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Ontario's best home insurance rates and policies

Ontario home insurance is an invaluable form of protection for your home and property. You’ve heard it before – your home is one of the biggest investments you’ll make in your lifetime. With increased risks from climate change, inflation, and higher repair bills, Ontarians need to have proper home insurance.

We'll make sure you get an Ontario home insurance policy that's specifically designed for your unique needs and then find you the most affordable premiums.

There are more than 5.5 million private homes in the province. This means there are millions of homeowners in Ontario with diverse home insurance protection needs. ThinkInsure has been providing flexible home insurance solutions and advice in Ontario for over 45 years. Our insurance advisors are experts in home insurance and helping our customers protect their homes and prorties.

We are partners with the leading home insurance companies in Ontario. So, we have insurance options for all types of homeowners. Our large selection of providers allows us to compare the best home insurance quotes in Ontario and help our customers find the lowest rate. Quickly compare home insurance quotes and coverage options and get the cheapest rates in Ontario.

Keep reading to learn more about home insurance in Ontario. Find out how to protect your house and get cheaper rates for your home coverage.

5 star Ontario home insurance

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We’ve helped thousands of homeowners just like you find the right home insurance in Ontario.

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eugene

2022-11-24 02:16:08

Todd did an excellent job helping me to switch car insurance. It was a smooth process and thanks to him the very next day I was covered. I’ve recommended Todd to all my friends. Thinkinsure is a great place for all your insurance needs. Thank you! P.S. It’s winter in Canada! Get your winter tires installed.

Ronaldo Marquez

2022-11-23 01:14:52

Neil Sullivan was so accommodating. He will assist you patiently from the quote up to the necessary documents needed for approval..awesome experience..

Mathan Sivapatham

2022-11-22 20:49:58

Neil is a great help! Two years in a row, he's been super helpful at getting me the best quote.

Nick J

2022-11-19 16:25:34

Great friendly and knowledgeable staff. Kimberly handled me getting a new policy when i was in a difficult situation. Outstanding work on her part. I would recommend thinkinsure 110% for all your insurance needs.

Sharren Patterson

2022-11-18 06:19:48

In what seemed like an endless search for better car insurance rates, I was relieved beyond measure when Denise Snider Phillips from ThinkInsure helped me close the deal. I worked with other brokers/agents, and something always went wrong. Denise followed up, as promised and sent documents as promised (without any surprise increases). I was able to e-sign quickly and easily, and Denise sent the temporary pink slips. She even followed up to make sure I'd received them. I am truly impressed and will be calling her when it's time to manage our house insurance.

Ya'aqob Ben Israel

2022-11-17 22:32:59

He help me find an affordable price under critical circumstances

Charlie Dantuma

2022-11-15 22:13:03

Great company. I was in a bit of a situation with my last insurer and I went to these guys for some help. I ended up speaking with Kimberly and she walked me through everything step by step and helped me sort everything out. She also helped me get insured for the best price with the coverage I wanted. For sure will be recommending you to everyone.

Mary Ientile

2022-11-09 02:00:35

I had the pleasure of dealing with a lovely young lady by the name of Lisa. She went thru both of my tenant and auto policies thoroughly. I felt she genuinely cared and tried to get the best rate for me. I felt valued as a customer and not just a number. She took her time and was quite patient and listened to me and my concerns and explained everything to me. She is quite an asset to your company. I am going to refer the company to my family and friends. Once again thank you Lisa

How to compare Ontario home insurance quotes

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How does home insurance work in Ontario?

A home insurance policy is like a security blanket for Ontario homeowners. And it’s more important than ever with significant weather events and other threats on the rise. In the last decade alone, more than a billion dollars of damage has occurred to homes in the province alone.

The good thing is getting Ontario home insurance has never been easier. How it works is simple. It’s just like any other insurance product. You purchase a policy in exchange for financial security against unforeseen events (fire, water damage, theft, vandalism, and more).

You have safeguards for your dwelling, personal items, and belongings if they are damaged or you suffer a loss. You also have liability protection. If you choose to file a claim, you are responsible for paying the deductible amount as defined in your policy.

Your home insurance company will provide you with the funds to repair and replace belongings, up to your plan limits. This is home insurance works in Ontario for various types of homeonwers.

Types of Ontario home and property insurance

In addition to homeowners insurance, there are a series of other types of property insurance you can get in Ontario. The most common types of policies are:

Each type of insurance is specifically designed for the type of dwelling and associated risks.

Who regulates home insurance in Ontario?

The Financial Services Regulatory Authority of Ontario (FSRAO) regulates property and casualty insurance. 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 mandatory in Ontario?

Home insurance is not legally required in Ontario or any province in Canada. But 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.

Why should I get home insurance in Ontario?

Even though home insurance is not mandatory in Ontario, it gives you peace of mind in knowing you have protection if something unforeseen happens. You’ll have financial safeguards in place to help cover any loss or damage. This alone makes it worthwhile. So, compare Ontario home insurance quotes to see what options are available to you.

