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Home insurance in Ontario

A personalized home insurance policy is like a security blanket for Ontario homeowners. Even though home insurance is not legally required in Ontario, it’s highly recommended. You have safeguards for your dwelling, personal items, and belongings if they are damaged or you suffer a loss. You also have liability protection.

Having an affordable home insurance policy with proper coverage is more important than ever. Climate change, inflation, and increased repair costs mean that home insurance premiums are on the rise in Ontario. In the last decade alone, billions of dollars of damage have occurred to homes in the province alone.

With ThinkInsure, you can compare the cheapest home insurance quotes in Ontario from our large selection of providers. We'll ensure your home is protected and find you the lowest rate. You can compare home insurance quotes online or you speak with an advisor. Keep reading to learn more about home insurance coverage in Ontario and ways to save on your premiums.

Top things to know about Ontario home insurance

The average cost of home insurance in Ontario is $1,773. Premiums vary based on your location.
Ontario home insurance rates continue to rise because of increasing replacement costs, fraud, theft, and significant damage from weather events.
Comparing home insurance quotes from multiple insurers the easiest way to find the cheapest rates and best coverage for your needs.

How to compare home insurance quotes in Ontario

Instantly compare rates from Canada's top insurance companies online and find the best home insurance quotes in Ontario.

1) Start your quote

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2) Enter your house details

Tell us about your house and property.

3) Compare rates

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Standard types of Ontario home insurance

Home insurance policies cover you for a wide range of property damage and liability in Ontario. Your plan type will determine what is and is not covered.

There are several types of home insurance you can purchase in Ontario. The specifics vary based on each policy and insurance company. Most people choose comprehensive because of the breadth of coverage it offers.

Comprehensive

This is the most exhaustive and popular option. About 85% of our customers choose this type of coverage. It will protect you against the most threats Comprehensive home insurance coverage covers both the building and its contents for all risks. This includes the physical structure of your home and all the belongings within it. You have protection for everything unless it’s specifically excluded. Earthquakes, overland flooding, and sewer backups are not part of comprehensive and will need to be added as endorsements.

Basic / named perils

You can choose a plan that explicitly covers the perils in your policy. Since people are less willing to take on risks, this is the least popular plan, although it’s often the cheapest. About 6% of our policyholders select this option.

You can choose a plan that covers the perils stated explicitly in your policy. For example, you will be covered for damage from fire, theft, vandalism, and other threats if they are listed in your policy. If a peril is not listed, you do not have coverage for that risk. Basic named perils home insurance coverage is less expensive than a comprehensive plan because you have less protection.

Broad

Broad coverage is a mid-priced alternative that provides comprehensive protection on the home structure and named perils on your contents. About 9% of our customers choose this plan type. For the contents, you will have protection from the threats listed in your plan. For the physical building on your property, you will be covered for all risks.

No frills

Some insurance will offer a very basic no frills policy for properties that don't meet their normal standards. You might save money long-term by correcting the problems that keep you from meeting the insurer's standards.

What does basic home insurance cover in Ontario?

Home insurance plans offer you security against common perils (risks) found in Ontario. This includes things like fire, theft, vandalism, storm damage, and more. Coverage is divided into two broad categories – property and liability:

Property coverage for your Ontario home

The first component of your policy is protection for your property – your structure, and your personal items. All the following are included:

Building

You have protection from threats such as water, fire, and weather events.

It covers your dwelling and attached structures such as your deck, garage, and other permanent fixtures. This includes your landscaping. Coverage amounts are up to the replacement value of your home.

Detached structures

Your plan also covers detached structures, including your garage, shed, pergola, gazebo, pool house, play equipment, and more. You can receive up to 20% of the replacement cost.

Personal contents

Contents insurance covers the things you have in your home, including clothing, furniture, appliances, electronics, and décor. However, there are limitations on what is included in contents insurance. For some items (jewellery, collectibles, etc.), additional coverage will be needed. You can receive up to 80% of the replacement cost.

Additional living expenses

Get compensation if you need to move out of your home while it is being repaired after a claim. Additional living expenses provide compensation for hotel, food, rent, storage, and other expenses. Coverage is up to 30% of the replacement cost.

