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Source of information:

The content you will read below is not just imaginary, it is based on actual value and numbers. We’re licensed insurance and financial advisors in Ontario. We gather our information from trusted sources like the Financial Services Regulatory Authority of Ontario, the Office of the Superintendent of Financial Institutions (OSFI), and the Government of Ontario. Our team applies their expertise to this information to offer you personalized advice that’s both ethical and compliant. We’re committed to transparency, ongoing learning, and earning your trust as we work towards securing your financial future. Thank you for choosing us.

Research and Written by  Arjun Mano

Ontario's average Home Insurance rate in 2023?

The Financial Services Regulatory Authority of Ontario (FSRA) is the one steering the wheel when it comes to managing cheap home insurance in Ontario.  According to their studies, homeowners in Ontario should be ready to spend about $700 to $2000 per year, or $67 to $212 per month, on home insurance by June 2023. But remember, this isn’t the final answer! The actual amount you have to pay can change. It depends on things like your home type (condo, tenant), where it’s located,  how old it is, your credit scores, and any past damage you have.

Is Home insurance mandatory in Ontario?

It is not a legal requirement in the province of Ontario to carry house insurance if you are a house owner. But if you have a home loan on your property from a bank, the bank and loan company will require you to carry an insurance policy. However, financial institutions, mortgage lenders, and real estate professionals strongly suggest and advise you to have a home insurance policy if you are an owner or renter.

How does Home Insurance work in Ontario?

The working of your home insurance policy depends on the value of your property. This means insurance companies closely examine your home to figure this out. They consider how big it is, what materials were used to build it, and any special features that make your home unique. So it is better to ask your insurance provider about the coverage policy.

What things does home insurance cover?

When you purchase a home insurance policy, you put a safety net around your home and all the precious items in the house. This includes everything from the structure of your house to the electronics, jewellery, carpets, furniture, clothing, and if something terrible like a fire happens at your home and destroys it, your insurance can pay to rebuild it. In addition, you’re protecting yourself. You can get help if someone gets hurt on your land and blames you; your insurance can help.

But remember, natural disasters like flooding and earthquakes are not included in the primary insurance policy; you must buy a separate earthquake and flooding insurance policy.

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Home Insurance Types in Ontario

There are only 3 types of home Insurance which is include in basic coverage: 

This type of insurance protects your house and property structure. It protects you from problems like fire, theft, and water damage. If something terrible like a fire happens and your home is destroyed, your insurance can pay to rebuild it. But remember, it’s about the cost of rebuilding, not how much you could sell your home for. It covers everything from your house or condo bricks and mortar to the treasures inside – your electronics, jewellery, clothes, and even your beloved carpets.

This is like a backup insurance policy if someone gets injured on your property. For instance, if a person comes to visit your house and slips on a wet floor in your room or kitchen and breaks their hands or wrist, this coverage will help you to protect them if they decides to sue you for their medical costs.

It also comes into play when you accidentally cause damage to someone else’s property. For example, if you’re cutting your lawn and a rock flies out and breaks your neighbour’s window, or a child you’re looking after accidentally spills juice on your friend’s expensive rug, you might be able to get compensation for the cost of repairing or replacing it

Apart from the typical elements in an Ontario home insurance policy, supplementary coverages are available to provide enhanced protection for your home and its contents. Overland Water covers damage from overflowing nearby water sources like rivers and lakes, while Sewer backup protects against damage caused by a central sewer backing up. Earthquake coverage is vital for those in seismic areas. Theft covers document replacement costs, and Lock Replacement ensures security in unforeseen situations. These add-ons allow homeowners to customize coverage based on unique needs.

What is not covered in basic home insurance coverage ON?

Regarding basic insurance coverage, homeowners can customize their coverage beyond their requirements. While below, some of these coverage need to purchase seperately, because they are not include in the basic coverage. These add ons coverages can significantly enhance protection for homeowners and their property.

