How Much is Home Insurance in Ontario Per Month? A Complete Guide

Home insurance is a type of protection that covers your home and personal property from various risks, such as fire, theft, vandalism, water damage, and liability.

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Homeowners cover Landscaping with home insurance | MONEYGEEK

Home insurance is not mandatory in Ontario, but it is highly recommended to have it if you own or rent a home.

The cost of home insurance in Ontario can vary significantly depending on several factors, such as your home’s location, value, size, age, construction, features, security, and claims history.

In this article, we will explore the average cost of home insurance in Ontario per month, as well as some tips on how to save money on your premium.

Average Cost of Home Insurance in Ontario Per Month

According to data from various sources, the average cost of home insurance in Ontario is approximately *$1,250 per year, or **$104 per month*.

An image of Home insurance
Home insurance image[PPHOTO COURTESY OF JUBILEE]
However, this is only a general estimate and your actual cost may be higher or lower depending on your specific situation.

Some of the factors that can affect your home insurance cost in Ontario are:

Location

The area where you live can influence your premium based on the crime rate, weather conditions, proximity to water sources, and availability of fire hydrants and fire stations.

For example, living in a rural area may lower your risk of theft and vandalism, but increase your risk of fire and water damage.

Living in a city may have the opposite effect.

Home value

The more expensive your home is, the more it will cost to rebuild or repair it in case of a loss.

Your home value is determined by the market value of your property, as well as the replacement cost of your dwelling and its contents.

Insure your home for its full replacement cost, not its market value.

Home size

The larger your home is, the more it will cost to insure it.

Larger homes tend to have more rooms, features, and contents that need to be covered.

You should also consider the size of your basement, garage, shed, deck, and other structures that are attached or detached from your main dwelling.

Home age

The older your home is, the more likely it is to have outdated or deteriorating systems and materials that can increase your risk of fire, water damage, or electrical issues.

Older homes may also require more maintenance and repairs than newer homes.

You should update your home’s plumbing, wiring, heating, cooling, and roofing systems to reduce your risk and lower your premium.

Home construction

The type and quality of materials used to build your home can affect your premium based on their durability and resistance to fire and water damage.

For example, brick or stone homes are more resistant to fire than wood or vinyl homes.

Metal or asphalt roofs are more resistant to water damage than wood or clay roofs.

Home features

The features and amenities that you have in your home can increase or decrease your premium based on their impact on your risk level.

For example, having a fireplace or a wood stove can increase your risk of fire and require additional coverage.

Having a security system or a sprinkler system can decrease your risk of theft or fire and qualify you for discounts.

Home security

The level of security that you have in your home can affect your premium based on how well you protect your home from intruders and burglars.

You should have locks on all doors and windows, as well as alarms or cameras that can alert you or the authorities in case of a break-in.

You should also avoid leaving valuables or cash in plain sight or easy access.

Claims history

The number and type of claims that you have made in the past can affect your premium based on how likely you are to make another claim in the future.

If you have made frequent or large claims in the past few years, you may be considered a high-risk customer and pay higher rates.

How to Save Money on Home Insurance in Ontario Per Month

There are several ways that you can save money on your home insurance in Ontario per month without compromising your coverage or protection.

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Insurance Home Policy [PHOTO COURTESY OF JUBILEE]
Here are some tips that you can follow:

Shop around

The best way to find the best deal on home insurance is to compare quotes from different providers online.

You can use tools like Bing’s web search to find reputable and reliable insurers that offer competitive rates and discounts for your needs.

Bundle policies

Another way to save money on home insurance is to bundle it with other types of insurance that you may need, such as auto insurance or life insurance.

By buying multiple policies from the same provider, you can benefit from discounts and convenience.

Increase deductibles

A deductible is the amount of money that you have to pay out of pocket before your insurance kicks in to cover the rest of the claim.

By increasing your deductible, you can lower your premium, but you should make sure that you can afford to pay it in case of a loss.

Reduce coverage

A simple way to save money on home insurance is to reduce the amount of coverage that you have for your dwelling, contents, or liability.

However, you should be careful not to underinsure your home and leave yourself vulnerable to financial losses that exceed your coverage limits.

Improve home safety

A smart way to save money on home insurance is to improve the safety and security of your home by installing or upgrading devices and systems that can prevent or minimize damage from fire, water, or theft.

You can also take preventive measures such as clearing debris, trimming trees, and repairing leaks.

What are some of the best Home Insurance companies in Ontario

There are many home insurance companies in Ontario that offer different types of coverage, discounts, and customer service.

The Hartford Home Inspector Insurance
Home Inspector Insurance |
The Hartford

However, some of the best home insurance companies in Ontario according to customer reviews, ratings, and reputation are:

Travelers Canada

Travelers Canada is a leading provider of home insurance in Ontario, with over 160 years of experience in the industry.

It offers comprehensive coverage for your home and personal property, as well as optional coverages such as identity theft protection, water damage protection, and green home coverage. .

Aviva Canada

Aviva Canada is one of the largest home insurance companies in Ontario, with over 4 million customers across the country.

It offers flexible and customizable coverage for your home and personal property.

Gore Mutual

Gore Mutual is a Canadian-owned and operated home insurance company in Ontario, with over 180 years of history in the industry.

It offers innovative and tailored coverage for your home and personal property, as well as optional coverages such as cyber protection, service line protection, and equipment breakdown protection.

Conclusion

Home insurance is a valuable investment that can protect your home and personal property from various risks, such as fire, theft, vandalism, water damage, and liability.

Home insurance is not mandatory in Ontario, but it is highly recommended to have it if you own or rent a home.

The cost of home insurance in Ontario can vary significantly depending on several factors, such as your home’s location, value, size, age, construction, features, security, and claims history. T

he average cost of home insurance in Ontario is approximately $1,250 per year, or $104 per month, but your actual cost may be higher or lower depending on your specific situation.

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