Get Cheap Home Insurance in Mississauga

Compare and save an average of 20%* on Ontario home insurance with InsuranceHotline.com.

How home insurance works in Mississauga

Many lenders require home insurance from clients if they want to receive a mortgage. That, despite home insurance not being mandatory in Ontario. Coverage has many additional benefits, including protection for the home’s contents as well as liability protection if someone is injured while visiting the property – or, if the homeowner unintentionally causes damage to someone else’s property.

Those looking for home insurance quotes in Mississauga should first consider what protection a policy offers. Regardless of policy type most cover the following:

  • Contents: Protects the homeowner’s belongings if they’re damaged by a covered peril. Expensive items such as specialty sports equipment, jewelry, fine art or a wine collection may require additional protection in the form of a ‘rider’ that’s added to the policy.
  • Property: Protects the home and surrounding buildings such as the garage if they’re damaged by a covered peril.
  • Liability: Protects the homeowner if they’re sued by someone who is injured while visiting the home; also, protects the homeowner if they unintentionally damage someone else’s property.
  • Additional living expenses: Provides coverage for expenses the homeowner assumes after being forced to leave the home due to a covered peril. For example, covers the cost of a hotel stay and food while away from the home.

Home insurance policy types

There are generally three types of home insurance policies:

  • Basic: Sometimes referred to as a ‘named perils’ policy because it offers protection against perils that are named in the policy. This is the most minimal coverage available.
  • Broad: Also known as a ‘standard’ policy, insures the home against all risks and insures personal property against named perils.
  • Comprehensive: Often called ‘all perils’ policy because it protects the home and its contents against all perils except any named as exclusions.

Additional coverage

Since no single policy provides coverage for every peril, many homeowners prefer to add coverage for more protection than policies provide out-of-the-box. These are considered optional coverage, ‘add ons’. They may also sometimes be called ‘endorsements.’ Some of the most popular include:

  • Earthquake: Covers the home and its contents following damage from earth movement. An earthquake endorsement also provides protection against damage from landslide, snowslide and volcanic eruption - none of which are relevant to Mississauga homeowners.
  • Home-based business: Enhances the property limits and perils that are covered in a policy so that the homeowner with a home-based business can have adequate property and liability coverage. In instances where only a computer needs to be protected, a computer floater can be added to the policy.
  • Identity theft: Covers the cost of replacing stolen personal documents such as a driver's licence and passport. May also cover wages lost while away from work to replace documents.
  • Overland water: Covers the cost of damage from water that overflows from a nearby waterway such as a lake or river. Insurance providers distinguish different types of flooding – one of which is overland flood.
  • Sewer back-up: Protects the home against damage from water that enters the home through an overflowing drain or toilet. Many Mississauga homeowners may have experienced this type of flooding in 2013 and again in 2022.

We've got hundreds of 5 star reviews

1,861 reviews on TrustPilot. See some of the reviews here.

Powered by TrustPilot

How to get the cheapest Mississauga home insurance quote

Get multiple Mississauga home insurance quotes in the time it takes to get just one.

Icon of a home for property Insurance

Enter Your Information

Answer a few quick questions about yourself and your home.

Compare Your Quotes Icon

Compare Your Quotes

Compare home insurance coverage and quotes from 50+ insurance companies.

Pick Your Policy Icon

Pick Your Policy

Pick the home insurance policy and company that's right for you.

Get Quotes Now!

How much is average home insurance in Mississauga

According to RATESDOTCA’s Home Insuramap tool, the average cost of home insurance in Mississauga was $1,249. This is about 3% less expensive than the provincial average in the same year of $1,427.

Homes based in neighbourhoods that are prone to flooding may have higher premiums. We strongly recommend that every homeowner in Mississauga add flood protection coverage to their policies. While it will increase the cost, the advantages of having protection in the event of a claim outweigh the advantage of a lower premium.

Postal code-wise average home insurance in Mississauga

Mississauga home insurance can run from some of the lowest premiums in the province to quite high. Mississauga is part of the GTA with many expensive homes and affluent neighbourhoods. There are also industrial legacy areas near Pearson airport and other parts of the city that are less expensive to live and ultimately insure.

Mississauga Postal Code Average Home Insurance Premium
L4T0A1 $1,381
L5V0A1 $1,381
L5L0A1 $1,362
L5E0A1 $1,361
L5K0A1 $1,343
L5J0A1 $1,339
L5B0A1 $1,310
L5G0A1 $1,303
L5P1A2 $1,294
L5T0A1 $1,283
L5S0A1 $1,278
L5C0A1 $1,238
L4Y0A9 $1,234
L4W0A1 $1,226
M7R0A2 $1,226
L5R0A1 $1,206
L4X0A1 $1,200
L5H0A1 $1,189
L5A0A1 $1,183
L4V0A1 $1,140
L4Z0A1 $1,129
L5N0A1 $1,095
L5M0A1 $1,051

Cheapest home insurance in Mississauga

The cheapest home insurance in Mississauga is in the postal code area L5M 0A1, with a yearly premium of $1,051 as compared with the most expensive area of L4T 0A1 at a yearly premium of $1,381.

The more expensive area is relatively industrial and/or business oriented with greater insurance needs, equipment coverage, protection and security. The cheaper area for Mississauga home insurance rates is a residential area with well-maintained homes in a relatively lower risk neighbourhood.

How does home insurance in Mississauga compare to other cities in Ontario.

