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Written by Nolan Wilson Updated on April 17, 2025 min read

Protect what’s important with better home insurance in Toronto

Even though it's not mandatory, home insurance in Toronto is an invaluable form of protection. Protecting your investment, financial assets, and personal belongings is essential with the high values of homes in Toronto.

Whether you live in a house, condo, or semi, Toronto homeowners have unique needs and require personalized home insurance. ThinkInsure works with a large selection of home insurance companies so that we can find you the best coverage and lowest quotes. Our insurance experts will help you find a customized policy and make sure your home is protected properly for a great rate. Give us a call today for a free quote.

Key takeaways about home insurance coverage in Toronto

The average home insurance rate in Toronto is $1,457. This is slightly higher than the provincial average.
The biggest threats to your Toronto home are flooding, home invasion, and storm damage. Ensure you have proper home insurance coverage to protect against these perils.
Home insurance premiums are on the rise in Toronto. To prevent large cost increases, work with a broker to compare quotes and help you choose the right coverage.

How to get Toronto home insurance quotes

It's easy to compare quotes for home insurance in Toronto. Instantly find the lowest rates from Canada's top providers.

1) Start your quote

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2) Enter your home details

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3) Compare best rates

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Recent Toronto Home Insurance Quotes

2025/04/07

Homeowner from TORONTO, ON
Building Type: Triplex
CAA	$2,465
Wawanesa	$2,560
SGI Canada	$2,753
Unica	$3,021
Savings from top 4 lowest quotes	$556

2024/12/06

Homeowner from TORONTO, ON
Building Type: Detached
Travelers	$936
Unica	$1,172
GORE	$1,242
CAA	$1,355
Savings from top 4 lowest quotes	$419

2024/11/02

Homeowner from TORONTO, ON
Building Type: Duplex (up and down)
Travelers	$783
Intact	$988
Aviva	$1,128
Economical	$1,162
Savings from top 4 lowest quotes	$379

2024/09/24

Homeowner from TORONTO, ON
Building Type: Detached
CAA	$2,451
Wawanesa	$3,117
Unica	$3,329
Intact	$3,584
Savings from top 4 lowest quotes	$1,133

What are the types of home insurance policies in Toronto?

Toronto homeowners have a variety of home insurance options. There are four main policy types - comprehensive, named perils (basic), broad, and no frills. 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 maximize coverage limits. Broad plans offer the least protection, and comprehensive plans offer the most. Generally, the more coverage, the more it will cost.

Review the types of coverage below to understand the level of protection each provides.

Comprehensive coverage

Comprehensive home insurance provides you with the highest level of protection. It covers your building, land, 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 knowing you’re covered for almost everything, this is your plan.

Basic or named perils coverage

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

You may have some options for choosing what is covered. 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 coverage

With broad form home insurance, your level of protection for your property and contents is different. You will have comprehensive coverage for your building, protection from all threats unless excluded, and named perils for your belongings.

From a cost perspective, this is the middle price point: less than comprehensive but more than basic protection.

No frills coverage

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, such as older homes with existing damage or issues.

Optional Toronto home insurance coverage and policy endorsements

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: There is a lot of old plumbing infrastructure in the GTA. Make sure you’re covered if there are sewer issues in your area.
Overland water damage: Flooding is known to happen in Toronto, especially near the Don River and Black Creek in the Jane, Wilson, and Rockcliffe-Smythe neighbourhoods.
Earthquakes and landslide: Toronto occasionally experiences earthquakes. The last was a 5.1-magnitude earthquake on May 17, 2013.
Identity theft: Personal fraud is on the rise. Protect your identity and get assistance with recovery.
Home business insurance: There are thousands of home businesses in Toronto. But many lack proper insurance. Are you insured?
Watercraft: Ride on Lake Ontario or Muskoka with peace of mind, knowing you're adequately covered.
Service line coverage: Construction is a constant in Toronto. Protect your property just in case a service line is damaged.
Home equipment breakdown: Get extra protection for your home systems and equipment.

