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Cost of home insurance in Toronto per month – $92
The average cost of home insurance for homeowners in Toronto is $92 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 Toronto per year – $1,104
In Toronto, the average cost of home insurance for homeowners is $1,104 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.
Toronto homeowners insurance pricing trend
The price of homeowners insurance in Toronto 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 | $1,104 |
| 2023 | $934 |
| 2022 | $736 |
Factors impacting the price of homeowners insurance in Toronto
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 4,428 people per square kilometer, Toronto is the eighth most densely populated city in the country. In insurance, a greater population density is associated with a higher risk of accidents, leading to higher insurance premiums. So, if you’re relocating from a less densely populated city to a more populated one, such as Toronto, you should expect to see this reflected in the home insurance quotes you get.
Crime severity
Toronto has a crime severity index of 58.5, which, while considered a moderate score, it’s only a few points shy of what’s considered a high score. This index monitors the severity level of police-reported crime and provides valuable insights into the area’s safety. Insurers may take this data into account when assessing the risk associated with insuring your home. Consequently, in areas where the crime index is higher, premiums might also be higher to reflect the increased likelihood of claims due to crime-related incidents.
Flood risk
As the number and severity of storms rise, the threat of flooding in Toronto does too. On top of that, the Toronto and Region Conversation Authority notes that parts of Toronto are at a heightened risk of river flooding, street flooding, and basement flooding given their location and the highly urbanized nature of the city. While this might result in slightly more expensive insurance premiums, it’s wise to invest in a good home insurance policy with adequate water coverage if you live in this area.
High-risk dog breeds
In Ontario, the pitbull terrier, Staffordshire bull terrier, American Staffordshire terrier, American pitbull 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. While these breed-based regulations are controversial, there’s a chance that if you own one of these breeds, it may affect your premiums or even your ability to secure home insurance.
Toronto insurance calculator for homeowners
If you’re a homeowner looking for an insurance estimate, try this Toronto 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.
How to get cheap home insurance in Toronto
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 Toronto.
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 Toronto whose mission is to help homeowners, just like you, save money on insurance. Through partnerships with some of Toronto’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 Toronto?
Although homeowners insurance is not mandatory in Toronto 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.
What does home insurance cover in Toronto?
In Toronto, home insurance typically covers civil liability, dwelling and detached structures, personal belongings, and additional living costs. For homeowners who want additional protection though, you can customize your policy by selecting from a variety of optional coverages, such as theft or water damage.
How much is insurance in Toronto on average?
The average home insurance price in Toronto among YouSet users is $1,104 per year, which equates to $92 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.
How do you buy home insurance in Toronto?
To buy home insurance in Toronto 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 refer to YouSet’s help center or customer portal, as needed.
Why is home insurance so expensive in Toronto?
In recent years, home insurance prices have gone up across the province. 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.
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.
