Home Insurance in Toronto

Finding a home insurance policy you’re happy with is no simple task, but it’s a lot easier when you work with an insurance broker in Toronto. A BrokerLink insurance broker can match you with an Ontario home insurance policy that meets your needs and protects your home from risk. Learn more about what BrokerLink can do for you below.

Home insurance policies for every type of Toronto homeowner

As a full-service insurance brokerage that specializes in home insurance, you can rest easy knowing that we can find a policy for every type of Toronto homeowner. Whether you’re after tenant and renters insurance in Toronto or condo insurance in Toronto, BrokerLink can help.

Toronto home insurance coverage tailored to your needs

Here at BrokerLink, we are all about tailor-made home insurance coverage. You won’t find a one-size-fits-all approach here. Rather, your dedicated BrokerLink home insurance specialist will do everything they can to understand your unique needs and find you a policy that meets them. We have helped customers all across the Greater Toronto Area find standard homeowner’s insurance, vacation property & cottage insurance, high-value home insurance, and much more. Find out more about the property insurance coverage options available to you below:

Dwelling coverage

You will find dwelling coverage in almost every home insurance policy in Ontario. Why? It protects one of the most important parts of your home: its physical structure. In other words, if the walls, doors, or windows of your home were damaged in a fire, it is dwelling insurance that would cover you. Specifically, dwelling coverage can help pay for replacing or repairing your home if it is damaged due to a named peril. Named perils that are commonly protected by dwelling coverage include:

  • Fire
  • Lightning
  • Smoke
  • Theft
  • Wind
  • Car / aircraft impact
  • Explosion
  • Falling objects

Content(s) coverage

Contents coverage is another central part of most Ontario home insurance policies. It protects the personal belongings stored inside your home from damage or loss. However, like dwelling coverage, it will only protect you if the damage or losses to your belongings were caused by a named peril in your policy. Named perils for contents coverage are similar to that of dwelling coverage, i.e. fire, lightning, smoke, theft, etc. When purchasing contents coverage, it is important to ensure that your coverage limit reflects the value of the belongings in your home. Some homeowners may need to purchase additional coverage or high-value home insurance if they have items that are particularly high in value, like expensive jewellery, artwork, vintage wine, musical instruments, etc. However, if the items in your home are fairly standard, like furniture, clothing, and electronics, basic contents coverage should be sufficient.

Personal liability coverage

Personal liability coverage is another type of home insurance coverage that is worthwhile for many policyholders. It fills the gap that dwelling coverage and contents coverage leave, as both of these deal with property damage. Personal liability coverage, on the other hand, deals with liability issues that may arise. For example, if a guest visits your home and injures themselves while on your property, they could sue you. As the homeowner, you could be held liable, which could be costly. But if your Ontario home insurance plan features personal liability coverage, your insurance company will step in and pay for various costs associated with the claim, like legal fees, medical bills, repair bills, and more.

Other home insurance coverage options to consider

Standard homeowner’s insurance coverage, otherwise known as dwelling, contents, and personal liability coverage, may be enough for some homeowners, but not for others. Thankfully, insurance companies offer an array of additional home insurance coverage options, which a BrokerLink insurance advisor can help you find. A BrokerLink insurance broker can explain how these additional coverage options work and give a professional opinion on whether they make sense for your unique circumstances. Below, we outline some of the most popular types of additional home insurance coverage in Ontario:

Home-based business coverage

Home-based business coverage is a popular property insurance add-on, especially now that so many people work remotely. This type of coverage is well-suited to people who run businesses out of their homes, as well as employees of companies who frequently work from home. Keep in mind that most standard property insurance policies do not protect against losses relating to business use of your home. Thus, if you want to be insured against business-related risks, a home-based business coverage endorsement or separate commercial insurance policy will be required.

Equipment breakdown coverage

Equipment breakdown coverage can alleviate the stress of a key piece of household equipment in your home suffering a mechanical or electrical breakdown. With this type of coverage, your insurer will help pay for the cost of repairing or replacing a covered piece of equipment, such as a washer, dryer, refrigerator, dishwasher, oven, etc.

Sewer backup coverage

Sewer backup coverage is a type of home insurance coverage that protects against water damage. Specifically, it protects against water damage caused by a sewer backup, which can be extensive. Although adding a sewer backup coverage endorsement to your policy can raise your rates, you can keep them down by installing a sewer backup detection device in your home.