If you are doing any business in your home and apply for home insurance you will only get home insurance, not your home-based business insurance, so for business, you need to take a separate policy.

Landslides, Earthquakes, Earth Movements, Flooding, Snowfall, It’s a common misconception that these natural disasters are covered by insurance. However, the reality is that they typically aren’t. But don’t lose hope just yet – you can add this coverage separately.

As much as we dislike them, insects and rodents are a part of life. Typically, insurance excludes damage caused by these little critters. However, some policies may make exceptions for damage to building glass.

 It’s a sad fact of modern life, but losses due to pollution generally aren’t covered by insurance.

It’s a scary world out there, and damages arising from war, terrorism, or nuclear risks usually aren’t covered by standard home insurance policies.

Why did Home Insurance rates keep rising in Ontario?

Home insurance premiums in Ontario, like in many other regions, can experience increases for various reasons. Several factors contribute to the rise in cheap home insurance costs, and these factors can vary over time. Here are some common reasons why home insurance premiums in Ontario may keep rising:

  • Weather extremes: Ontario is prone to extreme weather events such as floods, wildfires, and storms. An increase in the frequency and severity of these events can result in higher insurance claims and coverage.
  • Climate Change Impact: This increased risk of natural disasters can impact the cost of insurance claims, resulting in higher premiums.
  • Rising Construction Costs: The cost of rebuilding or repairing homes has risen over time due to increased construction material costs, labour expenses, and other related expenses. Insurance companies may adjust premiums to reflect the higher costs associated with property replacement.
  • Increasing Home Values: As property values increase, the potential cost of replacing or repairing homes also rises. Insurance premiums are often related to the value of the insured property; as a result, when the value of the property increases, premiums may also increase.
  • Legal and Regulatory Changes: Changes in laws and regulations, especially those related to insurance, can impact the cost of coverage. New regulations or requirements may require adjustments in insurance premiums to comply with legal standards.
  • Economic Factors: Economic conditions, such as inflation, can affect the cost of goods and services, including construction materials and labour. Insurers may increase premiums to offset the impact of inflation on the costs associated with claims and repairs.

Our user data was used to analyze the average cost of Home insurance in cities of Ontario

Car insurance rates by city in Ontario.

The rate of Home inusrance by cities is different due to their property demand, population, theft reports and other senarios aswell. These are the following rates which our data utilize while providing rates to our customers. More over you can read our insurace cases to figure out the actual rate we provide to our customers.

City 2023 Annual Rates

The Ontario's Government Home Insurance policies:

The Ontario government ensures your protection regarding cheap home insurance policy Ontario. They have implemented rules to ensure fairness for insurance companies. They license only trustworthy companies to sell home insurance, which builds consumer trust in the industry and ensures fair treatment from insurers.

They have established the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Services Regulatory Authority of Ontario(FSRA) to monitor insurers’ stability and compliance with federal guidelines. The government also requires that basic home insurance coverage includes protection against specific natural disasters, such as flooding in high-risk areas. These policies aim to reduce potential financial burdens on homeowners and maintain market stability.

In recent years, the government has promoted the home insurance sector by raising consumer awareness through educational initiatives and providing accessible information portals. The government is also actively seeking ways to curb home insurance scams by establishing an online support platform to guide citizens about insurance policies. The Ontario government demonstrates its commitment to protecting homeowners and fostering a robust housing market by continually evaluating and adapting these policies.


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The best Tips to find cheap home insurance.

Several factors can affect best cheap Home insurance rates Ontario, so understanding them in Ontario is essential.

  1. Compare quotes and shop around: When looking for home insurance, comparing quotes from different providers is recommended, which will help you understand the policies of other providers and get you the cheapest rate on home insurance.
  2. Raising your deductible: If you want to reduce your premiums, consider increasing your deductible. Regularly reviewing and updating your policy ensures you get the best rates possible.
  3. Safety features: Enhancing your home’s safety can help lower your insurance costs.
  4.  Ask Discount: Take advantage of any discounts and savings opportunities like bundle car and home insurance.
  5.  No- Damage: Maintaining your home with no fire or theft record can qualify you for lower insurance rates.

