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.
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.
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
Our Publications related to Home Insurance
Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
How Much a Good Condo View is Worth Today?
A prospective buyer is always going to be focused on a condo unit’s view. Unlike a house, these units rarely have multiple windows to the outside in various directions. The exterior wall, which usually is either glass or contains a balcony, is likely the only point of contact with the natural world. While the interior […]
Own your home? You could be eligible for these tax credits and rebates
It’s no secret that property prices in many urban areas of Canada are on fire. And it’s not limited to just the core of Toronto and Vancouver. Houses for sale in Hamilton, for example, have doubled in price in the last decade and houses in Mississauga are almost $750,000. It’s increasingly hard for the average […]
How Competitive is it to Buy a Home in Toronto? INFOGRAPHIC
Toronto real estate has been tumultuous in the last few years. At first, everything was going, up, up and up. Record low-interest rates made huge mortgages more attractive, and few new suburbs were developed thanks to the Greenbelt. Almost 90, 000 Newcomers were moving to Toronto each year, along with Canadians from other parts of […]
Canadian Condo Review Platform CondoEssentials Launched
InsurEye Inc has announced the launch of a new website: CondoEssentials. The new site is a condo review platform that has been designed to better inform Canadians about real estate, with a particular emphasis on condominiums. InsurEye has been informing consumers about details of auto, life and condo insurance for years through thousands of independent […]
 Home Insurance by Province |
||
|---|---|---|
| Home Insurance in Alberta | Home Insurance in British Columbia | Home Insurance in Manitoba |
| Home Insurance in Ontario | Home Insurance in Saskatchewan | |