Home Insurance in Ontario

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.