If you need assistance or expert advice, consider seeking help from an insurance providers.

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Filling a home insurance claim in Ontario.

Filling out home insurance is very easy if you follow these steps, the insurance company will ask you too many questions about the issue but you need to be confident and ready to answer all the questions.

  1. Reach out to your insurance company as soon as possible. Have your policy number and details of the incident ready. Your insurance company will walk you through the initial steps and may assign a claims adjuster to your case.
  2. Before making any repairs or cleanup, carefully record the damage. Take photographs or videos, and make a detailed list of the items affected. This documentation will serve as crucial evidence during the claims process.
  3. To prevent further damage, go ahead and make temporary fixes. Keep all receipts and records of expenses, as your policy might cover these costs. However, avoid major repairs until the claims adjuster assesses the damage.
  4. In cases of theft, vandalism, or other criminal activities, file a police report. This document adds an extra layer of verification to your claim and assists in the investigation process.
  5. Maintain clear and open communication with your insurance company. Update them on any developments, provide requested documents promptly, and keep a record of all conversations. Effective communication expedites the claims process and ensures that you stay informed.

But 15% of claims out of 80 were denied on home insurance. Insurance companies changed their claim policy in 2023, that’s why people in Ontario face a decline in the claim process.

Homeowner and Renter Insurance Difference.

Many people in Ontario ask, Can home insurance also cover renters insurance? When they are buying a home insurance policy. Unfortunately, the answer is generally NO. Home insurance is created to safeguard the property and possession of the homeowner but does not cover tenants’ personal belongings or liabilities. You need to buy tenants’/renters’ insurance to safeguard your personal belongings.

However, when it comes to specific events such as a fire, theft, or other losses in a rented home, the coverage scenario unfolds as follows:

      Fire or Theft in a Rented Home:

  • Homeowner’s Insurance: If a fire or theft in a rented home breaks out, the homeowner’s insurance typically covers the structure and any permanent fixtures. This means the homeowner’s insurance would likely address the physical damage to the building, such as walls and flooring.
  • Renter’s Insurance: On the other hand, the tenant’s personal belongings—such as furniture, electronics, and clothing—are covered by their renter’s insurance. This policy comes into play to help replace or repair items damaged or stolen due to covered events, providing a financial safety net for the tenant.

         Liability Concerns:

  • Homeowner’s Insurance: If the fire or theft in the rented home results from the landlord’s fault (e.g., faulty wiring or lack of security measures), the landlord’s liability insurance may come into play. This could cover damages to the tenant’s belongings or potential injuries the tenant or others suffered.
  • Renter’s Insurance: The tenant’s renters insurance provides liability coverage for scenarios where the tenant is found responsible for damage to the rented property or injuries suffered on the property. It’s a crucial component in ensuring financial protection for the tenant in various liability-related situations.

Why Renters Insurance is essential in Ontario?

Given the specific coverage scope of homeowner’s insurance, renters are strongly advised to invest in their renter’s insurance. Renters insurance covers personal belongings and offers liability protection, ensuring tenants are financially safeguarded in the face of unforeseen events.

Frequently asked questions about Home Insurance in Ontario

No, we are providing Insurance rates to our valuable customers. We work with the Insurance companies in Ontario.

Completely free! we are not charging any penny with our customers. We have our deal with Insurance providers. We believe in to provide best rates and coverage to our Canadians.

Home insurance often covers additional living expenses (ALE) if a covered loss forces you to live elsewhere during home repairs or rebuilding. Coverage limits and duration vary, so review your policy carefully.