Liability protection for your home in Ontario

Accidents happen. As a homeowner in Ontario, you are personally liable if someone is injured on your property. You are also liable if you, a family member or a pet causes damage to another person's belongings. This is what is included:

Personal liability

You’ll have liability coverage to protect you if someone is injured while on your property. It can cover legal fees, settlements, and other costs related to personal liability claims against you. Plans offer up to $5 million in coverage.

Voluntary medical payments

Your insurer will cover medical payments for anyone who is injured while at your place. They have access to this for up to one year from the incident. This can include physiotherapy, minor surgeries, and other medical procedures. Plans offer up to $10,000.

Voluntary property damage

You are protected if you or a family member in your household accidentally causes damage to another person’s possessions. For example, your kids are playing hockey and shoot a puck through your neighbour's window. Your insurer will cover you for up to $6,000.

What is not covered by Ontario home insurance?

Your home insurance policy doesn’t cover everything. There are certain actions and threats against which you are not protected. Plans also have exclusions and limits. You should be aware of things that are not covered when you compare quotes. This includes:

Business activity: You will require home-based business insurance for any business operations. Any business equipment or areas of your home damaged because of commercial activity is not included.
Criminal activities: Purposeful damage caused, such as fraudulent activities. If your dwelling is damaged because of criminal activity, it’s not covered.
Recreational vehicles: Ownership and use of watercraft and recreational vehicles require additional insurance.
Flooding: Flood damage requires extra coverage. You can add it to your plan.
Mould: Mould that develops because of poor maintenance is not covered. For example, you have a small leak in your bathroom. You don’t repair it right away. Mould starts to develop in the bathroom. This is not covered. Mould growth related to an included peril is covered in most cases.
Earthquakes and landslides: Some insurance providers offer earthquake insurance as an add-on.
Failure to maintain: If your home is in disrepair, it will not be covered, and normal wear and tear of your property is not covered. It's your responsibility to always maintain your home.
Frozen pipes: Water issues because of frozen pipes or leaks are not covered.
Insect damage: This is preventable. It is not covered under most policies.
Home sharing: Airbnb and other home-sharing require a separate insurance policy for short-term rentals.
Vacant dwellings: Your insurance may be void if you leave your residence vacant for an extended period. You’ll need vacant home insurance in these situations.
Mortgage or property taxes: These are separate expenses that are not related to your insurance. You pay these separately.
Property upgrades: You will not have coverage for damage caused while you are making changes to your property unless you’ve received permission from your insurer. You can take out a home construction insurance policy to protect your dwelling while it's under renovation. Costs are about $25-$30 per month extra. Here’s some more information about home renovations and insurance.
Bylaw enforcement issues: You do not have coverage for costs related to the application or enforcement of a bylaw. For example, permits, building violations, and the costs stemming from them.
Existing damage: This includes damage that existed before you had the policy or damage that existed when you purchased a new home.
Tenant damage: If you rent out your dwelling, you will need to have a landlord policy. Standard homeowners plans do not protect you if occupants on your property cause damage.
Hazardous materials and substances: You may not be covered if you store dangerous substances (chemicals, gasoline, etc.) that are a fire hazard.
Dangerous appliances: Some appliances, such as oil heaters and wood-burning stoves, may not be covered because they are considered a fire risk.

You can purchase additional coverage for some of the things that are not part of standard home insurance policies in Ontario. Speak with our experts about your needs. When comparing quotes, we’ll make sure you get the right solution for you at the cheapest price.

How much is home insurance in Ontario?

How much you pay for home insurance in Ontario can vary significantly based on the home you live in. Expect to be quoted anywhere from $700 to $2,000 or more per year.

Based on our customer premium data*, the average cost of home insurance in Ontario is $1,773, which works out to a monthly payment of $148. Depending on your specific coverage needs and situation, you could be quoted a higher or lower price.

Where you live within the province has a big impact on how much you pay. Residents tend to pay more in cities with more people and more risk. For example, Toronto home insurance will be higher compared to other smaller cities in the province.

Ontario home insurance premium comparison by city

Location plays a big role in how much you’ll pay for home insurance in Ontario. We compiled customer premium data* to see the average cost of coverage based on cities across the province. As you can see, some cities are higher, and others are lower than the provincial average.