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

Protecting your stuff is important whether you have a lot or a little. You can customize your insurance to meet your unique needs in many ways. Often, our customers add riders (endorsements) for high-value items and collectibles, allowing you to take out coverage for specific belongings.

Get extra protection for:

Jewellery, China, silverware
Fine art
Collectables and memorabilia
Musical instruments
Specialized sporting equipment
High-value items
Collections (records, coins, wine, comics, antiques)

These are often referred to as scheduled items. They increase the limits on certain types of belongings. These are special limits you can add to high-value items. These are not typically included in a basic policy. To maximize your coverage, list these separately in your policy.

For example, you have a comprehensive policy with a coverage limit of $10,000 for art. However, you have a large art collection and require additional coverage. You can take out extra coverage for art (for an additional fee) based on the items you have at home.

You can also get coverage for things like:

Lock replacement: If you lose your keys or have a break-in and need to replace your deadbolt.
Freezer food: If you have a power outage and your food spoils.

What does home insurance cover in Toronto?

Home insurance offers a breadth of coverage for Torontonians. It protects much more than your physical home. It also covers your personal property, offers liability protection, and provides additional living expenses after an insured loss.

Here’s a summary of what your 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: This includes your belongings and items, including clothing, electronics, furniture, and décor. Get more information about your contents insurance options.
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.

What threats does Toronto home insurance protect against?

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

Fire and smoke damage (excluding fireplaces): Fire is always a threat, but with so many connected homes and buildings close together, it's even more of a risk in the GTA.
Lightning strikes: If you live in a high-rise, strikes are more likely to occur.
Wind and hail: Toronto is known to have its fair share of severe storms.
Electrical current: You never know when a power surge could happen.
Theft and break-ins: This is always a potential threat for homeowners.
Explosion: Gas leaks and other combustibles can cause explosions.
Vandalism: Graffiti and property damage happen in many neighbourhoods.
Some types of water damage (see your policy): Burst pipes, sewer issues, and flooding are all threats to homeowners.
Broken windows: Kids, animals, and accidents happen.
Falling objects: There is significant airline traffic in the city.
Damage from a vehicle or third party: Vehicles commonly damage properties.

How much is the average home insurance in Toronto?

Based on 2024-2025 premium data** compiled from our customers, Toronto’s average home insurance premium is $1,457, or $121 per month. This is similar to other cities in the GTA and slightly more than the average cost of Ontario home insurance ($1,411), or 3.26% more.

Depending on your specific details and situation, you could pay anywhere from $308 to $3,659 annually for coverage. Those with higher premiums may have a larger home, more contents, live in a higher risk neighbourhood or have multiple claims.

How home insurance rates compare in the Greater Toronto Area

How much you pay for insurance is greatly affected by where you live. Based on our customer data, here’s a comparison of the average annual home insurance rates in Toronto compared to other cities in the GTA:

City	Avg annual premium (2024-25)	Monthly rate
Toronto	$1,457	$121
Etobicoke	$1,599	$133
Markham	$1,571	$131
Mississauga	$1,472	$123
Milton	$1,352	$113
Oshawa	$1,417	$118
Barrie	$1,480	$123
Richmond Hill	$1,459	$122
Oakville	$1,470	$123
Scarborough	$1,350	$113
Pickering	$1,351	$113
Brampton	$1,328	$111
Peterborough	$1,234	$103

How Toronto home insurance premiums compare to other Ontario cities

When you compare Toronto home insurance costs with other cities, rates fall somewhere in the middle. Some cities are cheaper, and others are more expensive. Location is important, but insurers use many other factors to set premiums. Here’s a comparison of how Toronto compares to other cities:

Average Toronto home insurance rate compared to other cities info graphic

Home insurance rates by postal code in Toronto

Your location and postal code within Toronto will affect your monthly home insurance payments. This happens because different levels of risk, threats, property values and other factors influence prices in your neighbourhood. Here’s an overview of how rates compare by postal code:

