Get Cheap Home Insurance in Mississauga

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.

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.

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.

*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.