Location	Annual Premium	Monthly Rate	Annual Difference	Monthly Difference
Ontario	$1,773	$148
Barrie	$1,974	$165	$201	$17
Brampton	$1,590	$132	$183	$18
Hamilton	$1,525	$127	$248	$21
Kingston	$1,512	$126	$261	$22
London	$1,357	$113	$416	$35
Markham	$1,539	$128	$234	$20
Mississauga	$1,571	$131	$202	$17
Ottawa	$2,174	$181	$401	$33
Toronto	$1,522	$127	$251	$21
Waterloo	$1,692	$141	$81	$7
Windsor	$1,538	$128	$235	$20
Other cities	$1,872	$156	$99	$8

Ontario Home insurance premiums by policy type

Policy selection is a key factor affecting how much you’ll pay for home insurance. Generally, the more protection you have included in your plan, the more it will cost. We looked at our customer premiums data* to see how much rates will vary based on policy type.

Here’s an outline of how much your home insurance will cost based on your policy type:

Policy type	Annual premium	Monthly rate	% policyholders with coverage type
Comprehensive	$1,642	$137	85%
Broad	$1,397	$116	9%
Basic	$1,355	$113	6%

Ontario home insurance prices by dwelling type

The type of property you insure will affect your annual premiums. We collected customer premium data* to give you a general overview of the cost difference between different dwelling types in the province:

Dwelling Type	Annual Premium	Monthly Rate	Annual Difference	Monthly Difference
Home	$1,773	$148
Tenant	$438	$37	-$1,335	-$111
Condo (owned)	$741	$62	-$1,032	-$86
Seasonal/cottage	$2,999	$250	$1,226	$102

Quarterly Ontario home insurance rate increases

Home insurance prices are on the rise in Ontario. Increased weather-related threats, high claims costs, and other factors have contributed to the increase. Premiums have increased each quarter since 2018. They rose significantly in 2019 and 2020 and continue to increase each year. Q4 2023 saw the biggest quarter increase (8.4%) since 2020. Here’s a quarterly summary:

Quarter	Percentage change
Q4 2023	+8.4
Q3 2023	+7.5
Q2 2023	+6.4
Q1 2023	+5.1
Q4 2022	+5.4
Q3 2022	+4.6
Q2 2022	+5.3
Q1 2022	+4.9
Q4 2021	+2.4
Q3 2021	+3.6
Q2 2021	+2.6
Q1 2021	+0.3
Q4 2020	+3.1
Q3 2020	+2.7
Q2 2020	+5.2
Q1 2020	+10.4
Q4 2019	+12.0
Q3 2019	+11.2
Q2 2019	+8.7
Q1 2019	+7.4
Q4 2018	+5.1
Q3 2018	+4.5
Q2 2018	+4.2
Q1 2018	+1.6

Source: Applied Rating Index - The Canadian insurance industry’s premium rate index.

Who are the best home insurance companies in Ontario?

There are a lot of great home insurance companies in Ontario, and we partner with most of them. But there isn’t one specific insurer that is the best of the best. When shopping for insurance you should focus on finding a company that can best meet your unique needs. An insurer who can address your coverage requirements and offer you the cheapest price is the best for you.

So, how do you find this insurer? Let us take care of this! We have partnerships with the leading home insurance companies in the province. Our home insurance brokers can compare quotes and ensure you find the best policy.

We can get you quotes from these top home insurance companies in Ontario:

Aviva Home Insurance: Get coverage for all types of properties. Specialty products include claim protector, disappearing deductible, and more.
CAA Home Insurance: Protect your dwelling with CAA Water Coverage and many other homeowners policy options.
Intact Home Insurance: Get a policy if you rent or own. The Enhanced Water Damage Package ensures you keep your property safe.
Economical Home Insurance: Choose from a variety of policy solutions. Get rewarded for your loyalty with a renewal discount.
Travelers Home Insurance: Get Travelers Essential Home Coverage to protect your property.
Wawanesa Home Insurance: Compare policy solutions to find the right plan for your home.
Pembridge Home Insurance: Personalize your plan to meet your lifestyle. Take advantage of many discounts.
SGI Canada Home Insurance: Choose from flexible insurance solutions. Bundle your coverage to save more.
Gore Mutual Home Insurance: Find a policy to match your coverage needs - new home, mortgage-free, multiple dwellings.
Unica Home Insurance: Find a policy that meets your home insurance needs.

5 star Ontario home insurance

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

Ontario home insurance FAQs

Why do you need home insurance in Ontario?

