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RATESDOTCA works with 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.
Though home insurance isn’t mandatory in Ontario, few banks or lenders will offer you with a mortgage if you can’t prove that your house is protected by an up-to-date home insurance policy.
Because your home is almost certainly the most valuable asset you own, you’ll want to make sure it’s well protected regardless of your mortgage status. Insuring your home means you’ll be protected from damage, liability and theft. Without home insurance, you’ll be solely responsible for these expenses.
Over the last 15 years, Ontario has had three major weather events that caused damages in the billions.
In 2020 alone, Ontario suffered two major insurance damage claims due to weather. A southern Ontario snow and rainstorm caused $98 million, and in the fall a windstorm caused $88 million in damages.
Be prepared for Ontario’s next weather event by ensuring your home is protected with a house insurance policy.
Source: Insurance Bureau of Canada
These are the most common types of home insurance coverage in Ontario.
Home insurance coverages
1) Property and building: This coverage protects both the structure(s) on your property, as well as the property itself, from a variety of perils. Protected incidents include fire, theft and water damage, among others. Because some policies may require additional coverage for secondary structures, like a garage or guest house, consult your insurer if anything is unclear.
2) Contents and personal property: Contents and personal property coverage protects your possessions, such as furniture, clothing and sports equipment, against theft and vandalism. Some items, like fine art and expensive jewelry, may not be protected under a standard policy. Excluded items can be protected with additional coverage.
3) Additional living expenses: If you’re temporarily displaced by an insurable event, 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 coverages
1) Personal liability: This coverage provides protection against liability in the event someone is accidentally injured on your property.
2) Voluntary medical payments: If you unintentionally injure someone, or someone accidentally injures themselves on your property, this coverage will pay for the medical expenses for up to one year from the date of the accident.
3) Voluntary property damage: This coverage is for unintentional direct loss or damage you cause to someone’s property . It also covers unintentional loss or damage to someone else’s property by a minor (12 years or under) in your care.
Beyond 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.
These are some of the most common home insurance riders you can add to your home insurance policy:
1) Overland water: Although not every carrier offers this add-on, if your insurer does, it covers property damage from overflowing water stemming from nearby rivers, streams, lakes and thawing snow.
2) Sewer backup: Protects your home when a main sewer backs up and causes damage.
3) Earthquake: Covers losses or damage caused by an earthquake. This add-on is especially useful if your home is located in an area that is vulnerable to earthquakes.
4) Mass evacuation: If an event, like a flood or wild fire, triggers a government issued evacuation order, this add-on pays for some of the expenses you incur while being away from your home.
5) Identity theft: Covers the cost of replacing important documents, such as your passport.
6) Lock replacement: If you need to replace the locks on your house, this add-on provides coverage.
Standard home insurance policies won’t cover your mortgage payments or property taxes. They may also exclude coverage of certain contents, like fine art, or protection for secondary structures on your property. Before selecting an Ontario home insurance policy, it’s important to understand what is and what is not protected under your plan.
| Year | Avg Ontario home insurance premium (CAD) | |
|---|---|---|
| 2011 | $782 | |
| 2012 | $746 | |
| 2013 | $763 | |
| 2014 | $730 | |
| 2015 | $791 | |
| 2016 | $918 | |
| 2017 | $918 | |
| 2018 | $957 | |
| 2019 | $1,150 | |
| 2020 | $1,164 | |
| 2021 | $1,282 |
Ontario home insurance companies use a variety of factors to calculate your level of risk. The higher the risk, the more they’ll charge for coverage.
This list outlines the variables that have the greatest impact on the cost of your home insurance policy:
Insurance rates in Ontario are higher for homes located in areas known to flood or identified as flood plains. If you live close to a waterway, you can also expect to pay more for coverage. Even if that river or lake has not overflowed recently, record claim amounts for homes damaged by severe weather have made insurance providers increasingly cautious. To be fully protected against flood risk, you may need to add different types of flood protection to your home insurance policy. While some insurance providers combine flood coverage into a water protection policy, others distinguish between overland flood protection and sewer back-up protection. Make sure you clearly understand what flood coverage has been added to your policy.
