There is a big need for home insurance in Toronto just as there is any other large city. Homeowners have the opportunity to choose from several insurance companies that specialize in this type of insurance. While this is beneficial, it also creates a challenge as to which one to choose. Most will focus on cheap rates, but the real key to success is choosing an insurance company that offers;

  • The best rates
  • The most coverage
  • Great discounts

Here are what is considered to be the top ten insurance companies serving Toronto. They have each made it to the top list for one or more specific reasons.

  1. Optimum Home Insurance
  2. TD Home Insurance
  3. Belairdirect Home Insurance
  4. Aviva Home Insurance
  5. Scotia Home Insurance
  6. State Farm Home insurance
  7. RBC Home Insurance
  8. Sonnet Home Insurance
  9. Co-Operators Home Insurance
  10. Economical Home Insurance

Optimum Insurance Company

optimum general inc

The insurance sector for this company comes under Optimum General Ins. Inc. and they work under three subsidiaries which are;

  • Optimum Insurance Company Inc.
  • Optimum West Insurance Company
  • Optimum Farm Insurance

The Company has divided their insurance offerings into packages so they can offer more personalized products to their clients.

What does it cover?

Silver Protection

  • Named perils on the dwelling
  • Named perils on the personal property
  • (named perils are ones that are specifically listed by the insurance company)

Gold Protection

  • All risk coverage on the dwelling
  • Named perils on personal property

Platinum Protection

  • All risk coverage on the dwelling
  • All risk on personal property

Optimum Protection for Individuals

More detailed coverage such as guaranteed replacement cost, profession evaluations, no deductibles

Optimum Insurance Discounts

  • No mortgage
  • Bundling
  • Alarm system
  • Multi-locations
  • Tankless water heater
  • Exclusion of theft endorsement

Reason for Making Top Ten List: The unique discount options

TD Home Insurance

TD has ventured into the home insurance much to the pleasure of many of the clients that are happy with the other products that TD offers such as their banking products. For their home insurance offerings, they have categorized the insurance needs into three packages.

What does it cover?

Gold Plan

  • Comprehensive all-risk coverage for home
  • Comprehensive all-risk coverage for belongings
  • Risk coverage for water, fire and weather damage
  • Personal liability
  • Specialty items coverage
  • Theft damage coverage

Platinum Plan

  • Comprehensive all-risk coverage for home
  • Comprehensive all-risk coverage for belongings
  • Enhanced coverage limits for specialty items
  • Theft damage coverage
  • Misplaced or lost item coverage

Platinum Plus

  • Comprehensive all-risk coverage for home
  • Comprehensive all-risk coverage for belongings
  • Maximum coverage limits for specialty items
  • Theft damage coverage
  • Misplaced or lost item coverage
  • It will not be mandatory to replace or rebuild home or property

Reason for Making Top Ten List: Flexibility in plans that can affect the cost of premiums

Belairdirect Home Insurance

belairdirect

Belairdirect likes to make it very clear as to what home insurance options they have and exactly what kind of coverage you are going to receive with your choices.

What does it cover?

  • Dwelling and attached structures
  • Private structures that are detached
  • Personal property
  • Additional living expenses
  • Liability coverage
  • Option One: All Risks
  • Option Two: Name Perils

Options:

  • Enhanced water damage package
  • Home claims forgiveness
  • Earthquakes
  • S.O.S. Identity

Belairdirect Home Insurance Discounts

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

Reason for Making Top Ten List: Opportunity to personalize home insurance coverage

Aviva Home Insurance

aviva canada

A company that realizes there are different needs when it comes to home insurance. To meet these needs, Aviva has developed two home insurance packages.

What does it cover?

Standard Coverage

  • House
  • Belongings
  • Detached buildings
  • One million liability
  • Living expenses
  • Emergency living costs in the event of an earthquake

High-Value Home Coverage

  • Ovation program that is more personalized and deals with more unique risks

Aviva Home Insurance Discounts

  • Newer home
  • Non-smokers
  • Home alarm systems

Reason for Making Top Ten List: Those that do not have high-end homes are not paying for coverage they don’t need.

Scotia Home Insurance

scotiabank

Scotia Home Insurance is going to make buying home insurance easy with the products they have to offer.

What does it cover?

  • Liability
  • Blanket insurance amount
  • Identity theft assistance
  • Property damage coverage

Options

  • Fuel oil escape
  • Water damage
  • Valuable articles coverage
  • Coverage for secondary premises
  • Swimming pool and hot tub coverage

Scotia Home Insurance Discounts

Scotia Home insurance is not listing any discounts except for when bundling home insurance with auto insurance.

