Searching for home insurance.

May 23, 2024

The best home insurance companies in Ontario for 2024

5 min read

 Share

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 know 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. 

Ontario home insurance companies compared

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: 

 
Best Home Insurance Companies in Ontario
Insurance company Type of insurance sold How to buy1 J.D. Power rating (/1000)2 Size (by premiums) Google rating3
Allstate Insurance Company of Canada Home, condo, tenant, cottage, landlord Agent, Direct 764 / 1000 Large 4.1 / 5
(6,725)
Aviva Canada Home, condo, tenant, high-value, trailer, cottage, AirBnB Broker 727 / 1000 Large 4.3 / 5
(3,075)
Belairdirect Home, condo, tenant Direct 761 / 1000 Large 4.2 / 5
(6,266)
CAA Insurance Home, condo, tenant, cottage Broker   Small 4.2 / 5
(5,779)
Chubb Insurance Co. of Canada Home, condo Broker   Medium 2.6 / 5
(117)
Commonwell Mutual Insurance Group Home, condo, tenant, cottage, trailer Broker   Small 3.0 / 5
(103)
The Co-operators Insurance Home, condo, tenant, cottage, trailer Direct 791 / 1000 Large 4.3 / 5
(4,587)
Coseco Insurance Home, condo, tenant Broker   Small 2.9 / 5
(143)
CUMIS Home, condo, tenant Broker   Small 3.3 / 5
(22)
Desjardins Insurance Home, condo, tenant, cottage Agent, Direct 735 / 1000 Large 4.7 / 5
(15,362)
Dufferin Mutual Insurance Co. Home, condo, tenant, cottage, trailer, landlord Broker   Small 2.7 / 5
(11)
Economical Insurance Home, condo, tenant, cottage, landlord Broker 761 / 1000 Large 2.0 / 5
(710)
Gore Mutual Insurance Co. Home, condo, tenant, cottage, landlord Broker   Medium 2.6 / 5
(441)
Grenville Mutual Insurance Co. Home, condo, tenant Broker   Small 3.7 / 5
(33)
The Guarantee Co. Home, condo, tenant, high-value, cottage Broker   Small 2.2 / 5
(14)
Hallwell Mutual Insurance Co. Home, condo, tenant Broker   Small 3.8 / 5
(12)
Heartland Farm Mutual Inc Home, condo, tenant, cottage, heritage Broker   Small 3.0 / 5
(76)
HTM Insurance Co. Home, condo, tenant, cottage, landlord, second home Broker   Small 4.1 / 5
(17)
Intact Insurance Home, condo, tenant, cottage, landlord Broker 753 / 1000 Large 3.2 / 5
(1,503)
Novex Insurance Co. Home, condo, tenant, cottage, landlord Broker   Small 1.3 / 5
(14)
Northbridge Insurance Home, condo, tenant, cottage Broker   Medium 3.7 / 5
(296)
Optimum General Insurance Home, condo, tenant, cottage, landlord Broker   Small 3.0 / 5
(18)
Pafco Insurance Home, condo, tenant, cottage, landlord, second home Broker   Small 1.8 / 5
(182)
Peel Mutual Insurance Co. Home, condo, tenant, cottage, landlord Broker   Small 2.6 / 5
(43)
Pembridge Insurance Co. Home, condo, tenant, cottage, landlord, second home Broker   Small 1.7 / 5
(773)
The Personal Home, condo, tenant Broker 762 / 1000 Small 3.1 / 5
(831)
Portage Mutual Insurance Home, condo, tenant, cottage Broker   Small 3.4 / 5
(14)
RBC Insurance Home, condo, tenant, cottage, landlord, second home Direct 774 / 1000 Small 3.7 / 5
(607)
RSA Canada Home, condo, tenant, cottage Broker   Large 2.8 / 5
(117)
Scottish & York Home, condo, tenant Broker   Small 1.0 / 5
(1)
SGI Canada Home, condo, tenant, cottage, landlord, second home Broker   Small 3.2 / 5
(321)
Sonnet Insurance Home, condo, tenant, landlord Direct   Medium
TD General Insurance Home, condo, tenant, cottage, second home, AirBnB Direct 749 / 1000 Large 3.6 / 5
(788)
Travelers Canada Home, condo, tenant, cottage, high-value Broker 746 / 1000 Medium 2.1 / 5
(202)
Trillium Mutual Insurance Co. Home, condo, tenant, cottage Broker   Small 3.3 / 5
(29)
Unica Insurance Home, condo, tenant, cottage, second home Broker   Small 4.0 / 5
(192)
Wawanesa Insurance Home, condo, tenant Broker 738 / 1000 Medium 2.0 / 5
(425)
Western Assurance Home, condo, tenant, landlord, trailer, cottage Broker   Small 2.2 / 5
(18)
1Agent = Sells through a network of agents that only sell their products; Broker = Sells through independent brokers, who also offer quotes from other insurance companies; Direct = Sells direct to the public, usually online or by phone; 2Overall customer satisfaction index ranking, Ontario region – J.D. Power 2019 Canada Home Insurance Satisfaction Study; 3Average Google rating for all locations present in Google Places as of Apr 15, 2024 for the company (number of reviews in parentheses);

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.  

Do you need standard or non-standard home insurance?

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: 

  • Homes 100+ years old or homes with old wiring or wood/oil heating 
  • Homes that have a history of frequent or severe insurance claims 
  • High-value homes or homes that house high-value items, like fine art 
  • Any secondary property that is not occupied year-round 
  • Mobile homes or manufactured homes (trailers also count) 
  • Homes that are rented out on a yearly or monthly basis 

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 run a home-based business 
  • If you rent out a portion or all your property 
  • If your home isn’t your primary dwelling 
  • If your home is 100+ years old 
  • If you’ve been cancelled due to non-payment, live in a wildfire zone, flood plane, etc. 

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! 

How do you choose the “best” home insurer?

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: 

  • How well they can meet your insurance needs 
  • What kind of rates they offer 
  • What their customer and claims service is like 

Qualities of a good home insurance company

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: 

Online reviews

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. 

Customer satisfaction

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. 

Size of company

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.  

Get a great deal on home insurance with Mitch

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.

Looking for home insurance?

Speak with a Mitch Insurance broker today to get a quote on home insurance in Ontario.

Call now

1-800-731-2228

Leave a comment

Your email address will not be published. Required fields are marked *

Didn’t find what you were looking for?

Check out some of our other insurance products.