Area in the City of Toronto	Postal codes	Neighbourhood	Premium	Monthly payment
Downtown Toronto	M4W, M4X, M4Y, M5A, M5B, M5C, M5E, M5G, M5H, M5J, M5K, M5L, M5S, M5T, M5V, M5W, M5X, M6G	Rosedale, Cabbagetown, Harbourfront, Regent Park, Kensington Market, Chinatown	$1,285	$107
East Toronto	M4E, M4K, M4L, M4M	The Danforth, The Beaches	$1,210	$101
West Toronto	M6H, M6J, M6K, M6P, M6R, M6S	Dufferin, Dovercourt Village, Little Portugal, Trinity, Parkdale Village, Roncesvalles	$1,586	$132
Central Toronto	M4N, M4P, M4R, M4S, M4T, M4V, M5N, M5P, M5R	Lawrence Park, Davisville, Summerhill, Forest Hill, Deer Park, Roselawn, The Annex, Yorkville	$1,793	$149
Etobicoke	M8V, M8W, M8Y, M8Z, M9A, M9B, M9C, M9L, M9M, M9N, M9P, M9R, M9V, M9W	Mimico, The Kingsway, Rexdale, Martin Grove Gardens	$1,716	$143
Scarborough	M1B, M1C, M1E, M1G, M1H, M1J, M1K, M1L, M1M, M1N, M1P, M1R, M1S, M1T, M1V, M1W, M1X	Port Union, Golden Mile, Cliffside, Scarborough Town Centre, Wexford	$1,272	$106
York	M6C, M6E, M6M, M6N	Cedarvale, Fairbanks, Humewood, The Junction	$1,778	$148
North York	M2H, M2J, M2K, M2L, M2M, M2N, M2P, M2R, M3A, M3B, M3C, M3H, M3J, M3K, M3L, M3M, M3N, M4A, M5M, M6A, M6B, M6L	York Mills, Willowdale, Downsview, Don Mills, Victoria Village, Glencairn	$1,272	$106
East York	M4B, M4C, M4G, M4H, M4J	Parkview Hill, Woodbine Heights, Leaside, Danforth, Thorncliffe Park	$1,210	$101

Toronto home insurance premiums by dwelling

The type of property you insure will affect your annual premiums. We collected customer premium data** to give you a general overview of the cost difference between different dwelling types in Toronto:

Dwelling type	Avg annual premium (2024-25)	Monthly payment
Detached	$1,537	$128
Semi	$1,477	$123
Duplex	$1,008	$84
Triplex	$723	$60

Insuring a detached dwelling is more expensive. This can happen because they are larger, have a higher replacement cost, and have more content, among other reasons.

How do claims affect Toronto home insurance prices?

Maintaining an insurance record free of claims will help you keep your costs down. Every claim you make could increase your premiums. Here’s an example of how the number of home insurance claims can affect your annual payments:

Number of claims	Avg annual premium (2024-25)	Monthly payment
Clean record	$1,457	$121
1 claim	$1,790	$149
2 claims	$1,813	$151

Even one claim can increase your premiums. A second or even third will drive up the cost to insure your property. Consider the cost/benefit of filing a claim versus paying for repairs out of pocket.

What factors affect the cost of home insurance in Toronto?

houses with gables and painted brick, downtown Toronto

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. These properties have a homeownership rate of 66.5%, and the average cost is $1,117,731 based on data from Zolo (March 2025). Where you live can greatly affect how much you pay for your mortgage and home insurance. Before you move or purchase a home, getting an insurance quote is always a good idea.

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. This changes how much you’ll pay.

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

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

Also, 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.

Why are Toronto home insurance rates so expensive?

