Home Insurance That Best Protects Your Ontario Home

Home Insurance Ontario Homeowners Can Rely On

We get it. You love your home. It's your castle, your sanctuary, your life. That's why you wouldn't ever want to worry about being unable to keep it safe and sound. With the right home insurance policy, you ensure your most significant investment is protected.  

In Canada, damage to homes caused by extreme weather averages a staggering $1 billion annually. This figure does not include other losses due to theft or accidents. Mishaps occur, and they can be costly. In the event of a loss covered by home insurance, Ontario policyholders can expect help to rebuild their home, replace its contents, and provide the funds to cover additional living expenses if it is necessary to temporarily live elsewhere.  

Navigating all the available options can be tedious and confusing—and you shouldn't have to do it alone. A dedicated insurance broker, such as a Morison Insurance team member, can handle the hard part for you by starting a home insurance quote. Our insurance brokers will get quotes from several Canadian insurance companies with the goal of finding you the best homeowners insurance policy possible.  

What Is Home Insurance?

Home insurance is a type of property insurance that covers costs such as building restoration and repair, along with the expense of replacing damaged, destroyed or stolen items. Home insurance policies can protect your assets and provide liability coverage in case of an accident in your home or property. This type of coverage ensures your private residence is financially covered in the event of various disasters and mishaps that are insured by your policy for home insurance. Ontario homeowners should be aware that it also means you can expect to receive insurance compensation for litigation-related expenses if you have legal action brought against you for specific reasons, such as allegedly causing third-party bodily injury or third-party property damage.

Why Is Ontario Home Insurance Important?

Your home is an investment in your household's stability, comfort and safety. Many perks come with home ownership, but being a homeowner also puts you at risk for severe financial losses should your property be damaged or destroyed. In a catastrophic situation like that, the emotional cost alone is already far too high—the last thing you need is the stress of wondering how you're going to afford to restore your home to livable condition and replace your lost belongings. That's why it's so important to have home insurance. Ontario policyholders can get the financial support necessary to ensure they are able to not only have a suitable place to live following a disaster but also get down to the business of handling damage mitigation right away to restore their home to its former condition as quickly and thoroughly as possible.

Who Needs Home Insurance in Ontario?

If you are a homeowner, you should have home insurance. Ontario property owners with the right home insurance can protect their most expensive assets from unavoidable losses from fires, floods, or natural disasters. Such incidents can be devastating, and while a home insurance policy won't be able to stop accidents from occurring, it can ensure that you are financially protected if something terrible were to happen. 

While home insurance in Ontario is not a legal requirement, it is required by mortgage lenders. Whether you're applying for a mortgage or already have one, you must have home insurance. Ontario lenders require this because they can be assured that you'll be able to continue making your mortgage payments, even when disaster strikes.  

What Does Home Insurance Cover? 

While the amount of coverage you'll need largely depends on your unique needs, it's helpful to know what's included in a standard home insurance package. Ontario basic home insurance generally consists of dwelling coverage, water damage protection, fire damage protection, theft protection, contents coverage, personal liability coverage, bodily injury coverage, and property damage coverage.

Dwelling Coverage in Ontario

Home insurance covers damage or loss to the actual building or dwelling you live in. Basic coverage protects against a set of occurrences that could harm your home. These are known as insured perils and usually cover accidents and damage from weather/storms along with the circumstances listed below.

Water Damage Protection

Ontario insurance companies typically cover sudden or accidental water damage, such as if a pipe bursts in your wall and floods part of your home. However, there are additional coverage options available, which we'll address in a subsequent section of this guide. 

That said, it's essential to keep in mind the following: Because of the nature of water damage and the various leaks that can be prevented or fixed promptly, many insurance policies will not cover damage due to a lack of regular maintenance. For example, it is your responsibility as the homeowner to ensure that a leaky toilet is repaired before it causes any damage to your home.  

Fire Damage Protection

Most standard policies will cover loss and damage due to fire. However, some policies do have certain exceptions, and it is best to have an insurance professional guide you through your options for fire damage protection on your home insurance. Ontario insurance companies are very strict about forfeiting coverage when a fire is started intentionally by the homeowner. Otherwise, the cause of an accidental fire doesn't generally matter for this kind of coverage. Fires could be caused by:  

• Lightning strikes  
• Kitchen fires  
• Faulty electrical wiring  
• Gas leaks  
• Faulty appliances  
• Knocked-over candles  

Theft Protection

Most home insurance policies protect against theft, break-and-enters and burglaries. While the coverage details may vary according to the home insurance provider, Ontario policyholders will usually be reimbursed for most personal belongings stolen during a robbery. Also, if your home was damaged during the break-in, theft protection can help cover the cost of repairs.  

