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:
Get multiple Toronto home insurance quotes in the time it takes to get just one
Answer a few quick questions about yourself and your home.
Compare home insurance coverage and quotes from 30+ insurance companies.
Pick the home insurance policy and company that's right for you.
|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:
|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|
On average, shoppers save $300 on home insurance comparing quotes with us.
In just a few minutes you can compare quotes from more than 30 insurers.
There's no catch or fine print; our service is absolutely free for you to use.
IT'S EASY AND QUICK
You're just a few quick questions away from your custom quote.
YOUR INFORMATION IS SAFE
Your details are secure. Look for a locked padlock in your browser as well as https.
WE RESPECT YOUR PRIVACY
Your privacy is important to us. We never share your details without your consent.
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.