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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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

Updated on May 30, 2024

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

Updated May 30, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Toronto

  • Toronto home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Toronto is around $1,533.

What Risks Affect Homeowners in Toronto?

Many homeowners in Canada are affected by similar risks. However, there are some specific risks which Toronto homeowners should keep an eye on, and these are:

Break-ins

With 3,001 residential break-ins reported to the Toronto Police in 2022, break-ins are a serious risk in Toronto that can result in property damage and theft.

Flooding

Because of thawing snow in the spring and the city’s low elevation, Toronto experiences flash floods. This can cause serious water damage to your home, especially if you have a home with a basement.

Cold temperatures:

Toronto temperatures have been known to drop as low as -30°C, so Toronto homeowners need to be vigilant against freezing or burst water pipes in the winter.

Fires

Toronto’s high home and population density mean fires can spread swiftly between homes.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Toronto. 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 Toronto Usually Cost?

It’s hard to give a definitive answer to the typical cost of home insurance in Toronto, as your quotes are affected by factors like your home’s age and value, your policy type, and your location. The cost also differs between home insurance companies as each one has different methods for assessing risks and costs of coverage. This is why premiums differ between providers.

Expect to pay a premium within a range of $1000 to $2,000 annually for Toronto home insurance. On average, Toronto home insurance costs $1,533 annually, which is higher than the average Ontario home insurance rate.

Does Where You Live in Toronto Affect Your Home Insurance?

Yes, where you live in Toronto affects your home insurance. Certain areas pose higher risks for different perils and natural disasters, leading to increased chances of filing claims. As a result, different areas may have varying home insurance quotes for homes of similar size, value, and condition.

For example, Toronto’s Danforth-Greektown area is known as one of the city’s safer and more family-friendly neighbourhoods, so a home insurer may consider it less likely that you’ll file a claim. On the other hand, living in bustling Moss Park near the Downtown Core may get you higher quotes because of its historically high property crime rates. Living in densely populated neighbourhoods like Queens Quay and King West may raise concerns for your insurer about the risk of spreading fires in clustered homes.

Compare quotes using MyChoice to see how much home insurance costs in your Toronto neighbourhood. This will help you find the most competitive quotes for your area so you can find the best deal no matter where you live.

Postal Codes With the Most Expensive Home Insurance in Toronto

M4N and M6E postal codes have above-average home insurance rates in Toronto.

Postal CodeAverage Annual Home Insurance Premium
M4N$1,615
M6E$1,589

Postal Codes With the Least Expensive Home Insurance in Toronto

The M6K and M6J postal codes have some of the cheapest home insurance rates in Toronto.

Postal CodeAverage Annual Home Insurance Premium
M6K, M6J$1,439

Why Are Toronto Home Insurance Rates so Expensive?

There are three factors that may be driving up Toronto home insurance rates. Here’s a quick explanation of why these things make premiums higher in Toronto:

  • Greater number of older properties: Most homes in Toronto are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
  • Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
  • Housing density: Toronto is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.

Housing Data in Toronto

Curious about the average Toronto home’s age, condition, and type? Here’s a simple overview of Toronto housing based on the 2021 Census of Population:

Type of Occupied Dwelling

Nearly half (46.7%) of Toronto’s occupied dwellings are apartments in a building that has five or more storeys. Single-detached houses trail at a distant second, comprising 23.3% of all occupied Toronto dwellings.

Owner vs Renter Stats/Condo vs Non-Condo Owners

There’s a near-even split between homeowners and renters in Toronto. 51.9% of Toronto homes are owned, with 48.1% rented. 30.4% of owned homes are part of a condominium development in Toronto, while 69.6% are not.

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

Most of Toronto’s private dwellings are older buildings, with 29.3% of homes constructed in or before 1960 and 28.8% of homes constructed between 1961 to 1980. Only 7.3% of Toronto homes were built from 2016 to May 2021.

Major Repairs or Just Maintenance Needed?

Most Toronto homes need only regular maintenance and minor repairs (93.6%). Only 6.4% of Toronto’s private dwellings need major repairs.

Homeownership Rate by Age in Toronto

Homeownership in Toronto is unsurprisingly less than in other cities in Ontario, this is largely due to the higher-than-average real estate costs in the city, making it harder for younger residents to obtain homeownership. Interestingly only around half of residents aged between 40 and 54 are homeowners, this average increases slightly to 65.5% for residents 55 or older.

Age GroupHomeownership Rate
15 to 2419.5%
25 to 3933.8%
40 to 5453.6%
55 to 7462.6%
75 and over68.9%

Average Home Price in Toronto by Dwelling Type

Below are the average values of homes in Toronto, categorized by dwelling type:

Type of DwellingAverage Value
Detached$1,617,500
Semi-Detached$1,360,000
Freehold Townhouse$1,344,500

Toronto Population Growth

Toronto’s population continued to increase from 2,731,571 to 2,794,356 people between 2016 and 2021, indicating a growth rate of roughly 2.29% over the specified five years.

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.

Why Do I Need Home Insurance in Toronto?

Home insurance isn’t mandatory in Toronto. However, it’s strongly encouraged that you get a policy because of these reasons:

Liability coverage

If someone accidentally gets hurt on your property, liability coverage can help you pay for legal expenses or settlement costs.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

How Can I Get Cheap Home Insurance in Toronto?

If you’re trying to save money on your preferred home insurance coverage in Toronto, visit our Ontario page for practical tips.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Toronto, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Toronto, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Toronto, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Ontario, Toronto, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Ontario, Toronto, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Toronto, Population Statistics. Data Published December 16, 2022.

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