How Much Is Home Insurance In Toronto?

It’s difficult to give a precise response. Home insurance in Toronto varies greatly depending on the size of your home, its cost, its location, and the type and limits of your policy. It also differs depending on the insurance. Different approaches are used by insurance firms to assess and determine risk. This is one of the reasons why premiums differ from one insurance company to the other.

Home insurance in Toronto can cost anywhere from $700 to $2,000 per year or more.

What is the average cost of home insurance in Ontario?

Insurers consider a variety of factors when determining the cost of home insurance premiums in Ontario. They include information such as the location of your home, the cost of rebuilding it, the proximity of fire hydrants and fire stations, and the age of your home.


The city you live in is one of the most important elements in deciding your home insurance rate in Ontario. Your home insurance prices are influenced by the city and neighborhood where you live because your insurer keeps track of the types, costs, and number of claims in your area. They analyze previous claims to gain a better understanding of your neighborhood and predict the likelihood of future claims.

Replacement cost

Replacement cost, also known as rebuild value, is a significant element in setting your house insurance costs. It differs from resale value in that it includes the cost of materials and labor to rebuild your home but excludes the value of the land on which your home is built. The replacement cost of your home is the amount it would cost to repair it if it were destroyed. The cost of replacing your home is determined by the size of your home and the materials used to construct it. The higher the replacement cost of your home, the higher your home insurance premiums will be.

Proximity to fire hydrants

Your insurer will need to know the distance to the nearest fire hydrant or fire station since the faster a fire is put out, the less money it will cost to rebuild your property. In the city, this is normally not an issue, but in rural areas, fire stations are further away, which will raise your rates.

Electrical wiring

Insurers take into account the sort of electrical wiring in your home and how power enters it. Aluminum or knob-and-tube wiring is a fire hazard, and insurers may require you to certify that your property is free of this sort of wiring. They may offer you time to remove it or conduct a safety inspection. Breakers are safer than fuses, and to avoid overloading and fire, you should have at least a 100-amp service.

The age of the roof

An old roof will raise your insurance rates, and it should not be older than 20 years. Some homeowners’ insurance policies only cover a roof’s depreciated worth if it is nearing the end of its useful life.

Wood stoves

If not properly maintained or fitted, wood-burning stoves can cause fires and carbon monoxide poisoning. Insurers may require them to be inspected, and possessing one can raise your house insurance premiums.

What kind of plumbing your home has

Because galvanized or lead piping signifies outdated plumbing with a higher risk of breaks and leaks, homes with copper or plastic piping have lower insurance premiums.

Other uses of your home

If you rent a portion of your home, run a home-based business, or make significant changes to the structure or usage of your home, you must notify your insurer so that your home insurance policy can be adjusted.

How much does home insurance cost in Ontario?

In Ontario, the average annual cost of home insurance is around $1250. Tenants pay approximately $210 per year, whereas condo owners pay approximately $345 per year. Home insurance costs more than renters or condo insurance since it covers the entire structure, not just your personal belongings and the interior of your unit.

How much is house insurance per month Canada?

The typical annual Ontario homeowners insurance rate in 2018 was $1,284 ($107 per month), according to the JD Power & Associates 2018 Canada Home Insurance Study.

However, utilizing a median value for all of Ontario can be misleading because your homeowners insurance price is influenced by a variety of factors.

How much does the average Canadian spend on home insurance?

According to Ratehub, an aggregator website, the average cost of home insurance in Canada is $960 per year (owned by Ratehub Inc., which also owns MoneySense).

How much is condo insurance in Toronto?

There has never been a better moment to acquire a condo in Toronto than now, with such inexpensive insurance prices. Condo insurance is often less expensive than home insurance, with average monthly condo insurance policy costs in Canada ranging from $20 to $35.

The average monthly cost of condo insurance in Toronto is $26, compared to $65 for homeowners.

Condo insurance premiums, on the other hand, vary dramatically depending on a number of criteria, including the building’s worth, the location, and the policy. Furthermore, with so many coverage options available, determining the best one for you might be difficult.

Why is my home insurance so high Ontario?

Different factors affect your house insurance premiums in different ways, so we’ve highlighted the most essential ones below.

Home insurance rates are influenced by a number of factors, including province/location, neighborhood (due to a number of factors, such as crime rates), electrical wiring, type of piping and plumbing, house age and any completed renovations, and any high-risk stoves (such as wood stoves) and oil-based heaters.

The type of your house frame (like wood or concrete), distance from water sources (like sprinklers), any additional endorsements that you need (for jewelry, for example), size of insurance deductibles, and business conducted from home are all factors that affect insurance rates, but not as significantly as the previous list.

The final category includes the following items that can have a minor impact on your house insurance rate: installed alarm monitoring, family status, availability of a garden, and a few other minor details.

That should provide you a basic insurance checklist to use the next time you’re looking for new house insurance rates.

Is it more expensive to insure an old house?

As a house gets older, the cost of insuring it tends to rise. Insurance premiums for a home that is more than 30 years old are 75 percent higher than for a new home. Why is it that insurance for older properties is more expensive?

  • Deterioration: Years of exposure to the elements and wear make older properties more vulnerable to further harm, especially if upkeep has been neglected. Galvanized steel pipes, for example, are more likely to rust and leak than new copper pipes.
  • Safety codes: Older residences were not designed to the same requirements as newer homes. Plumbing, roofing, and electrical systems that are out of date might be dangerous. Knob-and-tube wiring, which was popular in the 1930s, dramatically increases the risk of fire; some insurance companies will not cover homes with it. Aluminum wiring, which was popular in the 1960s and 1970s, can cause fires. Bringing your home up to current building requirements will increase the cost of repairs or rebuilding if you file an insurance claim.
  • Materials and design: Utilizing original materials and features, such as solid-core doors, plaster walls, or leaded window panes, to rebuild or restore an older home is likely to be more expensive than using modern building materials. Period-specific parts and contractors who specialize in these types of repairs will cost more. Hazardous materials, such as asbestos, may incur additional costs as well.
  • Historic restrictions: If you reside in a historic home, you’ll have to follow national, state, or local regulations for rebuilding and repairs, which might add to the cost.
  • Claims history: Even if you weren’t living in the house at the time the claims were made, a home with a history of insurance claims will cost more to insure. A pattern of insurance claims is often seen as an indicator of a high-risk residence by insurance companies.

What is the best insurance company in Canada?

Having a car comes with a slew of financial pitfalls. Car insurance can help you avoid financial difficulties by covering damage to your vehicle and other situations in which you may be responsible for medical fees and other bills.

As a result, choose the correct vehicle insurance company is critical – and should be based on more than just pricing. According to the vehicle insurance review website, the following are the best car insurance providers in Canada for 2020:

How much is content insurance in Ontario?

Most home insurance and tenant insurance policies include contents insurance, which can cost anywhere from $200 to $3,500 per year.