Home insurance in Toronto, like in any other Canadian city, provides coverage for your property and belongings against losses or damages caused by a range of perils, including fire, theft, and water damage. Here are some things you should know about home insurance in Toronto:
- Home insurance is not mandatory in Ontario, but it’s highly recommended: While it’s not required by law to have home insurance in Toronto, mortgage lenders typically require it as a condition of the loan. Additionally, having home insurance can help protect you from financial losses in the event of damage or theft.
- Your coverage options may vary: Home insurance policies in Toronto may have different coverage options, including all-risk coverage or named perils coverage. All-risk coverage provides coverage for all types of damage, while named perils coverage only covers specific perils listed in the policy.
- Premiums can vary based on location and other factors: Your home insurance premiums may be influenced by a range of factors, including the location of your home, its age, and the value of your belongings. Additionally, you may be eligible for discounts based on factors such as the presence of a home security system or a claims-free history.
- Flooding and sewer backup coverage may require additional policies: Home insurance policies typically do not provide coverage for damages caused by flooding or sewer backup. You may need to purchase separate policies or endorsements to obtain this coverage.
- Working with a reputable insurance provider is important: When choosing a home insurance provider in Toronto, it’s important to work with a reputable company with a history of providing quality coverage and excellent customer service. Be sure to shop around and compare coverage options and pricing before making a decision.
Overall, having home insurance in Toronto is a wise investment that can help protect your property and belongings from unexpected losses or damages.
Who Has the Cheapest Home Insurance Quotes in Toronto
| Rank | Home Insurance Company | Annual Rate Per Year |
|---|---|---|
| 1 | Aviva | $645 |
| 2 | Zenith | $751 |
| 3 | RSA | $791 |
| 4 | Squareone Insurance | $849 |
| 5 | Pembridge | $1,668 |
| 6 | Perth Insurance | $1,679 |
| 7 | TD Insurance | $2,187 |
| 8 | Economical 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
| Neighbourhood | Average 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 |
It’s important to note that these are only approximate average costs and that actual costs may vary based on individual circumstances, such as the age, condition, and features of your home, as well as the type and amount of coverage you choose. Additionally, these average costs may not include coverage for certain perils such as flooding or earthquake, which may require separate policies or endorsements. Be sure to shop around and compare quotes from multiple insurance providers to find the best coverage and pricing for your needs.
How Does Toronto’s Average Home Insurance Cost Compare to Other Cities?
Here’s a list comparing the average home insurance cost in Toronto to some other major Canadian cities:
- Toronto: $1,500 to $2,000 per year (approximate average)
- Vancouver: $1,200 to $1,500 per year (approximate average)
- Calgary: $1,000 to $1,400 per year (approximate average)
- Montreal: $800 to $1,200 per year (approximate average)
- Ottawa: $800 to $1,200 per year (approximate average)
- Edmonton: $900 to $1,300 per year (approximate average)
- Halifax: $800 to $1,200 per year (approximate average)
- Winnipeg: $800 to $1,200 per year (approximate average)
- Saskatoon: $700 to $1,100 per year (approximate average)
- Regina: $700 to $1,100 per year (approximate average)
It’s important to keep in mind that these are only approximate average costs and that actual costs may vary widely based on individual factors such as the location, age, and value of your home, as well as the type and amount of coverage you choose. Additionally, these costs may not include coverage for certain perils such as flooding or earthquake, which may require separate policies or endorsements. Be sure to compare quotes from multiple insurance providers to find the best coverage and pricing for your individual needs.
List of 10 Best Home Insurance Companies in Toronto
Here is a list of some of the best home insurance companies in Toronto, along with a brief company description, bullet point good and bad reviews from the internet, and star ratings. Please note that these ratings are based on customer reviews and may not necessarily reflect the quality of the insurance coverage.
- Belairdirect
- Description: Belairdirect is one of the largest home insurance companies in Canada, offering a range of coverage options to suit different needs and budgets.
- Good Reviews: Quick and easy online quote process, helpful customer service, affordable premiums.
- Bad Reviews: Long wait times to speak with a representative, limited coverage options for certain areas, some customers experienced claim denials.
- Star Rating: 3.9/5
- Intact Insurance
- Description: Intact Insurance is a leading provider of home insurance in Canada, with customizable coverage options and a strong reputation for customer service.
- Good Reviews: Knowledgeable and helpful representatives, quick and easy claims process, affordable premiums.
- Bad Reviews: Some customers experienced delayed claim payouts, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.8/5
- TD Insurance
- Description: TD Insurance is a well-known provider of home insurance in Canada, offering a range of coverage options and discounts for bundling with other TD products.
