Buying a home is a significant investment, and protecting your investment with the right insurance means peace of mind. Let our insurance experts shop over 40 companies to put together a home insurance policy that will make sure you’re covered should the unexpected occur.
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Building: (Homeowners only) Available in All Risk coverage (insured for everything unless it’s specifically excluded from your policy) and Named-Perils coverage (specific perils covered by your policy). *The majority of home insurance policies contain All Risk coverage for your building.
Detached Private Structures: (Homeowners only) Coverage for structures that are on your property but are not connected to your home (ex: detached garage, shed).
Contents: Insures your belongings inside the home, available in All Risk and Named-Perils coverage.
Additional Living Expenses: Pays for your living expenses should you have to temporarily live away from your home due to an insured loss.
Personal Liability: Protects you from having to pay damages to people if you are responsible for unintentionally hurting them or their property (covers you anywhere in the world).
Voluntary Payments for Medical Expenses: Covers minor medical costs if someone hurts themselves on your property, whether you’re liable or not. Helps avoid hassles associated with lengthy liability claims.
Learn more about what's covered by home insurance in Ontario.
How Much is Home Insurance in Ontario?
The average yearly cost of homeowners insurance in Ontario is $1,280, with rates for tenants insurance being approximately one-fourth that amount, at $392/year.
Numerous factors go into determining the cost of your home insurance, such as where you live, the age and replacement value of your home, endorsements you have added to your policy such as flood insurance, and more. For this reason, average home insurance home rates in Ontario aren’t an accurate representation of what you might expect to pay. That being said, replacement value of your house is one of the primary considerations that can give you an approximate idea of what your home yearly insurance premium will cost you.
Factors That Affect the Cost of Home Insurance in Ontario
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 – The frequency of 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 – Proximity to a fire hydrant or fire department, which will help minimize damage to your home in case of fire.
Other Common Questions About Ontario Home Insurance
Is home insurance mandatory ontario?
No, home insurance is not required by law in Ontario. If you have a mortgage on your home, your lender may require you to maintain home insurance to protect themselves against loss. If you don’t have home insurance and your home is damaged by an event you will have to pay for all repairs yourself.
Do home insurers require a credit check?
Insurance companies have found that customers with good credit scores make fewer claims than customers without good credit scores. As such, most insurance companies offer discounts to people with good credit scores, as they expect to pay out less in claims if you have good credit. Allowing the insurance company to do a soft view of your credit score offers you the opportunity to be rewarded for having a good credit score and paying less for your home insurance.
Does my home insurance cover any kind of water damage?
Your home insurance policy will list the water coverages that are available. Not all home insurance policies are created equal, so it’s important to compare based on coverage as well as price. Be sure to ask your broker about what water coverage is included in your policy so you will know what you have coverage for. Our brokers will be happy to discuss what coverages you would like to have included in your policy and find you a policy that includes those coverages.
Do I need home insurance if I'm renting?
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 a tenants policy provides you with liability coverage as well as coverage for your personal belongings, up to your policy limit. The price of your tenants 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.
Why is the rebuild value of my home different from what I paid?
What you paid for your home and how much it would cost to rebuild if it were destroyed by a fire are two different prices. What someone is willing to sell you a home for dictates the price of purchasing a home, where as the cost of materials, labor and compliance with regulations impacts the price to rebuild your home if it is destroyed. As your insurance policy will rebuild your home if it is damaged, your insurance policy is based on how much it would cost to rebuild your home, not how much your home would sell for.
How can I save on home insurance?
The best way to save on your home insurance is to have a Mitchell & Whale insurance broker shop for you. We work with over 40 different insurance companies, so we can find an insurance policy for virtually any person.
After we have found you a great rate you can help us keep your rates low by being claims free, having a good credit score, and keeping your home up to date.
Get Your Home Insurance Quote Today!
To get a quote on Ontario home insurance, or to find out more about your coverage options, contact us or call us at 1-800-731-2228. We’ll be happy to help you protect the place you call home.
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About Mitchell & Whale
Mitchell & Whale Insurance Brokers is a family-run business since 1948, now operated by Adam Mitchell, the third generation in the business. Clients are considered part of the family too. In fact, over 90% of our clients stay with us year after year, thanks to the trust they have in our insurance experts.