Mississauga home insurance will fluctuate depending on the home you are insuring, its contents, threat of risks and location. It’s best to check sites like Insurance Hotline for Hamilton insurance quotes to see what works best in your neighbourhood and your home.

Compared with the most expensive city for home insurance, LaSalle, the average home insurance premium rate in Mississauga is $1,249, or 93% cheaper.

City Average 2021 premium Difference from Mississauga average (%)
LaSalle $2,411 93%
Windsor $2,139 71%
Hearst $2,046 64%
Foleyet $2,046 64%
South Porcupine $2,046 64%
Keewatin $2,033 53%
Fort Frances $2,023 62%
Val Caron $2,005 61%
Elliot Lake $2,005 61%
Kapuskasing $2,005 61%
Mississauga $1,249 0.0%

Factors that determine your Mississauga home insurance premium

Providers consider many factors when determining a rate for homes in Mississauga. In general, they’re trying to figure out how likely it is that a policy holder will file a claim. To do so, they look at details of the home as well as the homeowner:


Home

  • Distance from fire hydrant: Homes located at a distance from a fire hydrant tend to cost more to insure because insurance providers consider them more likely to be consumed in the event of a fire.
  • Roof age: Homes with older roofs may pay more for coverage while those with newer roofs may be eligible for a discount.
  • Security: Homes located in a neighborhood with a high crime rate will result in a higher premium. When homeowners take reasonable steps to mitigate risks to their home by installing security alarms (as well as smoke alarms and carbon monoxide detectors) they may receive a discount.
  • Size and condition of home: Homeowners will pay more for home insurance coverage in Mississauga when they have larger homes. Other factors about the home that insurance providers look at include the condition of the home’s plumbing, electrical and heating systems as well as the home’s overall quality of construction.

Homeowner

  • Claims history: Insurance providers consider the policy holder’s claims history to be an indication of their future behaviour. Those with a history of making claims may pay more for coverage in the future.
  • Credit scores: In Ontario, homeowners can use a favourable credit score to receive a lower insurance premium. They must consent to the credit check. By law, a bad credit score cannot be used to increase the premium.
  • Pets: Homeowners with exotic or banned pets may pay more for coverage. For example, some dog breeds known for violent behaviour may trigger an insurance provider to suggest that the homeowner requires additional liability protection in case the dog bites someone or damages property.

Why use InsuranceHotline.com to compare home insurance quotes online?

There are lots of reasons to compare!

Save money piggy bank icon

SAVE MONEY

On average, shoppers save $300 on home insurance comparing quotes with us. 

Save time icon

SAVE TIME

In just a few minutes you can compare quotes from more than 30 insurers.

No cost icon

IT'S FREE

There's no catch or fine print; our service is absolutely free for you to use.

Start a quote icon

IT'S EASY AND QUICK

You're just a few quick questions away from your custom quote.

Safe and secure icon of a lock

YOUR INFORMATION IS SAFE

Your details are secure. Look for a locked padlock in your browser as well as https.

Privacy protected shield icon

WE RESPECT YOUR PRIVACY

Your privacy is important to us. We never share your details without your consent.

Frequently asked questions about Mississauga home insurance

Still got questions about home insurance in Mississauga? We’ve got them answered here.

How can I find the cheapest home insurance quote in Mississauga?

Finding the cheapest home insurance quotes in Mississauga starts by comparing rates. The best place to do that is sites like Insurance Hotline. With a few clicks and some information about the location of the home, you are seconds away from Mississauga home insurance quotes from a variety of providers.

Speaking to brokers who will do the leg work for you and provide you with quotes from different providers can also save time and effort and help secure low rates.

Other ways to save on Mississauga 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).

What kind of risks do Mississauga homeowner face?

Mississauga homeowners are as vulnerable as other Canadians to flooding, particularly as severe weather becomes more common across the country.

Residents with homes near Lake Ontario or any of the tributaries that feed into it should take steps to make sure their homes are protected in the event of flooding, even though there is not a long history flooding in Mississauga.

For optimal protection, consider getting a comprehensive home insurance policy with additional coverage for flooding.

If you’re using our free online quote tool to compare rates from the best providers in Canada, consider opting for a “water protection package,” which is how some insurance carriers describe one of their flood protection options. A package is most likely to offer protection that’s most relevant to your area.

Do I need to update my Mississauga home insurance provider if I am running a short-term rental on Airbnb or Vrbo?

If you are planning on renting out your primary home on a short-term basis, it’s a good idea to talk to your primary home insurance provider and see if your current policy covers you for short-term rentals.

If you’re planning on renting out your property on a regular basis, your regular home insurance probably won’t cover any damage. That’s because most home insurance policies can be invalidated if homes are unoccupied for more than 30 to 90 days. In the eyes of the insurance provider, the longer you’re away from the property, the greater the risk of a peril happening and not being tended to.

Short-term rental insurance, however, can provide additional coverage.

How can I file a home insurance claim in Mississauga?

If you decide to make a home insurance claim in Mississauga, contact your insurance agent, broker or company as soon as possible. Most insurance companies have time limits within which you must submit your claim. The limit usually varies from 90 days to 12 months from the date of the loss or event. Check your policy’s terms and conditions for the time limit.

Also, keep a record of all damaged items by taking photos and or receipts of items, if you have them. This will help the insurance company with their investigation and provide evidence of your lost belongings to them.

*Shoppers in Ontario who obtained a quote on InsuranceHotline.com from January to December 2021 saved an average of 20%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by InsuranceHotline.com.