Home insurance is not mandatory anywhere in Canada, but many lenders will only mortgage a home that’s insured. 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 Toronto should first consider what protection a policy offers. Regardless of policy type most cover the following:
Next, we encourage Toronto homeowners to consider how providers structure insurance policies. There are generally three types of home insurance policies:
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:
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|Estimated annual premium||% Difference compared to Toronto|
|Toronto's average home insurance premium||$1,246||0.00%|
|Ontario's average home insurance premium||$1,282||2.81%|
Providers consider many factors when determining a rate for homes in Toronto. 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:
|Insurance Companies||Company Type||Phone||Address|
|Aviva Insurance||Financial institution||1-877-689-3634||10 Aviva Way, Suite 100, Markham, ON, L6G 0G1|
|CAA||Financial institution||1-800-268-3750||60 Commerce Valley Dr E., Thornhill, ON, L3T 7P9|
|Chieftan||Financial institution||1-800-268-8447||165 University Ave., Toronto, ON M5H 3B9|
|Coachman||Financial institution||1-416-255-3347||10 Four Seasons Place, Suite 200, Toronto, ON, M9B 6H7|
|Echelon||Financial institution||1-905-214-7970||2680 Matheson Blvd E. Ste 300, Mississauga, ON, L4W 0A5|
|Economical||Financial institution||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||Financial institution||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||Financial institution||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||Financial institution||1-647-749-6933||439 University Ave. #500, Toronto, ON M5G 1Y8|
|Western Assurance||Financial institution||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.
The easiest way to find the cheapest home insurance in Toronto is to compare available rates. Our online tool takes less than three minutes, is free and will provide Toronto home insurance quotes from dozens of the most-trusted insurance providers in the country.
In addition to comparison shopping, homeowners can reduce their insurance costs by bundling their policies, agreeing to a credit check and increasing their deductible. Other savings tactics include paying upfront for the full-year policy term, mitigating risk by installing alarms (security, fire and carbon monoxide detectors). It’s also important to tailor a policy to make sure that it includes the coverage they need and nothing more.
According to RATESDOTCA’s Home Insuramap tool, the average cost of home insurance in Toronto (city proper) in 2021 was $1,467. This is about 3% more 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 Toronto 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.
We encourage homeowners in Toronto to add overland water protection to their home insurance policies to protect against damage from severe weather. In the past decade, Toronto has been affected by rainstorms that cause millions of dollars in insured damage and those without adequate protection must pay out-of-pocket for the damage. Noteworthy floods include one in 2013 and 2022. The each caused about $1 billion and $875 million in insured damage respectively, according to the Insurance Bureau of Canada.
Flooding is named as an exclusion in most home insurance policies. This means policyholders must add it to be covered for damage from a flood. While some providers offer water protection packages that include multiple forms of flood protection, we encourage homeowners to make certain that they’ve secure protection against overland flood as well as sewer back-up.
Earthquake is also an exclusion on most policies. Though earthquakes are not common in Toronto, we recommend that homeowners consider adding coverage to their policies. The city has been affected by earthquake. In 2010, a 5.0 magnitude quake struck the Ottawa region and was felt in Toronto as well.
Yes, we recommend that any homeowner in Toronto who is renting out a portion of their home – on either a short- or long-term basis – inform their insurance provider to avoid having a claim denied. In addition, landlords may consider different coverage and limits than are provided by standard homeowner policies.
To file a claim when the home and its contents are damaged or stolen – or, if the homeowner unintentionally damages someone else’s property - they should immediately contact their home insurance provider.
It’s also wise for homeowners to have an up-to-date inventory of their belongings. This will make the claims process easier and eliminate potential debate during the claims process about the value and condition of the home and its contents.