Etobicoke is home to properties of different values, each exposed to different risks. As such, the best way to protect your property financially is with a home insurance policy. While it isn’t legally mandatory, home insurance can provide financial assistance in case of property damage, theft, and other perils.
However, because of multiple policy types and coverage, picking the right home insurance policy for your property can be challenging. Fortunately, MyChoice is here to give you a helping hand. Learn how Etobicoke home insurance works, what it covers, and how to select the best policy.
How Does Home Insurance Work In Etobicoke?
When you get a home insurance quote in Etobicoke with MyChoice, you’re receiving a comprehensive policy that goes beyond just the basics — including Guaranteed Replacement Cost, which ensures your home will be rebuilt to its original condition even if the cost exceeds your dwelling coverage limit.
Your quote is made up of two main pillars: Base Residence / Dwelling (covering your home, contents, liability, and standard perils) and Enhanced Water Protection (covering floods, sewer backup, and groundwater seepage). Together, they form a complete protection package for your property and belongings.
| Coverage Type | What’s Included? | Average Annual Home Insurance Premium |
|---|---|---|
| Base Residence / Dwelling | – Dwelling Coverage – Outbuildings (detached structures) – Contents – Personal Liability – Voluntary Medical Payments – Voluntary Property Damage – Basic Water Damage | $1243 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $247 |
| Coverage Total: | $1,490 |
*A comprehensive home insurance policy protects your property and belongings against all perils except those specifically excluded by the policy. This typically includes: fire and smoke damage, wind and hail damage, lightning strikes, burst pipes (depending on the situation), falling objects (like trees or branches), theft and burglaries, and vandalism.
Base Residence / Dwelling Coverages:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Dwelling Coverage | Covers the cost to rebuild your home after insured damage. | $1,000,000 |
| Outbuildings (detached structures) | Covers the cost to rebuild the detached structures (i.e. garages, sheds, fences). | $150,000 |
| Contents | Protects your belongings from damage or loss due to covered perils. | $750,000 |
| Personal Liability | Legal & medical costs if someone sues you for injury/property damage. | $1,000,000 |
| Voluntary Medical Payments | Pays limited medical expenses if someone is accidentally injured on your property, regardless of fault | $4,500 |
| Voluntary Property Damage | Covers small amounts for accidental damage you cause to someone else’s property (or damage caused by a minor in your care | $1,500 |
| Basic Water Damage | Protects against sudden and accidental internal water damage (e.g., burst pipes or overflowing appliances | $1,000,000 |
*Please note that the average coverage limits in the tables above and below are based on the dwelling coverage of $1 million and can vary by house and carrier.
Enhanced Water Protection:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Sewer Backup Endorsement | Pays for damage caused by sewage or septic systems backing up into the home. | $100,000 |
| Ground Water Endorsement | Adds protection against damage from ground‑water seepage, which is not covered by standard policies. | $250,000 |
| Overland Water Endorsement | Covers damage from freshwater entering your home from rivers, lakes or heavy rainfall. This is typically optional and recommended for homes in flood‑prone areas. | $250,000 |
| Broad Water Damage Endorsement | A catch‑all rider that may combine overland water, sewer‑backup and ground‑water coverage and may also include protection for seepage or ice‑damming (depending on the insurer) | $250,000 |
*MyChoice recommends getting the enhanced water protection package if you live in flood-prone areas in Ontario, as mentioned in our latest study.
Home Insurance Price in Etobicoke by Dwelling Type
Below is the average home insurance price in Etobicoke, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,490 |
| Semi-Detached | $1,371 |
| Freehold Townhouse | $1,282 |
Does Where You Live in Etobicoke Affect Your Home Insurance?
Yes, where you live in Etobicoke can affect your final home insurance rates. Consider the following factors when computing your premiums:
How Etobicoke Home Insurance Rates Compare to Nearby Cities
Etobicoke’s home insurance rates are moderate for the GTA, landing between higher-cost Toronto and Mississauga and the more affordable Brampton and Scarborough.
| City | Average Annual Home Insurance Premium |
|---|---|
| Etobicoke | $1,490 |
| Toronto | $1,814 |
| Mississauga | $1,502 |
| Brampton | $1,099 |
| Scarborough | $1,142 |
| Vaughan | $1,318 |
How Etobicoke Home Insurance Rates Compare to Provincial Average
Home insurance in Etobicoke is around $1,490 range, slightly higher than the Ontario average. However, costs will ultimately depend on factors like property size, location within Etobicoke, and your chosen deductible, among other things.
Common Home Insurance Discounts in Etobicoke
Certain insurers offer home insurance discounts that can significantly reduce your premium — sometimes by up to 20% when combined. Please note that these discounts depend on your property type, condition, the insurer and even external conditions like natural disasters or crime rates in your specific area. Talk to your broker or insurer to learn more about what discounts they offer in your area.
Here’s a look at the most common discounts you can get on home insurance in Etobicoke:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $170 |
| Claims-Free Discount | 16.5% | $246 |
| Alarm System (Burglar) | 7.5% | $112 |
| Alarm System (Fire) | 5.0% | $75 |
| Membership Discount (CAA) | 10.0% | $149 |
| Non-Smoker Discount | 7.5% | $112 |
What Risks Affect Etobicoke Homeowners?
Like any Ontario city, Etobicoke is subject to location-specific risks, including the following:
Probability of Significant Disasters in Etobicoke
On July 8, 2013, a short but intense storm system led to serious flash flooding in Etobicoke, swamping roads and shutting down parts of the transit network.
The following MyChoice probability scores for Etobicoke are based on historical data from the Canadian Disaster Database (CDD), which has tracked major disasters in Canada since 1950. These scores represent the relative likelihood that each type of significant event could occur at least once in Etobicoke over the next decade. The comparison is made against both other regions in Canada and other types of events, helping illustrate where the greatest risks to homeowners may lie.
According to the CDD, an event is classified as significant if it results in 10 or more deaths, 100 or more people affected (injured, evacuated, or left homeless), an appeal for national or international assistance, historical importance, or severe damage that prevents a community from recovering on its own.
Housing Data in Etobicoke
Learn more about the housing landscape in Etobicoke with more information from the 2021 Census of Population.
What Is Not Included in a Typical Home Insurance Policy?
Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.
Here are the most common home insurance exclusions:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Etobicoke. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.
Why Do I Need Home Insurance in Etobicoke?
As mentioned, home insurance in Etobicoke is not legally mandated but can provide much-needed financial protection under the following circumstances:
- Your home incurs damage during a natural disaster, such as a flood, fire, or storm.
- Your home incurs damage due to a break-in, theft, or vandalism.
- You lose your belongings in an accident and need to replace them.
- Your home becomes temporarily uninhabitable and you need funding for accommodations, meals, and other necessities.
- You need to fulfill mortgage requirements.
- You want peace of mind.
How You Can Get Cheap Home Insurance in Etobicoke
Visit our Ontario page if you are looking for practical tips on how to save money on home insurance.