Premiums in Toronto can be more than 15% higher compared to other cities outside the GTA. There are a few main reasons for this - more claims, high replacement costs, fire and break-in risks:

There has been an increase in claims because of severe weather
The city is prone to natural disasters, especially flooding. Toronto has, unfortunately, been the location of a series of severe weather events over the past few years, resulting in the increased frequency and cost of claims. Since 1992, there have been 25 documented catastrophic loss events in Toronto. The most recent was 2024.
• 2024 Flash Flooding: After close to 100 mm of rain fell, thousands of residents were left with the aftermath of power outages, water damage, and flooded basements. The flash floods on July 15-16 caused $990 million in losses. Then the GTA and southern Ontario flooding from August 13 to September 16 caused an additional $110 million in damage.
• 2022 Derecho: Windstorms are not common, but a significant one caused about $1 billion in damage in 2022. It impacted the GTA, Ottawa, and other areas in the province.
Replacement value and costs have increased significantly
Inflation has significantly increased the cost of home-building materials and labour. According to IBC, home replacement costs have increased by 23% since January 2019, and residential building construction costs have increased by 61%.
Home invasions are more common in big cities
Large cities typically have more crime. The Toronto Police Service received 6,879 reported break-and-enters in 2024. Although this is lower than the previous year, homeowners need to take proactive measures to protect themselves.
Older properties are a fire risk
The city also has many older properties, which are more likely to have issues resulting in a claim. Their dated electrical, heating, and plumbing installations can increase the threat of fire. Toronto Fire Services responded to 38,267 fire calls in 2023, an increase of 3.5% from the previous year. The number of fire calls continues to increase annually.
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.

Severe weather events are becoming more frequent in Toronto

Weather damage is the leading cause of increased claims costs and the resulting spike in home insurance premiums. There have been 24 catastrophic weather events over the past 20 years. However, they occur more frequently and are more severe. Here’s a summary of weather events in Toronto:

Date	Weather event	Loss in $000
2024
Aug 13-Sept 16	Flooding	$110,000
July 15-16	Flash Flooding	$990,000
2022
May 21	Derecho windstorm	$1,000,000
2021
Dec 11-13	Windstorm/Water/Flood
Sept 22-23	Flood/Water/Windstorm
March 26-29	Windstorm/Flood/Water
2020
Nov 15-16	Windstorm/Water/Flooding	$107,978
Jan 11-12	Water/Flooding/Windstorm/ Winter storm	$110,242
2019
March 13-16	Flooding/Water/Windstorm/ Winter storm	$162,069
March 9-11	Water/Flooding/Windstorm/ Winter storm	$79,845
Feb 24-25	Windstorm/Water/Flooding/ Winter storm	$99,536
Feb 3-5	Water/Flooding/Windstorm/ Winter storm	$90,608
2018
Aug 7-8	Water/Flooding	$186,618
May 4-5	Windstorm/Water	$776,542
April 14-17	Winter storm/Flooding/Water/ Windstorm	$288,258
April 4-5	Windstorm/Winter storm/Water/ Flooding	$116,018
Feb 19-22	Water/Flooding/Winter storm	$68,795
2016
July 27	Hail/Windstorm/Lightning/Water	$77,499
2015
June 22-23	Flooding/Windstorm/Lightning/ Water	$34,860
2014
Aug 4	Flooding/Lightning/Hail/Water	$93,643
2013
July 8	Flooding/Lightning/Water	$1,138,683
2010
March 13	Flooding/Windstorm/Water	$33,861
2009
August 20	Windstorm/Hail/Lightning/Water	$127,123
July 26	Flooding/Windstorm/Lightning/ Water	$229,063
2008
January 9	Windstorm	$193,178
2006
September 24	Wind/Hail	$6,413
1992
July 31	Flooding	$8,816

Source: 2024 FACTS of the Property and Casualty Insurance Industry in Canada

How can I get cheap home insurance in Toronto?

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

Choose your location wisely

Your neighbourhood will heavily influence your rates within the 416 area. They vary by postal code.

Review quotes yearly

Even if nothing changes, comparing home insurance quotes in Toronto 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 $1000.

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 option 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 house insurance rates. For smaller damage, consider doing the repairs yourself rather than filing a claim.

Get an assessment

Review your policy with an advisor to ensure it meets 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.

