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A Complete Guide to Buying Home Insurance in Canada

a complete guide to buying home insurance in canada f

Your house is one of the most valuable assets, which is why home insurance is a crucial aspect. It involves the consideration of several factors so you can choose the right coverage that meets your needs. If you are looking at home insurance quotes in Canada, it is best to know the essentials. Here’s a complete guide to help you.

Comparing Ontario Home Insurance Quotes

The right way to choose coverage for your house is by reviewing different home insurance quotes. It is beneficial to work with a reputable home insurance broker who can help you understand the terms of different policies. They can help you compare them and find the one that suits your specifications and offers the best value. Keep the following aspects in mind to make an informed decision about selecting an insurer:

  • Annual home insurance premium
  • Discounts they offer for loyal customers
  • The cost of additional coverage
  • The types of insurance coverage they offer
  • Terms, conditions, and exclusions from policies
  • Testimonials and customer service

What Does Home Insurance Typically Cover?

Most home insurance quotes have clauses to protect your home and the contents within the building against damages. In addition to this, it also includes personal liability to safeguard your interests if you are sued for injuries or damages that you may cause inadvertently. Here are the crucial components of home insurance:


A home insurance policy helps to protect the actual structure of the home from damages caused by burglary and fire. It helps to know that the coverage depends on the replacement value of your home, instead of the market value.

Contents of Your Home

In addition to your building, an insurance policy also protects personal property, such as laptops, bicycles, cameras, and more, subject to limits

Personal Liability

This clause protects you as well as your spouse and children against legal actions.

Additional Living Expenses

It helps to cover you in case you get temporarily displaced from your home due to a claim.

10 Factors that Determine Your Home Insurance Premium

  • Home Address
    The location you are in has an impact on your home insurance. If you live in an area with a history of break-ins, your premium amount will be more than neighbourhoods with low crime rates.
  • The Replacement Cost
    In case of a house fire or a major disaster, you may need to rebuild your entire house or some portions of it. The costs of materials in such cases will determine the premium. A lower replacement cost indicates lower premiums.
  • Your History of Claims
    Personal claims history is an indicator of your home insurance needs in the future. If you have made claims previously, your premium for future coverage may increase.
  • Electrical Supply
    It is beneficial to have a safe electrical supply system with high-grade wiring, circuits, and secure connections. If you have older materials, insurance companies may charge you more.
  • Heating System
    If your heating system has a high risk associated with it, your home insurance rate may be more. Forced air heating and hot-water radiators are considered low risk by insurance companies.
  • Plumbing
    If you have plastic or upgraded copper pipes as part of your home’s plumbing work, it may reduce the premium amount as compared to having lead piping.
  • Proximity to Help
    Insurance companies look for reassurance in terms of the local fire station, fire hydrant, and hospital. Proximity may help reduce your home insurance rates.
  • Your Roofing System
    It is beneficial to have a newer roof with proper ventilation, made of lighter and durable materials that are resistant to storm damage. The increased protection combined with reduced liability can help lower your insurance premium.
  • Home Security System
    Installing a reliable home security system, including cameras or an alarm system, will offer more protection. Doing so can help reduce your home insurance rates.
  • Your Lifestyle
    To assess the risk level, insurers may ask details about your smoking habits, home office, portions you have rented out, and more. The higher the risk, the more your premium will be.

Choosing the Best Home Insurance Policy

A Complete Guide to Buying Home Insurance in Canada
  • Deductible: The amount you pay from your pocket. It helps to know that raising your deductible can reduce your premiums.
  • Coverage: Make sure that the policy covers jewellery and other valuable items, outbuildings, and protects you against all types of risks, including theft, fire, and more.
  • Discounts: Be sure to discuss all the possible discounts you may be eligible for before buying a home insurance policy. Replace old plumbing, add a security system, and make home improvements to reduce the premium. Also, opt for bundled policies to save on your insurance cost.

Get Comprehensive Home Insurance Quotes with Us

At Orr and Associates, we have qualified home insurance brokers to help you select a suitable policy to protect your home. Call us at toll-free 1-866-521-5926 or 905-833-6691 to get a home insurance quote. You could also fill out our form to get an online property insurance quote.

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