Reason for Making Top Ten List: The home insurance is really basic for those who just want simple coverage but with options for additional types of coverage

State Farm Home Insurance

State Farm

This insurance company is also one that has opted to keep insurance coverage simplified.

What it covers?

  • All Risk Insurance Liability – Dwellings-Personal

State Farm Home Insurance Discounts

  • No claims
  • Bundling
  • Security System
  • Fire Sprinklers

Reason for Making Top Ten List: State Farm offers a free alert program which is a free water and freeze detector.

RBC Home Insurance

rbc

RBC has not held back on the coverage they are offering for home insurance.

What does it cover?

  • All Perils coverage for dwellings and buildings
  • All perils coverage for detached private structures
  • All perils coverage for personal belongings and contents
  • Property non-owner
  • Other location property
  • Liability coverage
  • Medical payments (voluntary)
  • Additional Living Expenses

RBC Home Insurance Discounts

  • Claims-free for 5 + years
  • Newer home
  • No mortgage
  • Security system
  • Bundling

Reason for Making Top Ten List: The combination of the long list of coverage and decent discounts

Sonnet Home Insurance

sonnet

Sonnet is upfront with what they have to offer for home insurance shoppers as well as giving good examples of rates. They have divided their home insurance products into packages.

What does it cover?

The Essentials Package

  • Liability
  • Special belongings
  • Actual replacement cost for home
  • Actual replacement cost for personal belongings
  • Full sewer backup
  • Overland water coverage
  • Hail coverage

The Preferred Coverage

  • Everything covered under complete coverage
  • Extra special belongings coverage

The Ultimate Package

  • Everything covered in the Essentials package
  • Extra Special Belongings
  • Liability+

Sonnet Home Insurance Discounts

The discounts are a little different here as they come with the extras such as;

  •  Green coverage
  • Replacement Cost
  • Above & Beyond First Claim Forgiveness
  • (Note: extras may require upgrades)
  • Savings for buying insurance online
  • No fees
  • Claims-free
  • Multi-location

Reason for Making Top Ten List: The extra savings and unique discounts

Co-Operators Home Insurance

co-operators insurance

Co-Operators has chosen to offer three insurance packages to give home insurance shoppers some options;

What does it cover?

Classic Package

  • Perils
  • Liability
  • Dwelling
  • Detached Structures
  • Identity Fraud
  • Personal Property
  • Moving of Personal Property
  • The dishonesty of third parties
  • Lock replacement or re-keying for dwelling
  • Vehicle lock replacement
  • Student property
  • Family member property in Health Care establishment
  • Money and cash
  • Securities
  • Business books and tools
  • Jewellery
  • Stamp collections
  • Coin and Money collections
  • Bicycles
  • Watercraft
  • Outdoor trees and foliage
  • Debris removal

(Note: items covered have limits and possibly deductibles)

Prestige Package

  • Extended coverage

Prestige Plus

  • Personalized insurance

Co-Operators Discount Insurance

  1. New home
  2. Mature client
  3. Protection system
  4. Fire sprinklers
  5. Auto water shut off
  6. Bundling
  7. Claims-free
  8. Sustainability
  9. Mortgage free

Reason for Making Top Ten List: The credibility and established history of Co-Operators

Economical Home Insurance

economical insurance

An insurance company that those in Toronto can rely on for simple but comprehensive insurance coverage for their homes.

What does it cover?

  • Dwelling
  • Detached buildings
  • Trailers
  • Contents
  • Identity theft
  • Damage to others
  • Home Based Business (option)

Economical Home Insurance Discounts

  • No Claims
  • No mortgage
  • renewal discounts
  • Security systems
  • Monitored fire alarms
  • Bundling

Reason for Making Top Ten List: Aside from some good discounts there is a renewal discount for extra savings.

Resources

https://www.optimum-general.com/en/quebec/habitation/proprietaire
https://www.tdinsurance.com/products-services/home-insurance
https://www.belairdirect.com/en/home-insurance/home-owner.html
https://www.aviva.ca/en/find-insurance/home/home-insurance/#tab-3-item_431665501
https://www1.scotialifefinancial.com/slf/en/0,,5071,00.html
https://www.statefarm.ca/insurance/home-and-property
https://www.rbcinsurance.com/home-insurance/homeowners-insurance.html
https://www.sonnet.ca/home-insurance
https://www.cooperators.ca/en/insurance/home/home-property/home-insurance.aspx
https://www.economical.com/en/insurance/personal-insurance/home-insurance