Home Insurance in Ontario
Helping Ontario homeowners compare house insurance quotes from Canada’s leading insurance providers.
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Get the Most Competitive Home Insurance Rates in Ontario
At Regal Insurance, we are dedicated to helping you and your family feel safe, secure, and protected with the right type of home insurance coverage. We offer a wide range of insurance products and solutions. Whether your home is a house, high-rise condo, apartment, or a seasonal lodging, let us help you in finding the appropriate home insurance coverage today. As one of Ontario’s most cost-effective home insurance companies, we will make sure your premiums are competitive while providing comprehensive homeowners insurance coverage.
At Regal Insurance, our independent insurance brokers are top home insurers. We get to know you and represent your best interests from an introductory phone call through to claims processing. We take the time to understand your needs, priorities, and budgetary concerns when it comes to providing you with a home insurance quote. When you work with us at Regal Insurance Brokers, you choose superior service that will align you with the best products for your needs.
10 Factors That Impact The Cost of Home Insurance in Ontario
Location
Where your home is located plays a significant role in determining your Ontario home insurance premiums. Insurance companies consider the likelihood of potential risks in the area – such as the prevalence of theft or the risk of natural disasters. If the home is located in a higher-crime area or regions prone to severe weather, it may be subject to higher insurance premiums.
Value
Insurance companies will look at the replacement value as the cost to rebuild your home in the event of a total loss. In general, higher valued homes will have higher insurance premiums.
Age
The age of your home can also affect your Ontario home insurance premiums. Many older homes have outdated electrical, plumbing, and heating systems. These factors increase the risk of damage and result in higher premiums. Newer homes, with up-to-date HVAC systems, along with current-code copper and PVC plumbing lines, come with a lower risk of a damage-causing incident.
Style of Roof and it’s Age
Given the crucial role your roof plays in protecting your home from the elements, the type of materials it’s constructed with and its age can affect home insurance premiums. The more durable the materials are, and the better condition it’s in, the less likely it is to be damaged in severe weather. This can result in lower premiums.
Distance from Fire Station
While many overlook this, your home’s proximity to a fire hydrant and a local fire station is a consideration when determining Ontario home insurance premiums. Homes that are located closer to these facilities are considered lower risk for fire damage and may have lower premiums.
Finished Basements
Finished basements can add significantly more living space to your home – which also increases the amount of damage that can occur in the case of a water leak or flood. This additional risk can increase home insurance premiums in Ontario.
Having a Pool
Having a pool on your property in Ontario can increase your insurance costs due to the liability risks. Insurance companies may require additional coverage to protect against pool-related accidents.
Home Security and Safety Systems
Taking a proactive approach to security and safety – such as having burglar alarms, smoke detectors, and deadbolt locks – can help lower the cost of your insurance. Insurance companies view these as effective measures that reduce common risks to your home – a primary factor when determining your premiums.
Your Policy
Each insurance company in Ontario has its own guidelines to determine premium levels for, essentially, the same home insurance coverage. The deductible you choose will also affect your premiums. A higher deductible will mean lower premiums but, in the event of a claim, you will be paying more out of pocket. Comparing policies from multiple insurance companies can help you find the premium rate and coverage that suits your needs.
History of Claims
The number of claims you’ve filed, as well as the number of claims made on your home from previous owners, can impact the cost of your home insurance in Ontario. Insurance companies may deem the home to be higher risk to ensure – resulting in higher premiums to offset the cost of future claims.
The 2021 average home insurance in Ontario is approximately $1,284 per year. This is not a “one-size-fits-all” approach as there are several factors which impact the cost of home insurance. The cost of home insurance can vary depending on the size of your home, type of home, and use of the property. Speak to one of our insurance brokers who can help create a free tailored and flexible property insurance quote to meet your needs.
