s a similar make and model to the original.
   
• Agreed value – Refers to the value of an item that has been agreed upon by a third party such as an appraiser as well as the policyholder and insurance provider.

Though at one time standalone fire policies were sold, they rarely are today. Instead, fire is among many commonly named perils in most home insurance policies.

When reviewing your policy, make sure you’re clear on any exclusions associated with the fire protection aspect of it. For example, policies will often exclude coverage for damage to an electrical device or appliance caused by a lightning strike. Similarly, there are often exclusions for coverage of items damaged from a civil war, riot or nuclear incident – even if it was fire that caused the damage.

There are a few ways to file a home insurance claim in Ottawa. Most Ottawa home insurance providers allow you to start the process online by filling out their forms and describing what it is you lost and its value. 

If your provider does not offer that service, or you want to speak with someone directly, you can do so by calling your provider or agent directly. They will take your information to start the claims process. 

It’s important to make a claim as soon as something has occurred. Also, keep receipts of your valuables as best you can and/or have photos of the items you are claiming.