The best home insurance companies in Ontario for 2024

With mortgage rates seemingly on an unending rise, it makes sense to save money where we can. Home insurance is required by most mortgage lenders and banks so there’s no way around it, but you can save money by being selective about who you’re getting your insurance from. 

There are over 40 insurance companies in Ontario that sell home insurance, so it can be tough to no which one is best and will help you save money. Mitch Insurance breaks down which insurer is the best for home insurance, which can help you save, and the coverage that some of the top companies offer. 

There is no way to say for sure which home insurance company is best for you, the person reading this, since what’s best for one household may not be best for yours. Your home may be an older townhouse, have had its roof recently renovated, be situated a few blocks down from a fire station, etc., where your mother-in-law, who claims her insurance company is the best, has a rural, detached home that was built in the last ten years. The table below details the different insurance companies and how they compare: 

As you can see, how insurance companies are rated goes beyond price. Although home insurance prices may continue to rise into 2024 and beyond, having good coverage is an asset that shouldn’t go undervalued. A Mitch broker can help you choose the right insurer.  

Another question you may need to answer for yourself when searching for the best home insurance company in Ontario is whether you’re looking for standard or non-standard home insurance. As a buyer of insurance, you might not know the difference. Non-standard home insurance is designed to cover the following types of homes: 

Standard home insurance is often easier to find, as most markets will sell it. Non-standard home insurance can be pricier and harder to find, which is more reason why you should want the best home insurance company to work with to protect your home! 

If your home or rental is pretty typical and not too old or unique, most of the companies we’ve mentioned can cover you with insurance. However, there are situations that might make you a bit more difficult to insure. This could narrow down your choices. Insurers might ask questions like:

If you are found to need non-standard insurance, you may have a more difficult time choosing a company. Standard home insurance is often easier to find, as most markets will sell it. Non-standard home insurance can be pricier and harder to find, which is why you should want the best home insurance company to work with to protect your home! 

What’s best is really subjective, since your home is unlikely to be the same as anyone else’s – and even if it was the same brick, mortar, and stone, there’s still so many variables that can impact your insurance needs, i.e.: how you use it, if you rent it out, if it’s your primary residence, what your insurance history is like, and so on. When choosing a home insurance company, consider: 

Price isn’t everything. While it can be a huge part of choosing a good home insurance company, it’s not the end-all, be-all. There are a few key qualities you should consider when selecting a good home insurance company, which are as follows: 

An easy way to get information straight from your potential insurer’s customers is to check out online reviews on Google or broker websites. You can compile all this information together and compare. Keep in mind that online reviews can be unreliable, especially because those with bad experiences are more likely to post a review, companies can plant negative/positive reviews, and negative reviews can often result from long-term customers experiencing price increases (which were likely industry-wide). Use reviews to stay informed about any reoccurring “red flags” that reviews may highlight. 

Again, customer satisfaction studies (like the one J.D. Power conducts each year) are one way of measuring a company’s quality but they shouldn’t be the only thing you look at when considering an insurer. J.D. Power surveys only rate 12 out of the 40+ insurance companies that sell home insurance and the full detailed results are not available to consumers. Plus, the sample size (usually 100 responses) is relatively small, and the survey is done using online panels, which tends to be less reliable than other means of surveying. 

While there are laws in place to prevent any size of insurance company from being unable to payout claims in the event of a large disaster, bigger companies are still perceived to be more reliable than smaller companies because of them being more financially sound. Yet, many policyholders prefer to do business with the “little guys,” since they may be more focused on quality than quantity.  

Looking for affordable home insurance? Mitch Insurance can help. We work with over 70 top home insurance companies in Ontario and can help you find the right fit for your needs. Give us a call.