The amount of home insurance you’ll need depends on the level of coverage you’re looking to get and the requirements of the lender if you have a mortgage. At minimum, lenders are looking for an insurance policy with enough coverage to protect their investment in the event something unfortunate were to happen to the home or property. Depending on the use or location of your property, lenders may ask you to get additional coverage. For example, if your home is located in a high-risk Ontario flood zone, your lender may require additional coverage. One of our insurance brokers can help create a free, tailored and flexible property insurance quote to meet your needs.
If you are purchasing a home with a mortgage, you will need to purchase home insurance. If your home is completely paid off, it is strongly recommended to protect your asset and investment. Depending on the level of coverage you’re looking for, one of our insurance brokers can help create a free tailored and flexible property insurance quote to meet your needs.
Similar to auto insurance, the price you pay for home insurance involves several factors. For instance, a resident of Cambridge is likely to have a lower premium compared to someone living in Toronto. Here’s a brief overview of the key elements that typically influence the cost of your homeowner’s insurance: the features of your home, the geographical location of your home, and the construction method used for your home.
At Regal Insurance Brokers, we understand the importance of homeowners insurance and strive to offer the most competitive rates available. Our team of experts genuinely cares about our clients and their well-being, which is why we are dedicated to discussing your specific needs and recommending suitable policies for your home. We are committed to helping you save on home insurance in Ontario by comparing home insurance quotes, and guiding you through various cost-saving measures. When we begin searching the market, you’ll quickly realize that our company takes pride in delivering the best rates possible. Our experienced brokers will go the extra mile to provide you with the lowest quotes, while ensuring that our policies offer the necessary coverage you require.
In most situations, condominium insurance primarily focuses on covering the contents and improvements made to your individual unit, as the condominium corporation typically has its own policy that covers common areas. By obtaining condo insurance, you can protect your unit and personal belongings from risks such as water damage, theft, or fire, thereby safeguarding yourself against liability claims. Additionally, if you are unable to reside in your unit due to building repairs, your policy may provide reasonable living expenses (up to the specified limits).
Our knowledgeable brokers are well-equipped to provide condo owners with all the necessary information, ensuring that you obtain the appropriate condo insurance coverage that aligns with your specific requirements. If you desire additional protection, we will discuss supplementary coverage options and offer professional recommendations tailored to the needs of condo owners.
Home insurance in Ontario typically covers damage to the structure of your home caused by perils like fire, lightning, windstorms, and hail. It usually provides coverage for your personal belongings, including furniture, appliances, electronics, and clothing, in case of theft, vandalism, or damage.
Home insurance typically includes liability coverage, which protects you financially if someone gets injured on your property and sues you for damages. Additional living-expenses coverage is often included, which helps cover the costs of temporary accommodation and other expenses if your home becomes uninhabitable due to a covered loss.
When looking for home insurance in Ontario, there are a few key steps that should be considered to get the coverage you need at the best rates. The first step is to do some research on the insurance providers available. You will also need to assess your specific needs and determine the level of coverage that you require.
Contact a home insurance broker and work with them to obtain quotes from multiple providers. This will enable you to compare home insurance quotes and assess how coverage options suit your specific needs.
Another key step is to read and understand the terms and conditions of the proposed policies. This will help ensure the policy you choose meets your requirements.
The first step you need to take to make an insurance claim is to contact your insurance company. You’ll need to provide a report of the incident to initiate the claims process.
You will need to provide thorough documentation of the damage or loss, including photographs, videos, or any other evidence that can support your claim. Your insurance company will provide you with a claim form to fill out; be sure that this is completed and accurate.
Your insurance company will do an investigation on the claim and will walk you through the process. This could include providing additional documentation or information, or allowing access to the property for inspection. Learn more about filing a home insurance claim.
Get your Home Insurance Quote today!
We are pleased to get to know you better and work with you to find the best solutions or build a customized plan to protect your home and valuables. Complete your request for a free online home insurance quote or contact us at 1 (800) 516-6276 to speak to one of Ontario’s top home insurance companies today!