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Toronto's best home insurance rates and coverage

Home insurance in Toronto is an invaluable form of protection for you and your family. There are 2,794,356 people residing in a diverse collection of properties in unique neighbourhoods across the city’s boroughs. That’s 7.6% of Canada’s total population. If you include the GTA, there are close to 6 million people in the region.

Get personalized Toronto home insurance to meet your individual needs

Whether you live in a house, condo, semi, or apartment, Torontonians have a similar need for unique insurance to protect what matters to you most.

With exceptionally high real estate values (and climbing!) in the GTA, you need to treat your home as an investment and financial asset. It can appreciate over time if you take care of it. This is where having home insurance in Toronto can help. Even though it’s not mandatory, home insurance can protect your Toronto dwelling when you make informed decisions about your policy.

ThinkInsure is here to help with your Toronto home insurance needs

All big cities are more prone to property damage, crime, and threats. Toronto is no different. Homeowners insurance helps you recover if bad things happen to your home. You never know when a storm could cause damage to your roof. A neighbouring unit could have a fire or water damage that spreads to your house. Or you could have a break-in. Insurance offers you a safeguard for your property and personal belongings. Toronto home insurance coverage ensures you are protected financially and have peace of mind when bad things happen.

With ThinkInsure, you can compare quotes from the top home insurance companies in Toronto with ease. We'll help you find the best policy for your coverage needs at the cheapest price. Expect a fast, informative, and harmonious experience with us. Plus, it's FREE!

Below you will learn everything you need to know about home insurance in Toronto and getting a better quote.

5 star reviews for Toronto home insurance

Rated 4.7 out of 5 stars in 1273 Google reviews

We’ve helped thousands of Toronto homeowners find the right home insurance for their needs.

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Simon Mak

2023-02-23 02:13:38

Neil provided great broker service. Will definitely return to ThinkInsure.

Haile Baheta

2023-02-16 02:24:59

I have the pleasure to renew my Automobile Insurance with Kimberly Ladis of ThinkInsure . She was great in finding me the lowest price with a reputable company. She is kind ,efficent & professional. I will recommend her to everyone I know.

Shannon

2023-02-08 20:16:36

I had the pleasure of getting Evan V. as my broker. What set him apart from others I have spoken to was his knowledge. He answered all of my questions promptly and taught me about my specific insurance needs. He was very professional and kind. I felt better after speaking with him.

Caitlin MacFayden

2023-02-02 18:06:04

I had the pleasure of dealing with Neil. I was completely lost when looking for the type of car insurance I needed. Neil was extremley patient with me and walked me through everything.He was available at any time and had answers to all my questions. Thank you for this amazing experience!

tremari

2023-02-01 05:11:36

Pooyan Saeidi has a top-notch customer service skill, very fast service, prompt in answering your email. He will always call to check if you got what you want. He will give the best advice on all your insurance needs and explain in a layman’s term, very friendly and accommodating even if he has to explain for the nth times. 101% rating for his service quality.

Theresa

2023-01-28 05:28:47

I don't know where to begin but I'm so glad that I got Evan Venditti as my advisor. He earned my respect for choosing integrity over personal gain. While I went with a different firm, it was his suggestion that led me to saving hundreds of dollars on auto insurance. He explained that the companies they work with cater to a particular demographic I'm not exactly a part of. He's pretty well versed and insightful. He spoke on a level that I understood. I love that he gave me time to call a couple of other places first before proceeding with his quote. I called those places and went with one of them since I got a lower quote. With all the chaos that's going on in my personal life, this made me emotional. If somehow I took different steps that day and I didn't come across this guy, I'd be paying so much more on insurance. So although I'm not a client, just want to take this time to share this phenomenal experience!

Michelle Spencer

2023-01-19 16:21:03

Evan Venditti has been absolutely amazing and extremely helpful! Always following up to make sure that I am updated on any changes to my policy. He also made the process of obtaining a policy so easy! 10/10 recommend. Hopefully you will get the chance to work with him!

Jaden Moore

2023-01-10 20:04:35

Great customer service.! Quick and efficient. I worked with Denise Snider. She was great with getting me a cheap quote, she sent payment info, and paper work right away. Papers were signed within 24h and insurance was confirmed. I am a high risk driver, who can’t get insured anywhere else due to accumulation of tickets. 10/10 recommend!

