Homeowners Insurance


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Homeowners insurance is the best way to protect your largest investment—your home. As a safety net, it protects your home in the event of damages, both physical and financial. Regardless of how modern or well-built your home is, it’s vulnerable to perils such as fire, vandalism, theft, and more.

Let our brokers help make the complex details simple for you to understand, and help you determine the coverage you need, at a rate you’ll love.


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What’s Covered by Homeowners Insurance in Ontario?

Homeowners insurance in Ontario and the rest of Canada is categorized into seven standard sections of coverage (A – G):

  • 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 homeowners 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.
  • Voluntary Payments for Damage to Property: Covers minor physical damage to the property of others, whether you’re liable or not. Helps avoid hassles associated with lengthy liability claims.
See All Coverage Details

List of all homeowner insurance coverage options

Learn more about what's covered by homeowners insurance in Ontario.

Common Questions about Homeowners Insurance

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.

What coverage does my bank require for my mortgage?

Most banks and financial institutions will want to ensure that your home is covered by a comprehensive homeowners policy. This is a type of policy that covers the dwelling against all risks of physical loss or damage. While a Comprehensive Homeowners policy doesn’t cover every possible type of loss, they are certainly the type that covers the most. It is for this reason that the bank prefers this type of coverage.

It is also very common for the bank to require that your policy contains ‘Guaranteed Replacement Cost’. This is an inexpensive, optional endorsement that states the insurance company will pay whatever amount is required to rebuild your home after a total loss, regardless of whether this cost exceeds the limit displayed on your policy documents. Guaranteed Replacement Cost also includes the expense of removing the debris from your existing home. This is a great coverage to have, the cost of removing wreckage and constructing a new home from scratch can often be difficult to estimate given the number of potential variables. Guaranteed Replacement Cost truly gives a homeowner (and their bank) peace of mind.

Your broker can help you determine if this endorsement is available for your home.

When do you NEED home insurance?

Unlike Auto Insurance, Home Insurance is not a mandatory coverage in Ontario. However, it is almost always a requirement of a mortgage. Before a bank or financial institution will lend funds to purchase a home, they will want to ensure that their financial interests are covered in the form of a homeowners insurance policy. In most cases, it is not possible to obtain a mortgage without first having an insurance policy in place to protect the home.

When a mortgage is paid off, this requirement for insurance is no longer in place. It is important though to note that if you are mortgage free, you are now solely responsible for your financial investment in your home. By not having homeowners insurance, you leave your largest financial investment unprotected from possible perils such as fire, water damage, wind and hail.

How much does homeowners insurance cost?

Depending on the specifics of your home’s construction and the area of Ontario that you live in, the cost of insurance can vary greatly. While most sit at around $1,000-$2,500, some policies can be much more. This amount differs from home to home.

For more details or a quick, personalized quote on your home insurance, contact one of our brokers. Mitchell & Whale Insurance Brokers have been helping homeowners find – and understand – the best home insurance policies since 1948. We’ll be happy to find you the coverage you need at the best rate in Ontario.

Call us today at 1.800.731.2228 to speak with one of our brokers!


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