Your situation
Discounts you might qualify for
Tick anything that applies — we'll build a personalized list of discounts to ask each insurer about.
Your recommended coverage
The core of a homeowners insurance — what to ask for when you get quotes, and why.
Dwelling
RequiredFull rebuild cost (not market value)
Your lender requires dwelling coverage equal to the full cost to rebuild your home — never the market value, which includes land. Confirm the rebuild figure with your insurer.
Personal Property (Contents)
Required$30,000 – $60,000
Covers your belongings — furniture, electronics, clothing, kitchenware. Most people underestimate the total by 30–50%, so do a quick room-by-room inventory before settling on a limit.
Personal Liability
Required$1,000,000
Protects you if someone is injured in your home or you damage others’ property (including other units). Carry at least $1M — $2M usually costs only a few dollars more per month.
Additional Living Expenses
RecommendedIncluded — confirm the limit
Pays for a hotel, meals, and storage if your home becomes uninhabitable after a covered loss. Usually included — confirm the limit is realistic for your area’s rents.
Valuation Method
RecommendedReplacement cost — ask about guaranteed replacement
Insist on replacement cost (not actual cash value, which deducts depreciation) for both your dwelling and contents. If your insurer offers guaranteed replacement cost on the dwelling, it protects you when rebuild prices spike — worth the small premium.
Deductible
Recommended$500 – $1,000
Keep your deductible at $500–$1,000 until you have the cash set aside. Raising it later is an easy way to lower your premium once your emergency fund can absorb it.
Endorsements to consider
Standard policies exclude the most common Canadian risks. These add-ons close the gaps — prioritized for your region and situation.
Sewer Backup
RecommendedUsually $30–$100/yr
You have a basement, which is exactly where sewer backups cause the most damage — and it is the single most common water claim in Canada. This add-on is inexpensive and high-value.
Overland Water (Flood)
RecommendedTypically $100–$300/yr
Overland flooding is a high risk in Ontario. Standard policies exclude it — add this endorsement and check your municipality’s flood maps.
Earthquake
OptionalSeparate endorsement; cost varies widely
Parts of Ontario carry a moderate earthquake risk, and it is excluded by default. Worth pricing — especially if you are in a known seismic area.
Ontario at a glance
Earthquake
moderate
Flood / overland water
high
Hail
moderate
Wind / storm
moderate
Key regional risks
Sewer backup and overland water are the top claims (Toronto, Ottawa). The Ottawa region also carries a moderate earthquake risk. Add sewer backup and overland water.
Where to buy
All home insurance in Canada is private — there is no government insurer. Get at least three quotes: try an online insurer like Sonnet or Square One for an instant quote, and a local broker who can shop multiple companies for you at no extra cost.
Typical homeowners insurance in Ontario · average, not your quote
$1,100–$1,800/yr
Use this only to sanity-check whether a quote is in the right ballpark. Your actual premium depends on your exact address, the age and construction of your home, your claims history, your contents and rebuild values, and the endorsements you add.
Discounts to ask for
Run through this with every insurer — you only get these if you ask. Print this page to take it with you.
- Get at least 3 quotes — try an online insurer (Sonnet, Square One) and a local broker, who shops multiple insurers for you at no extra cost.
- Bundle your home/tenant insurance with your auto policy at the same insurer (10–20% off).
- A monitored alarm or smart-home security system can earn a 5–15% discount — ask whether yours qualifies.
- Smart water-leak sensors are cheap and increasingly earn a premium discount — ask your insurer.
- Avoid small claims: one claim can raise your premium 15–25% for 3–5 years. Pay small losses out of pocket to protect your claims-free standing.
- Install a backwater valve and a sump pump with battery backup — some municipalities offer rebates, and it lowers your sewer-backup risk.
- If you can, pay annually instead of monthly — most insurers surcharge monthly billing.
- Review your policy every year — update coverage after renovations or big purchases, and re-shop to keep your insurer honest.
This planner gives general coverage guidance for education only — it is not a quote and not insurance advice. Available coverages, endorsements, exclusions, and pricing vary by insurer and change over time. Confirm what your policy includes with a licensed broker or insurer in your province, and read your policy's declarations page.
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