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Home Insurance in Toronto

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Written by Joel Kranc

Home insurance in Toronto

Home insurance in Toronto is not mandatory. However, most lenders won’t provide a mortgage unless coverage is in place. As a result, most homeowners have it.

Below are the types of home insurance you can get in Toronto including the most common and additional coverages.

Types of home insurance in Toronto

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

Homeowners can choose from one of three insurance package types. Insurance providers may market each differently, but they’re generally described as outlined here:

  • Basic: Protects the home against perils named in the policy such as fire and wind. This package offers the least amount of coverage available and as a result tends to be the least expensive. It is sometimes called a ‘named perils’ policy.
  • Broad: Protects the home against all perils as well as protection for some contents. May sometimes be called a ‘standard’ policy.
  • Comprehensive: The greatest amount of coverage available, protecting the home against all perils to the home and its contents. It is often referred to as an ‘all perils’ policy.

Home insurance coverage

  • 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.
  • 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.
  • 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 coverage

  • Personal liability: This coverage provides protection against liability in the event someone is accidentally injured on your property.
  • 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.
  • 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.

Add-ons to home insurance coverage in Ontario

Beyond the standard components of Toronto 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 add-ons, also known as riders, that you can add to your home insurance policy:

  • Overland water: Although not every carrier offers this add-on, if your insurer does, it covers property damage from overflowing water from nearby rivers, streams, lakes and thawing snow.
  • Sewer backup: Protects your home when a main sewer backs up and causes damage.
  • 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.
  • Mass evacuation: If an event, like a flood or wildfire, triggers a government issued evacuation order, this add-on pays for some of the expenses you incur while being away from your home.
  • Identity theft: Covers the cost of replacing important documents, such as your passport.
  • Lock replacement: If you need to replace the locks on your house, this add-on provides coverage.

Recent home insurance quotes in Toronto

Shopper from Toronto, ON
Detached 1,216 sq ft March 25, 2023
$ 1,234
Per year
Cheapest Rate
$ 1,944
Per year
Average Rate
$ 710
36 %
in savings
Shopper from Toronto, ON
Townhouse 1,769 sq ft March 25, 2023
$ 843
Per year
Cheapest Rate
$ 1,224
Per year
Average Rate
$ 381
31 %
in savings

How does home insurance in Toronto compare to Greater Toronto Area?

Estimated annual premium % difference compared to Toronto
Toronto's average home insurance premium $1,246 0.00%
Ontario's average home insurance premium $1,282 2.81%
Ajax $1,027 -21.32%
Aurora $1,015 -22.76%
Brampton $1,222 -1.93%
Burlington $1,138 -9.45%
Caledon $1,168 -6.68%
Markham $1,017 -22.50%
Milton $1,010 -23.37%
Mississauga $1,062 -17.34%
Newmarket $1,095 -13.79%
Oakville $1,005 -24.03%
Oshawa $1,063 -17.26%
Pickering $1,066 -16.91%
Richmond Hill $982 -26.88%
Uxbridge $1,139 -9.39%
Whitby $1,067 -16.83%

According to proprietary data from the RATESDOTCA database, home insurance in Toronto is among the most expensive in the Greater Toronto Area.

There are several possible reasons for the high cost. One potential reason is that Toronto is home to a large number of older homes, which are typically more vulnerable to damage. Another is the close proximity of fully and semi-detached houses, which can make exterior repairs difficult.

The figures shown above include homeowner’s insurance for houses – detached, semi-detached, townhouses and row houses – only. Condo insurance, which is typically less expensive than house insurance, has been excluded.

How much does Toronto average home insurance cost?

In Ontario, home insurance is not mandatory. However, living in big cities like Toronto, wanting to protect your home and its contents, and protecting yourself from liability are all very good reasons to get home insurance.

Toronto, home insurance, while not the most expensive in the province, at about $1,469 per year in most postal codes, is mid- to high-end on the spectrum. The rates all over the province reflect various issues such as location, crime rates, personal needs and liability issues, weather, age of the home and more.