5 star home insurance in Toronto

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Carla Keown

2025-05-04

Besty was incredibly kind and helpful during a stressful time. I had no idea that a handheld ticket would result in my insurance company dropping me. It was a year after the ticket that I was informed of this so I was shocked and stressed. Besty assured me that we had time to figure out a solution and she worked around my busy schedule to find me the best insurance products to suit my situation. Besty is a 10/10 recommend!!!

e t

2025-05-01

I cannot say enough great things about Todd A! From start to finish, he provided an exceptional customer experience that truly stood out. Not only was he incredibly knowledgeable and efficient, but his kindness and cheerful attitude made the process smooth and absolutely stress-free. What could have been overwhelming was instead seamless and easy, thanks to his reassuring guidance and expertise. He was always quick to respond, informative, and genuinely invested in ensuring I got the best coverage for my needs—all while making sure I felt comfortable and confident every step of the way. His level of professionalism and warmth turned what could have been a daunting task into an absolute pleasure. If you're looking for someone who goes above and beyond to provide top-tier customer service, look no further than Todd A at ThinkInsure. Thank you for making this experience effortless and enjoyable, you made this all happen for me!

Carl Cronkhite

2025-04-24

I highly recommend ThinkInsure when looking for Insurance, Betsy Bannon was a huge help! As a high risk driver it was very difficult to find a premium i could afford and only had a few weeks to do so. I contacted ThinkInsure and Betsy was able to explain everything and find me a great policy right away. Thank you Betsy!

Keira Busby

2025-04-17

very friendly and willing to help anyway they can! great experience all way round.

Dharma Buyse

2025-04-17

Betsy Bannon was so helpful! I was insuring my new truck with my first personal policy and after one broker went mia on my calls she picked up, although from commercial department, and still handled everything for me within 24 hours! Also she pointed out that previously the drivers history was forgotten about in the prior list of documents that was requested from me. Definitely knows exactly what she’s doing and works great winging it in a different department than her specialty! I’m a high risk driver for one more year, unfortunately (did not follow cops advisory to fight distracted ticket while checking directions at a red) but she found the best quote for me, and revised this last minuite to find one that further accepted my 8year claim free policy on a commercial registered insurance. She was friendly, prompt to reply, patient, personable, and very knowledgeable. Finding insurance with one more year of this record has been discouraging as a now overly cautious driver, but she made it as seamless as possible

Quentin Chiotti

2025-04-16

Fast, seamless, and efficient. Betsy Bannon was great to work with. Thanks ThinkInsure.

Csaba Deac

2025-04-11

Special Thanks to Betsy Bannon. If you need business insurance , highly recommend her

Kelly Bouchard

2025-04-10

Sohel is amazing!! He responded so quickly and went out of his way to accommodate me. There were a few things I didn’t quite understand and he took the time to explain and reassure me that everything was properly covered. His follow up is so good! I highly recommend his service and expertise. He does all the research and comparisons for you to save you a lot of money! I can’t believe how much I was overpaying with my long time providers. Thanks Sohel!!

Toronto home insurance FAQs

Is home insurance in Toronto mandatory?

Home insurance protects your property, your belongings, and the people you love. But it is not required by law. There is still one key situation when you will need it – to get a mortgage. Banks, financial institutions, and mortgage lenders commonly require you to have insurance to qualify for a mortgage. In this sense, it is mandatory. If you are mortgage-free, you don’t require it, but it’s still highly recommended.

Why do I need home insurance in Toronto?

You need home insurance to protect yourself against common threats and liabilities in the Toronto area. Storm damage, theft, vandalism, and even a slip-and-fall accident could have a major financial impact on residents without insurance.

But there are other reasons you should have home insurance:

Your mortgage lender requires you to have proof of coverage as a condition of your loan application.
Most don’t have the resources to rebuild their home or replace contents if their home is destroyed.
You won’t have to pay for a lawyer if you are sued by someone if they are hurt on your property.
If you cannot live in your home after it is damaged, you’ll have access to compensation for living expenses.
Peace of mind.

Compare Toronto home insurance quotes to find a policy that will best protect your property.

How much home insurance in Toronto should you get?