It's important to note that not all policies are the same, and what's considered an insured peril may vary per provider. For instance, lightning strikes may be regarded as an insured peril under one provider's home insurance policy but not others. That's why it's so essential to talk to your dedicated broker at Morison Insurance to review your policy details and ensure you have the best coverage for your home.  

Contents Insurance

Contents insurance covers loss or damage to personal belongings kept within your home. This could include clothing, furniture, electronics or other goods. However, even a comprehensive policy may limit the amount an insurance carrier will cover for items stolen, damaged or lost. That's why it's integral to talk to your insurance broker to find the best coverage possible, especially if you have high-value items you want to keep safe, like a collection of rare antiques or expensive camera equipment you use for work.  

To ensure contents are adequately covered by home insurance, Ontario homeowners will find that completing a home inventory list is crucial. This list will allow our expert home insurance brokers and you the ability to make sure all of your items are adequately protected.

Personal Liability Insurance

Most standard Ontario home insurance policies offer protection if you're found legally responsible for unintentionally damaging another person's property or causing injury to someone else. Personal liability coverage will protect you in two ways:

Bodily Injury Liability Coverage

With this type of coverage for home insurance, Ontario policyholders are protected in the event that someone is hurt on their property and chooses to sue them. Your legal fees and any resulting medical expenses that may need to be paid to the injured party will be covered.

Property Damage Liability Coverage

It's possible you or your family may accidentally damage your neighbours' property throughout the time that you live in your home. After all, accidents happen! For example, maybe your children are playing baseball, and the ball breaks a neighbour's beautiful stained-glass window. With property damage liability coverage as part of home insurance, Ontario homeowners are insured against subsequent expenses in an event like that.

Additional Coverages for Home Insurance

While a standard home insurance policy covers the basics, you may want to consider a few other important coverages depending on your needs, where you live and the value of your home and possessions.

A qualified broker at Morison Insurance will be able to help you ascertain what coverages you need to protect your home against risks that could cause serious loss or damage to your property. Here are a few optional but highly recommended coverages to keep in mind while searching for a comprehensive Ontario home insurance policy that works for you. 

• Additional Types of Water Damage Coverage 
• Overland Water Coverage  
• Sewer Backup Damage Coverage  
• Ground Water Damage Coverage  
• Guaranteed Replacement Coverage 
• Personal Identity Theft Protection 
• Jewellery Insurance 
• Garden Insurance.
• By-Law Change Protection 
• Outbuilding Insurance 

How Much Ontario Home Insurance Do I Need?

Generally, the higher the value of your home, the more insurance you will need to cover the additional cost of repairs and replacements. Through the insurance company's eyes, the more space you have, the more space there is for something to get damaged.  

There are also various additional types of coverages you may want to consider adding to your policy, like additional jewellery coverage, vacant home coverage or sewer backup damage coverage. A qualified insurance broker at Morison Insurance can help you decide what type of insurance you need and what is not necessary for your home.  

What Factors Can Determine Quotes for Home Insurance in Ontario?

There are many factors that can influence your home insurance premium, including—but not limited to—the following:  

• Continuous property insurance  
• Claims history  
• Location  
• Style of home  
• Age and construction of the home  
• Updates/renovations  
• Replacement cost  
• Square footage  
• Mortgages  
• Credit score  

Since many factors can impact your home insurance premium, we recommend chatting with one of our qualified insurance brokers. We'll comb through all the details that could influence your premium and the amount of coverage you need so you can rest assured that your property is adequately covered.   

How Much Does Home Insurance in Ontario Cost?

The cost of home insurance in Ontario typically ranges between $720 to $3,000 annually for homes with a replacement cost of $500,000. Remember, the replacement cost is the amount it would cost you to rebuild your home—not the resale value. Similar to auto insurance, the cost of your home insurance is dependent on many factors, including where you live, the replacement cost of your home, square footage, the age and construction of your home, and much more!  

To provide some examples of the average house insurance premium for a home with a replacement cost of $500,000 based on different locations in Ontario, we have provided a chart below. 

*Each quote above was provided with the assumption that there is no more than one mortgage registered to the property.

