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How does home insurance in Toronto work?
Matt Hands, VP, Insurance
Home insurance isn't required by law in Toronto or the rest of Canada. While it's highly recommended that you carry coverage to protect such a large asset, it's entirely up to you as the homeowner. The one exception, however, is if you have a mortgage on the property. It's no surprise that most lenders will require you to carry home insurance as part of the lending agreement to safeguard their investment.
A home insurance policy doesn't just pay for the repair and replacement of your property in the event of physical damage. It can also cover all the personal belongings within it and act as a financial safeguard against liability claims. To learn more about all things home insurance in Toronto, be sure to read on.
Types of Toronto home insurance policies
There are various home insurance policies you can choose from. Here, we cover three common types of plans, so you can choose the best one for your needs. It's important to note, however, that most homeowners will opt for the comprehensive choice as it offers the highest level of coverage.
| Policy type | Description |
| Basic home insurance | This only covers your home and your contents against loss and damage from the specific risks listed in your policy (e.g. theft, fire). |
| Broad home insurance | This covers your home against loss and damage from all standard risks. However, your contents are only covered against loss and damage from risks listed in your policy. |
| Comprehensive home insurance | This covers your home and your contents against all risks of loss and damage unless otherwise specified in your policy – it's the highest form of protection you can buy. |
What does standard home insurance cover in Toronto?
While the type of home insurance plan you select will determine the risks you're insured against (e.g. theft, fire), most Toronto home insurance policies will offer these standard coverages.
Dwelling coverage
Contents coverage
Liability coverage
Additional living expenses coverage
Common home insurance add-ons in Toronto
You can also customize your Toronto home insurance policy further with optional add-ons (also known as endorsements). While the available options will differ depending on the insurer you choose, here are some common ones you can ask your insurance representative about.
Home-based business insurance
If you run a business from home, you may want coverage against commercial-related risks (e.g. damaged stock).
Umbrella insurance
These policies are typically sold separately. They offer an extension to your auto or home insurance's liability limit, plus cover additional forms of liability.
Identity theft insurance
If your information is stolen with the intent to commit a crime, this coverage can help you with the recovery process financially.
Extended contents insurance
Some items (e.g. art, jewelry) have set coverage limits. With this add-on, you can increase the limit for peace of mind.
Flood insurance
This covers you for flood damage (which can include overland water and sewer backup) – highly recommended for homes in flood-prone areas.
Earthquake insurance
Earthquakes are usually an uninsured peril unless you add the coverage to your policy. Consider doing so if you live in an area that could be impacted.
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What is not covered by home insurance in Toronto?
Typically, wear and tear on a home caused by a lack of regular maintenance is excluded from standard home insurance coverage. For example, mould and termite infestations that could have been prevented through home upkeep are generally not covered. Home insurance is meant for emergencies, not as a maintenance plan. Be sure to check with your insurer about what is and isn’t covered in your policy. You may need to add coverage endorsements to customize your policy to meet your needs.
How much is home insurance in Toronto?
The cost of home insurance in Toronto will differ case by case as it's calculated based on various individualized factors. Generally speaking, the more risk you and your property bring, the higher your rate will be. To find the exact cost you’ll be paying, be sure to compare personalized home insurance quotes with us. Below are three sample quotes our Toronto users received from us, updated in April 2026.
- $103/month
1,145 square-foot semi-detached home
under Wawanesa Insurance
- $123/month
1,566 square-foot townhouse
under Gore Mutual
- $180/month
1,499 square-foot detached home
under CAA Insurance
What are factors that impact your Toronto home insurance quote?
Home insurance companies look at many factors to determine your personalized quote. Here are a few key ones that help indicate the level of risk you bring as a policyholder.
Property type
Home replacement cost
Location
Internal construction
Roof
Renovations & betterments
Pets
Pools & accessory dwellings
Special use
Credit score
Insurance history
How to get the cheapest home insurance in Toronto
While insurers are the ones that ultimately determine the price you'll be paying, there are many steps you can take to ensure you're getting the best possible premium. Here, we cover eight different ways to get cheap home insurance in Toronto.
Shop and compare
With Ratehub.ca, you can compare personalized home insurance quotes from top Toronto companies, all in one place. You won't know which insurer offers the best rate until you shop the market.
Bundle policies
By securing your home insurance policy plus other coverage needs (e.g. auto, condo, tenant) under one provider, you'll be eligible for a multi-policy bundle discount.
Stay loyal
It's no surprise that insurers value customers who stay with them long-term. If you're renewing a home insurance policy with your current insurer, be sure to ask about loyalty discounts.
Upgrade your property
While some upgrades (e.g. remodelled kitchen) can increase your premium, others (e.g. new roofing) can help lower it instead.
Improve your credit
Many home insurance companies look at your credit score as an indicator of the risk you bring. Opting in for a soft credit check (and having a good score) will lead to the cheapest insurance rates.
Install safety systems
Certain safety systems, such as a centrally monitored alarm system, can lead to a discount – insurers like to see you lower your risk of having to make a claim.
Increase your deductible
Your deductible is the amount of money you agree to pay for a claim before your insurer meets the rest. Choosing a higher rate may leave you with more risk, but it will also lead to lower rates.
Just ask
You never know what discounts you can qualify for unless you ask. For example, you may be eligible for alumni group rates.
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