Your home is your castle. It is also one of the biggest investments you will make in life. Without it, you would be on the hook to cover the cost of any damage to it. Here is why Ontario homeowners need to have insurance:

Your home is a big asset

You’ve probably heard it before. Your home is the biggest financial investment you’ll make. For most people, it’s true. Protecting your investment starts by getting home insurance quotes.

It can help if the unforeseen happens

What if your home is suddenly ravaged by fire? Or perhaps it is destroyed? What if there is a burglary, and the thieves make off with your valuables? Or something else happens, such as a tree falling on it? Insurance helps to lessen the financial impact of these unforeseen events.

You're covered for common Ontario home insurance threats

As a homeowner, you are inherently exposed to certain financial perils. Plans provide financial support and protect against these common threats:

Fire, smoke, and lighting
Some types of water damage
Weather and storms
Theft and break-ins
Vandalism
Injuries occurring on your property
Falling objects

Who regulates home insurance in Ontario?

The Financial Services Regulatory Authority of Ontario (FSRAO) is the property and casualty insurance regulator in the province. They oversee the home insurance industry and regulate premiums in Ontario. Consumers and industry professionals use the FSRAO for guidance, support and to get accurate information about insurance legislation and rules.

Is home insurance required by law in Ontario?

Home insurance is not mandatory in Ontario or any province in Canada.

But, this doesn't mean you still don't need it. There is one important situation where you will need coverage – to secure a mortgage. Banks and other financial institutions require you to show proof of insurance as part of the application process. You'll need to have a certain level of coverage depending on the lender's requirements.

How do I know if I have enough home insurance in Ontario?

No two dwellings in Ontario have the same home insurance needs. So, it can be challenging to know if you have enough insurance. You can’t compare apples to apples.

It's recommended you have enough insurance to cover the cost to rebuild your house if it is destroyed or severely damaged. Your rebuild value will vary based on your situation. Again, your situation is unique. There are three main ways of determining if you have enough:

Home information: Know your house, including the build year and build type. Understand the systems, materials, and features that hold value. Helpful assessment checklists are online as well.
Go to a pro: Use an insurance professional to help calculate the proper rebuilding value. Or you can speak with an appraiser to get an accurate assessment of your home’s replacement value.
Know what you own: Take stock of what you own and create a complete room-by-room home inventory list of your belongings. This will help you have a detailed understanding of the items in your home. Most homeowners underestimate the value of your personal content.

When should I get a home insurance quote in Ontario?

There are many good times to get a home insurance quote in Ontario. Here are four common situations when people typically get quotes:

Now: You can always get a quote online to look for savings.
When buying a house: Compare as soon as you confirm the details of your new property.
Policy renewal: Renewal time is a great chance to find better rates. Shop around, adjust your coverage, and find the best option before you automatically review with your current home insurance company.
Changes: A change in your insurance needs can mean a chance to get a better price. You should also make sure you have the right plan in place if you alter your property.

Who has the cheapest home insurance in Ontario?

There isn’t a sole home insurance company with the cheapest option. Insurers do not use the same formula to determine payments. Therefore, the most affordable premium could come from any provider. Comparing quotes from multiple providers is the best way to get the cheapest rate.

What happens when you switch home insurance companies in Ontario?

Many potential changes can occur when you decide to switch home insurance companies in Ontario.

People commonly switch insurance companies because they find a better price. But there are other reasons. For example, your current insurer cannot offer the type of coverage you need, and it’s offered by another company.

When you switch, you could also lose out on customer loyalty discounts, other savings, and benefits. So, it’s important to compare your options and see if it’s worth making the change in providers.

Always compare quotes and coverage, research insurance company options, and compare it to your current plan before deciding. Contact our insurance team today to review your options. We can help you switch home insurance companies if it’s a good move for you.

How much contents and home liability insurance should I have in Ontario?

It is important to know your home insurance's limitations and how much coverage you have. The amount of contents insurance depends on the replacement value of your home.

The amount of liability coverage you include in your policy can range from $100,000 to $5 million. How much you need will depend on your specific situation. If you have a mortgage, lenders will typically require you to have a certain amount of coverage. You may want to have a higher limit if you have a dog, pool, or other things on your property where there is an increased likelihood of personal injury. Most residents carry between $1 million to $2 million.

Below is a brief breakdown of the limits for different types of protection. Be sure to check your policy or speak with your home insurance company about your limits as they may vary.

