Home insurance in Ontario

KBD Insurance is a boutique Canadian broker with 40+ years of experience in the home insurance market.

We offer our Ontario home insurance clients a seamless, modern and personalized customer experience.

Here are a few reasons to choose KBD as your home insurance broker:

• Comprehensive coverage: At KBD, we offer a wide range of coverage options to safeguard your home and belongings, including protection against natural disasters, theft, and liability.
• Competitive rates: KBD provides cost-effective insurance solutions tailored to your needs and budget.
• Exceptional customer service: We pride ourselves on outstanding customer support, and ensure that you have access to professional assistance when you need it.
• Quick claims processing: In the event of a claim, our brokers will assist you throughout the process.
• Flexible policy options: KBD allows you to customize your policy to match your unique requirements, providing peace of mind at an affordable rate.

It’s our job to make your home insurance experience – from purchase to maintenance – simple and stress-free.

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The most important part of purchasing homeowners’ insurance in Ontario is to fully understand what you’re covered for, and to purchase the home insurance that your mortgage or line of credit lender requires.

For example, if you’re borrowing $900k from the lender, they will require you to carry at least $900k in home insurance.

And if you just skimmed over your policy and think you’re covered for certain accidents when you actually aren’t, you can run into big problems. 

Example: Not every insurance company automatically offers ground water and sewer insurance, which covers you if outside water comes into your home.

So if you don’t have it, you won’t be covered for sewer backups, ground water, and flooding. Which can of course be an issue. 

Here are a few questions to ask your Ontario insurance broker when deciding on the right home insurance policy for you:

• How much coverage do I need based on the value of my home?
• What specific coverage could my home need?
• Are my valuables covered in my home insurance policy? (Ex: jewelry, electronics, etc.)
• What deductible amount should I take?

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As an Ontario homeowner, you’ll generally want to be insured for the following:

• The cost to rebuild your home
• The cost to replace your contents (the belongings inside the home)
• The cost to live elsewhere while your home is being repaired
• The liability coverage you’ll need

In Ontario, if your home is worth over $1.5M, you can get specialty insurance via Intact Prestige, which provides a lot more coverage.

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There’s no no particular cheap home insurance company that will suit everyone. In Ontario, home insurance is customized to each person’s needs, so the cheapest home insurance for you won’t be the same kind as your neighbour. 

Why? Because your home insurance price is determined based on factors like the value of your building, contents, etc.

BUT if you’re looking to save money, here are some of the best ways to get cheaper house insurance in Ontario:

• Get a higher deductible
• Update your home (electrical, plumbing, roof, hot water tank, etc.)
• Bundle up your home and auto policy 
• Only pay for what you need
• Don’t file small claims
• Install a central alarm system
• Work with a broker
• Have good credit 

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It depends on the kind of property you have and its reconstruction value.

Looking for some concrete numbers?

Here are the average costs of different types of property insurance in Ontario in 2022:

1. Homeowners insurance: $1250 a year.
2. Condo insurance: $345 a year.
3. Tenant insurance: $330 a year.

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Home insurance is not legally mandatory in Ontario or any other Canadian province.

However, while not required by law, most mortgage lenders will require homeowners to have insurance as a condition of their mortgage.

Home insurance also offers important financial protection, covering damage to the home and its contents, liability protection, and additional living expenses in case of damage or loss.

That covered, we advise all Ontario homeowners to have home insurance to safeguard their investment and mitigate potential financial risks.

Need home insurance in Ontario?

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Home insurance prices in Ontario are calculated using several factors, including:

• Replacement cost: The estimated cost to rebuild your home.
• Location: The home’s proximity to fire stations, flood zones, and areas with high crime rates can affect premiums.
• Type of coverage: The extent of coverage, such as basic or comprehensive, impacts home insurance costs.
• Deductible: Higher deductibles result in lower premiums but higher out-of-pocket expenses in a claim.
• Home characteristics: Factors like the age, size, and condition of the home.
• Claims history: A history of past claims can raise premiums.
• Personal factors: Personal insurance history, credit score, and occupation can also influence rates.
• Discounts: Eligibility for discounts, such as bundling home and auto insurance, can reduce costs.

In short, Ontario home insurance rates are calculated on a case-by-case basis.

The best way to get an accurate estimate of home insurance costs is to get a quote.

Need home insurance in Ontario?

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The average cost of homeowners insurance in Ontario is around $1250. 

