Home insurance in Ontario is sold by private insurers, and each one prices and packages it differently. This page explains what a home, condo or tenant policy covers, which water and earthquake coverages are optional, what mortgage lenders ask for, and how nine insurers describe their own policies. Definitions come from the Insurance Bureau of Canada (IBC), the Financial Consumer Agency of Canada (FCAC) and Ontario’s insurance regulator, the Financial Services Regulatory Authority of Ontario (FSRA). Insurer features come from each insurer’s own home insurance page, checked October 11, 2026. It is general education, not insurance advice, and the policy wording always decides what a claim pays. The Canada-wide home insurance comparison covers insurers and provinces beyond Ontario.
What does home insurance cover in Ontario?
Home insurance covers four things: the building, its contents, personal liability to others, and additional living expenses when an insured loss makes the home unlivable. IBC says a home policy covers the dwelling, contents and personal liability of the policyholder, a spouse or partner and children.
How to read this table: General definitions. Each insurer sets its own limits, and the declarations page of a policy lists them.
| Policy | What it covers | Who insures the building | Definition from |
|---|---|---|---|
| Homeowner (house) | The building, its contents and outbuildings such as a shed or detached garage, plus personal liability and additional living expenses after an insured loss. | The owner's own policy | Insurance Bureau of Canada |
| Condo unit owner | Personal property, upgrades and improvements to the unit, personal liability, additional living expenses, and loss assessment and contingency coverage tied to the condo corporation's policy. | The condo corporation's policy covers the building and common areas | Insurance Bureau of Canada; Financial Consumer Agency of Canada |
| Tenant (renter) | The renter's possessions, personal liability, including accidental damage to the rented building, and additional living expenses within a limit. | The landlord's policy | Insurance Bureau of Canada; Financial Consumer Agency of Canada |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
The three policies differ mainly in who insures the structure. A homeowner insures the whole building. A condo owner insures the inside of the unit, while the condo corporation insures the building and common areas. A renter insures only belongings and liability, because the landlord insures the building; the guide to tenant insurance in Canada covers that policy in full.
Comprehensive, broad, basic or no frills?
IBC describes four levels of home coverage. The label on a quote matters, because two quotes at different levels are not the same product.
How to read this table: Insurers use their own package names for these levels.
| Coverage level | What it means |
|---|---|
| Comprehensive | Covers the building and its contents for all risks except those specifically excluded. |
| Broad | Comprehensive coverage on big-ticket items such as the building, with named perils coverage on the contents. |
| Basic or named perils | Covers only the perils that are specifically stated in the policy. |
| No frills | Offered by some insurers for properties that don't meet normal insurance standards; fixing physical problems can help a home qualify for better coverage. |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
Insurers name their packages differently. Allstate sells three Your Choice Home packages (Basic, Comprehensive and VIP) with optional add-ons. Square One sells a comprehensive (all-risk) policy and lets customers personalize limits, coverages and deductibles. TD Insurance describes a standard coverage for the most common causes of loss and a broader option covering all causes except listed exclusions.
Is home insurance mandatory in Ontario?
No. IBC states that home insurance isn’t mandatory by law. A mortgage changes the practical answer, because most lenders make insurance a condition of the loan.
How to read this table: Paraphrased closely from each source; the quoted wording is in the source record.
| Topic | What the source says | Source |
|---|---|---|
| Is home insurance required by law? | No. IBC states that home insurance isn't mandatory by law. | Insurance Bureau of Canada |
| What mortgage lenders ask for | Before lending money to buy a house, most banks or mortgage lenders will require the buyer to purchase home insurance coverage, name the lender on the policy, and provide proof of home or condo insurance purchase. | Insurance Bureau of Canada |
| Loss payee clause | With a mortgage, the policy usually includes a loss payee clause that makes the lender the beneficiary; the insurer pays the lender up to the mortgage balance on a claim, and may at its discretion pay the owner or the lender. | Financial Consumer Agency of Canada |
| Who regulates sellers in Ontario | FSRA's role is to ensure those selling insurance are licensed and following the legislation; it publishes a list of licensed insurance companies in Ontario. Brokers are overseen by the Registered Insurance Brokers of Ontario (RIBO). | Financial Services Regulatory Authority of Ontario |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
IBC lists three things most banks or mortgage lenders require before lending money to buy a house: purchase home insurance coverage, name the lender on the policy, and provide proof of home or condo insurance purchase. FCAC adds that a policy on a mortgaged home usually includes a loss payee clause, which makes the lender the beneficiary up to the mortgage balance. TD Insurance says the same from the insurer’s side: it is normal for a mortgage lender to require insurance and to be named in the policy.
