Home Insurance Broker in Toronto and Ontario
Tailored protection for your home
Whatever type of home you own, home insurance helps protect the house, your belongings and you if something unexpected happens. Insurewise is an independent broker in North York, Toronto, and we compare options from the insurers we work with so you can choose coverage that fits.
We will explain what each policy does and does not cover, in plain words.
Home insurance for Ontario homeowners
This page is for people who own a house, townhome or semi-detached home. If you own a unit in a building, see our condo insurance page. If you rent your home, our renters insurance page is the better fit.
If you own a rental property, including one held through a corporation, call us to talk through your situation.
What home insurance usually covers
Policies differ, but most include these parts. Exact limits and exclusions depend on the policy.
The building
Helps pay to repair or rebuild your home and structures like a garage or shed after a covered loss, such as fire or wind damage.
Your belongings
Covers furniture, clothing, electronics and other personal property if they are damaged, stolen or destroyed by a covered event.
Personal liability
Helps if someone is injured on your property or you accidentally damage someone else's property and you are found responsible.
Extra living costs
Helps with costs such as a temporary place to stay if you cannot live at home after a covered loss.
Coverage options worth asking about
These are commonly optional. What is available depends on the insurer and on the property.
Replacement cost or actual cash value
Replacement cost pays to replace items with new ones. Actual cash value takes off an amount for age and wear.
Water damage and sewer backup
Water damage from sewer backup or a burst pipe is often handled by a separate add-on. Ask what your policy includes.
Overland flood
Flooding from outside, such as heavy rain or a rising river, may be available as an option in some locations.
Valuables
Jewellery, art and collectibles may have low limits by default. You can often add higher limits for them.
What a home policy usually does not cover by default
A standard home policy does not cover everything. Sewer backup and overland flood are usually optional add-ons, and overland flood may not be available if you live in a known flood-plain or high-risk area. Gradual wear and tear, like an ageing roof, is generally not covered either, because a home policy is not a maintenance contract.
Ask us what your policy leaves out before you need to make a claim. If something matters to you, we can check whether it can be added.
What affects the cost of home insurance
Every insurer prices a little differently. Insurers may consider:
- The age, size and construction of your home, and what it would cost to rebuild
- How well it has been maintained, including updates to the roof, plumbing, electrical and heating
- Your claims history
- Where the home is, including claims in your neighbourhood
- The coverage and deductible you choose
- Features such as alarms, a pool, a wood stove or a home business
Comparing several insurers is the easiest way to see how these play out for your home.
Tips for a smoother quote
Having these details on hand helps us compare options quickly:
- The age of your home and any updates to the roof, wiring, plumbing and heating
- Security features such as alarms and smoke detectors
- Your claims history
- Your current insurer and renewal date
Bundle home with auto
Many insurers offer discounts when you place more than one policy with them. Ask us to compare your home together with your auto insurance. A mortgage is often a family's biggest debt, so it can also be worth reviewing your life insurance at the same time.
Coverage, eligibility and pricing depend on the insurer's underwriting and the policy wording. Information on this site is general and is not a quote or a policy.
Related coverage
- Auto insuranceCars, trucks, vans, motorcycles and other vehicles, with coverage built around how you drive.
- Condo insuranceOwn a unit instead of a house? See condo insurance.
- Renters insuranceRenting your home? See renters insurance.
- Life insuranceFinancial security for the people who depend on you, if the unexpected happens.
Home insurance questions
Still wondering about something? Call 416-383-0901 and ask, or see our contact page for the address and email.
Replacement cost pays to replace a damaged item with a new one. Actual cash value takes off an amount for age and wear, so the payout is usually lower. Which one applies depends on your policy, so it is worth checking before you buy.
Often not by default. Water damage coverages such as sewer backup and overland flood are usually optional add-ons, and what is offered varies by insurer and location. Ask us and we will check what is available for your home.
Lenders commonly require proof of home insurance before they release mortgage funds. Requirements can differ between lenders, so check with yours, and let us know the date you need the policy in place.
Yes, call us to discuss your situation. Insuring a property you rent out is different from insuring the home you live in, so we will ask a few questions about how it is used and owned.
Let us know. Upgrades such as a new kitchen, finished basement or new roof can change what your home costs to rebuild and how it is insured. We can review your coverage and make sure it still fits.
It depends on your home and your choices, so we cannot give a fair number without details. Insurers may look at what it would cost to rebuild, the age and condition of the home, your claims history, your location, and the coverage and deductible you choose. Send us your details and we will compare quotes.
Overland flood coverage is optional and typically covers water damage from sources outside your home, such as a river or lake overflowing or heavy rain and melting snow running across the ground. Sewer backup is a separate option. Availability varies by insurer and by location, so ask us what you can add.
Usually, yes, after a covered loss such as a fire. Policies generally cover personal belongings and extra living costs like a temporary place to stay while your home is unlivable. Limits and exclusions depend on the policy, and extra living costs cover the increase in your costs, not all of them. Ask us to explain yours.
Sources: IBC, types of home coverage, IBC, how home insurance rates are set, IBC, flooding and insurance
Get a home insurance quote
Tell us about your home. We will come back with options and explain them in plain words.