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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on February 6, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated February 6, 2024

Visit author page

12 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

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.

What Risks Affect Etobicoke Homeowners?

Like any Ontario city, Etobicoke is subject to location-specific risks, including the following:

Flooding

Because Etobicoke Creek is prone to erosion, homes in the surrounding area are at risk of flood damage. Floods are further exacerbated by ongoing thunderstorms.

Windstorms

Windstorms are common in Etobicoke and can damage home structures, break windows, and destroy possessions within your property.

Falling objects

Snowslides, mudslides, and earthquakes are relatively frequent in Etobicoke, causing falling objects to damage homes.

Fires

Industrial fires often occur in Etobicoke, displacing families and causing damage to surrounding areas.

How Does Home Insurance in Etobicoke Work? 

As with other insurance products like tenant insurance or condo insurance, Etobicoke home insurance gives you financial coverage for your home in the event of certain unforeseen events. By purchasing a home insurance policy, you can file a claim that allows you to handle the cost of damage or losses covered under your policy terms.

There are three types of home insurance policies that you can buy in Etobicoke. Here’s a basic overview of each type:

The typical Etobicoke home insurance policy may come with these types of home insurance coverage and liability coverage. Here’s a quick description of each standard coverage inclusion:

  • Additional living expenses: If you’re suddenly displaced from your home because of an insured risk, your policy will also cover the cost of temporary housing.
  • Detached private structure: This covers damages to private, detached structures on your property, such as a detached garage or tool shed.
  • Dwelling: This covers damages to your home (a.k.a. your dwelling) and its attached structures, like a garage. Coverage is typically for damages caused by risks such as lightning or fire, depending on the terms of your policy.
  • Personal liability coverage: This covers settlements and legal expenses in case someone is accidentally injured on your property.
  • Personal property: Home insurance policies also cover your personal property, such as furniture and appliances. Note that some special or high-value items like artwork may need additional coverage.
  • Voluntary medical expenses: This coverage helps you pay for the medical expenses of a person you’ve unintentionally injured on your property or someone who accidentally hurts themselves on your property. This usually covers up to one year of expenses up to one year from the time of injury, with certain cost caps.
  • Voluntary property damage: This covers direct damage or loss that you’ve unintentionally caused to someone else’s property. This also applies to unintentional loss or damage caused by a minor who is 12 years old or younger in your care. 

Apart from the standard coverage offered by Etobicoke home insurance policies, there are other types of coverage you can purchase for extra protection for your property. These are some of the most common coverage add-ons:

  • Credit and debit card forgery: This additional coverage will offset any financial losses or other damage you suffer because of credit or debit card forgery.
  • Earthquakes: This add-on covers damage or losses due to earthquakes.
  • Flooding: Protection from flooding typically includes both overland water and sewer back-up coverage. While you may opt to purchase these water-related add-ons separately, you may want to combine them into a flooding protection package because of severe weather and other regional risks.
  • Freezer food: This protects food in your property’s freezers if your freezer malfunctions or there’s a power outage.
  • Home sharing: Standard policies don’t cover loss or damage caused when you rent out your home. This add-on covers your property if you plan to use it for short-term rentals on sites like Airbnb.
  • Identity theft: This covers the cost of replacing crucial documents for identification, such as your birth certificate and driver’s licence.
  • Lock replacement: Some insurers offer to cover the cost of replacing your home’s locks.
  • Mass evacuation: If the government issues an evacuation order due to an incident like a flood, this add-on covers some expenses incurred during your absence from your home.
  • Overland water: Rainfall or thawing snow can cause nearby freshwater and wastewater sources to overflow beyond their typical levels. This add-on covers damage caused by this excess water when it seeps into your property.
  • Personal valuables: Standard plans offer limited coverage known as riders for items like jewelry and artwork. This add-on increases the limits for these items in the event of loss or damage.
  • Sewer backup coverage: If sewage or wastewater comes up from a main sewer, this add-on will cover the damage and losses caused.

This is usually the most affordable type of home insurance, where you can choose coverage only against specific perils. If it’s not listed in your basic policy, your insurer won’t give you coverage for that risk.

This is typically the most expensive option but also the one that offers the most protection for your home and belongings in it. Under comprehensive home insurance, you’ll have protection against all risks that aren’t explicitly excluded, as well as risks that don’t require optional add-ons.

This mid-price option offers comprehensive coverage for your home but basic coverage for your personal belongings. This means your home will be protected from all risks except those that need add-ons or are specifically excluded, while your possessions are only protected against risks listed in your policy.

