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Protect what’s important to you with home insurance in Toronto

Even though it's not mandatory, home insurance in Toronto is an invaluable form of protection. With the high values of homes in Toronto, protecting your investment, financial assets, and personal belongings is essential.

Whether you live in a house, condo, or semi, Toronto homeowners have unique needs and require personalized home insurance. ThinkInsure works with a large selection of home insurance companies in Toronto, so we can find you the best coverage and quotes. Our brokers will help you find a customized policy and make sure your home is protected properly for a great rate. Give us a call today for a free quote.

Key takeaways about home insurance coverage in Toronto

The average home insurance rate in Toronto is $1,522. This is slightly lower than the provincial average.
The biggest threats to your Toronto home are flooding, home invasion, and storm damage. Ensure you have proper home insurance coverage to protect against these perils.
Home insurance premiums are on the rise in Toronto. To prevent large cost increases, work with a broker to compare quotes and help you choose the right coverage.

How to get Toronto home insurance quotes

It's easy to compare quotes for home insurance in Toronto. Instantly find the lowest rates from Canada's top providers.

1) Start your quote

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2) Enter your home details

Tell us about your home.

3) Compare best rates

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Choose your policy

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What are the types of home insurance in Toronto?

Toronto homeowners have a variety of home insurance options. You can choose different levels of protection, customizable options, and endorsements to create a policy that addresses your unique needs.

Some people are comfortable with minimal protection, while others prefer to have as much coverage as necessary. Broad plans offer the least protection, and comprehensive plans offer the most. Generally, the more coverage, the more it will cost.

There are four types of protection to choose from. Review the types of coverage below to understand the level of protection each provides. Also, consider your level of risk tolerance.

Comprehensive coverage

Comprehensive home insurance provides you with the highest level of protection. It covers your building, land, and contents for all threats unless they are specifically excluded from your policy. This means you are covered unless your plan says otherwise. This is the most expensive option because it offers the most protection.

If you want peace of mind knowing you’re covered for almost everything, this is your plan.

Basic or named perils coverage

A named perils home insurance policy covers only the perils (risks) specifically listed in your policy. This means you do not have coverage if something is not listed in your plan.

You may have some options for choosing what is covered. You can customize your plan to address the threats most pertinent to you.

This is an ideal plan for someone looking to get insurance but also to keep costs down.

Broad coverage

With broad form home insurance, your level of protection for your property and contents is different. You will have comprehensive on your building. You will have protection from all threats unless excluded. You will have named perils on your belongings.

From a cost perspective, this is the middle price point: less than comprehensive but more than basic protection.

No frills coverage

This is not for the typical homeowner. This protection is designed for unique circumstances.

It’s for properties that don’t meet normal insurance standards, such as older homes with existing damage or issues.

Optional Toronto home insurance coverage and policy endorsements

Looking to further personalize your plan? You can also add optional coverage and endorsements (sometimes referred to as riders) to your policy for additional protection. The most popular are:

Sewer backup: There is a lot of old plumbing infrastructure in the GTA. Make sure you’re covered if there are sewer issues in your area.
Overland water damage: Flooding is known to happen in Toronto, especially near the Don River and Black Creek in the Jane, Wilson, and Rockcliffe-Smythe neighbourhoods.
Earthquakes and landslide: Toronto occasionally experiences earthquakes. The last was a 5.1-magnitude earthquake on May 17, 2013.
Identity theft: Personal fraud is on the rise. Protect your identity and get assistance with recovery.
Home business insurance: There are thousands of home businesses in Toronto. But many lack proper insurance. Are you insured?
Watercraft: Ride on Lake Ontario or Muskoka with peace of mind, knowing you're adequately covered.
Service line coverage: Construction is a constant in Toronto. Protect your property just in case a service line is damaged.
Home equipment breakdown: Get extra protection for your home systems and equipment.

What extra Toronto home insurance can you get for personal belongings?

