Compare and purchase the best
home insurance rates
in Toronto.
Compare and purchase the best
home insurance
rates in Toronto.
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Owning a home in Toronto is more expensive than ever. The best way to protect your investment is by purchasing home insurance from a reputable provider in Toronto. But, how do you go about finding cheap home insurance quotes in Toronto? Contact the best insurance broker in Toronto, of course!
At Surex, we make finding affordable home insurance in Toronto a quick and frictionless experience. Within ten short minutes, our experienced advisors can provide you with a collection of quality and affordable quotes that are bound to meet or exceed your needs. Not convinced? Contact us today to compare insurance companies and learn how we can help you save up to 25% on home insurance when you bundle multiple policies with one of the top Canadian home insurance companies in Toronto.
Home Insurance in Toronto - What You Need to Know
Basic home insurance in Toronto protects your property (detached home, semi-detached home, townhome, rental property, seasonal dwelling, or condo) and its contents against a range of damages, perils, and threats. With a basic home insurance policy, you can rest assured knowing that your single largest investment is covered against the unexpected. Here are some unwelcome outcomes you won’t have to worry about with home insurance:
- Damages caused by inclement weather, such as severe storms, tornadoes, hurricanes, lightning, earthquakes, and hail
- Protection against falling objects
- Damages caused by explosions
- Losses resulting from break-and-enters and vandalism
- Damages caused by fire and/or smoke
- Damages caused by frozen pipes
- Aircraft or vehicles colliding with your home
- Damages caused to structures that are on your insured property, including sheds, guest houses, or garages
- Living expenses if you’re forced to temporarily relocate while your home is being repaired or replaced (i.e. cost of hotel or short-term apartment rental)
- Liability protection if someone is inadvertently injured while in your home or on your property. The associated costs could be very expensive (healthcare costs, job loss reimbursement, etc.), and many Toronto homeowners would struggle to afford the financial consequences without insurance.
- Liability protection if you inadvertently damage another person’s property, even if that property is out-of-province or abroad.
There’s a lot that goes into determining the amount of home insurance you need, and it’s different for every Toronto homeowner. Determining the proper amount of coverage for your unique property situation is something that one of Surex's Dedicated Insurance Assistants can help you with.
There are many different types of property insurance available in Toronto, including home insurance, condominium unit insurance, tenant’s or renter’s insurance, secondary dwelling coverage, mobile home (RV) insurance, seasonal dwelling insurance, and investment property (landlord) insurance.
When selecting home insurance in Toronto, remember that you don’t need enough to cover the market value of your Toronto home, you only need enough to cover the cost to rebuild your home in its current condition (i.e. replacement value of your home), which is often lower than its market value. In order to arrive at an accurate replacement value of your home, be sure to always let a Surex insurance broker know of any betterments, renovations, or improvements you make to your residence, as these are likely to raise the replacement value of your home (and thus raise your premiums).
Home insurance in Toronto is affected by a number of variables, which is why rates can be different for every property. Here are some of the most common factors that the top Canadian home insurance companies take into consideration when you get insurance online or over the phone:
- Home replacement cost: Home insurance is determined by looking at replacement cost, not market value. In other words, home insurance is based on the cost to replace your home in its current shape, not based on how much your home is worth on the market. For example, if your house costs approximately $300,000 to reconstruct, but it’s worth approximately $500,000 if you were to sell it, an insurance company would pay out $300,000 in the event of a total loss.
- Value of possessions: Home insurance will cover your house and your belongings, but if you own high-value items (e.g. expensive jewelry, high-end entertainment system), your premiums will go up (or you may be required to purchase additional coverage).
- Coverage type: Home insurance that includes protection beyond the basic coverage (e.g. specialized coverage for high-value items or exotic pets) will result in higher premiums.
- Local crime rate: If the crime rate in your neighbourhood is above average, this may be reflected in your home insurance premiums.
- Home systems: Factors such as plumbing, electrical, and heating/cooling are all considered by the top Canadian home insurance companies.
- Personal claims history: If you have a track record of filing multiple claims, you may be viewed as a high-risk customer in the eyes of your insurance provider, meaning your premiums are at risk of going up. When possible, avoid making claims (especially minor ones).
- Home type: Insuring different types of dwellings will affect your rate. Let your Dedicated Insurance Assistant know if you have a condo, townhouse, semi-detached home, detached home, rental property, or seasonal residence.
- Deductible amount: Like with car insurance, a higher deductible usually means lower rates.
- Home betterment: Renovations and improvements to your residence will increase the replacement value of your home, and is therefore likely to raise your premiums.
- Security features: Home security systems, sprinkler systems, fire alarms, carbon monoxide detectors, and proximity to police stations and fire hydrants are all considered when assessing the risk of your property.
- Home business: Running a business out of your home should always be disclosed and will likely have an impact on your premiums.
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