Ontario is made up of many different regions some of which are robust cities while others are rural and country. No matter what region a homeowner lives in they need to be concerned about their home insurance. There are plenty of these types of companies to choose from. Some are more established than others. Then there are those which offer better discounts and incentives which earns them a spot in the top ten best list.

Top Ten Best Home Insurance Companies Ontario

Below the list of best home insurance companies in Ontario Canada;

  1. Co-operators Home Insurance
  2. Economical Home Insurance
  3. All State Home Insurance
  4. Intact Home Insurance
  5. The Personal Home Insurance
  6. Belairdirect Home Insurance
  7. RBC  Home Insurance
  8. Wawanesa Home  Insurance
  9. State Farm Home Insurance
  10. Aviva Home Insurance

Co-Operators Home Insurance

co-operators insurance

This insurance company has been around for many years and was actually formed by a group of farmers with the goal of having insurance coverage for when the need arose. Today this Insurance company carries on with the same intent and objective of putting their policyholders first. This Company has chosen to create individual home insurance packages to give insurance shoppers some choices.

Classic Package

Structured for those that want more affordable premiums.

What It Covers:

  • All standard perils
  • Liabilities up to $2. million
  • Replacement value of home as per insurance limited
  • Other structures (detached) 15% coverage of dwelling limit
  • Identify fraud $10,000 coverage
  • Personal Property – replacement cost
  • Moving coverage for personal property
  • The dishonesty of third parties $5,000 limit
  • Lock replacement or re-keying for vehicle
  • Student property 20%
  • Coverage of $10,000 of property for family members in health care establishment
  • Money and cash cards up to $500
  • Securities
  • Business books/tools on premises
  • Jewelry, gems watch and furs  -per item limit of 4,000. total $6,000
  • Stamp collection
  • Coin and money – $3,000 limit
  • Collections
  • Bicycles
  • Watercraft & Equipment
  • Landscaping item -trees plants and shrubs
  • Debris removal

Prestige Package:

What It Covers In Addition to the Classic package

  • Additional perils
  • Dishonesty of third parties – increase in limit from $5,000 to $6,000
  • Student Property – increase in limit up to personal property limit
  • Money & Cash Cards – increase in limit up to $800.
  • Securities – increase in limit up to $7,000
  • Business books & tools on premises – increase in limit up to $5,000
  • Collection increase in limit on other collections up to $6,000.
  • Bicycles increase in limit up to $4,000.

Note: All  items have a set limit

Prestige Plus Package

This is a scaled up version of the Prestige Package for those who have higher priced homes and need insurance that is more specialized.

Co-Operators Home Insurance Discounts

  • Bundling
  • Alarm System
  • No Claims
  • New Home

Economical Home Insurance

economical insurance

This is a well-known insurance company that also provides home insurance for residents in Ontario. They do not go into details about their specific home coverage other than the categories that are covered under this type of insurance. They prefer that home insurance shoppers speak to a broker that is affiliated with them to help determine each individual’s needs.

What They Do Cover

  • Property
  • Contents
  • Identity theft
  • Additional living expenses
  • Buildings and sheds that are detached
  • Trailers and watercraft
  • Damage to others
  •  Home-based businesses

Economical Home Insurance Discounts

  • No record of claims
  • Mortgage free
  • Multiple properties insured
  • Discounts on renewal
  • Security systems installed
  • Monitored fire alarms
  • Insurance bundles

Allstate Insurance

Allstate Canada

Being as insurance is such a personalized product, Allstate has also chosen to create different packages to allow for options;

Basic Coverage

What It Covers

  •  Named Perils for dwelling, buildings, and contents
  • Replacement cost  – without depreciation
  • Optional home replacement cost guarantee

Elite Coverage

What It Covers

  • All risk perils and named perils
  • Replacement cost
  • Home Replacement cost guarantee
  • Extra feature: disappearing deductible

VIP Package

What It Covers

  • All Risk perils
  • Replacement cost
  • Home replacement cost guarantee
  • Extra Features: Claim forgiveness, disappearing deductible and one free personalized option

Allstate Home Insurance Discounts

  • Take Two advantage (bundling home and car insurance)
  • New homes
  • Security Systems
  • Group Insurance
  • Mature and retired clients
  • Rogers Smart Home Monitoring
  • No Claims
  • No Mortgage
  • Water Protection Device

Intact Home Insurance

intact insurance

Intact Insurance believes that most of the detailed information about home insurance should be provided through one of their many brokers in Ontario.

Basic Coverage

  • House and outdoor structures
  • Contents
  • Personal Liability protection

This insurance company also offers some additional packages for home insurance coverage that can be bought.

  • Water Damage Coverage
  • My Extras

Intact Home Insurance Discounts

  • Their discounts are based on file discounts and rates.

The Personal Home Insurance

The Personal

The Personal Insurance Company offers comprehensive home insurance coverage. They offer a standard package that can then be customized.

What Does It Cover?