What does home insurance cover in Ontario?

Ontario home insurance plans offer you security against common perils (risks). 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 is 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. This includes your garage, shed, pergola, gazebo, pool house, play equipment, and more. Receive up to 20% of your replacement cost.

Personal contents

These are the things that you have within your home. This includes your clothing, furniture, appliances, electronics, and décor. There are limitations on what is included in contents insurance. Additional coverage will be needed for some items (jewellery, collectibles, etc.). Receive up to 80% of replacement cost.

Additional living expenses

Get compensation if you need to move out of your home while it is being repaired after a claim. Get 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 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 neighbours window. Your insurer will cover you for up to $6,000.

Home insurance coverage limits in Ontario

It is important to know the limitations of your home insurance in Ontario. You need to know how much coverage you have. 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

What is not covered by Ontario home insurance?

Your Ontario 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 because of an included peril is covered in most cases.
Earthquakes and landslides: Some insurance providers offer earthquake insurance as an add-on.
Failure to maintain: 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 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 and we’ll make sure you get the right solution for you when comparing quotes.

Ways to get the best home insurance in Ontario

Father and daughter playing in red balls behind a house

While many are focused on finding cheaper home insurance quotes in Ontario, it's just as important to focus on finding better coverage. You want to get the best value for your policy.

Here are some ways you can ensure you get the best Ontario home insurance:

Needs: Learn about the type of insurance your home needs.
Education: Educate yourself about the different levels of protection available.
Policy elements: Know what is and is not part of your policy.
Inventory: Have a home inventory. Know what needs coverage.
Terminology: Familiarize yourself with home insurance terminology.
Processes: Understand how claims and deductibles work.
Questions: If you have a question about insurance, ask us!
Clarification: Not sure about what something means or how it works? Get clarification.

When you have a better understanding of how insurance works, you’ll be able to make better decisions about your requirements. You’ll not only have the right coverage, but you’ll be also able to get the lowest Ontario home insurance quotes for your specific situation.

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. You can expect to be quoted anywhere from $700 to $2,000 per year. In Ontario, you can expect to pay an average of $1,260 per year. This is a monthly payment of $105. This is slightly higher compared to the average cost in Canada.

There are many factors such as home value, coverage amount, location and types of risks that impact premiums.

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. Here are the average rates in some cities:

$1,200

$1,260

$1,000

$1,250

$1,450

$2,100

Ontario home insurance premiums are increasing

Home insurance costs 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:

Quarter	Percentage change
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.

What are the types of home insurance protection in Ontario?

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

There are a number of types of Ontario home insurance. The specifics vary based on each policy and insurance company.

These are general terms that may not coincide with the specific wording your insurer uses. They do highlight the fact there are different types of policies you can buy. Here are the main types:

Comprehensive

This is the most exhaustive option. It will cover you against the most threats. Comprehensive covers both the building and its contents for all risks. This includes the physical structure of your home and all the belongings within. You have protection for everything unless it’s specifically excluded. Earthquakes, overland flooding, and sewer backups will need to be added as endorsements.

The two types of risks that are not included are:

Optional protection: Those for which you can buy optional additional insurance.
Uninsurable perils: Those for which insurance is not available. This will vary by provider.

Basic / named perils

You carry the financial risk of some losses yourself. You can choose a plan that covers the perils specifically stated 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 they are not listed, you do not have coverage for that risk. This 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. 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 keeps you from meeting insurers standards.

Enhanced home insurance in Ontario

After you choose your level of protection, you can then personalize your quote with additional coverage enhancements.

You can add enhancements or riders to purchase optional home insurance in Ontario. Additional coverage can vary by the insurance company. Each enhancement package you add will increase how much you pay.

Here are the common types of protection people add:

Overland flooding

A torrential rainstorm can cause local rivers, streams, ponds, and lakes to overflow. This could cause significant damage. Overland water coverage protects your for this type of flooding. However, this is not typically available if you live in a flood plain region.

Sewer backup

A sewer backup can happen in any neighbourhood. It can cause basement floods and significant water damage. Sewer backup insurance covers issues from sewer and drain backups. This includes protection if your sump pump malfunctions or there is a sewer line break. It is not covered in standard policies.

Earthquakes

Even though they are not common, earthquakes are known to happen in certain areas of Ontario. Get insured for damage caused by an earthquake if you live in one of these areas.

Higher limits

Your policy has limits. You can increase these limits to receive greater compensation if your home or contents are damaged. Limit increases will vary based on your provider and your level of protection.

Guaranteed replacement cost

How your home and contents are valued and the amount your receive in compensation will vary based on your policy details. Guaranteed replacement cost means your home is covered for the full amount to replace your property, even if it exceeds the replacement limits.

There is not a depreciation deduction like there is with an actual cash value (ACV) plan. Get a more detailed explanation of home replacement cost

Equipment breakdown

There is a lot of expensive systems and equipment in your home that keep things running. If they were to break down, it would cost hundreds or thousands of dollars to repair or replace. Equipment breakdown coverage helps to pay for repairs to large appliances, HVAC, and security systems.