How to get home insurance quotes in Toronto

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What are the different types of home insurance protection 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. There are four types of protection to choose from:

Comprehensive

This plan provides you with the highest level of protection. It covers your building, property, 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 in knowing you’re covered for almost everything, this is the plan for you.

Basic or named perils

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

You may have some options to choose what is covered. So, 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

Your level of protection is different for your property and contents. 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 and more than basic protection.

No frills

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. For example, for older homes with existing damage or issues.

Optional coverage and 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
Overland water damage
Earthquake and landslide
Identity theft
Home business insurance
Replacement cost

What does home insurance cover in Toronto?

Toronto home insurance offers a breadth of coverage. It not only protects your home, but it also covers your personal property, offers liability protection, and provides additional living expenses after an insured loss. What your plan covers can also depend on your dwelling type. You’ll have different needs if you live in a condo or townhome than if you live in a detached house.

Here’s a summary of what your Toronto 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: Your belongings and items. This can include anything that you have in your home. Items include clothing, electronics, furniture, and décor. Get more information about your contents insurance options.
Additional living expenses: Living expenses such as hotels, food, and other expenses if you are forced to vacate while it’s being repaired.
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.

Loss settlement options for home insurance in Toronto

One important aspect of your policy to consider is how you will be compensated if you experience a loss event. When you choose a plan, you choose coverage limits and conditions. These are referred to as loss settlement options. You can choose between actual cash value (ACV) or replacement cost:

Actual cash value: Depreciation is deducted from the value of your home. You are compensated based on current market value.
Replacement cost: You will be compensated without a deduction for depreciation.

Choosing the replacement cost settlement option will increase your premiums, but it will also result in a larger payout after a claim.

Agreed value for your personal contents set an amount you will receive. This is calculated for items such as jewelry or collectibles. For example, you get an engagement appraised at $5,000. You and your insurer agree it is insured for this amount.

What Threats Does Toronto Homeowners Insurance Protect Against?

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

Fire and smoke damage (excluding fireplaces)
Lightning strikes
Wind and hail
Electrical current
Theft and break-ins
Explosion
Vandalism
Some types of water damage (see your policy)
Broken windows
Falling objects
Damage from a vehicle or plane

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

There are many ways you can customize your insurance to meet your unique needs. Often, our customers will add riders for high-value items and collectables. These are not typically included in a basic policy.

Get extra protection for:

Jewellery, China, silverware
Fine art
Collectables and memorabilia
Musical instruments and specialized sporting equipment
High-value items
Lock replacement
Freezer food

These are often referred to as scheduled items. These are special limits you can add to high-value items. You would list these out 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 your contents.

What factors affect the cost of home insurance in Toronto?

houses with gables and painted brick, downtown Toronto

Before you move or make a home purchase, it is always a good idea to get an insurance quote. House insurance is just one of the many factors to consider when moving or investing in real estate in the GTA. Doing your research can help you identify potential issues that could affect property insurability.

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. Where you live can greatly affect how much you pay for your mortgage and home insurance in .

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.

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

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 it would cost to rebuild your home to its current state if it were destroyed.
Age, type, and condition of your roof, furnace, 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, average claims amounts, and weather events all play a role.
Distance from a fire hydrant and station: Those 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. Make sure to add deadbolts and a centrally monitored security system to secure your residence.
Added policy endorsements: Optional coverage will give you more protection, but it will 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. Allow insurers to run a soft credit check when comparing Toronto home insurance quotes.
And many other factors

Also note 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 much is home insurance in Toronto?

It is challenging to provide a definitive answer. Home insurance can vary significantly in Toronto based on your dwelling size, cost, location, plan type and limits. It also varies based on the insurer. Insurance companies use different methods to assess and determine risk. This is a reason why premiums vary by the insurance company.

You can expect to pay anywhere from $700 to $2,000 or more annually for home insurance in Toronto. The average rate for Toronto home insurance is close to $1,250 per year. This is slightly higher than other cities in the GTA. It is also more than average cost of Ontario home insurance.

Why are Toronto home insurance rates so expensive?

Premiums in Toronto can be more than 15% higher compared to other cities. One of the reasons home insurance is higher in Toronto has to do with real estate values and the associated replacement value. The average home value in the city is over $1 million and climbing.

