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Whether you own a single-family home or townhouse, it’s important to make informed decisions for one of your biggest and most precious investments.

At Sharp Insurance, our insurance brokers help you with insurance industry lingo and the fine details of your homeowner’s policy. We give you access to our latest digital tools to make learning and managing your insurance needs even easier.

How Much will it Cost for Home Insurance?

On average, home insurance rates in Toronto cost $1,272 annually, or $106 per month – the fifth highest rate in the Ontario.

What Factors Impact your Home Insurance Rates?

While you want the lowest home insurance rates in Toronto, your insurance premium depends on many factors, including:

  • Your insurance and claims history
  • The cost to rebuild your home
  • The age and type of your home’s roof, plumbing, heating, and electrical systems
  • Your home’s construction (materials and type)
  • Any risks, such as a trampoline or pool
  • Security or loss mitigation devices installed (like burglar alarms and sump pumps)
  • The square footage of your home
  • How close the nearest fire station and fire hydrant is
  • How close you are to risks like rivers
  • If you rent out a room or suite in your home
  • The crime rate of your area
  • The claim rate of your neighborhood
  • Natural disasters
  • Discount eligibility
  • Policy options: loss settlement, policy limits, deductible, and coverages
  • Your credit rating

If you’re not sure how the above factors will affect your premium, call us and our expert insurance agents will help you sift through each element and come up with a plan that suits your lifestyle and bank account.

Did you know?

Where you buy your home is one of top factors that impact your home insurance rates. Do your homework on the claim and crime rates before you move into a neighborhood.

Do I Need to Buy Home Insurance?

t’s not mandatory to buy home insurance in Toronto, but it’s a necessity. If there is a fire or flood, it’s unlikely you’ll have enough money to replace your home and all its contents.

Why take the risk of losing everything? If you apply for a mortgage, the lender will require you to buy an insurance policy, so be prepared to discuss the coverage you want for your home insurance policy. Our brokers will guide you to make the right choices.

5 Top Reasons to Buy Home Insurance in Toronto:
  1. Your mortgage lender requests you to have coverage.
  2. Insufficient funds to replace or rebuild your home and contents.
  3. You don’t have to pay for a lawyer if you get sued by someone hurt in your home or if a visitor’s contents were damaged.
  4. You require additional living expenses after a disaster.
  5. Peace of mind when a loss occurs.

What’s Covered under my Homeowner’s Insurance policy?

There are many insured perils, or events, covered under a home insurance policy in Toronto designed to protect your home, including the building and its contents. A peril is the cause of personal injury or property damage, and the “cause of loss.”

12 common insured perils you’ll find in a standard insurance policy:
  • Fire
  • Smoke
  • Explosion
  • Lightning
  • Electrical Current
  • Wind
  • Hail
  • Falling object
  • Weight of snow (roof collapse)
  • Impact of car or plane
  • Vandalism, theft, riot, other malicious acts
  • Water Damage (depends on your policy)

The events listed below are uninsured perils, meaning your insurer won’t pay for them unless you purchase them separately as add-ons. Some of the best insurance companies in Toronto include these coverages in a standard comprehensive home insurance package. Read through your insurance policy carefully and clarify any terms with your insurer or broker as they may differ depending on your insurance company.

3 Common Endorsements

Sewer Backup

Sewer back-up is water damage caused by the backup or escape of water or sewage from a sewer, septic system, or sump pump.

Overland Water Damage

Overland Coverage is an optional coverage that applies when water enters the property from an overflow of lakes and rivers or torrential rainfall or spring thaw. Overland coverage excludes flood water from tsunamis, tidal waves, and intentional breaches of water (e.g. dams).

Earthquake and Landslides

Earthquake coverage helps to replace your belongings in the event of an earthquake with a specific deductible percentage range.

What are the Common Types of Home Insurance?

You’ll be happy you took the time to compare home insurance policies to find the best one to suit your needs. Choose your home insurance policy wisely, as it will provide protection for your home and your personal items.

Basic Home Insurance Types

A standard home insurance policy includes protection for your home, its belongings, and you (personal liability). Below are two main basic coverages that your insurer will offer.

Comprehensive Insurance:

the most protection provided for your property and contents for all risks, except the risks that are specifically excluded.

Broad Insurance

this covers only named perils protection for contents and a comprehensive list of perils for your home.

Some insurers also offer a “no frills” policy and a basic (named perils) policy. A “no frills” policy is coverage for homes that do not meet the requirements for a standard home policy. For example, if the home has physical damage. A basic policy only covers perils that are specifically stated in your home insurance policy.

What is Not covered by Toronto Home Insurance?

As a homeowner, there are different levels of home insurance available and a basic comprehensive policy will exclude certain events. Your insurer will not cover you for these uninsured activities, or exclusions.

Keep in mind a few uninsured activities below:

  • Wear and tear
  • Mold
  • Water damage from frozen plumbing (the homeowner is away)
  • Harm caused by insects, vermin, and animals
  • Damage to your home after leaving it intentionally vacant for 30 consecutive days
  • War or terrorism, Nuclear incidents
  • A homeowner’s illegal activities

Did You Know?

If you’re away from your home for more than four days in the colder months (with no one checking in), and you have water damage from a pipe burst, you won’t be covered by your insurance company? It’s a good idea to go over the details of your policy at the beginning with your insurance agent, so you don’t get left with a huge bill.

What are Insurance Costs for Different Types of Homes in Toronto?

You may already own a condo and you’re looking to upgrade to a townhome. Or, you’re buying your first place and you have questions about price and coverage of a single-family home. The cost of home insurance will factor in what type of home you chose to buy, among other factors.

What are Loss Settlement Options for Home Insurance in Toronto?

