Home insurance in Ontario

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 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 one of our Ontario insurance brokers a call and we’ll help you out.

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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:

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 broker a call to make sure you’re covered for the right things. 

Need a quote on your Ontario home insurance?

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To put it 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 against:

• 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.

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 residents home insurance. 

Ready to get a home insurance quote? We can help you out. 

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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 could 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 broker.

Give us a call, and we’ll help find the best home insurance rates for you.

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The most important part of homeowners’ insurance 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. 

Case in point: 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 obviously be an issue. 

Here are a few questions to ask your 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?

Need a house insurance quote in Ontario? 

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In general, you’ll want to make sure that you’re insured for the following:

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

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

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There’s no one-off cheap home insurance that will suit everyone. 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 on factors like the value of your building, value of your contents, etc.

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

• 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 

Give our Ontario office a call, and we’ll help you find the best coverage.

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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.

Looking for a property insurance quote? Give us a call. 

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