Family protection

Protecting your family is a top priority and your insurance policy can help. Get added protection for situations involving your family. This includes cyberbullying, parents in a nursing facility, and much more.

Optional Ontario home insurance add-ons

Once you’ve chosen your standard level of protection and enhancements, you can further personalize your Ontario home insurance policy with more add-ons. There are a variety of home insurance product add-ons you can include to customize your plan to address specific requirements. Your options include:

Personal valuables

People commonly assume that expensive personal items and collectibles are included in home insurance. However, there is only limited coverage in standard plans for such as jewellery, art, and collectibles. You’ll need to take out additional coverage to increase the limits for these items. Speak with your insurer about your options.

Home sharing

If you use a space for short-term rentals, you will have to get home sharing insurance. Without additional Airbnb insurance, you will not be covered for any damage or loss caused by renting out your residence on short term rental websites.

Identity theft

Identity theft and fraud are real threats to Ontarians. Having your wallet, credit card, and personal identification stolen can cause significant issues in your life. Get identity theft insurance to help you recover in the event of identity theft.

Umbrella policy

Want to get the most protection possible? Get additional coverage for expenses that are more than your home policy limits and give yourself maximum peace of mind.

Claim forgiveness

Claims happen. But you don’t have to let your first home insurance claim spike your rates. Avoid increases after your first insurance claim by adding claims forgiveness.

Freezer food

The amount of food you have in your freezer can add up. If you have multiple freezers, you could have well over a thousand dollars in food. But you could lose it all if there is an extended power outage. Replace what you lost because of a freezer breakdown or power outage with this add-on.

Lock repairs

Lock repairs can get expensive. This helps cover the fees to replace your locks if you lose your keys or the door is damaged in a break and enter.

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. We can compare quotes and ensure you find the best policy.

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

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 it is important for Ontario homeowners 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 a home insurance quote.

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 made 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

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 contents.

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 for when people typically get quotes:

Now: You can always get a quote online to look for savings.
When purchasing: Compare as soon as you confirm the details of your new property.
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 Ontario home insurance company with the cheapest option. Insurers do not use the same formula to determine payments. Therefore, the cheapest 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 Ontario home insurance companies.

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, 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 do home statistics affect home insurance in Ontario?

Home insurance in Ontario is directly affected by your dwelling type and its value. Each province has a unique homeownership profile. Movement in the real estate market, housing prices, ownership, and types of dwellings are unique to where you live. Surging real estate values in Ontario are influencing the type of dwelling people can afford.

It also affects people’s decisions to make upgrades and renovations rather than move – another factor that can alter how much you pay for insurance. Here is an overview of residential housing in the province:

Average price (April 2022): $985,354
Annual price (vs April 2021): 15% increase

Types of dwellings Ontario residents live in

Type of dwelling	Percentage
Home ownership rate	69.7%
Single detached house	54.3%
Apartment buildings 5+ stories	17.2%
Apartment buildings with less than 5 stories	10%
Duplex	3.4%
Other dwellings	15%

Source: Statistics Canada Housing Statistics

What is the Ontario home insurance act?

The Insurance Act outlines the Ontario home insurance rules and regulations. 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 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.

Saving on Ontario home insurance is easy

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

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2022-10-31

Get The Best Ontario Home Insurance Quotes

Compare cheap Ontario home insurance quotes from Canada's top providers and protect your house for a lower rate.

Ontario's best home insurance rates and policies

5 star Ontario home insurance

How to compare Ontario home insurance quotes

1) Start your quote

2) Enter your house details

3) Compare rates

Get insured

How does home insurance work in Ontario?

Types of Ontario home and property insurance

Who regulates home insurance in Ontario?

Is home insurance mandatory in Ontario?

Why should I get home insurance in Ontario?

What does home insurance cover in Ontario?

Property coverage for your Ontario home

Liability protection for your home in Ontario

Home insurance coverage limits in Ontario

What is not covered by Ontario home insurance?

Get an Ontario home insurance quote

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 fire station

Home use

Claims history

Policy type

Deductible

Pets

Ways to get the best home insurance in Ontario

How much is home insurance in Ontario?

Ontario home insurance premiums are increasing

What are the types of home insurance protection in Ontario?

Comprehensive

Basic / named perils

Broad

No frills

Enhanced home insurance in Ontario

Overland flooding

Sewer backup

Earthquakes

Higher limits

Guaranteed replacement cost

Equipment breakdown

Family protection

Optional Ontario home insurance add-ons

Personal valuables

Home sharing

Identity theft

Umbrella policy

Claim forgiveness

Freezer food

Lock repairs

How to get cheap Ontario home insurance

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

Install gas and water sensors

Mature homeowner or retiree

Pay in full

Weigh your options

Adjust your deductible

Quit smoking

Get a credit check

Who are the best home insurance companies in Ontario?

Ontario home insurance FAQs

Why do you need home insurance in Ontario?

Your home is a big asset

It can help if the unforeseen happens