For a buyer, this means the policy has to be in place for closing day. It sits alongside the other closing costs covered by the land transfer tax calculator and the mortgage affordability calculator. Home insurance is also a different product from mortgage default insurance, which protects the lender when the down payment is small; the CMHC insurance calculator covers that premium.
In Ontario, FSRA’s role is to ensure that those selling insurance are licensed and following the legislation. FSRA publishes a list of licensed insurance companies in Ontario, and brokers are overseen separately by the Registered Insurance Brokers of Ontario. FSRA also says it cannot make an insurer sell a policy or mediate a denied claim.
Overland water, sewer backup and earthquake: the optional coverages
A standard home policy covers sudden and accidental water escape, such as a burst pipe. Overland water, sewer backup and earthquake are optional coverages bought separately, and some properties cannot get them.
How to read this table: Definitions from the Insurance Bureau of Canada. Availability and limits depend on the insurer and the property.
| Coverage | What it covers | Standard or optional |
|---|---|---|
| Overland water (flood) | Damage caused by water entering the home from heavy rain, spring thaw or a lake or river overflowing. | Optional add-on; may not be available for every property |
| Sewer backup | Replacing and decontaminating contents after sewers and drains back up or a sump pump fails. | Optional add-on |
| Earthquake | Damage caused by an earthquake. Fire or explosion caused by earth movement is covered by a home policy without it. | Optional additional coverage |
| Sudden and accidental water escape | Water escaping suddenly from indoor plumbing, heating, sprinkler or air conditioning systems, a domestic appliance or a water main. | Usually part of the water damage cover in a home policy |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
The difference between the two water add-ons is where the water comes from. TD Insurance puts it simply: sewer backup is water coming up through a connected drain, toilet or sink, and overland water is water coming in at ground level through doors, window wells and cracks from heavy rain or an overflowing creek. A single storm can cause both, which is why several insurers package them together.
Each insurer names its water add-on differently:
- TD Insurance: the Extended Water Damage Coverage add-on combines sewer backup and overland water coverage.
- Intact Insurance: an Enhanced Water Damage Package covering, depending on location, sewer backup, water and sewer lines, overland water and ground water.
- belairdirect: flood and sewer backup damage is covered only with the Enhanced Water Damage Package.
- Allstate Canada: Enhanced Water Damage Coverage for sewer backup, overland water, flood, surface water and rapid groundwater accumulation, depending on location, claims history and mitigation devices.
- Co-operators: basic water damage (such as a leaking pipe) in the base policy; sewer backup and flooding through additional comprehensive water protection.
- Sonnet: sewer backup, overland water and earthquake can be added during the quote, depending on location.
- RBC Insurance: sewer backup and overland water may require optional coverage.
- Desjardins Insurance: optional coverages for different types of water damage.
- Square One: not all areas are eligible for inland flood protection.
Earthquake is the same story. IBC lists earth movement among excluded perils and says earthquake coverage may be purchased as additional coverage. Sonnet’s page names the St. Lawrence and Ottawa River valleys among the areas of Canada prone to earthquakes, which takes in part of eastern Ontario. belairdirect says earthquake damage is covered only with the Earthquake damage assumption endorsement.
What does condo insurance cover in Ontario?
Condo insurance in Ontario is split between two policies: the condo corporation’s policy for the building and common areas, and the unit owner’s policy for everything inside the unit and the owner’s liability.