In Toronto, many of the homes are older, thereby increasing home insurance rates. Also, the city is densely populated, which can be a cause for further damage or need for insurance.

Home Insurance in Ontario Comparison
City Cost in 2022 Cost in 2021
Toronto $1,469 $1,469
Hamilton $1,518 $1,518
Windsor $1,587 $1.521
Sudbury $1,852 $1,852
Ottawa $1,398 $1,369

Save on Toronto insurance

Living in Toronto can be expensive. Whether you live in a detached house, townhouse or row house, you can find home insurance to fit your budget.

Let RATESDOTCA do the work for you!

Which companies offer home insurance quotes in Toronto?

Insurance Companies Company Type Phone Address
Allstate Insurance Insurance agency 647-362-5402 27 Dean Dr., Unit 9-11, Toronto, ON M2K 0A6
Aviva Canada Insurance agency 1-800-387-4518 100 King St. W., Toronto, ON, M5X 1E3
Chubb Insurance Company of Canada Insurance agency 516-863-0550 199 Bay St., #2500, Toronto, ON, M5L 1E2
Insurance Hotline Quotes comparison 1 (855) 821-7312 360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7 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 416-955-6286 155 Wellington St. W.  #138B, Toronto, ON M5V 3H1
Scoop Insurance Insurance brokers 1 (866) 456-6620 300 Lincoln St. Unit 22, Welland, ON L3B 4N4

How to get the cheapest home insurance in Toronto

Getting the cheapest home insurance in Toronto can be fast and simple.

  • Comparing rates with RATESDOTCA will provide you with fast and reliable Toronto home insurance quotes.
  • RATESDOTCA will connect you with the broker or agency of your choice and you're off to the races.
  • You’ll be able to ask the right questions, assess how much insurance you need and who provides the cheapest home insurance in Toronto.

Comparison is the first step, but it’s also important to know:

  • How much home insurance in Toronto you will need
  • How much you will want to add-on, if necessary
  • What neighbourhood you want to live in.

Talking to your broker and assessing these different requirements will also help you narrow down the right insurance choices to get the cheapest Toronto home insurance as possible.

How to get your Toronto home insurance quotes on RATESDOTCA

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What risks do homeowners face in Toronto?

Windstorms: Though Toronto doesn’t get too many windstorms, there is precedent. In November, 2020, a windstorm caused millions of dollars in damage in the Greater Toronto area, Hamilton, Niagara, Lake Erie and Lake Ontario.

Freezing temperatures: Cold winters with temperatures reaching -30C means the potential for burst and frozen pipes.

Flooding: Excessive melting snow following the winter months is something to look out for. While Toronto has a decent drainage system, spring time floods are not uncommon. These can be especially worrisome for dwellings with basements.

Frequently asked questions about Toronto home insurance

All your questions, answered.

How much does house insurance cost in Toronto?

The average home insurance in Toronto stands at an estimated annual premium of $1,246. That is slightly below the Ontario average of $1,282 per year.

Why is home insurance in Toronto so expensive?

On average, house insurance costs 15.7% more in Toronto than in the rest of Ontario. Toronto house insurance is expensive for a variety of reasons.

Toronto has a lot of old homes, some over a hundred years old. These older houses can have inadequate plumbing and wiring systems, raising the likelihood of a flood or fire, which causes insurance rates to go up.

Another factor is that Toronto is composed of densely packed detached, semidetached and row homes. The proximity of an insured home to other houses affects premiums because if a fire breaks out at your neighbor’s house it could potentially spread to your home.

Do high Toronto real estate prices affect the cost of home insurance?

The market value of a home does not affect the cost required to insure it, so no, crazy Toronto real estate prices have no strong bearing on insurance costs. What insurance companies consider when determining the cost of coverage is the replacement value of your house – i.e. the cost of rebuilding your house if it is destroyed

Which company offers the cheapest Toronto home insurance?

The cost of home insurance depends on your property, claims history and coverage. Because insurance companies weight each factor differently there is no uniformly cheapest home insurance provider.

