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MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$76.76Sep 26, 2023, 07:48 PMAuto45MaleN6B1M5
$47.94Sep 26, 2023, 11:18 AMHome57MaleL8V3Z8
$12.80Sep 26, 2023, 09:13 PMTenant40MaleM3C1Y3

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I don’t always shop around when it comes to my insurance but I’m glad I did this time, MyChoice had a good range of options and I was able to chat to a broker once I found a quote that I liked!
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Article Contents
By <span>Matthew Roberts</span>
By Matthew Roberts

Updated July 18, 2023

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

Updated July 18, 2023

Visit author page
Article Contents

Make It Your Choice By Choosing Your Home Insurance With Us Today!

Save On Home Insurance In Diverse Toronto

Toronto is Canada’s largest city with it being the cultural, social, and economic center of the country. The city is home to beautiful views, amazing job opportunities, and the chance to live in a diverse environment. Toronto features tower skyscrapers, quiet suburbs, and plenty of green space.

The diversity of Toronto means that the home prices vary, and as a result there is a wide range in the price of home insurance in Toronto. Homeowners have to deal with a variety of risks to their home ranging from the crime that comes with living in a city to flood from the lake. This is why homeowners need to know about the specific risks involved with living in Toronto, what kinds of home insurance are offered in the city, and how to save money on their Toronto home insurance by comparing rates with MyChoice.

What Are The Average Premiums For Home Insurance In Toronto

An important part of getting cheap home insurance is to understand average home insurance rates. An understanding of average rates will allow you to make sure that you insurance policy is competitive, and it can serve as a valuable resource when planning your budget.

The average insurance rate in Ontario for a home under $300,000 is $702. A home that is over $700,000 is $924.

You can use MyChoice to look up the average rate for your neighbourhood, and you can even use MyChoice to look into the cost of insuring a home that is very specific to your home.

The average homeowner’s insurance rate can vary widely between neighbourhoods. The most expensive neighbourhood for homeowners insurance is York Mills as $1587. The neighbourhood for the lowest home insurance rates is Don Valley Village $586. Overall, a middle ground can be found in places like Don Mills or Bathurst Manor with rates slightly below a thousand dollars.

Specific Risks Of Home Ownership In Toronto

Toronto is considered one of the safest cities in North American, but there is still is the risk of crime. You should acquaint yourself with these risks, and then seek out a home insurance policy that will cover you from the specific dangers that crime presents to you, your home, and your belongings.


Toronto has very desirable crime statistics for a major metropolitan city. It has a homicide rate of two per hundred thousand. This is lower than almost every major American city, and it close to Vancouver’s low of 1.7 per hundred thousand. Toronto has an average of 8,424 burglaries per year.

Toronto has seen a rise in crime with it surpassing New York City’s homicide rate in 2018. The uptick in major crime is a pressing concern, and residents should take steps to protect themselves.

You should prepare yourself by having insurance coverage that will protect you in the event of a burglary. In addition, you should also consider the risk of vandalism. It is a good idea to have an insurance policy that will protect you from burglaries with a low deductible that will give you good coverage.

A burglary statistically makes your home twelve times more likely to be burglarized again. This means it is vital to install a home security system if your home has been previously burglarized. A home security system is especially desirable for ground floor dwellings, and homes with backyards, as these features make them prime targets for burglars.


Toronto is a low-lying city that is prone to flooding with it being prone to both overland and groundwater flooding.

Flooding is often considered an optional extra on insurance. You should look into the different kinds of flood coverage offered by your insurance. Some types of flood insurance is considered an optional extra, and you may want to consider additional flood coverage if you live in a flood-prone neighbourhood.


Toronto is known to experience moderate earthquakes on a somewhat regular basis. Most insurance providers will not cover earthquakes. You should seek out optional extra insurance to receive earthquake coverage.


Fire is always of an increased danger when living in a densely populated area where it is easy for fires to spread. You should take steps to protect your home from fire by installing such things as smoke detectors or an indoor sprinkler system. You can get a discount by having these items.

Extremely Cold Temperatures

Toronto is a Canadian city that is next to the cold waters of Lake Ontario with it experiencing extremely cold temperatures. Cold temperatures have the potential to freeze your home’s pipes, which will result in flooding. You should check to make sure that your home has coverage that specifically protects you from burst pipes.

Four Types Of Home Insurance In Toronto

All areas of Canada require insurers to provide four different kinds of home insurance including:

There are four different levels of home insurance including:

  • Comprehensive
  • Broad
  • Basic
  • No-Frills

Comprehensive home insurance is the broadest form of home insurance with it covering homeowners from most risks. Broad coverage only covers you for named events such as a fire or storm. Basic insurance is a very basic package that will only cover your home from a few risks. No Frills insurance is specialty insurance that is only offered to homes with a structural problem and covers very specific dangers.

You should seek out a form of insurance that gives you the most coverage you can afford as your home is so valuable. You should carefully review your policy to make sure it offers protection to your valuable home.

How To Get Cheaper Home Insurance Toronto

Toronto is a major city with high property value with the high cost of living and insurance rates that come with it.

A simple way to cheap Toronto home insurance is to bundle your policies. It does not require much effort to combine your auto and home insurance policies, and you can almost always get a discount on both your home and car that will make bundling well worth the effort.

You should ask your insurance company if you qualify for a discount for certain types of people. You may be able to get a discount by being a senior citizen, member of union, or a graduate from certain universities.

A couple of other ways to save money on your home insurance include:

  • Increasing Your Deductible
  • Installing A Security System
  • Installing Smoke Detectors
  • Never Submitting A Claim

Finally, you can save money on your home insurance Toronto by paying your home insurance in the form of a single annual lump sum. This will save the home insurance broker Toronto on administrative fees, and they will pass these savings onto you.

Get A Personalized Home Insurance Quote From Us Today

MyChoice makes it simple to compare home insurance rates in Toronto. You can enter in information about you and your home in a few minutes and we will then provide you with a list of quotes from the major insurance providers in your area.

Our insurance comparison site is a good option when you are first shopping for insurance and also to actively review your premiums when you try to get cheaper insurance.

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