Protecting your stuff is important whether you have a lot or a little. You can customize your insurance to meet your unique needs in many ways. Often, our customers will add riders for high-value items and collectibles.

Get extra protection for:

Jewellery, China, silverware
Fine art
Collectables and memorabilia
Musical instruments
Specialized sporting equipment
High-value items
Collections (records, comics, antiques)

These are often referred to as scheduled items - to increase the limits on certain types of belongings. These are special limits you can add to high-value items. These are not typically included in a basic policy. To maximize your coverage, you would list these separately in your policy.

For example, you could have a $5,000 limit for jewellery, $3,000 for your sports card collection, and $10,000 for art. You can customize these amounts based on the items you have at home.

You can also get coverage for things like:

Lock replacement: If you lose your keys or have a break-in and need to replace your deadbolt.
Freezer food: If you have a power outage and your food spoils.

What does home insurance cover in Toronto?

Home insurance offers a breadth of coverage for Torontonians. It protects much more than your physical home. It also covers your personal property, offers liability protection, and provides additional living expenses after an insured loss.

Here’s a summary of what your home insurance policy includes:

Dwelling: The physical building and detached structures on your land. This includes your dwelling, garage, shed, deck, pool house, pergola, and other fixed structures. You have coverage up to your replacement cost limit.
Personal contents: This includes your belongings and items, including clothing, electronics, furniture, and décor. Get more information about your contents insurance options.
Personal liability: Coverage for bodily injury and property damage. Personal liability can cover costs associated with legal fees because of a slip and falls, or if you cause damage to third-party property.
Additional living expenses: Your plan will provide you with compensation for Additional living expenses if you need to leave your home after an insured loss. This happens when your home is uninhabitable and requires repairs to be completed. This can include costs for hotels, food, storage, and other expenses.

What threats does Toronto home insurance protect against?

Many types of threats could pose a risk to your home. Many are weather-related. Your policy will cover you for the following perils:

Fire and smoke damage (excluding fireplaces): Fire is always a threat, but with so many connected homes and buildings close together, it's even more of a risk in the GTA.
Lightning strikes: If you live in a highrise, strikes are more likely to occur.
Wind and hail: Toronto is known to have its fair share of severe storms.
Electrical current: You never know when a power surge could happen.
Theft and break-ins: This is always a potential threat for homeowners.
Explosion: Gas leaks and other combustibles can cause explosions.
Vandalism: Grafitti and property damage happen in many neighbourhoods.
Some types of water damage (see your policy): Burst pipes, sewer issues, and flooding are all threats to homeowners.
Broken windows: Kids, animals, and accidents happen.
Falling objects: There is significant airline traffic in the city.
Damage from a vehicle or third party: Vehicles commonly damage properties.

What are the most recent threats for Toronto homeowners?

Recent weather events have caused home damage, flooded basements, and have many homeowners on edge. Here’s a summary of the most recent claims events in the GTA:

2024 Flash Flooding: Thosaudns of residents were left with the aftermath of power outages, water damage and flooded basements after close to 100mm of rain fell. Industry experts believe total damages could reach $1 billion, making it comparable to the 2013 flood in Toronto.
2022 Derecho: Windstorms are not common, but a significant one caused about $1 billion in damage in 2022. It impacted the GTA, Ottawa, and other areas in the province.
Home invasions: Break-and-enter events are on the rise in the GTA. According to Toronto Police Service, home invasion occurrences rose 400% in 2023. As of March 2024, there were 1,721 occurrences. This is an increase of 31.5% compared to the same period the previous year.
Freezing temperatures: Every winter, temperatures have the ability to dip down to -20°C to -30°C. This can result in frozen pipes, ice damming, and other snow-related damage.

How much is home insurance in Toronto?

In Toronto, you can expect to pay anywhere from $700 to $2,000 or more annually for home insurance.

Based on 2023 premium data** compiled from our customers, the average home insurance rate in Toronto is $1,522, or $127 per month. This is similar to other cities in the GTA and less than the average cost of Ontario home insurance ($1,773).

