Home insurance in North York (or anywhere in Ontario) is not mandatory. However, most financial lending institutions require it as a prerequisite for obtaining a mortgage. Home insurance in North York also provides benefits such as protecting your family, your possessions and the potential for future losses in case of lawsuits or damages.
Most insurance policies for North York homeowners will cover the following items:
There are four main types of North York home insurance policy to consider when selecting one that’s right for you. They are:
All North York home insurance policies will look different for individual needs and locations. However, some of the more commonly covered perils include:
Because North York home insurance policies provide only basic protection, homeowners wanting more will often take out additional coverage that includes non-named perils. Some of the events that additional coverage can be purchased for are:
Looking for the cheapest home insurance rate in your area? It all starts with comparison shopping on sites like InsuranceHotline.com.
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The average annual price for home insurance in North York is roughly $1,300, according to the RATESDOTCA Insuramap data.
Not many natural disasters affect North York homeowners. However, severe winter weather in this area can wreak havoc on parts of the home, such as roofs, pipes, foundations and concrete, leading to leaks and floods.
North York homeowners should account for weather when deciding on which insurance plan works best for them.
According to the 2016 Toronto Census, North York has a population of more than 644,000. That population is scattered across a huge 176.9 km squared geographic area. There are a multitude of postal codes that span different home insurance rates.
According to the RATESDOTCA Insuramap data, the most expensive home insurance in North York is tied to areas with postal codes starting with M4N, at roughly $1,523 per year (on average).
On the flip side, the cheapest home insurance is associated with postal codes that start with M2P, at $1,203 per year on average, which is 18% lower than the Ontario average.
North York insurance premiums can fluctuate depending on various factors that are individual to each homeowner. Here’s what they are:
|Company||Type of Company||Phone||Address|
|April Canada||Insurance agency||855-745-1010||235 Yorkland Blvd, North York, ON M2J 4Y8|
|Co-operators, Irene Sham Insurance Agency||Insurance agency||416-502-8800||2010 Sheppard Ave E, North York, ON M2J 5B3|
|Deerborne Insurance||Insurance agency||416-223-9000||200-185 Bridgeland Ave, North York, ON M6A 1Y7|
|InsuranceHotline.com||Quotes comparison||1-855-821-7312||100-360 Adelaide St W, Toronto, ON M5V 1R7|
|KRGInsure||Insurance agency||416-636-4544||700-2450 Victoria Park Ave, North York, ON M2J 4A2|
|LowestRates.ca||Quotes comparison||1-855-487-6981||401-1910 Yonge St, Toronto, ON M4S 3B2|
|RATESDOTCA||Quotes comparison||1-844-726-0907||100-360 Adelaide St W, Toronto, ON M5V 1R7|
|Scoop Insurance||Insurance agency||1-866-456-6620||22-300 Lincoln St, Welland, ON L3B 4N4|
|The Shepherd Group||Insurance broker||416-249-1700||9-140 Wendell Ave, North York, ON M9N 3R2|
|Valid Insurance Services||Insurance agency||416-901-9695||61 Steeles Ave E, North York, ON M2M 3Y3|
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Find answers to all your North York home insurance questions here.
Finding the cheapest home insurance in North York is easy. You can compare quotes from the top North York insurance providers by visiting InsuranceHotline.com and inputting a few bits of information. We take care of the rest by providing you with quotes and the ability to speak to a broker, who can help you choose the best policy for you.
You can also reduce your insurance costs by bundling your policies, agreeing to a credit check and increasing your deductible. Other savings tactics include paying upfront for the full-year policy term and mitigating risk by installing alarms (such as security, fire and carbon monoxide detectors).
North York and the Greater Toronto Area have been experiencing severe rainstorms and flooding in the last few years. For this reason, we encourage overland water coverage. Noteworthy floods include one in 2013 and 2022, which caused about $1 billion and $875 million in insured damage, respectively, according to the Insurance Bureau of Canada.
Yes. Running a small business from your home may increase risks and require more coverage than you would have for your personal use. It’s better that your North York insurance provider knows about this ahead of time to avoid denied claims in the future.
Filing a claim should start with contacting your North York insurance provider as soon as you can. You can talk to your provider or broker on the phone, or you can file a claim online, if your provider allows it (it’s pretty common these days!).
It’s also wise to keep an inventory of all your possessions, and receipts, if you have them. This will make the claims process go smoother and eliminate confusion about the value of your home and the possessions within it.