How to read this table: The condo declaration and the corporation's own policy set the exact line between the two.
| Policy | What it typically covers |
|---|---|
| Condo corporation's policy | The buildings on the condominium plan, common property such as hallways, the roof and garages, original or standard fixtures such as flooring and plumbing fixtures, and the corporation's own liability. |
| Unit owner's policy | Personal property including items in a locker, additional living expenses, personal liability, upgrades and improvements made by current and previous owners up to a stated limit, contingency coverage, and loss assessment coverage. |
| Not covered by the corporation's policy | The owner's personal contents, improvements to the unit, and the owner's liability. |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
Two parts of a unit owner’s policy are specific to condos. Improvements coverage pays for upgrades such as hardwood flooring or custom counters, including those made by previous owners, up to a stated limit. Loss assessment coverage pays the owner’s share of a major loss on common property that exceeds the corporation’s policy limit. FCAC suggests reviewing both the unit policy and the corporation’s policy together. RBC Insurance and Intact both describe condo cover the same way on their own pages: the corporation insures common areas, and the owner’s policy focuses on contents and improvements to the standard unit.
Who has the cheapest home insurance in Ontario?
No insurer is the cheapest for every Ontario home, and none of the nine checked publishes an Ontario home premium. Two publish a wider number: Sonnet reports $1,401 a year as the median cost of home insurance with Sonnet across Canada, based on its policies as of February 2024, and Square One advertises home insurance quotes for as little as $15 a month. Neither figure is specific to Ontario or to any one home. IBC says every insurer takes different factors into consideration when developing coverages and pricing policies, so the same house can be priced very differently by two companies.
How to read this table: Each insurer weighs these factors in its own way, which is why quotes differ.
| Factor | Detail |
|---|---|
| Type of residence | Single family home, semi-detached or condo. |
| Characteristics of the home | Materials, age, size, location and replacement value. |
| Value insured | The value of the property and contents the insurer must cover. |
| Distance to a fire hydrant or fire station | A property far from either may cost more to insure. |
| Neighbourhood crime rate and local claims | Insurers track the number, type and cost of claims by neighbourhood. |
| Your claims history | Past claims may affect the premium. |
| Policy type and coverage selected | Coverage level and optional add-ons. |
| Deductible | The amount of a claim you agree to pay before the insurer pays the rest; a higher deductible lowers the premium. |
| Wiring, plumbing, roof and wood stoves | Insurers ask about knob-and-tube or aluminum wiring, galvanized steel or lead pipes, roof age and wood-burning appliances. |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
Any page that names one cheapest insurer is describing one sample house. An older home with original wiring, a finished basement on a street with past sewer backup claims, and a ten-year-old home near a fire station are three different risks. An insurer that prices one of them low can price another high.
The lowest quote is also not always the same product. A worked example with hypothetical numbers: Quote A is $1,900 a year with a $1,000 deductible and no water add-ons. Quote B is $2,150 a year with the same deductible plus sewer backup and overland water coverage. The gap is $250 a year, and it buys coverage for the two water losses a standard policy leaves out. Quote A is cheaper only until the basement floods.
What insurers do publish are discounts, and those can be compared.
Nine Ontario home insurers compared at a glance
| Feature | How you buy | Water add-on (from the insurer's page) | Savings the insurer names | Claims service (as stated) |
|---|---|---|---|---|
| Allstate Canada | an online quote in less than 3 minutes, or local Allstate agents | sewer backup, overland water, flood, surface water and rapid groundwater accumulation, depending on location, claims history and mitigation devices | savings when the home is mortgage-free; a discount for installing a water leak detection system | Claims through the myAllstate account or app; claim specialists by phone |
| belairdirect | a quick online quote, then purchase online in a few clicks | flood and sewer backup damage is covered only with the Enhanced Water Damage Package | savings on home insurance for members of eligible groups; up to 16% off home insurance when it is combined with car insurance (Ontario) | claims help 24/7 |
| Co-operators | Online quote, or a Co-operators financial representative | basic water damage (such as a leaking pipe) in the base policy; sewer backup and flooding through additional comprehensive water protection | a discount for holding multiple insurance products or bundling home and auto; up to 40% for group members who switch | claims help 24/7 |
| Desjardins Insurance | an online quote, and online purchase for those eligible, or a local Desjardins Agent | optional coverages for different types of water damage | up to $1,150 for new customers in Ontario who bundle home and car insurance (approximate); up to 20% for customers who have been claims-free for several years | claims online, in the Desjardins Insurance Home-Auto app or by phone 24/7 |
| Intact Insurance | a quote online, by phone or through a broker | depending on location, sewer backup, water and sewer lines, overland water and ground water | Insuring home and vehicles together | claims team available 24/7 |
| RBC Insurance | an online quote or an RBC Insurance advisor | sewer backup and overland water may require optional coverage | up to 15% off home insurance when home and car are both insured through RBC Insurance | A claims advisor or adjuster reviews the loss |
| Sonnet | a home policy can be bought online instantly | sewer backup, overland water and earthquake can be added during the quote, depending on location | savings for bundling home and auto insurance | 24/7 claims support |
| Square One | quote, purchase and claim submission all online | not all areas are eligible for inland flood protection | None named on the home page read | a response to emergency claims within 2 hours |
| TD Insurance | Online quote and purchase where offered, or a licensed advisor | the Extended Water Damage Coverage add-on combines sewer backup and overland water coverage | 10% off the first policy term when the home, condo or tenant purchase is completed online (outside Quebec) | a 3-year workmanship warranty on completed repairs when its vendor network is used |
Sources: each insurer's home insurance page, checked October 11, 2026; belairdirect's bundle figure is from its Ontario car insurance page, and Desjardins was read on the Ontario version of its page. Alphabetical order, not a ranking. Savings are maximums or averages and are not guaranteed.
