Compare Ontario home insurance quotes

Well, good for you. The fact you're searching for both home and Ontario car insurance together means you can save. Ontarians can save up to 25% on their insurance premiums by bundling. 

Now, to get the best home insurance typically means more coverage thus reducing your exposure to risk. While a comprehensive home insurance policy does protect you from most risks, there are some things you may need to add to your existing coverage. 

For instance, water damage on a typical home insurance policy is only covered if it originates from a burst pipe. But, a sewer backup or overland flooding (think rising lakes or even fast thawing snow) can cost you thousands without a flood insurance add-on to your policy. 

Also, if you have valuable possessions such as jewellery, rare art, or even expensive bikes, consider upping your contents insurance limits. A home insurance policy will typically cover appliances, furniture, and electronics, but only up to a certain amount. If you have things of value, buy extra insurance to cover them. 

With car insurance, you can add collision insurance which protects your car while it's moving and comprehensive car insurance that protects your car from theft or a falling tree when it's parked. Also consider Ontario Policy Change Forms (OPCF) such as rental car insurance (OPCF27), or extra family protection (OPCF44r). 

If you're looking to save money on your home insurance, there are a few things you can do right away.

One, if you haven't already, compare quotes. By comparing quotes you'll know which company will offer you the best price.

Knowing you're paying the best price in the market, you can then call your provider and ask for ways to save money. For instance, you can increase your deductible (the portion you pay before the insurance company pays out the claim). By increasing your deductible, there's less risk that you'll submit a claim.

You can also ask for discounts if you're a union member or belong to a group or association e.g university alumni).

If you can afford it, pay annual premiums. It's less administrative work for the company and they'll thank you for it.

Sometimes an insurer wants to look at your credit score and doing so can lead to a decrease in premiums. If so, and your credit is good, ask them to check it.

Finally, bundle with your auto insurance to get up to 25% savings on your overall cost of insurance.

Off the phone, consider how to deter thieves (e.g. alarm systems) and increase safety like installing extra hand railings. The longer you can go claims-free, the less you'll pay in home insurance. 

Home insurance is not a maintenance plan, so if your roof needs repairs, get it done. If your roof springs a leak and your insurance company finds out it was due to wear and tear, you could be in for a hard claims battle. 

The average cost of home insurance in Ontario is $1,250 annually or about $100 per month. However, the cost will vary greatly based on your location (e.g. Toronto vs. Sudbury), the size of your home, and the type of home and insurance you need.

For example, if you're living in a condo downtown, you need condo insurance, which could cost you about half as much. Remember, you'll also pay condo fees which pay for the building's insurance. 

If you're renting, you might only pay $15 per month on renters insurance which protects your belongings, gives you liability insurance, and pays for you to live elsewhere if your apartment needs repairs following a claim. 

Ontarians look at companies like Belair direct (Intact), Sonnet (Economical), and Aviva as great insurance companies. However, the biggest insurance companies don't mean they're the best for you. Comparing home insurance quotes is quick and easy and you get to see prices from multiple providers (including some of the big players).

From there, you truly view which insurance company will give you the best rate based on your unique home and profile. Know that every insurance company will offer the same coverage and add-ons. Don't be afraid to go with a smaller provider, either. Every insurance company is backed by reinsurance, so even if they go under (which they almost never do), another company is there to support you. 

Here's a quick tip: home insurance companies change prices every year depending on their budgets. So, every year, when you get the slip in the mail, quickly check here to see if your provider is still offering the best rate.  

No, Ontario home insurance is not mandatory. However, your lender probably requires it as a condition of your mortgage with them. If you're renting, you only need it if your landlord requires it. But, if you're in a condo, the condo board may insist on insurance.

However, home insurance protects you from significant risks. Anything can happen and without a contingency plan in place, if your house burns to the ground, you'll be paying out of pocket. 

If you're mortgage-free, you don't need insurance, but it also will cost much less. So before you give up your policy, weigh all your options. No one can predict a hurricane or tornado damaging your home. 

