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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.
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:
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:
| 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.
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.
| 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 |
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.
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| 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 |
| 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 | 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 |
Getting the cheapest home insurance in Toronto can be fast and simple.
Comparison is the first step, but it’s also important to know:
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.
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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.
All your questions, answered.
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.
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.
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
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.
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:
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.
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).
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.
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.
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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