Home renovations can affect insurance claims processing. Any changes to your home’s structure or value might necessitate coverage adjustments. Always inform your insurance provider about renovations to avoid underinsurance.

While local factors like crime rates or proximity to emergency services might indirectly influence insurance rates, broader factors like rebuilding costs, local weather patterns, and regional claim frequency play a more significant role. Consult

Ontario doesn’t have high seismic activity, but if earthquake damage concerns you, consider earthquake insurance as a separate endorsement. Standard home insurance policies usually don’t cover earthquake damage. Assess your region’s seismic risk and the cost of additional coverage to make an informed decision.

Location significantly influences home insurance rates. Factors include proximity to emergency services, historical weather-related claims, and local crime rates. Areas prone to natural disasters like floods or wildfires might also affect premiums. Consult insurance providers or brokers for location-specific information.

Yes, you can cancel your insurance coverage, but you must pay a small fine because you are cracking the 12-month agreement. All insurance companies signed an agreement before providing insurance coverage

Documents require for Home insurance Coverage.

You will need specific documentation and information to obtain a Home insurance policy in Ontario to ensure a smooth and efficient process. As per the regulations outlined by the Ontario Government and the Superintendent of Financial Institutions (OSFI), the following documents are typically required:

  • Property Address:
  • Year Built:
  • Full Names and Birthdates of Residents:
  • Square Footage:
  • Number of Rooms and Bathrooms:
  • Security Features:
  • Photos of the Property:

What are some common misconceptions about home insurance quotes in Ontario?

If you’ve searched for cheap home insurance quotes in Ontario, you’ve probably encountered some common misconceptions. Dispelling these myths can help you make more informed decisions about your coverage. 

Myth 1: The cheapest quote is the best deal 

While it’s natural to gravitate towards the lowest price, it’s essential to understand what’s included in the policy. The cheapest quote might offer less comprehensive coverage. Consider the deductible, accident forgiveness, and third-party liability before deciding. 

Myth 2: Insurance rates are non-negotiable  

Contrary to popular belief, home insurance rates are not set in stone. Insurers consider many factors, such as your property value, property location, and security . Discuss your preferences with your insurer or shop around for better rates. 

Myth 3: Your credit score doesn’t affect your insurance rates 

In Ontario, unlike other provinces, insurance companies cannot determine your rates based on your credit score. However, they might use information about your payment history with insurance companies, so keeping up with your payments is crucial. 

Top 10 Home insurance companies in Ontario:

Square One:

Square One is like your friendly neighbourhood insurance company in Canada, known for being one of the best Home insurance providers in Ontario. They make things simple by letting customers buy insurance online or over the phone, no middlemen involved.

Gore Mutual:

Gore Mutual is another big name in the insurance world. Owned by one of Canada’s largest insurance providers, they offer a wide range of insurance products from Home to business insurance.

Economical Insurance:

Economical Insurance, one of Canada’s oldest coverage providers, is like that wise old friend who always has something new to offer. They provide unique options in Home insurance.


RBC, or Royal Bank of Canada Insurance, is like the big brother of insurance providers. They offer a variety of insurance products and services to individuals, families, and businesses across Canada.

Desjardins Insurance:

Desjardins Insurance is like the cool kid on the block. They’re one of the largest insurance providers in Canada and offer discounts for things like installing winter tires and getting good grades as a student.

SGI Canada:

SGI Canada, a provincial Crown corporation, is like the guardian of Saskatchewan residents, providing various types of mandatory and optional insurance coverage.

Intact Insurance:

Intact Insurance is a leading home, auto, and business insurance provider in Canada. They’re like the reliable friend you can always count on.


Desjardins is known for offering affordable insurance policies. They’re like the budget-friendly buddy who provides variety of insurance.

Onlia Insurance:

Onlia Insurance, a digital insurance provider in Canada, is like the tech-savvy friend who makes things easy with their user-friendly online platform.

