Home Insurance in Toronto

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Toronto Home Insurance Quote

Which type of property insurance do you need?

4 Types of Home Insurance

When starting your search for Toronto home insurance, the first step is to select the correct property policy type. Choosing the incorrect policy type may leave you without insurance. The four main property policy types are homeowners, condominium, rented dwelling/condo and tenant insurance. 

Tips and Answers

Toronto Property Insurance

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On of the top ten cities in the world, Toronto is home to one of the most friendly and multi-cultural populations.

Toronto is currently rated as the 7th most livable city in the world! It’s iconic CN tower and Rogers Center is known worldwide. During the day, the city is filled with working professionals hustling through the streets all trying to save up for their next trip. At night, the city skyline lights up with many different colors from the tops of the many condos. 

The architecture of these Toronto condos is becoming more and more complex adding a lot of character to the ever expanding skyline. Although beautiful, these condos don’t come cheap. If you are interested in living in the downtown core of Toronto, a 2 bedroom in a decent area can start in the $700,000’s! 

Is Toronto Home Insurance Expensive?

If you purchased a detached house in Toronto, chances are high that it is older and requires many updates. For this reason, you can expect a home insurance policy to cost quite a lot.

If you own a condo, you are in luck, condo policies can be as little as $25.00 per month! 

Why are Condominium Insurance Policies less expensive?

Most condo insurance policies are in the range of $25.00-$35.00 per month while freehold home insurance can cost upwards of $100.00 per month! The reason is that risk exposure in condos is much lower than that of houses. In a condo, you only own the walls and inside of your unit. The piping and electricity is all covered under your condo corporation insurance policy. So if a claim were to occur, your insurance company would have to only cover the inside of the unit instead of potentially replacing an entire house.

The largest risk in a condo unit is that your loss can also affect your neighbors. If a fire starts in your condo and it destroys two neighboring units, you are legally liable for their damages. 

Property Insurance Tips

Do you own expensive jewelry? You will want to add a jewelry floater to your home insurance policy. Most Home insurance policies come with standard jewelry coverage up to $1,000 per claim. If you own a $15,000 watch, you will not be reimbursed for it under your standard coverage. You will need to have an appraisal and pictures of the jewelry and you will be charged the premium depending on the value of your piece. 

Another good tip is to always bundle your home and auto insurance together. You can save up to 20% on your vehicle insurance just by placing it in the same company as your home insurance! 

Home Being Renovated?

It has become very popular to purchase land in Toronto and build a brand new home. In a case like this, you will require a builders risk policy. 

If you are simply renovating your current home, be sure to notify your insurance company, they may not require any additional policies. 

Shop around and save on Toronto Home insurance Today!

For most people, their home is their largest and most important asset. Get The right coverage at the best rates.

More Home Insurance Tips

Toronto Rented Home Insurance

Are you currently renting out your Toronto home? Be sure to have the proper coverage to avoid insurance issues.

One of the biggest mistake a property investor can make is insuring a home that he does not live in as a standard homeowners policy. This is the incorrect policy type and should a claim occur, your insurance company may reject it. 

If you are renting out a home or condo, you will require a rented dwelling or rented condo insurance policy. These policies include specific coverage that only applies to rented properties. 

If you are simply renting out a portion of your primary home, you may not require another policy. Simply notify your current insurance provider. 

How To Save On Toronto Home Insurance

Here are a few tricks to help reduce your property insurance rates

01

Bundle

The best way to lower your home insurance rates is to bundle  with your Toronto auto insurance! Save up to 15%.

02

Shop Around

Every insurance company will offer different rates for your home. Shop around for the best one! 

03

Loyalty

Insurance companies love loyal clients, if you have been with your last company for 5 or more years, you will get a better rate.

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