- Good Reviews: Competitive premiums, helpful and responsive customer service, customizable coverage options.
- Bad Reviews: Some customers experienced issues with claim processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.5/5
- Aviva Canada
- Description: Aviva Canada is a leading provider of home insurance in Canada, offering customizable coverage options and a strong reputation for customer service.
- Good Reviews: Quick and easy online quote process, helpful and responsive customer service, competitive premiums.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.2/5
- RSA Canada
- Description: RSA Canada is a well-established provider of home insurance in Canada, offering customizable coverage options and a range of discounts for bundling with other RSA products.
- Good Reviews: Knowledgeable and helpful representatives, quick and easy claims process, competitive premiums.
- Bad Reviews: Some customers experienced delayed claim payouts, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 2.9/5
- Desjardins Insurance
- Description: Desjardins Insurance is a well-established provider of home insurance in Canada, offering a range of customizable coverage options and discounts for bundling with other Desjardins products.
- Good Reviews: Knowledgeable and helpful representatives, quick and easy claims process, affordable premiums.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.3/5
- Wawanesa Insurance
- Description: Wawanesa Insurance is a trusted provider of home insurance in Canada, with a range of customizable coverage options and a reputation for excellent customer service.
- Good Reviews: Competitive premiums, helpful and responsive customer service, quick and easy claims process.
- Bad Reviews: Some customers experienced delayed claim payouts, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.5/5
- Co-operators Insurance
- Description: Co-operators Insurance is a well-established provider of home insurance in Canada, offering customizable coverage options and discounts for bundling with other Co-operators products.
- Good Reviews: Knowledgeable and helpful representatives, quick and easy claims process, competitive premiums.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.4/5
- Economical Insurance
- Description: Economical Insurance is a leading provider of home insurance in Canada, offering a range of customizable coverage options and a reputation for excellent customer service.
- Good Reviews: Competitive premiums, helpful and responsive customer service, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.2/5
- Allstate Insurance
- Description: Allstate Insurance is a well-known provider of home insurance in Canada, offering a range of customizable coverage options and discounts for bundling with other Allstate products.
- Good Reviews: Quick and easy online quote process, helpful and responsive customer service, competitive premiums.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, lengthy policy documents.
- Star Rating: 3.0/5
- Desjardins Insurance
Please note that this is not an exhaustive list, and there may be other home insurance companies in Toronto that could be a good fit for your needs. It’s important to do your own research and compare coverage options and premiums before choosing an insurance provider.
List of 10 Best Home Insurance Brokers in Toronto
Here is a list of some of the best independent home insurance brokers in Toronto, along with a brief company description, bullet point good and bad reviews from the internet, and star ratings. Please note that these ratings are based on customer reviews and may not necessarily reflect the quality of the insurance coverage.
- JD Smith & Associates Insurance Brokers
- Description: JD Smith & Associates is an independent insurance brokerage in Toronto, specializing in home insurance and offering a range of coverage options from a variety of insurance providers.
- Good Reviews: Helpful and knowledgeable brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.7/5
- Levitt Insurance Brokers Ltd.
- Description: Levitt Insurance Brokers is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.6/5
- Morison Insurance Toronto
- Description: Morison Insurance is an independent insurance brokerage with a branch in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Helpful and knowledgeable brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.5/5
- Insurance Hero
- Description: Insurance Hero is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.4/5
- Mitchell & Whale Insurance Brokers
- Description: Mitchell & Whale is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.2/5
- Duliban Insurance Brokers Ltd.
- Description: Duliban Insurance is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.1/5
- Oracle RMS Insurance Brokers
- Description: Oracle RMS is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 4.0/5
- Cornerstone Insurance Brokers
- Description: Cornerstone Insurance is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 3.9/5
- Guthrie Insurance Brokers
- Description: Guthrie Insurance is an independent insurance brokerage in Toronto, offering a range of home insurance options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 3.8/5
- KASE Insurance
- Description: KASE Insurance is an independent insurance brokerage in Toronto, specializing in home insurance for high-value homes and offering a range of coverage options from a variety of insurance providers.
- Good Reviews: Knowledgeable and helpful brokers, competitive premiums, quick and easy claims process.
- Bad Reviews: Some customers experienced issues with claims processing, limited coverage options for certain areas, long wait times to speak with a broker.
- Star Rating: 3.7/5
Again, it’s important to do your own research and compare coverage options and premiums before choosing an insurance provider or broker. It’s also important to keep in mind that customer reviews may not necessarily reflect the quality of the insurance coverage, and that different customers may have different experiences with the same insurance provider or broker.
About the Author: Valerie D. Hahn