Imagine the unexpected happens: your home is damaged during a fire. You expect certain items in your home to be covered by your insurance policy. But your insurer will only cover a portion of the cost of certain personal items, such as antiques and jewelry. You may be left out-of-pocket for the difference. Why? When your insurance policy is set, you must agree to certain limits on personal items, which determine how much money you’ll get back in the event of a loss. These limits are called your loss settlement options. 

3 Loss Settlement Options
Agreed Value

the agreed upon value of an item or property. This option is used for special items, such as jewelry, antiques, or a heritage home.

Actual Cash Value, or Market Value

this option includes the purchase price of your home, minus the depreciation. This is not the price you bought your home at but rather the current value of your home

Replacement Cost

the total cost of replacing your home after a loss, without considering the depreciation.

What are Policy Limits for Home Insurance?

A policy limit is the maximum dollar amount you’ll receive from your insurance company if you suffer a loss from a covered claim. Depending on your policy, limit amounts will range for both your belongings and your home.

In Toronto, the best home insurance agents can help you set appropriate home limits that make sense for your budget and lifestyle.

What is a Deductible?

A deductible is the set amount a homeowner pays their insurer after a loss. The amount is pre-determined by the homeowner’s policy and must be paid out before a policyholder can be compensated for a claim. The deductible dollar amount will be found on your insurance policy statement.

How does my Deductible Impact my Home Insurance Rates in Toronto?

There is a range of options for home insurance deductibles, ranging from $500 to $1500 with $1000 being the most common deductible amount for policyholders. A higher deductible amount will typically lower your home insurance premiums and save you money in the long run.

Get the Right Home Insurance Coverage in Toronto

Getting the right home insurance coverage in Toronto is the perfect mix of protection and price.

How do I Get Discounts on my Home Insurance Policy in Toronto?

There are many discounts you could be eligible for under your home insurance policy; some are more common than others. Ask one of our Toronto, Ontario insurance brokers for details specific to your assets.

5 ways to save on your home insurance rates:
  1. Multi-policy discount: if you carry an auto and home policy with the same insurer.
  2. Claims-free discount: If you’ve had zero claims for a specific number of years.
  3. Age of maturity discount: If you’re over a certain age, you can apply for this type of discount.
  4. Location discount: if you own more than one property under the same home insurance policy.
  5. Renewal discount: if you renew your policy for a specific number of years with the same insurance company.

How Do I make a Home Insurance Claim in Toronto?

There are several steps to take when you’re hit with a loss. Most insurance companies have the same procedure, but it varies slightly from one insurer to the next.

  1. An event (storm, water damage, etc.) or loss can be stressful. Take your time to decide on your next steps.
  2. Contact your insurance company or broker by phone or online. Have your key insurance documents on-hand.
  3. Your claim will be assessed by the claims department and a claims adjuster
  4. If you can, document the damage (photos, videos, etc.)
  5. If your property needs a clean-up, let your insurance company know as you may be covered.
  6. After an adjuster visits your home, a claim estimate will be recorded with your insurer.
  7. A settlement value will be determined from your inventory list.
  8. Hire a contractor or have your insurer contact one for you.
  9. Sign forms to finalize the repair work and final claim estimate.

Before you call your insurance company to file a claim, consider these tips:

  • When you file a claim, you must pay your deductible before the required work is completed.
  • In some cases, you’re better off paying for the loss yourself. For example, if you can pay out-of-pocket for the damages – this will keep your insurance rates from rising. If the damage is too expensive, such as hail damage to your roof, then it may benefit you to file a claim.
  • You may not be covered for a loss related to maintenance or upkeep of your home, such as mold or water leaks.
  • Your insurance claims may follow you for 5 to 7 years, even if you change your home insurance policy to another property.
  • You could lose your claims-free discount on your homeowner’s policy. Instead consider paying out of your own funds.
  • Your claim could be denied. Think of alternatives to making a claim.

Did you know?

if you have a high number of claims, your deductible could increase, your coverage could be removed, or in the worst-case scenario your policy could be revoked. If all else fails and your claim is denied, you can appeal your claim or seek legal advice.

Why does Personal Inventory Matter for Home Insurance?

It takes time and effort to assemble a list of everything of value in your household, but it’s worth it in case of a loss. If you do have an unfortunate incident or a sudden loss, you’ll be prepared.

Here a few tips to create a personal inventory list:

  • Make a list of what’s in each room in your home, give it a dollar amount
  • Save and organize your receipts for big ticket items
  • Take photos or videos of the items you want coverage for
  • Estimate the total value of your household items
  • Update your inventory every year

What is a High-Risk Home Insurance Policy in Toronto

A high-risk insurance policy is offered to policyholders who have a specific risk for their home not covered under a standard home insurance policy.

8 Property Insurance Risks:
  • Older homes
  • Rental homes
  • Missed payments
  • Multiple claims
  • Gaps in home insurance coverage, incl. no prior home insurance
  • Vacant homes
  • Rural properties
  • Student housing

At Sharp Insurance, it’s easy to contact one of our high-risk home insurance brokers in Toronto to get details on each insurance risk that you qualify for.

What Does Sharp Insurance offer its customers?

Sharp Insurance goes beyond offering a good service and provides an exceptional customer experience. Our digital options, including our app and web portal, push us ahead of the competition; it allows you to access your policy details, claim information, and instantly pull up your pink card on your phone – without the hassle of searching in the glove compartment or having to call your insurer.

We offer:

  • Competitive home insurance quotes in Toronto
  • Partnerships with many of the best insurance companies, including Aviva and Intact
  • Services of an independent brokerage
  • We work for you
  • Digital options that makes the insurance process easier
  • Brokers that are your trusted advisors
  • The best insurance brokers in Toronto, Ontario