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Toronto Home Insurance

As the largest city in Canada, Toronto, ON, boasts a population of 2,731,571, with a staggering 1,179,057 private dwellings (2016 census). This number includes detached homes, semi-detached homes, town houses, rental properties, seasonal residences, and condos.

Mi Casa Es Su Casa!

However, for those homeowners who still owe money on their mortgage, it is usually required, as banks and lenders will ask for it. And for those who have paid off their mortgage (congrats!), home insurance is still strongly recommended, as the value of your property and its contents — in addition to the potential liability associated with others getting injured on your property — far outweigh the cost of your annual premium.

To find quality home insurance at an affordable rate, Torontonians can look no further than Surex.com.

Comparing rates from Canada’s leading Home insurance providers
Intact Insurance
Wawanesa Insurance
CNS Insurance
Jevco Insurance
TuGo
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Types of Coverage We Provide
Home Insurance
This provides coverage for loss and damage to your property and/or any assets.
Liability Coverage
This would provide protection against a lawsuit resulting from damaged property or personal injuries
Deductible
A predetermined amount of money that you must pay towards the cost of the claim. Home insurance has different deductibles for different coverage.
Sewer Backup, Overland/Ground Water
These are optional coverages you can buy that protect you for water damage such as sewer back up and fresh water flooding.
Claims Forgiveness
This allows for the protection of your “claims free discount” in the event of your first claim.
Scheduled Items
Referring to 'special limits' on items like jewellery or art if the value is greater than the special limit you should list the item separately.
Comprehensive Insurance Coverage
When you purchase comprehensive home coverage, it means you are covered for anything that is not excluded.
Broad Coverage
When you purchase broad home coverage, it limits your contents coverage to only specific coverages, (ie. theft, fire, water damage, etc.)
What's the Scoop on Home Insurance in Toronto?

There’s a lot that goes into determining the amount of home insurance you need, and it’s different for every Toronto homeowner. Determining the proper amount of coverage for your unique property situation is something that one fo Surex’s Dedicated Insurance Assistants can help you with.

There are many different types of property insurance available in Toronto, including home insurance, condominium unit insurance, tenant’s or renter’s insurance, secondary dwelling coverage, mobile home (RV) insurance, seasonal dwelling insurance, and investment property (landlord) insurance.

When selecting home insurance, remember that you don’t need enough to cover the market value of your Toronto home, you only need enough to cover the cost to rebuild your home in its current condition (i.e. replacement value of your home), which is often lower than its market value. In order to arrive at an accurate replacement value of your home, be sure to always let a Dedicated Insurance Assistant know of any betterments, renovations, or improvements you make to your residence, as these are likely to raise the replacement value of your home (and thus raise your premiums).

 

Home insurance rates in Toronto are affected by a number of variables, which is why rates can be different for every property. Here are some of the most common factors that insurance companies take into consideration:

  • Home replacement cost. Home insurance is determined by looking at replacement cost, not market value. In other words, home insurance is based on the cost to replace your home in its current shape, not based on how much your home is worth on the market. For example, if your house costs approximately $300,000 to reconstruct, but it’s worth approximately $500,000 if you were to sell it, an insurance company would pay out $300,000 in the event of a total loss.

  • Value of possessions. Home insurance will cover your house and your belongings, but if you own high-value items (e.g. expensive jewelry, high-end entertainment system), your premiums will go up (or you may be required to purchase additional coverages).

  • Coverage type. Home insurance that includes protection beyond the basic coverage (e.g. specialized coverage for high-value items or exotic pets) will result in higher premiums.

  • Local crime rate. If the crime rate in your neighbourhood is above average, this may be reflected in your home insurance premiums.

  • Home systems. Factors such as plumbing, electrical, and heating/cooling are all considered by your insurance company.

  • Personal claims history. If you have a track record of filing multiple claims, you may be viewed as a high-risk customer in the eyes of your insurance provider, meaning your premiums are at risk of going up. When possible, avoid making claims (especially minor ones).

  • Home type. Insuring different types of dwellings will affect your rate. Let your Dedicated Insurance Assistant know if you have a condo, townhouse, semi-detached home, detached home, rental property, or seasonal residence.