  • All Risk Insurance  which includes accidental damages and additional living expenses
  • Liability coverage
  • Identity theft assistance

Customization Options

  • H2O+ Protection – for sewer backup damages, water seepage and flood
  • Swimming pool protection
  • Escape of fuel oil

The Personal Home Insurance Discounts

  • Bundling
  • No claims
  • Water damage prevention system discount
  • Alarm system discount
  • Clean energy discount

Belairdirect Home Insurance

belairdirect

Belairdirect gets straight to the point with what they offer for home insurance. They offer one basic but comprehensive package with some options for additional packages.

What It Covers

  • Dwelling
  • Attached Structures
  • Detached structures
  • Personal property
  • Additional living expenses

Additional Packages

Enhanced water damage package – sewage backup – water and sewer lines. overland water (requires qualification and ground water (requires qualification)

Belairdirect Home Insurance Discounts

  • Bundling
  • No claim ( both for car and home)

RBC Home  Insurance

rbc insurance

A lot of banking institutions are now offering home insurance.  The RBC Insurance has kept their offerings simple and easy to understand.

What It Covers

  • All Perils coverage for dwelling  up to 100% of replacement cost
  • Guaranteed replacement cost
  • All perils coverage for detached private structures ( up to 15%)
  • Contents and personal belongings – All perils coverage (coverage up to 80% of dwelling coverage. (There are some special limits on some belongings
  • Non Owned property
  • Personal property coverage for the property at another location
  • Property within vehicle
  • Liability coverage
  • Voluntary Medical payments
  • Voluntary property damage
  • Additional living expenses

Extra Options to Purchase

  • Coverage extension
  • Optional endorsements

RBC Home Insurance Discounts

  • Claims free for five years
  • Newer home
  • No mortgage
  • Installed security system
  • Insurance bundling

Wawanesa Insurance Company

wawanesa insurance

Wawanesa is focused on the important components of home insurance. They have compiled one complete package to accommodate home insurance shoppers

What it Covers

  • All Risk perils coverage for home and structures
  • Personal liability
  • Household contents
  • Personal property

 Some Optional Coverage of Interest  for Home Owners

  • All risk for computer equipment
  • All risk fine arts
  • Earthquake coverage
  • Guaranteed replacement building cost
  • Increase liability limits
  • Limited sewer backup coverage
  • Personal cyber protection
  • Water defence coverage

Wawanesa Home Insurance Discounts

  • No claims
  • Fire alarm discount
  • Deductible increase discount
  • Discount for intrusion alarm
  • Loyalty discount
  • Mature client discount
  • No mortgage discount
  • Multi-policy discount
  • Discount for the new home
  • Discount for senior citizens

State Farm Home Insurance

State Farm

State Farm relies on their agents to go into detail as to what exactly their home insurance policies cover. They state that they do offer a variety of different types of home insurance packages to suit the individual needs of their clients.

What is Covered

  • Basic home insurance coverage for dwelling, property, liability and personal belongings

State Farm Home Insurance Discounts

  • Bundling
  • Security system discounts
  • Higher Deductibles
  • No claims
  • Fire sprinklers
  • They also have a free alert program for water and freeze detector

Aviva Home Insurance

aviva canada

Aviva is keeping their insurance coverage packages simple by offering two to choose from

Standard Coverage

What Does it Cover?

  • Dwelling
  • Personal belongings
  • Detached buildings
  • Personal liabilities
  • Living expenses during repair or rebuild of dwelling

Aviva Optional Coverage

  • HighValue Home Coverage

Aviva has developed a specialized home insurance package for those with high value homes. This program is called Ovation.

Aviva Home Insurance Discounts

  • Non smokers
  • Home alarms
  • Newer home

The Pros and Cons of the Top Ten Best Home Insurance Companies Ontario

INSURANCE COMPANYPROSCONS
Co-operators Home InsuranceExtensive coverage in the basic package.

Options for additional coverage

Have to depend on the expertise of agents
Economical Home InsuranceOffer a good number of discountsDetails about specific coverage is not readily available
All State Home InsuranceOffers choices of packagesHave to deal with an agent to get specific coverage details
Intact Home InsuranceWell known and established Insurance companyDetails of the different segments of coverage have to come through the broker
The Personal Home InsuranceGood basic coverage that can be customized with some extra featuresCustomization options are somewhat limited
Belairdirect Home InsuranceBasic easy to understand coverageLimited discounts
RBC  Home InsuranceExtensive coverage under their basic planOnly standard discounts no unique ones
Wawanesa Home  InsuranceExcellent number of discountsBasic package only – rest are options
State Farm Home InsuranceExtra free featureBasic package details have to speak to an agent for specifics
Aviva Home InsuranceSome extra coverage under basic packageDiscounts are limited

 

Resources

https://www.cooperators.ca/en/insurance/home/home-property/home-insurance.aspx
https://www.economical.com/en/insurance/personal-insurance/home-insurance
https://www.allstate.ca/webpages/property-insurance/home-insurance.aspx
https://www.intact.ca/on/en/personal-insurance/home.html
https://www.thepersonal.com/home-insurance/homeowner-coverage
https://www.belairdirect.com/en/home-insurance/enhanced-water-damage-package.html
https://www.rbcinsurance.com/home-insurance/homeowners-insurance.html
https://www.wawanesa.com/canada/products/homeowners/home-insurance.html
https://www.statefarm.ca/insurance/home-and-property/homeowners