The table in sentences, insurer by insurer.
Allstate Canada offers an online quote in less than 3 minutes or a meeting with local Allstate agents. It sells three Your Choice Home packages (Basic, Comprehensive and VIP) with optional add-ons, includes a disappearing deductible that gets lower each claim-free year, and names savings when the home is mortgage-free and a discount for installing a water leak detection system.
belairdirect offers a quick online quote, then purchase online in a few clicks and says claims help 24/7. It lists savings on home insurance for members of eligible groups and home claim forgiveness: the price does not rise because of a first home claim.
Co-operators names a discount for holding multiple insurance products or bundling home and auto, up to 40% for group members who switch, and savings for being mortgage-free or claims-free. Its deductible feature is distinctive: any deductible over $1,000 drops by $100 for each claims-free year. With a hypothetical $2,000 deductible and three claims-free years, that works out to $1,700.
Desjardins Insurance offers an online quote, and online purchase for those eligible, or a local Desjardins Agent. It takes claims online, in the Desjardins Insurance Home-Auto app or by phone 24/7, and the Ontario version of its page advertises up to $1,150 for new customers in Ontario who bundle home and car insurance (approximate) and up to 20% for customers who have been claims-free for several years. It lists optional coverages for different types of water damage, and its Ontario policies are underwritten by Certas Direct Insurance Company when bought from Desjardins directly, and by Certas Home and Auto Insurance Company when bought through a Desjardins Agent.
Intact Insurance gives a quote online, by phone or through a broker and cites over 2,000 broker relationships across Canada. It says standard home insurance typically does not cover overland water flooding, and its claims team available 24/7.
RBC Insurance home policies are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. It advertises up to 15% off home insurance when home and car are both insured through RBC Insurance and a possible lower premium for a centrally monitored water alarm system. One Ontario detail from its footnotes: the home security system discount is not available in Ontario, Alberta or British Columbia.
Sonnet sells online home and auto insurance for residents of Ontario, Quebec, New Brunswick, Nova Scotia and P.E.I.. On its site a home policy can be bought online instantly, and the quoted price is saved for 45 days if personal details, coverages and the start date stay the same. It offers 24/7 claims support.
Square One offers a personalized quote in 5 minutes, with quote, purchase and claim submission all online. It promises a response to emergency claims within 2 hours, serves British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, and its home policies are underwritten by The Mutual Fire Insurance Company of British Columbia.
TD Insurance takes 10% off the first policy term when the home, condo or tenant purchase is completed online (outside Quebec). It reports an average of 25% for new claims-free home insurance customers, nationally, as of April 25, 2025, and 30% in Ontario. It also offers preferred rates for members of certain alumni and professional associations and employer groups, optional Claim Forgiveness coverage: the premium is not affected by a first claim, and a 3-year workmanship warranty on completed repairs when its vendor network is used.
Which home insurance is best in Ontario?
No single insurer is best for every Ontario home; the match depends on how a household wants to buy and what the home needs covered. Matching features to situations, using only what the insurers publish:
- Want to buy entirely online: Sonnet, belairdirect and Square One all describe a quote and purchase completed online, and TD Insurance takes 10% off the first policy term when the home, condo or tenant purchase is completed online (outside Quebec).
