Buy better home insurance in Ontario for less
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Cost of home insurance in Ontario per month – $93
The average cost of home insurance for homeowners in Ontario is $93 per month among YouSet users. However, your premium may be higher or lower than this average due to the variety of factors that insurers take into consideration, such as the location of your property, its size, your claims history, and the coverage limits you choose.
Cost of home insurance in Ontario per year – $1,116
In Ontario, the average cost of home insurance for homeowners is $1,116 per year among YouSet users. This figure reflects comprehensive coverage, which typically comes at a slightly higher price point compared to basic policies due to the broader range of perils it protects you against.
Cost of homeowners insurance in Ontario by city
Insurers always consider the location of your home when calculating your premium. Cities with high crime rates, dense populations, or significant environmental risks such as wildfires or earthquakes typically incur higher home insurance costs due to these heightened risks. The following table highlights the average cost of homeowners insurance in some of Ontario’s largest cities.
City | Cost of homeowners insurance per year |
Toronto | $1,104 |
Ottawa | $934 |
Mississauga | $1,068 |
Hamilton | $757 |
Kitchener-Waterloo | $806 |
Brampton | $1,017 |
London | $970 |
Windsor | $970 |
Vaughan | $1,245 |
Markham | $922 |
Oshawa | $932 |
Ontario homeowners insurance pricing trend
The price of insurance for homeowners in Ontario has fluctuated in recent years, in part due to factors such as inflation, rising repair costs, and changes in risk assessment. You can see this in the table below.
Year | Cost per year |
2024 | $1,116 |
2023 | $923 |
2022 | $1,154 |
Factors impacting the price of homeowners insurance in Ontario
Determining your insurance premium is a bit like assembling a puzzle. Various pieces contribute to the bigger picture, each one representing a factor that can make your premium price go up or down.
Population density
With an average population density of 15.9 people per square kilometer, Ontario’s is 2.5x more densely populated than Quebec (6.5 people per square kilometer). Also, since half of the land area is thinly populated due to the Canadian shield, the density of the province’s metropolitan areas is higher.
In insurance, a greater population density is associated with a higher risk of accidents, leading to higher insurance premiums in urban areas. So, if you’re relocating from a less densely populated city to a more populated one, bear this in mind when requesting quotes for home insurance.
Flood risk
In Canada, 10% of residential homes are considered uninsurable for basement flooding and since flooding is the most costly natural hazard in Ontario, insurers might sometimes refuse to insure homes located in areas with the highest risk of flooding.
For example, Windsor-Essex is the most flood-prone region in Ontario, and the price of home insurance in the area reflects this. In Windsor, the annual cost of home insurance is $1,763 among YouSet users. Comparatively, in a similarly sized city located elsewhere in the province, like Kitchener-Waterloo, the price for home insurance is 18% lower, coming in at $1,465 a year.
Wildfire risk
While Ontario might be home to some of the largest metropolitan areas in the country, 66% of the province’s land is classified as forested. This land is as beautiful as it is expansive, but the threat of wildfires is highest between April and October each year. In fact, the risk of wildfires in Ontario seems to be on the rise, with the Ministry of Natural Resources and Forestry reporting that there were three times as many wildfires in Ontario in 2023 compared to the previous year.
Although home insurance policies often include coverage for wildfire damage, you should always check with your insurer to confirm the specifics of the coverage.
High-risk dog breeds
In Ontario, the Pit Bull Terrier, Staffordshire Bull Terrier, American Staffordshire Terrier, American Pit Bull Terrier, and any dog that appears substantially similar to any of those breeds are considered high risk and are subject to restrictions under the Dog Owners’ Liability Act.
It’s worth noting that these breed-based regulations are controversial and many animal experts encourage policies that focus on individual dog behavior rather than breed. If you own one of these breeds, it may impact your ability to secure home insurance or may increase your premiums.
Ontario insurance calculator for homeowners
If you’re a homeowner looking for an insurance estimate, try this free Ontario home insurance calculator. It’s a quick, easy, and anonymous way to get a sense of what others in your area are paying to insure their homes.
