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Home Insurance
In Ontario
Whether you’re already a homeowner or in the process of buying a home, it’s likely the largest investment you’ll ever make. Protecting it with the right home insurance policy is essential. While home insurance isn’t mandatory in Ontario, it’s highly recommended and often required by mortgage lenders to protect their investment—so unless you’re buying your home outright, you’ll likely need insurance.
Home insurance helps safeguard you financially if your home or belongings are damaged, stolen, or lost due to a range of risks such as natural disasters or theft. Without it, you could be on the hook for thousands, or even tens of thousands of dollars in repairs and replacements.
What does home insurance typically cover?
Damage or loss to your home due to insured events like fires, storms, or vandalism.
Damage, theft, or loss of personal possessions, including items inside your home.
Personal property stolen from your vehicle, which can be covered under your home insurance.
Liability protection if someone is injured on your property or if you accidentally cause damage to someone else’s property.
Accidental damage to someone else’s property, even outside your home.
Home insurance in Ontario is regulated by the provincial government, with oversight from the Superintendent of Insurance. These regulators ensure that insurance companies operate in a fair and financially sound manner, monitoring their policies and practices. For more information, visit the Insurance Bureau of Canada (IBC) to learn about your provincial regulator.
Different Types of
Home Insurance Coverage
When shopping for home insurance in Ontario, you’ll encounter different types of policies that offer varying levels of protection.
Here are the four main types of home insurance coverage available:
Comprehensive Coverage
This is the most complete home insurance policy available. It covers all risks to your home and personal belongings, except for specific exclusions named in the policy. Also known as a “special” or “all-perils” policy, it’s ideal if you want maximum protection.
Named Perils Coverage
A more basic policy that only covers the risks explicitly named in your policy, such as fire, theft, or wind damage. It’s typically more affordable than comprehensive coverage but limits what’s protected.
Broad Coverage
This hybrid policy offers comprehensive protection for your home’s structure, but only named perils coverage for your personal belongings. It’s a good middle ground for those looking for some extra coverage at a lower cost.
No-Frills Coverage
Basic coverage for homes that don’t meet standard insurance requirements. It offers limited protection and is typically used for homes that are difficult to insure, often due to structural issues.
What Most
Home Insurance Policies Cover
When choosing a home insurance policy, it’s important to understand what is typically included in the coverage.
Most policies will cover the following:
Building/Property Coverage
This protects the physical structure of your home, including the walls, roof, and floors, in the event of damage or destruction due to covered risks like fire, storms, or vandalism. You’ll want to ensure you have sufficient building coverage to rebuild your home if necessary.
Contents Coverage
Your home contains valuable personal belongings like furniture, electronics, and appliances. Contents coverage protects these items against damage or theft. For high-value items like jewelry or art, consider additional riders or endorsements to ensure full protection.
Personal Liability Coverage
This protects you if someone is injured while visiting your property or if you accidentally cause damage to a neighboring property. It covers legal fees, medical bills, and any settlements that may arise from such incidents.
Additional Living Expenses (ALE)
If your home becomes uninhabitable due to a covered event, ALE coverage helps cover temporary living expenses such as hotel stays, meals, and transportation costs. It’s important to note that ALE doesn’t cover costs incurred for convenience, like staying in a hotel during a renovation.
Common Optional Coverages for
Home Insurance
Home insurance policies in Ontario also offer optional coverages, or “endorsements,” to further protect your home from specific risks. These include:
Flood Protection
Standard home insurance policies usually don’t cover sewer backup or overland flood damage, but these risks can be added through endorsements. Sewer backup covers damage from overflowing drains and sump pumps, while overland water covers damage from rivers, lakes, or heavy rainfall.
Earthquake Insurance
Though more common in western Canada, earthquakes are a real risk in some parts of Ontario, particularly along the St. Lawrence and Ottawa Valleys. Adding this coverage can help protect your home in the event of seismic activity.
Home-Based Business Insurance
If you run a business from home, this endorsement protects your business equipment and tools, ensuring your work is covered in case of damage or theft.
Freezer Food Protection
If your freezer malfunctions or there’s a power outage, this coverage helps replace spoiled food—and in some cases, the freezer itself. Ideal for homes with multiple freezers or large amounts of stored food.
Mass Evacuation Coverage
In the event of a natural disaster or mandatory evacuation, this coverage helps cover extra expenses like hotel stays, groceries, and travel costs.
Identity Theft Protection
This endorsement covers the costs of restoring your identity if you fall victim to fraud, such as stolen personal information or fraudulent use of your social insurance number.
Lock Replacement
If your locks are damaged during a break-in, this coverage will pay to replace or repair them.
How to Get the Best
Home Insurance Quotes
Your home is one of your most valuable assets, and it deserves the best protection. By comparing quotes from multiple providers, you can ensure you’re getting the best coverage at the lowest rate. At Ontario Insurance Quotes, we make it easy to compare home insurance rates from over 50 leading providers in just a few minutes.
How to Get a Home Insurance Quote on
Ontario Insurance Quotes
Getting a home insurance quote is simple. Follow these four easy steps:
Select the Type of Property
Scroll to the top of the home insurance page, select the type of property you’d like to insure, and enter your postal code.
Tell Us About Yourself
Enter some basic information about yourself and your home, such as when you moved in and the date you’d like your policy to start. We’ll calculate key details like your home’s square footage, age, and distance from a fire station.
Tell Us About Your Home
Answer a few questions about your home’s security features, such as whether you have a monitored fire alarm or burglar alarm, to ensure you get all available discounts.
Get Your Quotes
In just a few minutes, we’ll show you quotes ranked from lowest to highest, with contact details for the broker or agent who can help you lock in your rate.
Why Choose
Ontario Insurance Quotes?
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We work with over 50 of Ontario’s leading home insurance providers to bring you the most competitive rates.Fast & Free
Our service is 100% free, and you can get personalized quotes in just 3 minutes.
Tailored for You
Every home and homeowner is different. We’ll help you find the right policy, customized to meet your needs.
Tips to Get the Cheapest
Home Insurance
Increase Your Deductible
Choosing a higher deductible can significantly reduce your monthly premium.Install Security Systems
Adding a monitored fire alarm or burglar alarm can lower your rates.Upgrade Your Home’s Systems
Updating your electrical, plumbing, and heating systems reduces the risk of damage, which can lead to lower premiums.Bundle Your Policies
Combining home and auto
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Frequently Asked Questions
How much does home insurance cost in Ontario?
The average cost ranges from $800 to $1,200 annually, depending on factors like your location, home value, and coverage needs.
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How can I get the cheapest home insurance?
The easiest way to save is by comparing quotes from multiple providers. You can also save by bundling policies, upgrading your home’s security, or increasing your deductible.
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Why should I compare home insurance quotes?
Home insurance rates vary between providers, and your personal circumstances can affect the quote you receive. Comparing quotes ensures you get the best rate for your situation.
Will my credit score affect my home insurance rate?
In some cases, insurers may request a credit check. A good credit score can help lower your premium. Rest assured, at Ontario Insurance Quotes, your information is kept secure.
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