Home insurance needs for Toronto homeowners can vary significantly. No two people are in the same situation. Some require basic coverage, while others require higher plan limits and specialized policy endorsements to cover high-value items. Compare home insurance quotes and speak with an advisor to find out how much coverage to get.

What is not covered by home insurance in Toronto?

The extent of an insurance product’s coverage is dependent on the insurance company. For example, there are limits on what and how much personal belongings are included in your plan. The same goes for the types of threats that are covered.

There are certain types of claims and weather events that are not covered by your home insurance plan in Toronto. This includes pest damage, mould damage, frozen pipes, and regular maintenance and upkeep.

Do I need home insurance in Toronto for Airbnb?

Your home insurance will not cover you if you rent your property in Toronto. If you offer it on Airbnb or other home sharing websites, you will require a proper Airbnb or home sharing insurance policy. Even though some protection is included, it is not enough. You could void your policy if you rent out your space without the right coverage in place. Most providers will ask if you plan to use Airbnb when you request a quote.

What are the best home insurance companies in Toronto?

There are many good home insurance companies in Toronto. The best insurance company for you is the one that meets your home protection requirements. There isn’t one specific insurer that will be the top option for all residents. Some offer specialized coverages and services to meet a targeted demographic. Others offer a broad range of services.

The important thing to make sure of is that they have an FSRAO license and are members of the Insurance Bureau of Canada (IBC).

At ThinkInsure, we’ve partnered with the leading insurance providers in Toronto, ensuring you can find the right policy and coverage. Some of the home insurance companies we work with include:

Aviva Canada - 100 King St. W., Toronto, ON M5X 1E3
CAA Insurance - 106 Spadina Ave., Toronto ON M5V 2K4
Intact Insurance - 700 University Ave., Toronto, ON M5G 0A1
Economical Insurance - 121 King St. W. #1400, Toronto, ON M5H 3T9
Travelers Insurance - 20 Queen St. W., Toronto, ON M5H 3R3
Wawanesa Insurance - 4120 Yonge St., Suite 100, North York, ON M2P 2B7
SGI Canada - 10 Four Seasons PI Suite 200, Toronto ON M9B 6H7
Gore Mutual - 320 Bay St, Toronto ON M5H 4A6

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

Homeowners commonly assume that Toronto real estate costs will play a role in determining how much they pay for home insurance. However, your property’s market value does not have a big impact on insurance. For example, if your home suddenly increased in value by $200,000 or dropped by $50,000, it would have no bearing on your premiums.

The value that insurers care about is your home's replacement value. That is, the cost to rebuild it if it were destroyed. So, when renovating or improving your home, your real estate value could increase, but so would your replacement cost. This is what would affect your premiums.

Can you cancel home insurance in Toronto?

Yes. You can cancel your home insurance policy if you are not satisfied with your existing insurer. However, a better approach is to switch home insurance at renewal time. This will ensure you do not have coverage gaps. Remember - you require insurance as part of your mortgage loan terms.

Why should I get a Toronto home insurance quote?

Allowing your home insurance policy to automatically renew is easy. But, failure to comparison shop could cost you money and leave you with inadequate coverage. Toronto residents should get a home insurance quote annually for a few important reasons:

To make sure you are getting the cheapest quotes
Identify new cost savings
Make sure your coverage aligns with your needs
Ask questions and get clarification about your policy
To make an educated decision about whether to stay with your current insurer or switch providers

Making a home insurance claim in Toronto

Experiencing a home insurance claim 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? If you're not sure, give us a call first. Remember that a claim could be denied. Claims 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) and 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 contact us.

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Sources

* Based on the difference between the average lowest home insurance premium and the overall average premium in Toronto for quotes completed from January 1, 2024, to March 5, 2025.

** Home insurance property quotes collected from the City of Toronto ThinkInsure customers from January 1, 2024, to March 5, 2025.

Nolan Wilson

Content Marketing Manager

Nolan is a content marketing manager and writer at ThinkInsure. He has 15+ years of experience in the insurance industry, working with brokerages and direct insurers to create compelling insurance content, specializing in auto, home, and commercial.

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