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Find The Best Home Insurance In Toronto

Home insurance in Toronto is an invaluable form of protection for you and your family. There are millions of people residing in a diverse collection of dwellings in unique neighborhoods across its boroughs.

With exceptionally high real estate values (and climbing!) in the Toronto region, you need to treat your home as an investment and financial asset. It can appreciate over time, that is, if you take care of it. Even though its not mandatory, its important to protect your dwelling with the right home insurance.

Unfortunate things happen. All big cities are more prone to property risks, damage, crime, and threats. Insurance helps you recover if bad things happen to your home. You never know when a storm could cause damage, or you could have a break in. It offers you invaluable protection for your dwelling and personal belongings. Toronto home insurance ensures you are protected financially and have peace of mind.

With ThinkInsure you can get quotes from the top home insurance companies in Toronto. We'll help you find the best policy and for your coverage needs at an affordable price.

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Our Customer Reviews

Average of 4.7 out of 5 stars in 1131 Google reviews

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

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Kurai Sibanda

2021-09-24 00:24:58

Worked with Neil Sullivan. He provided an excellent service. Very professional and responsive. Highly recommend him

S G

2021-09-22 00:10:12

Neil was extremely helpful and went the distance. I trust ThinkInsure for good insurance rates. Thank you.

Pamela Ellis

2021-09-20 21:16:13

Rafael Torres is the broker to call for personal/business insurance needs at low rates & extremely quick. If your current insurance rates are continuing to climb, call Rafael at ThinkInsure for a quote.

Diana Ricaurte

2021-09-20 14:50:10

The company provided a great quality experience. Darryl Fardy helped and assisted me with any questions I had. He provided the information fast and there were no back and forth unlike with other insurance companies.

Kannagee Shanmugathaasan

2021-09-18 18:43:16

Neil Sullivan is did great job, timely response and very helpful. We enjoyed wonderful service from him. I will recommend to my friends and family

Stephanie N

2021-09-18 00:09:30

I was looking for a new insurance company, to get a better price. It took a quick phone call and a few emails with Rafael Torres. He is very professional and helpful! He found me a great price for a bundle. Everything was done very fast, and very efficiently. Thank you Rafael for your patience in dealing with me.

Odessa Lee

2021-09-15 18:17:41

We all know insurance sucks, but my recent experience with Darryl Fardy made it suck less. He’s professional without being stuffy and very efficient. He follows up when he says he will. That’s a first for me.

shirin habib

2021-09-15 13:40:55

I spoke to alot of insurance companies and the only one that was great with customer service was this one and Ryan was so quick to get back and help me

About Toronto Home Insurance

With more than 2.6 million residents, it is the largest city in Ontario and all of Canada. If you include the GTA, there are close to 6 million people in the region.

The city is made up of a collection of diverse neighborhoods, each with its own unique cultural flavour, local shops, and restaurants, and building styles.

Approximately 2,135,910 private dwellings make up the housing market in Toronto. 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 insurance.

Live in a detached home in Old Toronto or a condo downtown along the Harbourfront? What about a townhome in East York or an apartment in Scarborough or the Beaches? No matter where you live, it is important to have a good insurance plan that matches your type of dwelling.

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

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%

What Factors Impact The Cost Of Toronto Home Insurance Premiums?

Before you move or make a home purchase, it is always a good idea to get a quote. Home insurance is just one of the many factors to consider when moving or investing in real estate in the GTA.

The following will impact how much you pay :

Property value : the higher values in the city means increased rates.
Type of dwelling : detached single family homes are more.
Personal possessions : higher value items could require additional protection.
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.
Location/ distance from fire hydrant and station
Plan type and limits
Added policy endorsements
Claims history
And many other factors

Also note having items like a pool, trampoline, or running a business out of your home will increase your rates.

How Much Is Toronto Home Insurance?

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

You can expect to pay anywhere from $700 to $2,000 or more annually for home insurance Toronto.

Toronto Home Insurance FAQs

Is Home Insurance In Toronto Mandatory?

Insurance protects your home, your belongings, and the people you love. But it is not required by law. Banks, financial institutions, and mortgage lenders commonly require you to have insurance to qualify for a mortgage. In this sense, it is mandatory.

Why Do I Need Home Insurance In Toronto?