Overland water coverage

Overland water coverage is another type of flood insurance that protects homeowners against the cost of water damage. Unlike sewer backup coverage, overland water coverage will cover you in the event that your property is flooded due to a nearby lake/river, overflow, heavy rain, or rapid snow melt. If you live on or near a body of water in Ontario or in a part of the province prone to heavy precipitation, overland water coverage might be worth it.

How much does Toronto home insurance cost?

The reality is that Toronto home insurance costs vary between policyholders, so it is difficult to provide an accurate answer without knowing more about your personal circumstances. Insurance companies will take into account all kinds of factors when assessing risk and calculating home insurance premiums. Some of the factors that matter most when it comes to property insurance are as follows:

The value of your home

An insurance company will estimate the value of your home to determine what the replacement cost would be in the event of a complete loss. This is one of the biggest factors that will determine your rates.

The neighbourhood you live in

Where you live and the characteristics of your neighbourhood, like the crime rate, can determine how much your home insurance policy costs in Ontario.

How close your home is to emergency services

If your property is close to a water source, such as a fire hydrant, your insurance rates might be cheaper.

The age and condition of your roof

Old roofs are a liability, so if your roof is newer and in good condition, your house insurance rates will likely be cheaper.

The heating system in your home

Insurance companies see some types of heating systems as higher risk than others, e.g. wood stoves or oil tanks. So if your home has a type of heating system that is seen as lower risk, like a gas or electric furnace, you could enjoy cheaper property insurance premiums.

The electrical system in your home

Similar to your home’s heating system, the type of electrical system in your home can dictate how much you pay for insurance, as some types like knob and tube wiring are seen as riskier than others.

The plumbing system in your home

Old or outdated plumbing systems, such as those made of lead or galvanized pipes or featuring hot water tanks, may result in more expensive home insurance premiums due to the increased risk associated with them.

Home alarm system

If your home has a monitored alarm system, make sure to tell your provider as you could qualify for a cheaper rate.

Additional structures on your property

If there are other structures on your property, this could translate to more expensive home insurance rates as there is more to insure. Examples of additional structures could include sheds, gazebos, swimming pools, detached garages, etc.

Tips to save money on Toronto home insurance

To save money on Toronto home insurance, you have to think outside the box, and that’s exactly what BrokerLink does for you. As insurance experts with years of experience, we know how to help our customers snag the best deals on home insurance. Below, we’ve put together a list of some of our top tips for saving money on home insurance policies in Toronto:

Check your home insurance policy before renewing

It can be tempting to let your home insurance policy renew automatically, but this could be a mistake - especially if your insurance needs change. That is why we recommend working with a broker to review your policy each year before it renews. A broker can give you advice on ways that you can update your coverage to save money, such as by increasing your deductible or adjusting your coverage choices.

Enlist the help of a licenced home insurance specialist

The second tip is to enlist the help of a licenced home insurance specialist who understands the ins and outs of Toronto home insurance. BrokerLink has plenty of insurance professionals in Toronto who can use their resources and expertise to save you money on property insurance.

Consider installing a burglar alarm system in your Toronto home

Installing a security system, monitored alarm system, or burglar alarm system in your Toronto home is one of the most effective ways of saving money on home insurance. Speak with an insurance provider about the conditions that must be met to qualify and for more home security tips.

Bundle your home insurance policy with another insurance product

Save money instantly by bundling your home insurance policy with another insurance product - whether it be an additional home insurance policy for a second home or another type of policy altogether, like car or commercial insurance. Bundling home and auto policies can result in serious savings.

Raise the deductible on your home insurance plan

The deductible you choose has a significant influence on how much you pay for home insurance. The higher your deductible, the lower your premium is likely to be.

Renovate your home to make it more energy efficient

There are many renovation considerations to make any time you are thinking about updating your home. But did you know that renovations that increase the energy efficiency of your home can save you money on property insurance? Contact a BrokerLink insurance advisor to learn more about how eco-friendly renovations, such as installing solar panels on your home, can reduce your rates in Toronto.

Pay for your Toronto home insurance policy upfront

If your insurance company charges extra for a monthly payment plan, choose to pay for your policy upfront in one installment and avoid these hidden fees.

