Toronto home insurance

The cost of property insurance in Toronto depends on factors like the type of property, its location, and its value. 

On average, home and condo owners in Toronto can expect to pay anywhere from $500 to $2,500 per year for property insurance. 

However, the exact cost will depend on the specific details of the property and the coverage required. 

The best way to get an accurate estimate of how much property insurance will cost you, is to get a personalized quote.

We can help with that.

Get in touch with the team at KBD today. 

Call us.

Good question. 

Some of the most common causes of homeowners insurance losses are:

• Fire: This can include damage from kitchen fires, heating equipment, and electrical fires.
• Weather-related damage: This includes damage from storms, hurricanes, tornadoes, and hail.
• Water damage: This includes plumbing leaks, burst pipes, and sewer backups.
• Theft: Losses from burglaries and vandalism.
• Wind damage: Including high winds, fallen trees, and flying debris.
• Natural disasters: This includes damage from earthquakes, landslides, and wildfires.

Some of the most common causes of losses are preventable with regular maintenance and by taking steps to secure your home. 

Need a Toronto home insurance quote? 

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Short answer? Yes. 

Let’s get into the details. 

Home insurance companies can deny your coverage if your profile is considered too risky. 

Some of the factors that can put you into the high risk category include a history of frequent claims, if your home is located in an area that is prone to natural disasters, or if it’s not up to code. 

Be honest with your insurance company when applying for coverage, and to make sure that you have the appropriate insurance for your area and property.

And if you need high risk home insurance, we can help you with that too. 

Need home insurance in Toronto?

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As usual, the cost of insurance on a $500,000 home in Toronto can vary depending on several factors – not just price.

The average cost for home insurance in Toronto can range from $700 to $1,200 per year, but it can be higher or lower depending on the specific circumstances. Other types of properties will have higher or lower costs as well. 

These factors include:

• Location of the property
• Age and condition of the home
• Your credit score and claims history
• Coverage levels you choose

To note: Remember, home insurance rates are not fixed and can change over time. 

Ready to get your Toronto home insurance? 

Speak with a Toronto insurance broker today. 

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Homeowners insurance typically covers the building and your personal property from fire, theft, and certain natural disasters. 

BUT, there are certain things that are not typically covered by standard homeowners insurance policies.

Here are a few of the common exclusions:

• Floods and earthquakes: Flood and earthquake insurance are additional coverages that generally have to be purchased separately.
• Pests and vermin: This type of damage isn’t typically covered by homeowners insurance, and may need to be included as an additional coverage.
• Normal wear and tear: For example, if your roof needs repairs due to age-related damages, it wouldn’t be covered by homeowners insurance.
• Valuable personal belongings: You may need to purchase additional coverage to protect items like expensive jewelry or electronics. GENERALLY speaking, limits for jewelry go up to $5k. If you own more than $5k worth of jewelry, you should consider purchasing extra insurance.
•  “Acts of God” or “force majeure”: If an event is out of human control, the policy may not cover it. 

Because there are exclusions, it’s important to review your policy carefully and understand what it does and does not cover. 

Your insurance broker can recommend the additional coverages appropriate for your circumstances. 

Need a Toronto home insurance quote? 

Call us.

Want to save on your home insurance premium? Us too. 

Luckily, there are a few tried and true tips that you can follow to lower your costs. 

1. Increase your deductible: A higher deductible means you will pay more out of pocket for a claim, but your monthly premium will be lower.
2. Bundle your policies: Insuring your home and car through the same company can save you money.
3. Improve your home’s security: Installing smoke detectors, security systems, and deadbolts can qualify you for discounts.
4. Regularly review your policy: Review your policy annually to make sure you are not over-insured or paying for unnecessary coverage.
5. Compare rates: Shop around and get multiple quotes to ensure that you’re getting the best rate.

Last but not least, it pays to keep your home well maintained. 

Be sure to fix leaks, clean the gutters regularly, and do any relevant landscaping to help lower your home insurance costs.

Need a home insurance quote?

Speak with your Toronto insurance broker today. 

Call us.

So, do you need home insurance in Toronto?

Quick answer? No, home insurance is not mandatory in Toronto, or any other Canadian city. 

BUT, it is strongly recommended. 

For many people, their home is often their largest asset – and paying out of pocket in the event of a home insurance claim would be impossible for most people. 

So, while it’s not mandatory, home insurance is an affordable coverage that provides financial protection for your home and personal property in the event of damage or loss. 

Plus, all mortgage companies or banks in Canada require home insurance as a condition of getting a mortgage. 

Need a home insurance quote?

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Home insurance prices are higher in Toronto than the rest of the province. 

This is in part because the Toronto market is in high demand. 

BUT if you’re a first time home insurance buyer in Toronto, there are still a few things that you can do to get cheap home insurance. 

Here are a few tried and true ways to get the cheapest home insurance in Toronto:

• Shop around: Get multiple quotes to ensure you get the best price (the team at KBD can help with that!). 
• Bundle home & auto policies: Some home insurance companies offer discounts if you purchase your auto insurance with your home insurance.  
• Increase your deductible: A higher deductible will reduce your monthly premium. 
• Make improvements to your house: Updating old materials and renovating can lower certain risk factors, and lower your premium in return. 
• Install security systems: Lessening security risks can lower your home insurance rates. 
• Purchase in a safe neighbourhood: Location can affect your home insurance costs, so choose your neighbourhood wisely! 

Need Toronto home insurance? 

Call us.