Home Insurance in Toronto

Home Insurance for Toronto Homeowners  

More than 3 million people call the City of Toronto home, and more than double that live in the GTA. Naturally, there is a high demand for housing and, consequently, a need for home insurance. Toronto residents typically have two ways to get this insurance: they can call multiple insurance companies to try to find the best insurance quote or contact a trusted Toronto insurance broker like Morison Insurance, who will provide comprehensive options for home insurance in Toronto.  

When working with Morison Insurance, Toronto homeowners will get the professional advice they need when navigating the insurance industry. From translating industry jargon to helping you determine the type of coverage you need, we will help you get the right insurance for your home, ensuring that you are protected in the worst-case scenario.  

What Is Toronto Home Insurance?  

Toronto home insurance is a type of insurance policy designed to financially protect a homeowner from the cost of insured perils that damage their property or the cost of being sued by a third party. This gives the policyholder peace of mind knowing that they are protected from paying out of pocket in the event of an accident or an unforeseen event. Typically, Toronto home insurance covers damage to the dwelling, damage or theft of its contents, additional living expenses if you are unable to live in your home due to damage, or if the policyholder has legal action brought against them in court for an insured reason.  

Why Do I Need Home Insurance in Toronto?  

Toronto homeowners may be surprised to hear they aren’t legally required to have home insurance in Toronto or elsewhere in Ontario. That said, having the right home insurance is still highly recommended.  

Toronto is a highly populated area, driving up the price of what already is one of the largest investments most people make in their lives. In the event of a major accident where you are held liable, without Toronto home insurance, you would need to pay out of pocket for any damages, medical expenses, or legal costs. Additionally, if an unforeseen incident occurs and damages your home, depending on the severity of the damage, you may be on the hook for both damages and your mortgage payments if your home isn’t liveable and you don’t have house insurance.  

Toronto home insurance policyholders, however, will have peace of mind knowing that whether they experience a devastating fire or their home is broken into, they have the protection they need to get back on their feet and fix any issues.  

Additionally, many mortgage lenders require you to have proof of insurance in order to successfully apply for a mortgage. As the average price of a Toronto home exceeds $1 million, and most people don’t have that amount lying around, it is necessary to have home insurance. Toronto residents can rely on our team of brokers to get them the right insurance coverage for their home.  

What Levels of Protection Does Toronto Home Insurance Offer?  

The level of Toronto home insurance protection a homeowner seeks will depend on their needs. But generally, the higher the property value, the more insurance will be needed to cover any costs for repairs or replacements. There are three coverage types for home insurance Toronto homeowners can get:  

• Basic Coverage or Named Perils Coverage: This covers specific risks and common perils outlined in your insurance policy. Toronto residents will find this type of policy has the least amount of protection for homes and isn’t very popular.  
• Broad Coverage: This covers your personal belongings against named perils in the policy and provides all perils coverage for the home and other detached structures on the property. While it does not cover accidental damage or power surges unless you list those perils in your home insurance, Toronto homeowners find this to be an affordable insurance policy.  
• Comprehensive Coverage: This provides all perils coverage for the home structure and belongings, covering all risks except those specifically excluded in the policy. Although this is the most expensive type of insurance policy, Toronto homeowners will find that it also provides the most protection.  

If you are unsure of the level of protection your home requires, speak to our Morison Insurance brokers. They will review your insurance needs to help determine the amount of coverage required to protect your home properly. 

What Does Toronto Home Insurance Cover?  

A standard Toronto home insurance policy provides coverage for your dwelling and personal belongings against a range of risks. Some common coverages include: 

• Dwelling coverage 
• Contents insurance 
• Personal liability insurance 
• Bodily injury liability insurance 
• Property damage liability insurance 
• Additional living expenses coverage 
• Outbuilding insurance 

Depending on your specific situation, you may require additional coverages or increased limits to provide the proper protection to your Toronto home. Contact the brokers at Morison Insurance who will help!  

What Additional Coverages Can Be Added to Toronto Home Insurance? 

Toronto home insurance policies are not one-size-fits-all, and since your home is probably your largest investment, it is important that it is properly protected. In addition to the standard coverages, you can purchase additional coverages or increase your limits on your Toronto home insurance policy to add further protection. Some common additional coverages include:  

• Home equipment breakdown coverage  
• Overland water insurance  
• Water damage insurance  
• Jewellery insurance 
• Musical instrument insurance 
• Fine art insurance  
• Wine cellar insurance 
• Scotch and whisky collection insurance 
• And more! 

If you are unsure if you require additional coverages or increased limits, speak to a Morison Insurance broker. We will help ensure your personal belongings are protected.  

What Is Not Covered With Toronto Home Insurance?  

Although additional coverages can be added to your Toronto home insurance policy, unfortunately not every event can be covered. Toronto home insurance will not cover things such as:  

• Deliberate damage done to the dwelling by the policyholder  
• Damage to the dwelling that was the result of improper or lack of maintenance  
• Damage done by the policyholder while they were committing an illegal act/crime  
• Property damage due to war or invasion  
• Damage caused by nuclear incidents  
• Damage that was caused by the natural wear and tear process over time  

Our insurance brokers will be more than happy to discuss any concerns you have about coverage or policy wording and help fill any gaps in your damage or liability protection.  

Do I Need Toronto Homeowners Insurance If I Rent Out My Home?  

If you own and rent out any dwelling in the GTA, not only do you require your Toronto home insurance policy, but you will also need the additional protection of a landlord insurance policy. Toronto landlord insurance will financially protect the rental property in the event of an insured loss or damage. Because of the added risks associated with having tenants renting out a property, it is more expensive than traditional home insurance. Toronto renters, however, would still be responsible for insuring their own personal property items and belongings through tenant insurance.  

How Much Does Home Insurance in Toronto Cost?  

The cost of home insurance in Toronto will vary depending on various factors that are related to the homeowner, the dwelling, and the contents of the home. Common factors that will determine the cost of your Toronto home insurance policy include:  

• Type of dwelling
• The age of the home
• Location of the home
• Property value
• Neighbourhood crime rates
• Your house’s proximity to fire stations and hydrants
• Your residential electrical and plumbing systems
• Type of HVAC system servicing your home, such as air conditioning system and furnace
• The age and condition of your roof
• Your insurance claims history
• Insurance history in the neighbourhood/area
• The amount of coverage and deductible
• Presence of risks on your property, such as swimming pools
• Additional coverages or increased limits added to your policy

It is important to note that these are not the only factors that will determine your insurance premium and insurance companies will also weigh these factors differently. That is why you should compare Toronto home insurance quotes with the help from an insurance broker. We will help ensure you have the best coverage at a competitive rate.  

How Can I Save on Toronto Home Insurance?  

While having the right coverages on your Toronto home insurance policy is crucial, we also understand that you want to save money where possible. Some popular ways to save on your Toronto home insurance premium include: 

• Bundling home and auto insurance 
• Applying home insurance discounts 
• Increasing your deductible 
• Avoiding unnecessary claims 

Our Morison Insurance brokers work with Canada’s leading insurance providers, so we will compare quotes and ensure you get the best Toronto home insurance quote at a competitive rate.   

Where Can I Get A Toronto Home Insurance Quote? 

You can get a Toronto home insurance quote from the trusted insurance brokers at Morison Insurance! Your home is your largest investment, and we want to ensure it is properly protected. We will compare quotes from Canada’s top insurance providers to get the best Toronto insurance quote for your specific needs. Get started today by calling 1-800-463-8074 or completing the form on our website. Let us help you properly protect your home!