Find out which property-related factors influence home insurance costs

Knowing what factors can raise or lower home insurance costs is crucial and can help you decide which house is right for you. For example, homes with pools typically have higher rates, as do homes with old roofs or outdated electrical, plumbing, or heating systems. Meanwhile, if your home is located near emergency services or a water source, like a fire hydrant, you could actually save money.

Add a sewer backup prevention device or sump pump to your property

If flood damage is a concern, you may want to consider buying a sewer backup prevention device or sump pump. Either device can mitigate the odds of major water damage and allow you to qualify for a property insurance discount.

We’re in your community

BrokerLink is a key part of the Toronto community, and we don’t take this responsibility lightly. We aim to give back and connect with our customers whenever and wherever we can. Get to know more about BrokerLink’s values by contacting us today.

Local Ontario Insurance Links

If you’re a member of a group or association, you may be eligible for more discounts.

Contact us

At Toronto BrokerLink, we’re here to help you with any insurance needs you may have. Whether it’s insuring your home, car, business, recreational items, or pets, let us help you find the best coverage possible.

You can reach us by phone, email, or in person at our Toronto location. No matter how you choose to get in touch, a BrokerLink insurance advisor will be happy to assist you. We also encourage you to take advantage of our free online quote tool that can provide you with a competitive quote in minutes.

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Toronto house insurance FAQs

Does Toronto home insurance cover high-value possessions?

It can, though it depends on your policy and how much coverage you choose. If your home is filled with lots of high-value possessions, such as musical instruments, expensive artwork, fine jewellery, vintage wine, etc., you will need to ensure that you choose a high limit for your contents coverage. If you only have a couple of high-value belongings, you may also protect them through a rider or floater. But if you have lots of valuable items, purchasing a high-value home insurance plan might be the way to go.

Is Toronto home insurance mandatory?

While not a legal requirement, Toronto home insurance might be mandatory if your mortgage lender, bank, or landlord requires it. If you take out a mortgage loan, your lender can make home insurance a stipulation of your mortgage agreement. Similarly, a landlord can ask tenants to purchase a tenant insurance policy if they want to lease a property.

What can I do to make Toronto home insurance more affordable?

Bundling insurance policies, increasing your policy deductible, outfitting your home with a security system, and installing a sump pump or sewer backup detection device in your home are all ways that you can save money on home insurance. You can also ask an insurance professional about other types of discounts you may be eligible for, like employment, charity, or education-based discounts.

My auto insurance policy already contains liability coverage. Do I also need liability coverage for home insurance?

Yes, auto insurance liability coverage differs from home insurance liability coverage. Third party liability coverage for car insurance can protect you if you cause a car accident. Meanwhile, liability coverage for home insurance can protect you if someone injures themselves on your property and decides to take legal action. Both types of liability coverage can compensate policyholders for legal fees, such as defence and settlement fees, along with any applicable medical bills or repair bills. It’s worth noting that personal liability coverage for home insurance can also protect policyholders in the event that their property accidentally causes damage to another person’s property, like a neighbour’s home.

How do I minimize the odds of a fire breaking out in my Toronto home?

A house fire is a worst-case scenario for many Toronto homeowners. Not only does it threaten the lives of anyone who resides inside the home, but it can also cause major damage, destroying both the structure of your home and the contents of it. That’s what makes fire safety so important. Homeowners should always take steps to reduce the odds of a fire breaking out in their homes.

A few tips to do so include having smoke detectors installed throughout your property and testing them regularly, installing a fire extinguisher on every floor of your home, not plugging too many appliances into a single outlet, having your furnace and chimney inspected by a professional every year, never leaving open flames unattended e.g. candles, and never pouring water on a grease fire. To prepare for the worst-case scenario, we recommend taking a detailed home inventory so you know exactly what items are in your home.

What does Toronto home insurance not cover?

No insurance policy is all-inclusive, and that includes Toronto home insurance. Even if you purchase comprehensive coverage, there will still be some exclusions. For instance, most standard Toronto homeowner’s insurance policies do not cover homes that are damaged when they are empty or vacant for more than 30 days, losses relating to business use, damage that occurs during renovations, damage that occurs as a result of home sharing, or damage that results from a failure to maintain your home. To be protected in these instances, you may need to purchase additional coverage.

How can I get a free Toronto home insurance quote?

Home insurance quotes can be obtained quickly and easily online, over the phone, or in person at your local insurance office. Home insurance quotes are typically free and may take as little as a few minutes to receive. Contact a local broker for more information.

If you have any questions, contact one of our local branches.