What Is a Home Insurance Deductible?

Suppose your home is damaged or your possessions are stolen, and you have resulting repair and replacement costs. In that case, the deductible is the amount of said cost you've agreed to cover independently before your insurance company takes care of the rest.  

Often, a standard deductible is about $1,000. To put that into perspective, if a tree falls on your roof after a storm and the repair costs are $4,000, you will pay $1,000, and your insurance policy will cover the remaining $3,000. Keep in mind your deductible often influences your insurance premium. It's worthwhile to talk to your dedicated Morison Insurance broker to see what deductible rate is best for your coverage needs.

If I File a Claim, Will It Impact My Premiums for Home Insurance in Ontario?

It might. Most insurance companies are more lenient if it is your first time making a claim. However, if you become a repeat claimant (especially if you file claims multiple times a year), your insurance company may reassess the risk surrounding you and your home. They may deem it appropriate to raise your home insurance premiums or not offer a policy renewal. 

When an unfortunate event occurs at your home, sometimes it's best to assess whether home insurance is worth calling upon. For example, if your home is broken into and the insured loss is limited, you may want to consider not making an insurance claim. Suppose the loss is $1,200, and your deductible is 1,000. It may make more sense to pay the total costs yourself rather than risk an increase in your insurance premiums. An insurance broker can provide further guidance about the impact of making a claim on your home insurance.

Do I Need To Notify My Broker Of Any Upcoming Renovations?

Yes, you need to notify your insurance broker if you renovate your home because part of your home insurance premium is calculated based on the value of your home. By renovating, you increase the value of your home. For instance, if you update your kitchen, your insurance company now must consider the value of these improvements in case they ever have to be repaired or replaced with a home insurance claim. Ontario property owners should always let their insurance broker know about anything that will change the value of the home. If we know the alterations, we can help you find the best solution for your changing needs.

Does My Ontario Home Insurance Policy Cover Everyone In My Home?

Your home insurance policy will typically cover any family members living in your home, such as your spouse, children or parents. Your entire home is protected from liability, and your personal property is insured. In terms of valuables, the belongings of family members living under your roof will be equally insured under your policy. Should your living situation change, say you move in with a partner or your aging parents come to live with you, be sure to let your broker know so we can make any necessary adjustments to your policy.

Are Wood Stoves Covered By Home Insurance in Ontario?

If you rely on a good old-fashioned wood-burning stove to entirely or partially heat your home, some insurance companies will not extend you an offer of home insurance. Some insurance providers can cover Ontario homes with wood stoves, but it's essential to keep in mind that you will need a specific endorsement for wood stove insurance, which requires a WETT (Wood Energy Technology Transfer) inspection. The inspection is carried out by a certified inspector who verifies that your wood stove is safe to use and in full compliance with all applicable building codes. If your wood stove doesn't meet those standards, you will need to have it repaired or replaced before you can secure adequate home insurance. 

Do I Need Ontario Home Insurance For My Condo?

Suppose your home is part of a condo corporation. In that case, whether you live in a high-rise building or a free-standing building in a housing development, you certainly need the right property coverage—but you need condo insurance coverage rather than standard home insurance. Ontario condo owners have insurance requirements and considerations that can differ somewhat from those of a typical homeowner. That said, your condo is just as important to you as anyone else's home is to them, and it's critically important that you have the coverage to protect yourself against financial losses in the event of a disaster. In a condo, you either share a building with other condo owners or are separated by only a slight physical difference, so the tragedies that befall your neighbours quickly become your problem as well.  

Are My Valuables Still Covered by Ontario Home Insurance If I Travel With Them?

Yes. There may be some exceptions, but generally speaking, if you are temporarily leaving your home to go on a trip, then your insurance policy will cover valuable items you take with you, such as a laptop, camera or jewellery. Reach out to your dedicated broker at Morison Insurance to understand the details of your Ontario home insurance policy before heading out on vacation with your belongings.

Where Can I Get Quote for Home Insurance in Ontario?

At Morison Insurance, our team of excellent brokers are committed to helping you find the best home insurance policy possible. Your dedicated broker will work with you to establish your coverage needs, answer any questions you might have, and always respond promptly to your inquiries. We're here to help start a home insurance quote, protect your greatest assets, and genuinely care about your peace of mind. 

Get started today by filling out the quote request form on our website or by giving us a call at 1-800-463-8074. We're looking forward to hearing from you and helping you find the right home insurance policy for your needs.