  • Deductible amount. Like with car insurance, a higher deductible usually means lower rates.

  • Home betterment. Renovations and improvements to your residence will increase the replacement value of your home, and is therefore likely to raise your premiums.

  • Security features. Home security systems, sprinkler systems, fire alarms, carbon monoxide detectors, and proximity to police stations and fire hydrants are all considered when assessing the risk of your property.

  • Home business. Running a business out of your home should always be disclosed and will likely have an impact on your premiums.

Getting a home insurance quote for your Toronto property is fast, painless, and free. By visiting Surex.com, you’ll be able to compare home insurance options from up to 10 of Canada’s leading insurance providers. Getting a home insurance quote only costs a few minutes of your time, and once you find a quoted price you’re happy with, you can connect with a Dedicated Insurance Assistant. All of your questions about coverages, prices, and discounts will be answered over the phone, as a Dedicated Insurance Assistant provides you with unbiased advice about which home insurance provider has the best coverage for your individual property needs. They may also require further information (beyond what you provided to get the quote), so come prepared to the call with all of the information you have about your Toronto property, as well as a pen and paper so you can take notes about what other details you need to track down.

 

Basic home insurance in Toronto protects your property (detached home, semi-detached home, townhome, rental property, seasonal dwelling, or condo) and its contents against a range of damages, perils, and threats. With a basic home insurance policy, you can rest assured knowing that your single largest investment is covered against the unexpected. Here are some unwelcome outcomes you won’t have to worry about with home insurance:

  • Damages caused by inclimate weather, such as severe storms, tornadoes, hurricanes, lightening, earthquakes, and hail

  • Protection against falling objects

  • Damages caused by explosions

  • Losses resulting from break-and-enters and vandalism

  • Damages caused by fire and/or smoke

  • Damages caused by frozen pipes

  • Aircraft or vehicles colliding with your home

  • Damages caused to structures that are on your insured property, including sheds, guest houses, or garages

  • Living expenses if you’re forced to temporarily relocate while your home is being repaired or replaced (i.e. cost of hotel or short-term apartment rental)

  • Liability protection if someone is inadvertently injured while in your home or on your property. The associated costs could be very expensive (healthcare costs, job loss reimbursement, etc.), and many Toronto homeowners would struggle to afford the financial consequences without insurance.

  • Liability protection if you inadvertently damage another person’s property, even if that property is out-of-province or abroad.

Tyler Amodeo was very helpful in finding me the right coverage for my home and auto. High level of professionalism and responsiveness.

Amanda R. — Toronto, ON

Verinder was polite, professional and willing to provide immediate assistance throughout the experience.

David K. — Toronto, ON

First class service. Precise and well spoken.

Fred S. — Toronto, ON

Very friendly and patient agent. Willing to work hard for me and helpful along the way.

John L. — Toronto, ON

Barbara was super helpful and accommodating, answered all my questions with patience and insight. She made it very easy to select the right insurance for me.

Ian F. — Toronto, ON
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Things to do in Toronto
  1. Visit Hight Park Zoo
  2. Check out the ROM
  3. The Science Center
Best Landmarks in Toronto
  1. Casa Loma
  2. CN Tower
  3. Hockey Hall of Fame
Best Hamberger in Toronto
  1. Holy Chuck
  2. The Burger Cellar
  3. The Burgenator

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Talk to Real People

insurance broker
Karen
Licensed insurance advisor
Things to ask your Advisor

Wow, that's a hard one!  The first place to start is here with us! First go online and put in your information from there you will see a variety of coverages and pricing options. Next chat with your assigned Insurance Advisor to discuss what options and what coverage works best for you. How much they charge for home insurance depends on your history, the city you live in, the type of dwelling etc. 

Fire. Toronto’s big population means building fires can spread quickly as homes tend to be very close together. 


Flooding. Because of its low elevation, Toronto can see flash flooding, this can cause severe water damage.


Cold temperatures. With temperatures that can reach -30C, Torontotonians need to be prepared for frozen or burst water pipes in the winter season.
 

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