- Want a quote that holds through a closing period: Sonnet says the quoted price is saved for 45 days if personal details, coverages and the start date stay the same.
- Prefer advice from a person: Intact sells through brokers, Allstate through local agents, Desjardins through its agents and Co-operators through financial representatives. A broker can quote several insurers at once.
- Own a car as well: RBC Insurance advertises up to 15% off home insurance when home and car are both insured through RBC Insurance, belairdirect’s Ontario car page lists up to 16% off home insurance when it is combined with car insurance (Ontario), and Desjardins advertises up to $1,150 for new customers in Ontario who bundle home and car insurance (approximate). The guide to car insurance in Ontario covers the other half of a bundle.
- Worried about a first claim raising the price: TD Insurance and belairdirect both list claim forgiveness as an option.
- Plan to stay claims-free with a higher deductible: Co-operators and Allstate both describe a disappearing deductible.
- Belong to an alumni, professional or employer group: TD Insurance, belairdirect, Sonnet and Co-operators all name group savings.
How to compare home insurance quotes in Ontario
Compare quotes on identical building limits, deductibles and add-ons first, then compare what differs: exclusions, water coverage, special limits and how claims are handled. FSRA’s consumer page lists the questions to ask an agent or broker.
How to read this table: From FSRA's 'Helping you navigate property insurance' page.
| Question to ask |
|---|
| What does the policy cover and to what extent? |
| When does coverage begin, and for how long? |
| Does it pay replacement cost or actual cash value? |
| What liability does it cover? |
| What is the claim process? |
| How much are the deductibles? |
| What does it exclude? Ask for an example of when an exclusion would apply. |
| Are your valuables covered, and would they need appraisals? |
| Is a locker or storage unit covered? |
| Does it cover overland water (floods) and sewer backup, and to what amount? |
| Is there a discount for combining home and auto, or for making the home more disaster resistant? |
Source: Types of home coverage — Insurance Bureau of Canada (tenant/renter's insurance); Types of home coverage — IBC (additional living expense); Types of home coverage — IBC (personal liability); Types of home coverage — IBC (all risks vs named perils); Types of home coverage — IBC (uninsured perils); Types of home coverage — IBC (excluded perils); Types of home coverage — IBC (excluded perils, continued); Types of home coverage — IBC (water damage and add-ons); Types of home coverage — IBC (optional flood, earthquake and sewer backup); Types of home coverage — IBC (sudden and accidental water damage); Types of home coverage — IBC (freezing of plumbing); Types of home coverage — IBC (renting out your home); Helping you navigate property insurance — Financial Services Regulatory Authority of Ontario (questions to ask); Helping you navigate property insurance — FSRA (replacement cost, exclusions, water); Helping you navigate property insurance — FSRA (ways to reduce the premium); Helping you navigate property insurance — FSRA (switching timing). In effect from September 30, 2026; checked October 6, 2026.
A checklist built from those questions, IBC’s guidance and the insurer pages above:
- Same rebuild value on every quote. IBC says the building amount should match the cost to rebuild, which can differ from the market value and the municipal tax assessment. Land is not insured.
- Same coverage level. Comprehensive against comprehensive, not comprehensive against named perils.
- Same deductible. A higher deductible lowers the premium and raises the cost of every claim.
- Water add-ons listed line by line. Sewer backup, overland water and any limits on each, especially with a finished basement.
- Earthquake coverage, where the location makes it relevant, and its separate deductible.
- Replacement cost or actual cash value on contents.
- Special limits on jewellery, fine art and collections; IBC notes these items are subject to specific limits.
- The home’s condition, disclosed accurately. Wiring, plumbing, roof age and wood stoves all come up; IBC says insurers generally prefer roofs updated within twenty years. FSRA notes that undervaluing a home can leave it underinsured.
- Discounts actually available. Bundling, group membership, claims-free history, a mortgage-free home, monitored water or security alarms and buying online all appear on these insurers’ pages.
- Lender details. The mortgage lender has to be named on the policy, and a new insurer means sending the lender updated proof.