We work with Perth, Coachman, and Echelon insurance who are specialists in high-risk home insurance. High-risk home insurance is if you have a history of filing many claims or missing a payment, you can end up in a high-risk category.

Also, multiple mortgages, century-old homes, or even vacant home insurance in Ontario (or unoccupied) might require high-risk coverage. 

Yes, but it's not complicated and it's relatively inexpensive at about $30 extra per month. If you're renovating, you need to inform your insurance provider both before and after renovations. If you'll be out of the house for more than 30 days, it could complicate matters. However, if you check the mail, mow the lawn or shovel the snow – you should be fine. 

Home insurance companies are trying to manage their risk against a claim. While your contractor has insurance for their work and their labourers, you don't want to find yourself in a situation arguing over who's responsible for what if you need to make a claim. 

Also, once you're done with your renovations, your insurance company needs to reassess. If you've added value to your home – put on an extension, added a home theatre, or a state-of-the-art kitchen, your insurance could go up, but everything is protected. If something happens, you don't want to be denied coverage, or given a smaller claims payout because they didn't know about all the upgrades. Your insurance could also go down if you've improved safety with alarm systems and stronger deadbolts on the doors. 

After making a claim, create a list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t currently live in your home as you may receive accommodation and food expenses.

A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor or if you’re required to use one they supply to repair the property.

Depending on the severity of the damage, the claim payout could be quick or not. The best way to ensure a fast process is to have an honest discussion with your insurer every time you speak with them. Renting out your basement? Tell them. Considering Airbnb? Ask if they cover it. Renovating? Let'em know. 

Also, keep an up-to-date inventory of your stuff. A video walk-through of your house is a great way to keep a record of what you own (and easy), but a detailed list of photos with matching receipts is even better. 

Finally, ask if you have a replacement cost or actual cash value policy. An ACV policy includes depreciation meaning you may only get a percentage of the value of the items that need replacing. A replacement cost policy, though, is much more expensive. 

Finding the best home insurance broker is a difficult process. Friends and family can have great recommendations based on personal experience, but you could experience something quite different with the same brokerage. 

By getting an insurance quote with us, we're able to help you compare rates from the different companies. Not only that but once you pick your provider, we'll connect you with a preferred insurance broker who can help answer any questions you may have before putting the finishing touches on your policy. 

Home insurance only cares about the home itself. You can get married, share the home with your new spouse, and even add children if you want to and it won’t affect the rate you pay. A credit score doesn't need to be submitted, but it can save you a lot of money if you choose to submit one. 

There isn't much excluded from standard policies. If it's not covered, it's most often due to wear and tear that gets worse due to negligence. For instance, mould is seen as a lack of maintenance from a homeowner. If a home insurance claim could have been avoided with regular maintenance, you can expect it to not be covered.

Other common exclusions include infestations from termites or rats, home businesses, dangerous dogs, and sewer backup.

Otherwise, you're likely covered. The question then becomes should you make a claim? The easiest answer is the cost of the claim should grossly outweigh the cost of your deductible. If your kid smashes a window and you want to file an insurance claim, first get an estimate on the repair. If the repair is $200 and your deductible is $1,000 then it really doesn't make any sense to file a claim. 

Yes, if you’re unhappy with your rate or customer service, feel free to move on. However, before you do, know that it's better to switch insurance companies to avoid any fees or gaps in coverage. 

A home insurance peril is an unknown or accidental event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it. But a home insurance policy is not a maintenance plan so if your roof has slowly degraded over time and now needs replacing, it is not a peril since its eventual replacement is expected.

Your deductible is the portion of the claim you’re responsible for paying before the insurance company will pay the rest. A higher deductible, meaning you'll pay more than standard in the event of a claim, will result in lower premiums.

Yes, is the simple answer. While Airbnb does provide host protection, it may not be enough. You should contact your insurance provider before any changes to your policy and that includes renting it out. If they’re not ok with you renting your property, you can move your policy to another provider who will.