The most important thing is to find a policy that best suits your needs, and that is within your budget. Take the time to shop around and compare the different house insurance policies that are available.

What is covered by most Toronto home insurance policies?

Typical home insurance in Toronto will cover your personal belongings (appliances, furniture and some electronics), additional living expenses if you need to relocate for a government evacuation, and personal liability if you’re sued by someone injured on your property.

Certain perils are also covered by standard insurance policies, should damage occur to your dwelling and contents. This includes:

  • Fire
  • Lightning
  • Water damage
  • Wind
  • Sewer back up
  • Overland water
  • Aircraft or vehicle impact
  • Explosion
  • Smoke (caused by cooking devices or heaters, but not fireplaces)
  • Theft and vandalism (such as broken windows)
  • Falling objects (except if caused by an earthquake, landslide or snow slide)

What is not covered by most Toronto home insurance policies?

  • Generating income from guests; renting part or all of your home requires additional coverage.
  • Criminal activity and purposeful damage to property; filing a claim for purposeful damage is considered insurance fraud.
  • Intentional injuries to guests are not covered by liability.
  • Home-based business assets and injuries suffered by clients/customers.
  • Natural disasters, such as earthquakes and landslides.
  • Certain water damage, such as sewer backup and flooding from overland water.
  • Certain weather issues in winter, such as damage to the outside of your home caused by freezing.
  • Damage from insects and rodents.

Though standard home insurance policies may not cover these perils, add-on coverages are available to expand your protection. If your home faces any hazards not included under standard coverage, tacking on additional protection is advised.

How do I save on Toronto home insurance?

Saving on home insurance in Toronto begins with using comparison sites like RATESDOTCA. We work with home insurance providers in Toronto to offer you the city’s best quotes. RATESDOTCA will collect your information and use it to generate the top offers from each of our partners. It is fast, reliable, and free to use.

By comparing Toronto 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 Toronto home.

Other ways to save on Toronto home insurance are to bundle your home insurance policy with your other auto insurance, for example. Agencies will give cheaper rates to customers who use them for more than one service.

Increasing the deductible can also help save on upfront costs (however it means you pay out-of-pocket for some of your damaged property should a claim be made). If the cost of repairs is close to the amount of your deductible, it’s better to not file a claim at all as it may increase your premiums.

Installing a high-level safety and security system in your home could also help reduce the cost of insurance as risks are lowered with greater security (and safety features).

How much insurance coverage do I need for my home in Toronto?

The amount of home insurance you need in Toronto is a personal choice and need. If you live in a higher-risk neighbourhood with no security features, you may need more insurance than someone who lives in a less risky area and has a state-of-the-art security system.

Also, the size of your home, how much it costs to rebuild it, and its contents could also determine how much home insurance in Toronto you will need. Talk to your broker or agent about how much coverage is right for your situation.

What is a loss settlement option?

Let’s say you bought an expensive new camera. If it is damaged or stolen the insurance company does not necessarily pay you the exact amount of money you paid for it at the store.

A loss settlement refers to how insurance companies determine the amount of money you will receive after you suffer a loss to an insured item. Differences in coverage and calculation will mean differences in the amount paid for the same item depending on the option you choose. There are two types of loss settlement options.

Replacements Cost - The replacement cost takes into account the cost of replacing a damaged asset at today’s cost i.e the insurance company pays you the same amount you would pay to buy that same item today.

Actual Cash Value - The actual cash value (also known as the ‘Market Value’) loss settlement option is determined by the current value (worth) of your property not how much it would cost to replace it with a brand new one.

Is fire covered under my Toronto home insurance policy?

The amount of coverage you need will be determined by factors such as the value of your home and contents, the location and age of the home, and the risk you pose to the insurer. Home insurance policies typically offer three or more types of coverage, including dwelling, contents, and personal liability. Common risks like fire and theft are typically covered by standard policies, but you may have unique needs or valuables that require extra coverage. Check with your insurance agent or broker to make sure you have enough coverage.

*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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