Coverage type	Limit
Building	Replacement cost of home
Personal property	70%~80% of replacement cost
Detached structures	10%~20% of replacement cost
Additional living expenses	20%~30% of replacement cost
Personal liability	Up to $5 million

Why is my home insurance so high in Ontario?

Just get your renewal notice and your home insurance is higher than expected? This is the reality many Ontarians are facing today. Costs are going up. However, the reason why your home insurance rates are increasing can be very different than other homeowners.

New coverage: You've increased your coverage limits or added more protection.
You didn't shop around: Compare home insurance quotes will help Ontarians find cheaper coverage.
Climate change: Severe storms, forest fires, and flooding are increasingly common, resulting in more claims for insurers to manage.
Higher cost of claims: Inflation, supply chain delays, renovations, and higher property values push up replacement costs.
More frequent catastrophic events: Catastrophic events are more common than ever in Ontario. Based on data from the IBC 2023 FACTS of the Property and Casualty Insurance Industry in Canada report there have been 18 catastrophic events in Ontario from 2019 to 2022 alone. Many more have occurred across the country.
You aren't working with a home insurance broker (hint, hint - give us a call!)

What is the Ontario home insurance tax rate?

Home insurance premiums are subject to tax in Ontario. Premiums are taxed at a rate of 8%. This is the provincial portion of the HST. This amount will be added to your price.

What is the Ontario Home Insurance Act?

The Insurance Act outlines the home insurance rules and regulations in Ontario. All policies must operate in accordance with this act.

Do I need home insurance for Airbnb rentals in Ontario?

Yes. You will require additional home insurance that goes above and beyond what is offered by the platform in Ontario. You will need specific protection added if you rent on a short or long-term basis. If you rent on Airbnb or other home sharing sites without notifying your home insurance company, you could be violating the terms of your policy. Learn more about Airbnb insurance to make sure you are insured properly.

Save more by comparing Ontario home insurance quotes

Shopping around and assessing your options is the best way to get more affordable home insurance in Ontario. Choose ThinkInsure to compare quotes from the leading home insurance companies. We'll provide expert advice to ensure you have the right policy at the lowest rate.

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Sources

* Home insurance property and premium collected from Ontario ThinkInsure customers in October 2023.

More ways to save on home insurance

Insurance Blog And News

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2024-12-03

Compare Home Insurance Quotes in Ontario

Get the best home insurance quotes in Ontario and save on coverage that protects your property and belongings.

Compare home insurance quotes from top providers

Home insurance in Ontario

Top things to know about Ontario home insurance

How to compare home insurance quotes in Ontario

1) Start your quote

2) Enter your house details

3) Compare rates

Get insured

Standard types of Ontario home insurance

Comprehensive

Basic / named perils

Broad

No frills

What does basic home insurance cover in Ontario?

Property coverage for your Ontario home

Building

Detached structures

Personal contents

Additional living expenses

Liability protection for your home in Ontario

Personal liability

Voluntary medical payments

Voluntary property damage

Optional Ontario home insurance add-ons

Overland flooding

Sewer backup

Earthquakes

Coverage for personal valuables and high-ticket items

Home sharing

Identity theft

Umbrella policy

Claim forgiveness

Freezer food

Lock repairs

Service line coverage

Guaranteed replacement cost

Equipment breakdown

Family protection

Higher limits

What is not covered by Ontario home insurance?

How much is home insurance in Ontario?

What impacts the cost of home insurance in Ontario?

Replacement value

Age

Location

The insurance company

Electrical system

Plumbing

Roof type and age

Heating source

Basement

Pools

Distance from the fire station

Home use

Claim history

Policy type

Deductible

Pets

How to get cheap Ontario home insurance quotes

Bundle with your home insurance in Ontario and save up to 50%

Install a security and monitoring system

Save more if you’re mortgage-free

Combine multiple dwellings

Move into a new build

Customer loyalty pays off

Stay claims free

Install gas and water sensors

Mature homeowner or retiree

Pay in full

Weigh your options

Quit smoking

Get a credit check

Compare the best Ontario home insurance quotes

Ontario home insurance premium comparison by city

Ontario Home insurance premiums by policy type

Ontario home insurance prices by dwelling type

Quarterly Ontario home insurance rate increases

Compare Ontario home insurance quotes and save up 25%