Home Insurance Calculator Toronto

compare Home insurance quotes from 30+ companies


  • Calculating Home Insurance

The city of Toronto is the capital of Ontario and lies along the northwestern shore of Lake Ontario. This city is dynamic with lots of greenery as well as many sprawling skyscrapers. It is one of the favorite destinations of those who are looking to live, work and raise a family in Canada. Maybe that is the reason why Toronto is the largest Canadian city with over 2.8 million people from diverse cultures. The Greater Toronto Area has an additional population of more than 5 million. Toronto is a hub for finance, business, arts, music, and culture with many banking headquarters such as the Toronto-Dominion Bank, Imperial Bank of Commerce and Bank of Nova Scotia. The CN Tower, Toronto Stock Exchange, Royal Ontario Museum and the new Toronto City Hall are all very impressive landmarks in the city.

Toronto is well connected by both water and land transportation routes. There is the Pearson International Airport and the Billy Bishop Toronto City Airport which is for domestic travel. The roadways are connected mostly by highways 400 and 401. We performed a survey to compare the cost of home insurance in the city of Toronto based on a sample profile.

Who Has the Cheapest Home Insurance Quotes in Toronto

RankHome Insurance CompanyAnnual Rate Per Year
1Aviva$645
2Zenith$751
3RSA$791
4Squareone Insurance$849
5Pembridge$1,668
6Perth Insurance$1,679
7TD Insurance$2,187
8Economical Insurance$2,824

Who Has the Most Expensive Home Insurance Quotes in TorontoAs per a survey with a sample profile, the cheapest annual home insurance quotes were by Aviva Insurance Company. Their annual price was $645 and is $2179 cheaper than the highest quote for home insurance. Following closely at a difference of just $106 is the quote by Zenith Insurance Company. They quoted $751 per year for home insurance.

The Economical Insurance had the highest quote for home insurance at $2824 and this is a huge variation of 77% when you compare it to the lowest quote by Aviva. The next highest quote for home insurance was by TD Insurance at an annual cost of $2187. This is a variation of almost 45% when you compare it to the quote by The Economical Insurance.

Average Home Insurance Cost in Toronto Neighbourhoods

NeighbourhoodAverage Home Insurance Price
Don Valley Village$586
Etobicoke$733
Harbourfront$778
Bayview Village$860
Scarborough$864
Willowdale$877
Eringate$915
Don Mills$928
Bathurst Manor$992
Downsview$1,029
Rexdale$1,084
Jane and Finch$1,095
Weston$1,213
Woodbine Heights$1,259
Financial District$1,414
Eglinton West$1,447
High Park$1,456
York Mills$1,587

Your Additional Toronto Home Insurance

In Toronto, home insurance policies offer blanket coverage for your primary residence or personal property and you may also buy coverage for your temporary or rental property too. If you wish to insure any personal items as part of your contents to get protection from perils that can be added to your home insurance policy. The home insurance contracts usually are renewed either annually or monthly and there may or may not be a fixed contract. Some of the items that you may look to insure as your personal items may include rare collectibles, gold bullion, and fur coats.  You may get protection against any kind of perils such as break-ins, burst pipes, sewer backups, hail storms, earthquakes, fires, and flood.

Some commonly insured items also include:

  • Watches
  • Jewelry
  • Bicycles
  • Sporting equipment
  • Musical instruments
  • Chinaware
  • Fine arts
  • Oriental Rugs

Home Insurance Basics

If you are looking to own your home then you may have to arrange for the 5% down payment for the first $500000 and on top of that 10% of the mortgage amount above that sum. In case you are buying a property worth more than 1 million then you may not qualify for mortgage insurance through government and may have to resort to private mortgage insurance. When you consider getting the right coverage for your home then you may check the following:

  • Get insurance for costs for rebuilding costs of your home.
  • Confirm the accurate value for replacement of your home.
  • Review to check that the home inventory coverage is updated every year at the time you renew your home insurance policy.
  • You may consider a special endorsement to protect any collectibles or valuables in your homes. These may include pieces of fine art, antique items or jewelry.

Tips To Reduce Your Home Insurance Costs

  • You may ask for a credit review if you know you have good or excellent credit ratings as it may reduce your home insurance premiums.
  • Try to shop online for multiple quotes with providers.
  • Consider increasing your home insurance deductibles as this may cut down your premiums.
  • Bundle your car insurance with your home insurance and most insurance companies give multi-product discounts.
  • Set up an approved alarm system for your home for its safety and protection. Such a responsible action on your part may give you a discount on home insurance premiums.
  • Instead of paying your home insurance premiums monthly, you may consider paying them annually as it does make a difference.
  • It helps to review and make sure that you are paying for only insurance that you need and not for something that you do not require. You may make an inventory to check.
  • Before you actually make a claim you may think about its long term effects on your home insurance premiums. Claims free discounts may actually justify the petty claim amount that you were planning to settle.
  • You may try not to have a gap in home insurance when you start a policy after a gap may increase your premiums.

 Are You Planning on Moving to Toronto?

If you have made a decision to move to Toronto for any reason then you may use a moving company. Then you may want to obtain or update a new driver license with the new address and also update it with the Canada Post. In case you have kids then you may want to look for a good daycare, school, activity center etc. and not to forget a family doctor and dentist. You may need to take care of your banking institution and update your details with them too. There may be many other things that you may have to take care of as you settle down and make Toronto your home. Toronto is a very diverse city that welcomes various ethnicities and you may blend with the city culture in no time.

