Home insurance isn’t required by law anywhere in Canada, though many lenders will only offer a mortgage to those who have it.
The benefits of coverage are greater than any associated with avoiding a monthly premium. In addition to protecting the home, which for many is their most significant asset, home insurance also offers liability protection. This means that the homeowner will be protected financially if someone is injured while visiting the home. It also means that the homeowner will be protected if they unintentionally damage someone else’s property while away from their own home.
While there are many decisions to make around what type of Ontario home insurance policy to purchase, it’s helpful to first understand what most policies include:
Next, the homeowner must choose a policy type. Home insurance providers in Ontario tend to market their products using similar language. They’re often described in the following terms:
Be aware that there are some perils that are not covered, regardless of policy type. These are referred to in the insurance industry as ‘exclusions’. For the home to be protected against a peril that is excluded, the homeowner can update their policy with add-ons – which are optional, but well worth considering.
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According to RATESDOTCA’s Insuramap tool, in 2022, the average premium for home insurance in Ontario was $1,487.
Throughout the province, premiums increased an average of about 10%, though homeowners in more rural areas and near water experienced the greatest increases.
For example, year-over-year, residents in Keewatin, Ontario received the most significant home insurance cost increase: 18%, going from an annual premium of $1,715 to $2,033, between 2021 and 2022
In 2022, residents in LaSalle, near Windsor, had the most expensive rates in the province: $2,411 – up about 15% from the 2021 rate of $2,098.
RATESDOTCA insurance expert cited the risk of flooding as one of the main factors driving up coverage costs.
Applied Systems also reflected on recent home insurance trends in Ontario noting that in Q1 2020, the average change in premiums compared to same quarter in 2019 was 10.4%.
Insurance Bureau of Canada statistics offer some insight about what lead to this premium increase: a steady increase in the volume and cost of catastrophic losses from severe weather across the country.
While insured damage for severe weather events reached $2.2 billion in 2020, leading that year to rank as the fourth highest in insured losses of this type since 1983, significant losses from a host of smaller severe weather events from coast-to-coast lead to record claims in 2018 and in 2019.
Following 2020, rates continued to increase: Applied Systems reported that between Q2 2021 and Q2 2022, the average year-over-year increase in national personal property premium rates was 6.5%.
In addition to risks associated with the volume of severe weather incidents taking place around the world as well as global catastrophes such as the pandemic, home insurance premiums also tend to increase because of how insurance is regulated.
In Ontario, car insurance premium increases require approval from a regulatory body while home insurance premiums do not. This means that insurance providers can more easily increase home rates.
There are many ways to get cheap home insurance coverage in Ontario. Some of the most easy-to-execute tactics include:
|Companies||Type of Company||Phone||Address|
|Aviva Insurance||Insurance Company||1-877-689-3634||10 Aviva Way, Suite 100, Markham, ON, L6G 0G1|
|CAA||Insurance Company||1-800-268-3750||60 Commerce Valley Dr E., Thornhill, ON, L3T 7P9|
|Chieftan||Insurance Company||1-800-268-8447||165 University Ave., Toronto, ON M5H 3B9|
|Coachman||Insurance Company||1-416-255-3347||10 Four Seasons Place, Suite 200, Toronto, ON, M9B 6H7|
|Echelon||Insurance Company||1-905-214-7970||2680 Matheson Blvd E. Ste 300, Mississauga, ON, L4W 0A5|
|Economical||Insurance Company||1-800-265-2180||111 Westmount Road South, P.O. Box 2000, Waterloo, Ontario N2J 4S4|
|Lowestrates.ca||Quotes comparison||1-855-487-6911||1910 Yonge St. Suite 401, Toronto, ON M4S 3B|
|Perth||Insurance Company||1-519-570-8208||111 Westmount Rd. S., P.O. Box 2000, Waterloo, ON, N2J 4S4|
|RATESDOTCA||Quotes comparison||1-844-726-0907||360 Adelaide St. W Suite 100, Toronto, ON M5V 1R7|
|RSA||Insurance Company||1-416-440-8777||700 University Ave., Suite 1500A, Toronto, ON, M5G 0A1|
|Scoop Insurance||Insurance brokers||1-416-955-6286||300 Lincoln St. Unit 22, Welland, ON L3B 4N4|
|Square One||Insurance Company||1-647-749-6933||439 University Ave. #500, Toronto, ON M5G 1Y8|
|Western Assurance||Insurance Company||1-416-440-8777||700 University Ave., Suite 1500A, Toronto, ON, M5G 0A1|
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*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.
Finding the cheapest home insurance quote in Ontario begins with shopping around to find the best coverage at the lowest rate. It also relies on the homeowner customizing their policy so that they’re only paying for the coverage they need and nothing more. Once they’ve tailored the policy, there are other steps they can take to reduce their premium such as bundling their policies, increasing their deductible, installing alarms and keeping the home in good repair. A policyholder with no claims history may also be able to secure savings.
In 2022, the average home insurance premium in Ontario was $1,487, according to RATESDOTCA’s annual Insuramap survey. In general, premiums vary depending on several factors, including location. Homes located near water often pay the most expensive home insurance costs due to the perceived risk of damage from flood.
For example, in 2022, a RATESDOTCA survey of provincial home insurance costs found that residents in LaSalle, Ontario near Windsor paid the most in the province: $2,411. This represented a 15% increase from 2021.
Across Ontario, home insurance premiums went up about 10% between 2021 and 2022. In addition to the risk from flooding and incidents of severe weather, residents in more rural areas tend to pay more for home insurance coverage. This can be attributed to in large part to location, including distance from a fire hydrant. When it’s difficult for emergency services to put out a fire, the homeowner should expect to pay more for coverage.
Yes. It’s crucial that homeowners who are renting out their homes inform their insurance provider and secure a landlord policy.
It will cover them for property damage from tenants in the rental unit. It will also provide legal liability for injuries or property damage as well as loss of rental income if the tenants vacate the unit due to a covered event. Insurance providers may deny a claim if damage is found to have been caused by a tenant and they were unaware that the home was being rented out – regardless of whether it was rented out on a short-term or long-term basis.
When a home is damaged by a covered peril, we recommend the homeowner immediately contact the insurance provider to acknowledge the damage. Most providers publish emergency contact resources on their websites.
Homeowners should also consider taking steps ahead of time that will make filing a claim as simple as possible. For example, keeping an inventory of belongings provides the homeowner with an overview of what they own and how badly it has been damaged. There are many apps that help homeowners make a comprehensive inventory.