Home insurance is a vital aspect of being a homeowner, particularly in Ontario where natural disasters like snowstorms, tornadoes, and floods can occur. In this blog, we aim to provide clarity on common and uncommon questions about home insurance in Ontario, helping you make informed decisions regarding your coverage options.

Home Insurance Q&A:

What is home insurance?

Home insurance in Ontario is a type of insurance that protects homeowners from financial loss due to various events like theft, fire, and natural disasters.

What does home insurance cover in Ontario?

Typically, home insurance in Ontario covers the cost of repairs or rebuilding after a covered event, personal belongings, and liability for accidental injuries to others.

Do I legally need home insurance in Ontario?

While not legally required, mortgage lenders usually mandate home insurance. It is highly recommended for all homeowners to protect their financial assets.

How much does home insurance cost in Ontario?

The cost varies based on factors such as the type of home, location, value of belongings, and coverage level. On average, homeowners pay around $1,000 per year.

Are earthquakes or floods covered typically?

Standard policies usually cover snowstorms and tornadoes but may not include earthquakes or floods. Separate coverage might be necessary.

Are damages caused by pests covered?

Damages from pests like termites or rodents are generally not covered. Separate coverage may be required.

Does home insurance in Ontario cover theft?

Yes, theft of personal belongings inside the home is typically covered, with some limitations on coverage amount and item types.