But individual premiums vary based on factors like the building’s age, reconstruction cost, construction material, and customer insurance history. 

For example, a client with a history of claims will pay more than one who’s been claims free for 20 years.

So depending on your house and your insurance history, the cost of your Ontario homeowners insurance could be more or less than $1250.

Getting a home insurance quote is the best way to know what your premium will be based on your property and individual needs. 

Give our Ontario insurance brokers a call. We’ll be happy to help.

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Home insurance isn’t mandatory in Ontario, but mortgage lenders will require you to be covered for a certain amount. 

And even if you don’t need a mortgage, you’ll really be living life on the edge if you go without home insurance.  

After all, for most people, their home is their biggest asset. 

Here are the four different levels of homeowners’ insurance that you can buy in Ontario:

1. Comprehensive: Covers your building and the contents inside for most risks. It still doesn’t include groundwater or earthquake coverage (those are extra). 
2. Broad: Covers the building and named risks (known as perils) that you specify in your policy. 
3. Basic: Only covers the perils that you specify in your policy. 
4. No-frills: Low-cost home insurance that offers basic coverage to homes that don’t fit the usual standards for insurance. 

Each of these levels include different amounts of coverage for the building, additional living expenses, contents, and detached private structures. You can add optional common additional coverages for good measure. 

KBD offers these insurance coverages to Ontario homeowners:

• Groundwater coverage
• Sewer back up coverage
• Flood insurance
• Fire insurance 
• Liability insurance  
• Theft 
• Vandalism
• Earthquake
• Tornados
• Etc.

Deciding on comprehensive, broad, basic, or no-frills coverage will depend on what you need for your home, and what your mortgage lender requires. 

But the best thing to do is give your Ontario home insurance broker a call to make sure you’re properly covered.

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Put simply, home insurance covers damage to the building, loss or theft of possessions, and injury or harm to others. 

At KBD, our Ontario home insurance policies can cover you for:

• Fire insurance
• Water and flood insurance
• Liability insurance
• Theft 
• Earthquake

Looking for an Ontario house insurance quote? Give us a call. 

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It’s subjective. The best home insurance for person A may not be best for person B.

That’s because insurance policies are tailored to each individual client.

To give you a quick example, not every home insurance company offers ground water coverage. 

This covers you if water enters your home from outside (ex: flooding through the basement, foundation, or floors). 

Some companies may charge a higher rate in your area than others. 

KBD works with multiple home insurance companies, including Intact Insurance and Economical, to provide Ontario home insurance.

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Just like any other industry, home insurance prices are affected by the overall market. So, if the cost to rebuild your home goes up, so will your home insurance. 

But there are a few things you can do to save money on your home insurance price year over year. 

For example, you can update your home, increase your deductible, and ask to bundle your auto and home insurance. 

The best way to see where you can save money in your policy is by asking your home insurance broker.

We’ll find the best home insurance rates for you.

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If you don’t have home insurance in Ontario, you’re not breaking any laws, as it’s not legally mandatory.

That said, not having home insurance can have significant financial consequences.

For instance, you would be personally responsible for covering the cost of any damage or loss to your home and belongings.

Without insurance, you would also lack liability protection, leaving you vulnerable to legal and financial liabilities in case of accidents on your property.

Mortgage lenders often require insurance as a condition of the loan, and not having it could lead to default on your mortgage.

Let’s get your Ontario home insured.

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Home insurance can be a significant expense for homeowners in Ontario, but there are several ways to save on your premiums while maintaining adequate coverage.

Here are a few tips to keep in mind when you’re buying home insurance in Ontario:

1. Shop around: Compare quotes from various insurers to find the most competitive rates. A broker like KBD can help you shop.
2. Bundle policies: Combine your home and auto insurance with the same provider to qualify for a multi-policy discount.
3. Increase deductibles: Opt for a higher deductible, which can lower your premiums, though be prepared for greater out-of-pocket costs if you make a claim.
4. Home improvements: Enhance safety and security features, such as installing alarm systems and fire-resistant materials for potential discounts.
5. Maintain good credit: A solid credit score can lead to lower insurance rates.
6. Loyalty discounts: Staying with the same insurer may result in loyalty discounts over time.
7. Review and update: Periodically reassess your coverage to ensure it aligns with your current needs and budget.

By implementing these cost-saving measures, you can strike a balance between protection and affordability when it comes to your Ontario home insurance.

Need an Ontario home insurance quote?

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