Home Insurance GTA: Rates, Quotes, Consumer Tips

Home Insurance GTA: Intro

Welcome to your Home Insurance Guide for GTA. This page will give you an idea of Home Insurance Premiums in Ontario, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in GTA.

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What Are Typical Home Insurance Premiums In Ontario?


This chart illustrates the average Renters and Homeowners Insurance premiums in Ontario and other provinces including Home Insurance in GTA. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.

Overall consumers spend in Ontario less on Home Insurance than in Alberta and British Columbia. That is the case due to more stable natural conditions e.g. lack of strong seismic activity like British Columbia or flooding similar to Calgary. Nevertheless the recent years demonstrated that nature can be also unfriendly in Ontario including flooding and ice storm that strongly impacted among others the whole Greater Toronto Area and nearby cites and towns. These were very significant natural occurrences that impacted people’s homes and, as consequence, home insurance.

Important note about flooding risk – typically overland flooding (e.g. due to strong rains or raised water level in rivers) is not covered by home insurance. Thus emergency government program(s) would be the only way to somewhat compensate financial impact of the flooding. flooding can be caused not only through a strong rain and storm but also through melting snow.

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How Can You Save on Home Insurance in GTA?

  • Welcome discount: Switching providers? There may be a welcome discount. Don’t be afraid to ask about it. (e.g. Grey Power Insurance)
  • Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
  • Hydrants and fire-station: Ask if your proximity to a hydrant or fire station will save you money.
  • Credit score: Your good credit can score you a lower premium. This is because most companies use your credit score when calculating home insurance premiums.
  • Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums (e.g. RBC Insurance, Cooperators)
  • Bicycle: Insuring your bike for theft? Your home insurance might be covering it already. Check your policy.
  • Stability of residence: Lived in the same residence for years? You may be eligible for a stability discount. A few insurers offers one. (e.g. Grey Power Insurance)
  • Look around and do your research: There are many insurance providers and their prices for the same policies can be very different. Take advantage of online tools and talk to several brokers, since each will cover a select number of insurance companies.
  • Claims-free discount: You can get rewarded for being claim free. Terms and conditions vary and not all insurers offer this discount, so ask around if you have been claim free for a long time.
  • Interested in more saving tips for Home Insurance in GTA? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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Our Publications related to Home Insurance

Insurance for Short-Term Rentals: What You Must Know

Insurance for Short-Term Rentals: What You Must Know

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Is Ontario’s Hottest Real Estate Market Cooling Off?

Is Ontario’s Hottest Real Estate Market Cooling Off?

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Hidden Closing Costs for Your New Condo

Hidden Closing Costs for Your New Condo

For many buyers scoping out pre-construction condos, monthly maintenance fees are often a top concern. “How much are condo fees?” and “Will they increase?” are usually the first set of questions brought up to Realtors after discussions around location and asking prices have been put to rest. Howe[...]
Home Insurance and Flooding in Canada: Finally Explained

Home Insurance and Flooding in Canada: Finally Explained

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The Home Price Premium in Toronto’s Best School Districts

The Home Price Premium in Toronto’s Best School Districts

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