Ontario home insurance

The average yearly cost of homeowners insurance in Ontario is $1,452, with rates for tenants insurance being about a quarter that amount (even in the GTA), at $392 a year.

Replacement cost – The cost of rebuilding your home and replacing your contents are the main factors that will impact your home insurance rates.

Location – You may pay more for home insurance if you live in an area prone to flooding or break-ins.

Claims history – Recent claims on your home insurance policy will usually result in higher premiums, and prevent you from cashing in on a claims-free discount.

Age of roof – Roofs less than 20 years old are better able to withstand wind, hail and leaking, and will reduce premiums.

Credit score – Insurers in Ontario and other provinces in Canada will often take your credit score into account to determine your home insurance rate.

Fire safeguards – You will pay less for home insurance if you have a fire hydrant within 300 metres and a fire station within 8 km of where you live.

Learn more about the factors that affect the cost of home insurance here.

No, home insurance is not required by law in Ontario. If you have a mortgage on your home, your lender likely will require proof of home insurance. If you don’t have insurance and your home is damaged, you will have to pay for all repairs yourself.

Insurers have found that customers with good credit scores make fewer claims. As such, most insurance companies offer discounts to people with good credit scores, as they expect to pay out less in claims. Allowing your insurance broker to run a soft credit check won’t affect your credit score, and may save you money on your home insurance.

Not always. Home insurance policies are all different, so it’s important to compare based on coverage as well as price. Your policy will list the water coverages that are included. Ask your broker specifically about sewer backup, overland flood, and groundwater coverage, which are not always included. We’re happy to discuss your options with you.

If you are renting a home or an apartment, your landlord will be responsible for maintaining the building, and you will be responsible for your own personal belongings. Purchasing tenant insurance provides you with liability coverage as well as coverage for your possessions, up to your policy limit. The price of your tenant’s policy will be influenced by a few factors, such as your claims history, your postal code, and the total value of the contents you would like to insure.

Learn more about If you are renting a home or an apartment, your landlord will be responsible for maintaining the building, and you will be responsible for your own personal belongings. Purchasing tenants insurance provides you with liability coverage as well as coverage for your possessions, up to your policy limit. The price of your tenant’s policy will be influenced by a few factors, such as your claims history, your postal code, and the total value of the contents you would like to insure.

Learn more about tenants insurance.

The best way to save on your home insurance is to have Mitch do the shopping for you. We work with over 70 different insurance companies and can help you find great coverage at the best price.

You can help keep your premium low by avoiding claims, maintaining a good credit score, and keeping your home up-to-date.

Learn more about how to save on home insurance.

Every insurance company offers a slightly different product, with minor variances in what is covered and what isn’t. There can also be some differences in how they handle claims. Overall, the differences may be too small to affect your choice of insurer.

There are however limits and endorsements within a policy that differ from one company to the next. Depending on your specific needs, these differences might make certain insurers more appealing to you.

For instance, all insurance policies carry a limit for things such as bikes, cash, jewelry and furs. A jewelry limit can range from $4,000 with one company, to $10,000 with another. If you a lot of jewelry, you may opt for that higher limit.

You may also be interested in coverage for home equipment breakdown, cyberattacks or external service line damage, for instance. These coverages are not offered by all insurers. Mitch can help you find the right company to fit your coverage needs.

Learn more about the best home insurance companies in Ontario.

Yes, and there is an 8% provincial sales tax on homeowners insurance in Ontario.

Mitch works with 70+ insurance partners and we can certainly attest that rates differ greatly from one company to the next, just as they do from one home to another. There is no one company that offers the lowest rates across the board.

We’re happy to help you find the coverages, limits, and endorsements that are right for you and your home at the best price available.