Housing Data in Etobicoke

Learn more about the housing landscape in Etobicoke with more information from the 2021 Census of Population.

Type of Occupied Dwelling

48.3% of properties in Etobicoke are single-detached houses, while 39.3% of properties are apartments in buildings with five or more stories. Only 4.5% of Etobicoke properties are row houses. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

67.4% of Etobicoke residents own their properties, while 32.6% rent them.

Private Dwellings by Period of Construction: New or Older Homes?

Most Etobicoke homes were built between 1961 and 1980 (48%), followed by homes built before the 1960s (29.7%). By comparison, only 3.2% of homes were built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

Most Etobicoke homes are well-maintained, with 94.3% needing only regular maintenance and minimal repairs. 5.7% of homes require major repairs and replacements.

Who Provides Home Insurance Quotes in Etobicoke?

There are different ways that you can get a home insurance quote in Etobicoke. Here are the four providers that you can use or contact for home insurance rates:

Insurance brokers

Insurance brokers can represent you as a buyer and get quotes from multiple insurance companies, as well as advice on choosing a policy.

Direct writers

A direct writer is an insurance company that doesn’t have independent agents offering their quotes and policies. Typically, direct writers offer their products through their official websites and/or their call centres.

Insurance agents

Insurance agents are independent professionals who can provide quotes and policy information from the companies they work with.

Insurance aggregators

Insurance aggregators are online platforms like MyChoice that allow you to compare rates and coverage options from multiple providers. Because these allow you to input your information and receive quotes from multiple providers in one place, this can save you time and effort.

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:

Criminal activities

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

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.

How Much Does Home Insurance in Etobicoke Usually Cost?

Home insurance in Etobicoke is in the $1,288 to $1,380 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.

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.

What Determines the Cost of Home Insurance in Etobicoke?

The cost of home insurance in Etobicoke varies depending on several considerations, such as your zip code, your property type, and even your credit score. Here are some of the different cost factors for home insurance in Etobicoke:

Accessory Dwellings

Detached private structures like tool sheds, pool houses, and gazebos may increase your home insurance premiums. Further, a pool typically increases your premiums because of the increased risk of drowning, as well as the extra cost of maintaining a surrounding fence and lock. Make sure your home insurance covers all of your detached structures.

Credit Score

The majority of Canadian provinces use your credit score to determine your home insurance premium. This is because it’s often perceived that a bad credit score increases the risk of providing home insurance, as it increases the odds of late or non-payment of premiums.

Internal Construction

If your home is older, in poor condition, or needs to update systems like heating and plumbing, it may be pricier to insure. This is because older electrical, heating, and plumbing systems increase the risk of certain accidents like fires and water damage from leaks.

Location

If you live in an area prone to natural disasters like earthquakes or flooding, your premiums may be higher. Insurers also tend to charge higher premiums in areas where more homeowners have filed claims over recent years.

Replacement Cost

Replacement cost is based on how much it would cost to rebuild your home at its present condition and value. The higher your home’s present value, the more expensive it is to insure. Note that when factoring in replacement cost, you’ll need to inform your home insurer of any expensive items or upgrades like jewellery or artwork which will need extra coverage.

Past Claims History

Simply put, the more claims you have in a 10-year period, the higher your monthly premiums will be. As a general rule, make sure that the cost of your potential claim is higher than your policy deductible, which is the amount you have to pay before your insurer covers the rest.

Pets

Some insurance providers will ask you to disclose the number, type, and breed of any pets you may have, as some pets are considered an additional liability risk.

Property Type

Whether you live in a condo unit or a single-detached home, different types of dwellings will be evaluated differently by an Etobicoke insurer as each comes with different risks.

Renovations And Improvements

Some improvements can lower or increase your home insurance premiums. For example, converting a room into a home theatre may increase your home’s present value, so your premiums may go up. On the other hand, improvements that increase home safety like an alarm system may lower your premiums. Note that you should tell your home insurer both before and after you renovate your Etobicoke home.

Roof

The average asphalt shingle roof will begin to wear down after approximately 10 to 15 years. Unless it’s properly maintained and repaired, your roof may increase the risk of letting water leak in and damage your house. Etobicoke home insurers may lower your quotes if they see that your home’s roof is made with high-quality, durable materials.

Smoking Or Non-Smoking Policyholders

If you’re a non-smoker, an insurer may offer lower premiums as they consider it less likely that a cigarette or other smoking device will start a fire in your home.

Special Uses

While conducting business in your home won’t always increase your home insurance premiums, this depends greatly on the kind of business you’re running. For example, you can expect to pay more if you’re listing your home for short-term rentals or running a home-based catering company because there is more risk of liabilities or accidents.