Travelers Insurance:

last but not least, Travelers Insurance provides comprehensive insurance services. They’re like the jack-of-all-trades, offering personal Insurance, business insurance, and specialized industry-specific insurance solutions.

Understand How Location Affects your Insurance Rates.

Your address can significantly impact the Home insurance premium cost in Ontario. Where you live directly relates to the risk level insurance companies associate with insuring your Home. Let’s explore this further

Urban versus Rural: 

Generally speaking, if you’re in an urban area—like Toronto or Ottawa—you’ll normally face more affordable insurance costs. Why? These zones typically experience higher traffic levels, more emergency services, no bad weather, and building materials and construction costs than rural communities. 

Conversely, rural areas are often associated with higher risk factors, leading to higher insurance quotes.

Note: You can still find cheap home insurance because you live in a city. Shopping around for multiple quotes is essential. 

The Impact of Neighbourhood Crime Rates: 

Home insurers also consider local crime rates when determining your insurance cost. Areas with high theft or vandalism rates can increase insurance costs as the likelihood of making a claim increases. 

Conversely, neighbourhoods with low crime rates might enjoy more cost-effective insurance premiums. Remember, to insurance companies, it’s all about risk and probability. 

The Role of Credit Scores in Home Insurance:

In Ontario, your credit score significantly influences the cost and availability of your home insurance. Insurance companies assess a potential policyholder’s financial responsibility and reliability using their credit score.

Insurance companies determine home insurance premiums by considering various factors, including the probability of a claim from the policyholder. Research links lower credit scores with an increased likelihood of making a claim. Consequently, insurance companies often view people with lower credit scores as higher risk, leading to potentially higher insurance premiums.

Home Insurance for Older Homes:

The age of the home is one factor that can affect insurance rates for older homes. Older homes might have outdated electrical systems, plumbing, or roofing, increasing the risk of damage or accidents. Due to these potential risks, insurance companies might impose higher premiums.

The home’s condition is another factor that insurance companies take into account. A poorly maintained home or one with significant wear and tear might be more prone to damage, leading to higher insurance rates.

Specific home types that are cheaper to insure in Ontario

Depending on the circumstances, certain home types may be associated with lower insurance costs. Here are some considerations.

  • Condos and Apartments:

Condominiums and apartments typically have lower insurance costs than detached houses. This is because condo and apartment insurance often cover the contents and personal belongings of the policyholder rather than the structure itself. The condominium corporation’s insurance usually covers the building structure.

  • Townhouses:

Townhouses may have more affordable insurance rates compared to detached houses. Like condos, the insurance costs for townhouses might be influenced by the fact that the structure is connected to others, and specific building elements might be covered by a homeowners association or shared insurance policy.

  • Newer Construction:

Insuring a newer home may be more affordable than insuring an older home. New construction often includes modern building materials, electrical systems, and plumbing, which can reduce the risk of certain types of damage. Additionally, new homes may be equipped with safety features that can qualify for insurance discounts.

  • Homes with Security Systems:

Homes with security systems, such as burglar or fire alarms, may be eligible for insurance discounts. These systems can help mitigate risks, and insurance companies often reward homeowners who take active measures to enhance the security of their homes.

  • Homes in Low-Risk Areas:

The location of the Home plays a significant role in insurance costs. Homes in areas with lower crime rates, less exposure to natural disasters, and proximity to fire hydrants or fire stations may have lower insurance premiums. Flood-prone areas or regions with a history of severe weather events might experience higher insurance costs.

  • Homes with Renovations or Upgrades:

Homes that have undergone renovations or upgrades to meet current building codes may benefit from lower insurance premiums. Upgrades such as a new roof, updated wiring, or plumbing systems can reduce the risk of damage and qualify for discounts.

Arjun mano

Arjun Mano

Having more than 8 years of experience in writing and reporting about Insurance and Finance. He is working with Onis hub and providing valuable knowledge to our readers. Read full bio.

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