- Timing. IBC suggests waiting until renewal to change insurers, to avoid a possible mid-term cancellation penalty.
| Tip |
|---|
| Shop around and compare prices; ask about promotions. |
| Ask about discounts and get a home quote from your car insurer; companies often discount bundled home and car policies. |
| Raise the deductible only to a level you could afford to pay after a loss. |
| Install loss prevention devices such as a burglar alarm system, sewer backwater valve or sump pump, and tell the insurer. |
| Ask about discounts for being 55 or older, mortgage-free or claims-free. |
| Consider paying annually to avoid instalment service or interest charges. |
| Insure the cost to rebuild, not the market price of the land. |
| Switch at renewal to avoid a possible mid-term cancellation penalty. |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
A deductible is paid from savings, so the two work together. The emergency fund calculator shows how many months of costs a cushion covers, and first-time buyers can check the first-time home buyer rebates available on closing.
What is the difference between replacement cost and actual cash value?
FCAC describes two ways a claim can be settled, and the difference decides how much a claim pays for older belongings.
| Settlement basis | What it pays |
|---|---|
| Actual cash value | Pays the cost of the item when it was new, minus depreciation for age and condition. |
| Replacement value | Pays the actual cost to replace the item with one of similar quality after a covered loss. |
Source: How to buy home insurance — Insurance Bureau of Canada (not mandatory by law; lender requirements); How to buy home insurance — IBC (what lenders ask for); How to buy home insurance — IBC (who and what a home policy covers); Types of home coverage — IBC (coverage levels); Types of home coverage — IBC (broad and no-frills policies); Types of home coverage — IBC (condo corporation policy gaps); Types of home coverage — IBC (condo loss assessment); Types of home coverage — IBC (optional sewer backup); Types of home coverage — IBC (optional overland water); Types of home coverage — IBC (earthquake); Types of home coverage — IBC (replacement value of the building); How home insurance rates are set — IBC (insurers price differently); How home insurance rates are set — IBC (roof age); How to drive down your home insurance rates — IBC (bundling and deductible); How to drive down your home insurance rates — IBC (rebuild cost, not land); Home insurance — Financial Consumer Agency of Canada (condo insurance); Home insurance — FCAC (premium factors); Home insurance — FCAC (earthquakes and floods); Home insurance — FCAC (actual cash value and replacement value); Home insurance — FCAC (loss payee clause when there is a mortgage); Property and other insurance — Financial Services Regulatory Authority of Ontario (licensing role); Property and other insurance — FSRA (list of licensed insurers; denied claims). In effect from October 11, 2026; checked October 11, 2026.
FCAC’s own illustration is a computer damaged in a fire: under actual cash value the insurer pays its reduced value at the time of the claim, and under replacement value it pays for a new computer of similar quality. In both cases the policyholder pays the deductible.
Common mistakes with home insurance in Ontario
- Insuring the purchase price instead of the rebuild cost. IBC says not to include the market price of the underlying land.
- Assuming a flooded basement is covered. Overland water and sewer backup are optional add-ons, and insurers treat them as separate causes of loss.
- Relying on the condo corporation’s policy. It does not cover an owner’s contents, unit improvements or liability.
- Not telling the insurer about changes. IBC lists renovations, a pool or spa, a home-based business and renting out all or part of the property as changes to report first. FCAC says home insurance generally won’t cover claims related to a home-based business.
- Leaving the home empty in winter. IBC says anyone away more than four days in the heating season must drain the plumbing or have the home checked.
- Treating the policy as a maintenance plan. IBC notes that if a roof past its lifespan leaks, interior damage may be covered but the roof itself would not be.
- Comparing premiums only. Two quotes at different coverage levels or with different add-ons are different products.
How this list was put together
YieldMaple read each insurer’s own home insurance page on October 11, 2026 and recorded only the coverages, discounts and claims details stated there, with the exact wording saved for each fact. No insurer supplied information or paid to be listed, and there are no affiliate links on this page. The nine insurers appear in alphabetical order. The list is not exhaustive: other insurers and many brokers also sell home insurance in Ontario, and leaving one out is not a judgment about it. FSRA’s list of licensed insurance companies is the place to confirm that any insurer is licensed in the province. Desjardins’ site opens on a default province, so its facts were read on the Ontario version of the page; that page says discounts may vary by province. Discounts and coverages change, and a quote for a specific address is the only price that applies to that home.