How home insurance rates compare in the Greater Toronto Area

How much you pay for insurance is greatly affected by where you live. Homeowners policies are no different. Based on our customer data, here’s a comparison of the average annual home insurance rates in Toronto compared to other cities in the GTA:

City	Annual Premium	Monthly Rate
Toronto	$1,522	$127
Barrie	$1,974	$165
Brampton	$1,590	$132
Mississauga	$1,571	$131
Markham	$1,539	$128
Hamilton	$1,525	$127

What factors affect the cost of home insurance in Toronto?

houses with gables and painted brick, downtown Toronto

Approximately 2,135,910 private dwellings make up the housing market in the city. There is a combination of detached homes, apartments, duplexes, and other residences. These properties have a homeownership rate of 66.5%, and the average cost is well over $1.2 million. Where you live can greatly affect how much you pay for your mortgage and home insurance. Before you move or purchase a home, getting an insurance quote is always a good idea.

The type of property you live in also matters. A large portion of residents need Toronto condo insurance. Just as many renters have tenant insurance in Toronto. This will also affect your premiums.

The following will play a role in how much you pay for home insurance:

Property value: The higher values in urban areas mean increased rates. The more a property is worth, the more it will cost to repair or replace.
Type of dwelling: Detached single-family homes are more townhomes or condos.
Square footage: The bigger the home, the more it will cost for a repair claim.
Personal possessions: Higher-value items could require additional coverage.
Replacement cost: How much would it cost to rebuild your home to its current state if it were destroyed?
Age, type, and condition of your roof, furnace, and electrical system: There are a lot of older homes in the GTA. Make sure it is up to code.
Renovations: Upgrading could increase or decrease your rates. Speak with your insurer about the impact upgrades have on your premiums.
Location: Your neighbourhood will dictate some of your risk factors. Crime, claims amounts, and weather events all play a role.
Distance from a fire hydrant and station: The closer, the better! The faster you’ll be able to get help and minimize damage if you have a fire.
Plan type and limits: Higher coverage limits and more extensive plans will increase your costs.
Home security system: Security leads to more savings. To secure your residence, make sure to add deadbolts and a centrally monitored security system.
Added policy endorsements: Optional coverage will give you more protection, but also boost your payments. Choose the extra option that makes the most sense for your unique situation.
Personal claims history: Carefully consider your options before filing a claim. Insurance claims will increase your costs.
Credit score: Having good credit will help you save. Allowing insurers to run a soft credit check when comparing home insurance quotes helps Toronto residents save more.
And many other factors

Also, having items like a pool, trampoline, home sharing, or running a business out of your home will increase your rates. Pets could also increase your premiums if you have a dog or exotic pet that is known to be a liability.

How can I get cheap home insurance in Toronto?

All Torontonians want affordable home insurance. It is easier than most people realize. Here are some great approaches for Toronto residents to get cheaper home insurance premiums:

Choose your location wisely

Your rates will be heavily influenced by your neighbourhood within the 416 area. They vary by postal code.

Review quotes yearly

Even if nothing changes, comparing home insurance quotes in Toronto annually can help you lower your rates.

Increase your deductible

Increasing your deductible will lower your payments. For example, you will pay less if your deductible is $2,500 than if it were $500.

Increase security

Most insurance companies offer discounts when you increase security. With break-ins a threat in the city, enhanced security will help your mind rest easy.

Pay in full annually

Paying your premium in full will qualify you for a discount. Make sure to request this payment option when comparing quotes.

Combine policies

When you bundle home and car insurance in Toronto you will get a discount on both. It is a simple way to save up to 25% or more on both.

Stay claims free

This will help you maintain lower house insurance rates. For smaller claims, consider doing the repairs yourself rather than filing a claim.

Get an assessment

Review your policy with an advisor to ensure it meets your needs. Ask about new discounts and other cost-saving solutions.