You need insurance to protect yourself against common risks and liabilities. Storm damage, theft, vandalism, and even a slip and fall accident could have a major financial impact on you if you did not have home insurance.

How Much Home Insurance In Toronto Should You Get?

Needs vary. No two people are in the same situation. Some homeowners require basic coverage, while others require higher plan limits and specialized policy endorsements to cover high value items. Get a quote and speak with an advisor to find how much coverage to get.

Can I Get Extra Toronto Home Insurance For Personal Belongings?

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

Get extra protection for :

Jewelry, china, silverware
Fine art
Collectables and memorabilia
Musical instruments and specialized sporting equipment
High value items

What Does Home Insurance Cover In Toronto?

Insurance provides you with a number of important forms of protection for your home in Toronto. Your policy includes protection for :

Home : The physical building and detached structures on your land.
Personal contents : Your belongings and items.
Additional living expenses : Living expenses such as hotels, food, and other expenses if you are forced to vacate you home while it’s being repaired.
Personal liability : Coverage for bodily injury and property damage.

What Is Not Covered By Home Insurance In Toronto?

There are certain types of claims and weather events that are not covered in your home insurance. However, you may be able to add additional coverage by adding an endorsement to your policy. Here is what is not typically covered :

Overland flooding
Frozen pipes
Earthquakes
Pest damage
Mold damage and removal
Regular maintenance and upkeep

What Are The Different Types Of Home Insurance In Toronto?

Home insurance policies are often customized to meet your specific needs. In general, there are four types of policies to choose from :

Comprehensive
Basic or named perils
Broad
No frills

You can also add endorsements to your policy for additional protection.

What Types Of Insurance Risks Exist For Toronto Homeowners?

There are a variety of location specific threats residents should be ready to handle. The dense population and closeness of homes make fires a big risk. Unpredictable weather and winter temperatures dipping well into freezing could create a variety of issues. The cities proximity to Lake Ontario, flash flood threats from the Don River and its low elevation are threats to properties.

Do I Need Home Insurance In Toronto For Airbnb?

If you offer a property on Airbnb or other home sharing websites, you will require a proper policy. Even though Airbnb and other platforms do offer protection, it is not enough. You could potentially void your policy if you rent out your space without the right coverage in place.

How Do I Get Cheap Home Insurance In Toronto?

We all want affordable home insurance. It is easier than most people realize. Here are some great ways to get more affordable premiums :

Choose location wisely : The neighborhood you live in within the 416 area code will have a big impact 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 rate.
Increase security : Most insurance companies offer discounts to homeowners who increase security. With break ins a threat in the city, enhanced security will give you peace of mind.
Pay in full annually : Paying your premium in full will qualify you for a discount.
Combine policies : When you bundle car and home insurance you will get you a discount on both.
Stay claims free : This will help you maintain lower rates.
Get An Assessment : Review your policy with an advisor to make sure it matches your needs.

Does Where You Live Impact Your Toronto Home Insurance Premium?

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

Old Toronto : Notable neighborhoods 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

Home Insurance And Homeowner Expenses In Toronto

Canada’s largest, most populated, and diverse city covers 641 square kilometres. It stretches 43 km from east to west and 21 km from north to south at its longest points. It offers residents with no shortage of areas to look for housing in its many unique and diverse neighborhoods.

It is also one of the most expensive cities in which to live. To own a home in the area, you have to pay for a lot more than insurance. Its important to think about total housing costs. Annually you can expect to pay :

More than $4,000 in property taxes (varies based on location and value)
$100 - $200 per month for hydro
$125 - $150 for gas
Up to $750 per year combined for water, sewage and garbage removal
Average monthly mortgage payment of about $3,300 (based on $750K home, 25-year amortization, 10% down payment)

This still does not account for the 1-3% of your home’s value in maintenance costs each year. It is expensive to own in the city.

If you have a mortgage, then you are required to have insurance. Even if your mortgage is completely paid off, home insurance provides you with that added level of protection to give you peace of mind in knowing your dwelling and personal belongings are covered.

Homeowner Expenses In Toronto

Here is a snapshot of some of the estimated costs to own in the city in additional to paying home insurance :

Item	Amount
Average Home Value	$909,500
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

Saving On Toronto Home Insurance Is Easy!

With ThinkInsure, you can compare quotes online from our large selection of home 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 and while ensuring you get the best rate available.

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