Get the Best Home Insurance in Ontario for 2024
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Your home is your most important purchase and investment so you should take out the best possible insurance for it. Did you know that severe weather storms in Ontario often cause as much as $100 million of damage?
If you are looking to insure your home in Ontario, take out rental insurance in Toronto or condo insurance in Ottawa, take a look at this guide which explains how these policies differ and how much they cost.
What types of home insurance are there in Ontario?
Home insurance is a catch-all term that can refer to different policies. The type of insurance you buy will affect where you live and if you rent or own your own home. Let's take a look at the different options.
What is Ontario homeowner insurance?
Homeowner's insurance is for people who live on a property that they own. It protects all the buildings and structures on your property. It will also protect you against any third-party injury that happens on your property. Most providers will allow you to add on protections against theft as well as ensure your furniture and possessions when they are inside your property.
Good to know
For more information take a look at our guide to homeowners insurance.
What does tenant insurance cover in Ontario?
Tenant insurance is for people living in a place that they are renting. Since they do not own the building, tenant insurance tends not to cover it. Instead, it protects their possessions. The building should be protected by a separate policy purchased and held by the landlord.
Good to know
For a deeper dive into what is tenant insurance in Ontario, take a look at our guide to tenant insurance.
What does condo insurance cover in Ontario?
Condo insurance covers the interior of a condo unit and all the possessions contained therein. The shared areas and the building itself will be insured by the individual or company that owns it. Your responsibility is only to the contents of your apartment.
Good to know
To get an Ontario home insurance quote, check out the tool at the top of this page.
What does home insurance cover in Ontario?
The table below lays out clearly what the different types of homeowners insurance coverage are.
| Type of home insurance | Personal liability | Possessions | Theft | Interior damage | Exterior damage |
|---|---|---|---|---|---|
| Homeowners insurance | |||||
| Tenant insurance | |||||
| Condo insurance |
What is not covered by home insurance in Ontario?
Every policy is different and it is important to closely read the terms and conditions. If you do not see something specifically mentioned in the terms do not assume it will be covered!
You can and should ask your provider specific questions to check that you have the coverage you require. The following are commonly not protected in home insurance policies and you should ask to have them added to your policy:
- Damage caused by your negligence
- Earthquakes
- Flooding
- Intentional, fraudulent and criminal losses
- Landslides
- Sewer problems
- Vermin and insect damage
- War and terrorism
Certain areas of Ontario are more prone to risks not covered by a standard home insurance package. Torontonians were last struck by an earthquake in 2010 and anyone buying home insurance in Toronto might want to add on a rider to protect their homes from seismic activity. Flooding insurance would be a good add-on for anyone buying Windsor home insurance.
Good to know
Separate coverage or options are available for many of these risks. See our home insurance guide for more details.
How much is home insurance in Ontario?
An insurance policy should have coverage equivalent to the value of what is being insured. This will differ for different types of home insurance. Let's take a look at some examples.
Keep in mind
Clarisse, 36, lives in a low-rise condo in Cabbagetown, Toronto. For between $55 and $60 a month she could get $40,000 of coverage for her possessions and up to $2 million in personal coverage.
Now let's take a look at the other end of the scale.
Keep in mind
Brahim, 58, owns a 5-bedroom house in Forest Hill South. Despite a large house pushing his rates up, Brahim has fire alarms and burglar alarms already installed which will help to keep his premiums down. He will pay between $300 to $530 a month for a personal liability of up to $2 million.
Below you can see how the average monthly premiums differ between different types of home insurance. Renters tend to pay the least and homeowners, the most. It is important to remember that these figures, embracing everyone from a cottage owner in New Wasaga to a loft renter in Sandy Hill are averages!
| Policy | The average cost of insurance in Ontario |
|---|---|
| Home insurance Ontario | $104 per month |
| Rental property insurance Ontario | $18 per month |
| Condo insurance Ontario | $29 per month |
Do you need home insurance?
Home insurance is not mandatory on either a provincial or a municipal level. You are not required by law to insure your home or your possessions. Despite that, it is sensible to have adequate insurance in place as the only thing you can expect is the unexpected! By shopping around for a good deal you can find cheap home insurance in Ontario that still protects you and your home.
Although it is not a legal requirement, some mortgage lenders in Ontario may have insurance requirements that may require you to take out a form of home insurance. Likewise, some property managers prefer to rent to people with tenant or condo insurance.
| Is home insurance mandatory? | Answer | Extra info |
|---|---|---|
| Is homeowners insurance mandatory in Ontario? | Mortgage lenders may require it | |
| Is tenant insurance mandatory in Ontario? | Landlords may require it | |
| Is condo insurance mandatory in Ontario? | Property managers may require it |
Watch out!
We recommend always having some form of insurance to protect your property and possessions. If you would want to find the best deal please use the comparison tool at the top of this page.
Should you bundle Ontario home and auto insurance?
Bundling home and car insurance can be a great way to save money. Combining policies lowers maintenance costs and allows providers to offer you lower monthly premiums.
Let's take a look at some of the advantages offered by the best home insurance companies in Ontario when you bundle home and car insurance.
| Best home and auto insurance Ontario | Bonus |
|---|---|
| Aviva home and auto insurance | save around $500 |
| CAA home and auto insurance |
|
| Desjardins home and auto insurance | premiums as much as 35% lower |
| Onlia home and auto insurance |
|
| RBC home and auto insurance | 15% discount |
| TD home and auto insurance | professionals get a $640 discount |
If you own a car and are interested in finding the best car and home insurance in Ontario, hit the button below.
Compare Canada's best car insurance plans
How much is tenant insurance in Ontario?
It is important to remember that the cheapest tenant insurance in Ontario is not necessarily the best option. You should balance saving money on premiums with having adequate coverage to be able to protect your possessions.
The value of your possessions will affect your rental insurance premiums. Let's take a look at some average figures below.
| Contents up to $15,000 | Contents up to $30,000 | Contents up to $40,000 |
|---|---|---|
| $372 / year | $420 / year | $444 / year |
The location of your rental will also affect the amount you pay, do you live on the Detroit river, or in Waterloo where the risk of storms is much higher?
Good to know
If you are interested in finding the best rental insurance in Ontario then take a look at our tenant insurance and save money today.