Comparison shop

We make it quick and easy for you to shop around and compare policies from multiple insurance providers. Start a quote online, or give us a call to explore your options. It only takes a couple of minutes.

5 star home insurance in Toronto

Rated 4.7 out of 5 stars in 1463 Google reviews

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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!

Making a home insurance claim in Toronto

Experiencing a home insurance claims event can be a stressful time for Toronto homeowners. Having a basic understanding of how the claims process works can offer some reassurance. Call your insurance provider as soon as possible to start the claims process. If criminal activity is involved, call the police to report it.

Here are the steps to follow:

Assess the situation
Does the damage warrant a claim? Is the damage higher than your deductible? If you're not sure, give us a call first. Remember that a claim could be denied. Claims stay on your record for up to 7 years, affecting your premiums. You could also lose your claims-free discount.
Call your insurer
If possible, have a copy of your policy handy. Your insurer will explain the next steps based on your claim type. They can help you get temporary accommodations (if needed) and call restoration professionals or others to secure your property.
Document the damage
Take photos and videos to show proof of the damage.
Work with the adjuster
If cleanup or repairs are required, work with your adjuster to choose a reputable contractor in your area to assist you. An adjuster may visit your home to assess the situation.
Fill out the claims loss forms
Send them to your adjuster for review.
Settlement
Your adjuster will offer you a settlement based on your forms, coverage limits, and other considerations.
Compensation
Once you accept the settlement, you will receive compensation (subject to your plan limits). Your claim will then be closed.

These are the basic steps for filing a claim. If you have specific questions, please don’t hesitate to contact us.

Saving on Toronto home insurance is easy!

With ThinkInsure, you can compare quotes online from our large selection of insurance companies. In just a couple of minutes, you can find affordable rates.

You can save even more by speaking with one of our Toronto insurance brokers. They'll make sure you obtain proper coverage while ensuring you get the best deal available. Shop for quotes today!

Get started

Sources

* The difference between the average Ontario home insurance rates and Toronto premiums based on ThinkInsure customer data from 2023.

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

More ways to save on home insurance

Insurance Blog And News

Read our insurance blog to get helpful tips, information and news.

2024-12-03

Home Insurance in Toronto

Find Toronto's best home insurance quotes and save $251* on personalized homeowners coverage.

Compare Toronto home insurance quotes from top providers

Protect what’s important to you with home insurance in Toronto

Key takeaways about home insurance coverage in Toronto

How to get Toronto home insurance quotes

1) Start your quote

2) Enter your home details

3) Compare best rates

Choose your policy

What are the types of home insurance in Toronto?

Comprehensive coverage

Basic or named perils coverage

Broad coverage

No frills coverage

Optional Toronto home insurance coverage and policy endorsements

What extra Toronto home insurance can you get for personal belongings?

What does home insurance cover in Toronto?

What threats does Toronto home insurance protect against?

What are the most recent threats for Toronto homeowners?

How much is home insurance in Toronto?

Get a Toronto home insurance quote

How home insurance rates compare in the Greater Toronto Area

What factors affect the cost of home insurance in Toronto?

How can I get cheap home insurance in Toronto?

Choose your location wisely

Review quotes yearly

Increase your deductible

Increase security

Pay in full annually

Combine policies

Stay claims free

Get an assessment

Comparison shop

5 star home insurance in Toronto

Toronto home insurance FAQs

Is home insurance in Toronto mandatory?

Why do I need home insurance in Toronto?

How much home insurance in Toronto should you get?

Why are Toronto home insurance rates so expensive?

What is not covered by home insurance in Toronto?

Do I need home insurance in Toronto for Airbnb?

What are the best home insurance companies in Toronto?

Do the real estate prices in Toronto impact home insurance costs?

Can you cancel home insurance in Toronto?

Why should I get a Toronto home insurance quote?

Making a home insurance claim in Toronto

Saving on Toronto home insurance is easy!

More ways to save on home insurance

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