Type Of Coverage You Choose

If you get a policy with a higher deductible, this will result in a lower premium. Additionally, the higher the coverage and the more risks you are protected against, the higher your premiums will be.

Your Chosen Insurer

Different insurers may offer varying quotes even for the same type of policy. Coverage costs vary between companies, so it’s important to shop around to find the best deal. 

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:

Crime rates

While crime rates in Etobicoke are generally low, especially in neighborhoods like New Toronto and Kingsway South, other areas are more susceptible to break-ins and vandalism. Higher-crime areas like West Humber-Clairville may be subject to higher insurance rates.

Neighborhood

Which Etobicoke neighborhood you live in can dictate insurance rates. More expensive neighborhoods like Edenbridge-Humber Valley and Forest South Hill, for instance, may subject homeowners to higher insurance rates, while homes in cheaper neighborhoods like Rexdale-Kipling and Mimico-Queensway come with cheaper premiums.

Proximity to creek

The closer you live to Etobicoke Creek or Humber River, the more susceptible your home will be to overland flooding and sewer backup. The likelihood of your Etobicoke home being affected by floods and water damage can increase your premiums.

How You Can Get Cheap Home Insurance in Etobicoke

If you’re trying to save money on your preferred home insurance coverage, here are some important steps to take:

Compare quotes

Comparison shopping between different providers will help you find the best rate for your desired policy type. Use an insurance aggregator like MyChoice to get and examine immediate quotes from various Etobicoke home insurers.

Increase your deductible

You can ask your insurer if you can increase your deductible, a.k.a. the amount you pay before your insurer pays out the claim. Increasing this reduces the risk for your insurer that you’ll submit a claim, so they may offer to lower your premiums.

Bundle with auto insurance

Some companies offer bundled home and auto insurance at a good discount for both policies.

Renovate old home systems like wiring and plumbing

Renovating to remove known risks like faulty wiring and old plumbing may help reduce your premiums.

Pay annually

While hefty annual premium payments may be daunting, some insurance providers give you a discount in exchange as it reduces their administrative costs.

Install monitored alarms

The safer you make your home against thieves, the higher the chances that you’ll go claim-free. This may convince your home insurer to offer lower premiums. Install monitored home security systems to deter break-ins and get immediate notifications of disturbances.

FAQs About Home Insurance in Etobicoke

Can you cancel home insurance in Etobicoke?

Yes, you can cancel your home insurance in Etobicoke. Check your policy’s terms and conditions for any fees or penalties you may incur, as these are typically charged if you cancel your policy before its end date.

Are Etobicoke home insurance fees tax deductible?

Generally, Etobicoke home insurance fees are not tax-deductible as they’re usually considered personal expenses. However, they may be tax-deductible in certain circumstances, such as running a home-based business or having a designated office area in your home. Consult a tax professional to learn if your insurance policies can be considered deductibles in your situation.

Do Etobicoke real estate prices affect the cost of home insurance?

Yes, Etobicoke real estate prices affect the cost of home insurance. Because high real estate prices translate to higher repair or restoration costs in the event of loss or damage, home insurers may charge higher premiums in higher-priced areas. The average price of an Etobicoke home is within the $790,000 to $1.1 million range, with prices in Etobicoke South surpassing the Ontario average of $945,000.

Do I need home insurance in Etobicoke for Airbnbs?

Yes, you need a specific type of home insurance in Etobicoke for Airbnbs. Property owners who run Airbnbs can apply for a customized rental insurance policy to protect against property damage or liabilities.

What factors aren’t used to calculate Etobicoke home insurance rates?

Factors that insurance providers don’t consider when calculating Etobicoke home insurance rates include the following:

– Sexual orientation and gender
– Marital status
– Disability
– Race
– Religion
– Political affiliation

How expensive is insurance for a home in Etobicoke compared to the rest of Ontario?

Insurance for a home in Etobicoke is about $200 lower than the provincial average. Some factors which may affect this difference include the cost of living in this city, property values, and the incidence of natural disasters such as earthquakes and storms.

In Etobicoke, the cost of living is about 9% lower than the provincial average. Etobicoke has also experienced flooding issues with Etobicoke Creek, causing insurance rates to rise around that area. Consult your preferred home insurer to find out what other factors may cause your Etobicoke policy quotes from them to be higher than the provincial average.

Sources

1. Statistics Canada, 2021, Census of Population, Ontario, Etobicoke, Housing Statistics. Data Published March 29, 2023.

2. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2023.

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