Home Insurance Ontario: Rates, Quotes, Consumer Tips


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Home Insurance Ontario: Intro

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

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What Are Typical Home Insurance Premiums In Ontario?


The chart above illustrates the average Renters and Homeowners Insurance premiums in Ontario and other provinces. 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. These were very significant natural 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.

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How Can You Save on Home Insurance in Ontario?

  • Alumni: Graduates from some Canadian universities, such as University of Toronto, McGill University and NAIT, may qualify for a discount through select providers.
  • Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies
  • Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
  • Mortgage insurance: Do you have life insurance?  If so, you may have enough coverage to forgo mortgage insurance.  Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
  • Mortgage-free home: When you pay off your home, some insurers will reward you with lower premiums.
  • Direct insurers: Have you always dealt with insurance brokers or agents? Getting a policy from a direct insurer, also called a captive agent, may save you money. A captured agent only sells products from one company.
  • 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.
  • Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture.
  • Interested in more saving tips for Home Insurance in Ontario? Get an insurance quote below and connect with an experienced insurance professional to get more tips.

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Several Ontario-Specific Home Insurance Tips

  • Earthquakes: Despite a bit of “shaking” in the past Ontario is not known for its strong earthquakes like e.g. British Columbia. You might want consider not taking earthquake protection saving a bit on insurance costs.
  • Flooding: Similarly to Alberta, Ontario was strongly hit by a flooding. So far, the most insurers do not cover overland flooding in Ontario but you can check if your insurer would do that – there might be an opportunity to buy an extra coverage (rider for it). Overall recommendation for Ontario is too assess carefully before getting a house if it is likely to be hit by a flooding or if the nearbourhood has a history of flooding (e.g. due to rain or melting snow).
  • Cold temperatures: Some Ontario winters, especially in the north, can be quite cold – make sure that your pipes are well isolated. Make sure outdoor pipes and hoses are dry and do not offer any opportunities for ice building.
  • Sewage backup: That option is often not covered in many policies but rather offered as an optional coverage (also called insurance rider). Consider adding it to your policy to stay insured against any plumbing-related accidents
  • Ice Rain: Ontario has some history of ice rains: Make sure that your trees are properly cut and make sure there are no old, non-living trees. Should a tree fall on your house due to a winter storm, the damage is generally covered by your home insurance policy. Important to know, however, that a typically home insurance policy covers living trees and not the dead ones which is your responsibility to have timely removed.

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