Getting Around Toronto

To travel the length and breadth of Toronto is easy compared to accessibility in other North American cities. The city infrastructure and road planning are easy for a newcomer to navigate as it has a grid street layout. If you don’t drive, then you may make use of the public transit system which is very extensive and this is also a city that is very easy to explore by walking. The roads have east-west and north-south grid layout and Lake Ontario is on the south side.

City Governance in Toronto

The city of Toronto provides many options for adventures such as golf courses, ski hills, ice rinks, beaches, playgrounds, gardens, and ferries etc. The city governance takes care of public services and manages social, transit, health, arts, solid waste, culture, wastewater and water systems. This city has many historic sites, museums, visual arts and performing centers. The infrastructure is very environment-friendly for clean air and sustainable energy for the future.

Average Cost Of Living In Toronto

Cost Of Living

Toronto has been voted as the most livable city in North America but at the same time is also one of the most expensive cities for cost of living. Once you move into Toronto, you may consider some main areas where you may spend on an average. These expenses may take a part of your monthly or yearly allowance and budgets as per your living situation.

  • Housing
  • Property Tax
  • Salary
  • Hydro Bill Expenses
  • Day Care Costs
  • Grocery Costs

Average Toronto House Price

House prices in Toronto are not cheap and to own even a small detached home may cost you a million dollars or more. On the other hand, renting a decent apartment with single bedroom may cost you an average of around $1400. As per the Toronto Real Estate Board (TREB), the real estate market sales saw an upward trend last year. The real estate prices increased by 11.8% in 2016 compared to 2015. During the same time frame, the TREB noted that real estate prices in Greater Toronto Area rose by almost 20%. In perspective, the city of Toronto saw around 5% foreign real estate buyers.

Average Detached House Price in Toronto

The new detached house prices in Toronto saw an increase by 27% due to a drop in the number of new houses being built. This was an all-time low record after 16 years. A new detached house may cost anywhere around $1.24 million. This is an increase of around 27% when you compare prices in 2015 as per data by the Building and Land Development Association. About 60% of the house sales consisted of high-rise condos. Looking at the Greater Toronto Area real estate sales, the average price for a new detached house ranged around $974000. For a new detached home in the city of Toronto, the prices ranged around $1246600.

Average Semi-Detached House Price in Toronto

The average prices for semi- detached houses averaged around $673700 to $808920.

Average Townhouse Price in Toronto

Townhouse prices in the city of Toronto averaged about $662,950.

Average Condo Price in Toronto

The average prices for condo apartments were about $466,500 in Toronto.

Average Toronto Property Tax

Your Toronto property tax includes education levy, city levy and transit expansion levy every year. When you consider residential properties then the city levy is calculated by multiplying phased-in city assessment figures with city tax rate that is approved by the city council. For the education levy part, the education tax rate is considered in the calculation. And for the transit expansion levy, the transit tax rate plays a part in the calculation.

As per the municipality that you live in, you may pay for sewer, road, drains maintenance, garbage collection, and recycling, street lights, snow removal, fire protection, policing etc. Each year, your home market value is multiplied by the municipality property tax rate to get the yearly property tax figure for you. For example, a home with a market value of $325000 and a property tax rate of 1.5% may have property taxes worth $4875 that year.

Average Salary in Toronto

The below table depicts an average salary comparison for some of the common job profiles and their relative annual salaries in the city of Toronto.

Job ProfileAverage Annual Salary
Executive Assistant$54,300
Software Developer$65,330
Admin Assistant$39,800
Legal Assistant$47,980
Operations Manager$66,600
Marketing Manager$65,940
Law Clerk$50,580

Average Toronto Hydro Bill

The average monthly hydro bill in Toronto may range around an average of $110 to $140. This is based on your total consumption in a home per member.

Average Toronto Winter And Summer Temperature

Toronto has a cold winter and a humid warm summer climate. The months between mid of December to the mid of March may most likely be the coldest with snowfall. Around July you may find the climate warming up to an average of 21°C. And another hot and humid spot seems to be the area around The Great Lakes. Speaking of rainfall, it seems to be heavy during the month of July too. As per the location on the Lake Ontario’s shore, the climate in Toronto may be warmer or colder.

Average Toronto Daycare Costs

The average cost for daycares in Toronto is on the rise on par with other Canadian cities. However, licensed child care in Toronto is the most expensive in Ontario as per the Canadian Centre for Policy Alternatives. You may look at an average of around $2600 for 2 kids each month. Then, you may seriously wonder how much of your take home salary goes towards daycare costs. For most young families, the daycare expenses may almost take up the monthly salary of one of the parents.

Toronto Average Grocery Bill

If you were to do the math for the average cost of grocery/food per week for a family of four it might come up to around $80 to $100 per person. This is just basic grocery and no dining, wining out or entertainment. This calculation is based on an estimate by the Nutritious Food Basket with about 66 food items that are part of the main four food groups. These food groups are recommended by Canada’s Food Guide to Healthy Living.


Resources:

http://www1.toronto.ca/wps/portal/contentonly?vgnextoid=3e5eae0b7e612310VgnVCM1000003dd60f89RCRD

https://www.thestar.com/business/2016/12/22/average-price-of-a-new-detached-house-in-toronto-now-124-million.html

http://www.torontohomes-for-sale.com/4a_custpage_2578.html


 

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