If you’re buying a home in Etobicoke, or anywhere else in Toronto, or Ontario, you’re probably going to need home insurance. While it’s not legally mandatory (unlike a certain other insurance type), it’s often required by mortgage lenders, which makes it more or less mandatory anyway. Lenders require it because they want you to keep paying your mortgage even if your home gets damaged. It’s an easy way for them to protect their investment. Home insurance also protects you, so in a way, it's a win-win for both.
Given that your home is likely to be your most expensive purchase, you should know what your insurance will cover, in case something happens. Here are the basics:
There are multiple insurance policy types, ranging from the ones that cover the bare minimum to the ones that cover almost everything. Your choice will primarily depend on how much you want (or can) pay in premiums.
Here are all the insurance types:
Realistically, there’s an infinite amount of perils that may endanger your home, and insurers, being human, can’t cover them all (for instance, a comet crushing your home probably won’t be covered by anyone). However, some perils are more common than others, and as such, they are the most likely ones to be covered by default. Here’s what they are:
Since not even a comprehensive policy will cover everything, you may consider purchasing add-ons, or ‘endorsements,’ to cover certain exclusions. Here are some of the most common ones:
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The average home insurance cost in Etobicoke is $1,469 per year, according to the RATESDOTCA Insuramap data.
Though Etobicoke is relatively safe from major perils such as earthquakes, wildfires and overland flooding (for the most part), it does get affected by things like sewer drain back-ups, windstorms and severe winter weather. The latter can cause damage to your roof, pipes and overall structure of the home, resulting in leaks, floods and other water-related damage.
That said, Etobicoke doesn’t have the most expensive home insurance in Ontario. In fact, its average premium sits comfortably in the middle. The most expensive Ontario city for home insurance is actually LaSalle, which has the average annual rate of $2,411. The cheapest one is Ajax, with the average annual rate of $1,068. Etobicoke’s average is very comparable to Toronto’s, however, which sits at $1,467 per year. (Note that Toronto’s average excludes areas like Etobicoke and North York, which are counted as separate cities, even though they’re technically part of Toronto.)
|Estimated annual premium||% difference compared to Etobicoke|
|Etobicoke’s average home insurance premium||$1,469||-|
|Ontario’s average home insurance premium||$1,487||+1.2%|
Average insurance premium numbers are according to data from RATESDOTCA Insuramap (gathered in 2022).
We’ve already mentioned a few factors that may affect your Etobicoke home insurance premium, such as the likelihood of floods, but there are many others, including these:
|Company||Type of Company||Phone||Address|
|All-Risks Insurance Brokers Ltd.||Insurance broker||416-551-8651||4941a Dundas St W, Etobicoke, ON M9A 1B6|
|Allstate Insurance: Toronto West Agency||Insurance agency||647-362-5282||4-1555 The Queensway Building D, Etobicoke, ON M8Z 1T8|
|Billyard Insurance Group – Etobicoke||Insurance broker||647-557-8773||209-5405 Eglinton Ave W, Etobicoke, ON M9C 5K6|
|Insurance Hotline.com||Quotes comparison||1-855-821-7312||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|LowestRates.ca||Quotes comparison||1-855-487-6911||401-1910 Yonge St., Toronto, ON M4S 3B|
|McKee & McKee Insurance Brokers||Insurance broker||416-622-3774||385 The West Mall, Etobicoke, ON M9C 1E7|
|RATESDOTCA||Quotes comparison||1-844-726-0907||100-360 Adelaide St. W, Toronto, ON M5V 1R7|
|RBC Insurance||Insurance company||416-231-6494||2-5322 Dundas St W, Etobicoke, ON M9B 1B3|
|Scoop Insurance||Insurance brokers||416-955-6286||22-300 Lincoln St., Welland, ON L3B 4N4|
|Unison Insurance and Financial Services Inc.||Insurance agency||416-407-3712||40 Janda Ct, Toronto, ON M9W 0A5|
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Find answers to all your Etobicoke home insurance questions here.
The easiest way to find the cheapest home insurance quote in Etobicoke is by comparing quotes from several insurers in the area. You can either contact them one by one (not recommended) or use a comparison website, such as InsurnaceHotline.com, to compare them all in a few clicks (recommended). The added benefit of the latter is that insurers will know they are competing against each other and try to offer their best rate.
If the quotes you find are still not cheap enough, you can try the following:
Etobicoke is generally a safe location for owning property. That’s why its average insurance rate is relatively cheap – compared to other cities in Ontario. However, there are still risks that may affect you, including the following:
Yes. Unless you don’t want to be fully covered. By offering your property, or parts of it, to someone else for rent, you’re changing the risk, which will affect how it is underwritten. So, if something ends up damaged, and you haven’t notified your insurer, you may not get the coverage you need.
Should your home and/or its contents end up damaged or stolen due to a covered peril, notify your home insurance provider as soon as possible, and they’ll walk you through the rest of the process. Note that if filing a claim is avoidable, consider not filing one, as doing so can lead to higher premiums in the future.
When filing a claim, we also recommend having a list of all the damaged or lost items, with explanations as to what happened to them (plus photos of the damage, if available). You should also note the value of items. In fact, it’s best to do an inventory of all your possessions well ahead of time, before you even purchase your insurance, so you have it handy right away, should a disaster strike.
Once all of this is done, your assigned claims advisor should contact you shortly.