Matt Hands, VP, Insurance and MoneySense
Home insurance in Ontario isn't required by law, but if you have a mortgage, the lender typically wants it. Also, it's just a good idea for peace of mind in case something bad does happen.
There are 3 main types of home insurance and typically Ontarians choose a comprehensive home insurance policy. Mainly due to the costs between the different policy types being minimal and some lenders will only offer a comprehensive policy. Plus a comprehensive policy provides you with the highest level of protection. Here’s a breakdown of the three different types of home insurance policies:
Also known as named perils, is the cheapest option, but will only cover the specific risks you choose. A peril is a certain risk that may damage your home or property. For instance, you may choose “Fire or Lightning” as a peril, to protect your home from fire or lightning, but if a thief robs your home, there would be no coverage
Covers the physical structure of your home and contents for risks of direct physical loss or damage, but there are some exclusions. It only insures your contents for specifically named perils or risks such as a flood.
The most inclusive policy covering the building and its contents from all risks, except for some optional coverages such as sewer back-up, earthquakes, or overland water. More detail below.
Step 1: Share some information
Tell us a little about yourself and your house insurance needs
Step 2: Compare the rates
We instantly show you dozens of quotes side-by-side from the best home insurance companies in Ontario
Step 3: Save money
Choose your quote and secure your new rate online or via one of our licensed agents
Many factors go into calculating your Ontario home insurance quotes. Details like your home's age, the likelihood of flood, or theft based on your location, and other basic construction details allow a Ontario home insurance broker or an agent to properly assess risks and determine the probability of something going wrong. The more risks with your property, the higher your Ontario home insurance rates will be. Below are the key 11 factors home insurance companies look at before providing a quote.
Renovations & betterments
Past claims history
Pool and other accessory dwellings
House insurance companies in Ontario include Economical, Intact, and Max Insurance, but the rate you’ll be paying differs depending on the company you choose. Using Ratehub’s home insurance calculator, the table below shows the lowest, highest, and average insurance rate for a home in Ottawa. By comparing quotes, you’ll be able to view quotes from multiple home insurance companies in Ontario which can save you thousands of dollars annually.
House insurance rates
Average house insurance rate
Amount saved by comparing quotes
$166 - $512 monthly
$223 per month
$1,989 - $6,149 annually
$2,080 per year
Methodology: The rates above outline the cost of home insurance in Ottawa for a 2,328 square foot house with $2 million in personal liability coverage and a $1,000 deductible.
After comparing home insurance quotes with us, we’ll connect you with a licensed broker in Ontario who will guide you through the process of purchasing the coverage you need. Brokers sell coverage on behalf of insurance companies while providing individual, unbiased advice to help break down your complicated policy. To speak to an Ontario home insurance broker directly, you can also reach out to our team at RH Insurance.
20 Queen St. W Suite 1101, Toronto, ON M5H 3R3
Coverage for damages caused by perils such as fire or lightning, depending on your chosen policy. It covers your dwelling (home) and any attached structures, such as a garage or sun deck. It also includes coverage for swimming pools and permanently installed outdoor equipment, like a children's playset.
- Coverage amount: Replacement cost of your home
- Included: Yes
Detached private structure(s)
Coverage for damages caused by perils such as windstorms or hail for any privately detached structures you have on your insured premises; such as a tool shed, detached garage, or pool house.
- Coverage amount: 10% - 20% of replacement cost
- Included: Yes
Your personal property or contents are covered including appliances, furniture, clothing, and electronics. Jewellery, artwork, or other specialty items may require extra coverage, so inform your insurer.
- Coverage amount: 70% - 80% of replacement cost, varies depending on depreciation.
- Included: Yes
Additional living expenses
Will provide you with the means to cover the costs of living away from your home for a period of time due to an insured loss (i.e. a loss caused by an insured peril such as flood or fire).
- Coverage amount: 20% - 30% of replacement cost
- Included: Yes
Shop around and compare
We take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several home insurance quotes from Canada’s top home insurance providers in minutes.
Ontario insurance companies often give a 20-25% discount to consumers who get both their home and auto insurance from them.
Monitored alarm systems
If you have a centrally monitored alarm system installed, you could receive a 5-10% discount on house insurance in Ontario This typically does not include your own cameras and motion sensor lighting. To get the discount, you must have a central station that protects your home.
Increase your deductible
Increasing your Ontario home insurance deductible from a standard $500 to $1,000 or $2,000 will bring down your premiums. Just make sure you can afford the higher deductible should you need to make a claim.
Upgrading known risks like knob & tube to copper wiring or plumbing from iron and steel to plastic and copper you could see a reduction in your premiums. However, if you build an addition or add expensive finishes you’ll likely pay more
Ask about discounts
A new job may mean union membership, group discounts, or corporate discounts. A retiree may also save on home insurance. A yearly review is recommended to see and ask what discounts may apply to you as things change.
Stay with your home insurer (loyalty)
The longer you stay loyal to your home insurance provider, the more they’ll reward you with discounts, especially if you remain claims free.
Improve your credit score
If your insurer monitors your credit score, be sure to pay your bills on time. Subscribe to a credit monitoring service and take some time to learn how to get the best credit score possible.
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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