The city also has a lot of older properties, which are more likely to have issues resulting in a claim. They are more likely to have damage. They have dated electrical, heating, and plumbing installations. This can increase the threat of fire or flooding.

The type and style of homes are also a factor. The city is densely packed with homes. Many of them are connected row houses, semis, and detached homes with minimal space between properties. This increases the odds that if there is a fire at one location, it could more easily spread to a neighbour.

Tips for cheap home insurance in Toronto

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

Choose your location wisely

The neighbourhood you live in within the 416 area will have a big influence on your rates. They vary by postal code.

Review quotes yearly

Even if nothing changes, comparing 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 options 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 property insurance rates.

Get an assessment

Review your policy with an advisor to make sure it matches 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.

Toronto Home Insurance Claims 101

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? Not sure, give us a call first. Remember that a claim could be denied. Claims also 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), 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 reach t out to us.

Does where you live affect your Toronto home insurance premium?

Where you live in Toronto has an impact on your home insurance rates. Some postal codes and neighbourhoods are more expensive than others. We can help you assess options for the GTA neighbourhood where you live, including:

Old Toronto: Notable neighbourhoods include the downtown core, Harbourfront, The Beaches, Midtown, East Danforth, Yorkville, Casa Loma, Bloor West Village, Liberty Village
North York: Don Mills, Downsview, Hillcrest Village, North York Centre, Parkwoods, Uptown, York Mills
Scarborough: Cliffside, Eglinton East, Golden Mile, Morningside, Port Union, Scarborough City Centre, Steeles, Wexford
Etobicoke: Centennial Park, The Kingsway, Mimico, Rexdale, Islington City Centre West
York: Eglinton West, Oakwood-Vaughan, Old Mill, Weston
East York: Broadview, Pape Village, Danforth, Leaside, Woodbine Heights

We can meet your home insurance needs and help you get better premiums no matter where you live in the city of Toronto. Here’s a look at the types of houses in the GTA:

Type of dwelling	Percentage
Single detached houses	39.6%
Apartment buildings 5+ stories	29.4%
Apartment buildings with less than 5 stories	10%
Duplex	4.2%
Other dwellings	16.8%

Source: Statistics Canada – Census Profile for Toronto

Homeowner expenses in Toronto

Here is a snapshot of some of the estimated costs to own property in Toronto in addition to paying home insurance:

Item	Amount
Average home value (April 2022)	$1,254,400
Property taxes for a $500K home	$2,999
Property tax (2020)	0.59%
Unemployment (Oct 2020)	11.5%
Homeownership	66.5%
Average household income (2016)	$87,993

Source: Statistics Canada – Census Profile for Toronto

Saving on Toronto home insurance is easy!

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

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

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More ways to save on home insurance

Insurance Blog And News

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

2023-03-15

Get The Best Toronto Home Insurance Quotes

Compare Toronto home insurance quotes from Canada's top providers and protect your house for a great rate.

Toronto's best home insurance rates and coverage

Get personalized Toronto home insurance to meet your individual needs

ThinkInsure is here to help with your Toronto home insurance needs

5 star reviews for Toronto home insurance

How to get home insurance quotes in Toronto

1) Start your quote

2) Enter your home details

3) Compare best rates

Choose your policy

What are the different types of home insurance protection in Toronto?

Comprehensive

Basic or named perils

Broad

No frills

Optional coverage and endorsements

What does home insurance cover in Toronto?

Loss settlement options for home insurance in Toronto

What Threats Does Toronto Homeowners Insurance Protect Against?

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

What factors affect the cost of home insurance in Toronto?

How much is home insurance in Toronto?

Why are Toronto home insurance rates so expensive?

Tips for 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

Get a Toronto home insurance quote

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?

How do you shop and compare home insurance quotes in Toronto?

What is not covered by home insurance in Toronto?

What types of home insurance threats exist specifically for Toronto homeowners?

Do I need home insurance in Toronto for Airbnb?

What are the best home insurance companies in Toronto?

Are Toronto home insurance premiums tax deductible?

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

Toronto Home Insurance Claims 101

Does where you live affect your Toronto home insurance premium?

Homeowner expenses in Toronto

Saving on Toronto home insurance is easy!

More ways to save on home insurance

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