While most home insurance policies will protect against unexpected damage, if it was predictable, your claim may be denied. For example, if someone is injured after falling through a damaged banister, your home insurance provider has grounds for denying coverage. Make sure you attend in a timely manner to any aspects of your home that need repair so you can be confident of being covered, should the need arise.
The replacement cost of your home is a primary determiner of the cost of your home insurance. The more expensive your house is to fix or rebuild, the higher your premiums will be.
The location of your home is factored into your premiums. If you live in an area with a high rate of break-ins, you’ll likely pay more because of the higher risk of theft. If you live next to a lake, you’ll pay more because of the risk of flooding.
Because basements are especially prone to water damage of both internal or external sources, owning a house with a basement means you’ll likely pay more for home insurance.
Houses built in the 1950s and earlier usually use a 60-amp service, which is more likely to cause a fire than the wiring used in newer homes. This increased level of risk may cause your premiums to go up.
Beyond wiring, older homes are more likely to be at risk of plumbing and heating faults, which can lead to water damage or fire
Wood-burning stoves and oil-based heaters can reduce energy costs, but they also increase the risk of a fire.
If you need to replace your roof, it can cost you up to $10,000, depending on the size and type of roof you’re installing. The materials used to build your roof therefore affect your insurance rates.
If you have a pet, you’ll need to disclose it to your insurance company. Some pets are considered a liability risk. Certain dog breeds, such as pit bulls and rottweilers, may even cause some insurance providers to decline your application for coverage.
Home insurance providers may offer a discount to homeowners who don’t smoke because they deem the home less likely to be damaged by fire from an unattended cigarette.
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Frequently asked questions about Ontario home insurance.
While there's no definitive 'best' home insurance provider in Ontario, comparing quotes is definitely the best way to find a home insurance policy that fits your needs. To find the best quote, compare offers from as many Ontario home insurance providers as possible with RATESDOTCA. We work with some of the most trusted home insurance providers in the province to find you the cheapest home insurance policy on the market.
Home insurance in Ontario isn’t a fixed rate. The cost of home insurance depends on a number of factors. Chief among these factors is the replacement value of your home, but there are several other variables that will contribute to determining your premiums.
You can save on home insurance in the following ways:
Bundle home and auto insurance: Bundling policies with one company will give you a discount.
Buy a newly-built house: Buying a house that has up-to-date safety measures will help you save.
Replace outdated wiring and plumbing: If you live in an older house, consider updating your wiring and plumbing to prevent accidents.
Update your roof: Use impact-resistance materials to protect against damage and leaking.
Maintain a good credit record: By letting the insurance company run a credit check, you could qualify for lower rates.
Increase your deductible: As with all insurance policies, if you increase your deductible (the amount you pay in the event of a claim), your premium will drop.
Install gas and water sensors: Detection of gas and water leaks will not only help protect your home, it may also help you get a lower rate on home insurance.
Shop around for the best rates and ask for discounts: Compare offers from as many Ontario home insurance providers as possible. The more quotes you get, the more likely you’ll find the cheapest policy in Ontario.
It depends. Most house insurance policies require a 12-month commitment. Once this period expires you may switch to a different provider without penalty. If you decide to cancel an existing policy before it expires, you may be required to pay an early cancellation fee.
Home insurance isn’t regulated because it’s an optional product, but insurers are regulated and licensed by the Financial Services Commission of Ontario (FSCO) to ensure they follow the law.
Unlike car insurance, home insurance isn’t mandatory in Ontario. However, having a home insurance policy is strongly advised to protect against any accidents or damage that might happen to your home.
Plus, most banks and lenders will require a homeowner to show proof of home insurance before approving a mortgage.
Your home insurance policy may offer limited coverage for guests, but you need to confirm with your insurance provider before using your home as a rental property. In most cases, additional coverage will be required. If don’t disclose that you’re renting all or part of your house to guests, your insurance provider may void your policy.
*Shoppers in Ontario who obtained a quote on RATESDOTCA from January to December 2021 saved an average amount of $473. 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.
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