Average personal liability coverage limit among homeowners in Ontario
While it is often recommended to have a personal liability coverage limit that covers your net worth, there are other factors to consider, such as the specific risks associated with your property and your overall exposure to liability. For reference though, the majority (94%) of YouSet-insured homeowners in Ontario have a one-million dollar personal liability coverage limit.
Liability insurance coverage amount | % of renters |
$1,000,000 | 94% |
$2,000,000 | 6% |
Most common home insurance claims in Ontario
Among YouSet users, the most common types of home insurance claims in Ontario are for windstorm, water, flood, and sewer backup-related incidents. The table below details the frequency and average claim amount for each type, which is information you can use to decide which additional coverages to include in your policy.
Type of claim | Claim amount |
Windstorm | $11,600 |
Water | $9,236 |
Flood | $16,400 |
Sewer backup | $40,419 |
How to get cheap home insurance in Ontario
Given the expenses associated with homeownership, it’s natural to want to pay less for insurance without compromising on coverage. With YouSet, that’s possible! In fact, here are five ways to get cheap home insurance in Ontario.
Compare prices
When shopping for home insurance, you want to avoid buying the first quote you’re given. If you do, how will you know if you’re paying more than you have to? Thankfully, it’s easier than ever to compare multiple insurers in one place with YouSet.
Bundle your policies
Bundling your insurance policies with YouSet is an easy way to save up to 15% more on your monthly home and car insurance bills.
Select a higher deductible
A common strategy to lower your monthly insurance premium is to select a higher deductible. However, you should be sure you can comfortably pay this amount out-of-pocket if you ever need to file a home insurance claim.
Make claims strategically
Homeowners who go long periods without filing a claim are often rewarded with discounts by insurers. Therefore, if possible, try to file as few claims as you can.
Pay once a year
As long as your budget allows it, paying your home insurance premium in a lump sum once a year can save you from the 2-4% interest typically incurred with monthly payments and even earn you a discount.
Homeowners insurance starting at $12/month
YouSet is a digital home insurance broker in Ontario whose mission is to help homeowners, just like you, save money on insurance. Through partnerships with some of Ontario‘s top insurers and our proprietary technology, we’re able to secure you the most competitive rates and apply exclusive discounts for you, resulting in savings of up to 29%.
Is homeowners insurance mandatory in Ontario?
Although homeowners insurance is not mandatory in Ontario by law, banks/mortgage lenders often require it as a condition for approving mortgages and will not lend to you if you don’t maintain adequate coverage.
How much is home insurance in Ontario?
The average home insurance price in Ontario among YouSet users is $1,116 per year, which equates to $93 per month. While this will give you a general idea of what other homeowners are paying, prices can vary significantly because of how many factors are used to calculate the cost of home insurance.
In which city do homeowners pay the most for home insurance?
Among YouSet users, Napanee homeowners pay the most with an average annual premium of $3,533, making it the city with the highest-priced home insurance in Ontario.
How do you buy home insurance in Ontario?
To buy home insurance in Ontario with YouSet, all you need to do is get a quote, checkout, and you’re insured! It can all be done 100% online and in less than 5 minutes. If you need help along the way, you can either refer to YouSet’s help center or customer portal, as needed.
Have home insurance prices gone up in Ontario?
In recent years, home insurance prices have gone up in Ontario. This increase is partly driven by escalating material costs, fluctuating interest rates, general inflation, and a notable increase in natural disasters, such as floods and wildfires across the country.
Can you cancel your home insurance policy anytime in Ontario?
Yes, you can cancel your home insurance anytime in Ontario. However, you will likely be charged a cancellation fee when you do so. The cancellation fee is often between 2% and 7% of your premium, with higher percentages often applied early on in the policy term. For example, if your policy is $2,000 annually, it might cost you anywhere from $40 to $140 to cancel it.
Making it easier to buy home insurance online since 2017
Since 2017, YouSet has been making it easier for Canadians to buy home insurance online. Why spend hours manually comparing quotes when our proprietary technology can do it all for you in less than 4 minutes? Not only that, but we’ll also have Canada’s top insurance providers competing for your business, ensuring you get the lowest-priced offers. With over 250,000 users and an average rating of 4.9 stars on Google and Facebook, YouSet is a trusted way to get the coverage you need for less.