Home insurance is one of the most important ways you can protect your Ontario home. While insuring your home isn't mandatory in Ontario, most banks and mortgage lenders require proof of insurance before approving your mortgage.
Besides, we can't think of a single good reason why you shouldn't insure your home. After all, your home is your primary asset. It's a significant expense, and even more costly to repair or replace in the event of a natural disaster or accident. And the truth is, even the most well-cared-for homes with proactive homeowners can still experience sudden accidents, weather damage and theft that leaves them in a state of disrepair.
And when that happens without insurance, you are left footing a bill for property damage most homeowners can't afford. Setting you back thousands—sometimes millions— of dollars. Opting not to have residential property insurance is simply not worth the risk.
Yet, even when you choose to buy home insurance, there are so many add-ons, exclusions and rules that can be confusing even for the most savvy homeowner. Not to mention, there are so many different insurance companies to choose from. How do you know if you've made the right choice?
Helping you make the right choice, and finding the best home insurance providers in Ontario is what our Morison Insurance brokers excel at.
There are more than 40 home insurance providers in Ontario alone. That's an overwhelming amount of choice! Yet, not all insurance companies are created equally. And even among the top insurers you have different rates, benefits and special offers that may or may not be right for your needs.
That's where partnering with a Morison Insurance broker is helpful. We've built relationships with numerous insurance companies, and we have the skill and experience to find you the right insurance policy for your home. Our team excels at finding competitive quotes, providing expert advice and building long-term relationships with all our clients. We'll help you review several insurance policy options and prices from the best home insurance providers in Ontario, empowering you to choose the policy that best suits your needs. And, if you need help with auto insurance or bundling your home and auto insurance, we can help with that too.
Many people think that all Ontario home insurance providers are the same. However, this is not the case. Even though the industry is regulated by the Financial Services Commission of Ontario, insurers are fundamentally still businesses. Like anything else in the private sector, there are key differences between them. Some factors to keep in mind when choosing insurance providers include:
One of the most important qualities to consider when searching for the best home insurance provider in Ontario is their reputation. Is the company known for providing excellent service? Do they handle claims quickly and professionally? Do they have a longstanding relationship with your community? The better reputation an insurance provider has, the more likely it is that they can be trusted with taking care of your homeowners insurance policy.
Whether customers stay with a given Ontario home insurance provider when their policy renews is a key element of that company's reputation. Customer retention for insurance companies is no different than returning to your mechanic, hairstylist or favourite restaurant. Consumers are compelled to choose businesses they trust time and time again, and that trust is earned through hard work and excellent service.
Coverage is extremely important. Coverages are the specific protections you purchase with your home insurance policy. When examining different insurance quotes with your Morison Insurance broker, we'll make sure that you clearly understand what is and is not covered by the policy.
Costs are always an important consideration, and prices do vary from provider to provider. A good way to establish if the price is right, so to speak, is to look at what coverages are offered for the proposed cost. It's important you choose a policy that has adequate coverage for your needs at a fair price, rather than being tempted to choose the lowest price and discover you don't have enough coverage during an emergency.
Are you eligible for any home insurance discounts that may help lower your insurance costs? Your Morison Insurance broker will ensure you can benefit from any discounts that you qualify for and that a given insurance company offers.
When you file a claim, you want an insurance provider who will quickly respond to that claim. The longer you go without assistance, the longer your home goes without the necessary repairs or replacements needed for life to go back to normal.
The value of insurance is the protection it provides. Thus, it's imperative you get the best coverage possible for what you need. When your Morison Insurance broker helps you compare quotes from several home insurance companies, we'll ensure you look at quotes with similar coverages, add-ons, deductibles and endorsements to establish value. By looking at comparable quotes, you're able to narrow down your options more efficiently.
We're proud to represent the following Ontario home insurance providers. While each company has unique offerings, add-ons and services worth noting, they all share these important qualities:
One of Canada's largest general insurance companies, Aviva Insurance has been around for more than 300 years. With their head office located in Markham, Ontario, the company's promise is "insurance made simple." Providing comprehensive insurance policies, they also contribute to various charitable efforts across Canada—such as donating $750,000 to the Canadian Red Cross.
Providing excellent rates and very easy to work with, CAA Insurance dates back to 1974 and was formerly known as the Ontario Motor League. While CAA Insurance now offers significantly more products than car insurance, it also supports local communities through having raised more than $1 million for its charities.
With operations in 54 countries and territories, Chubb is the world's largest publicly traded P&C insurance company. It provides commercial and personal property and casualty insurance. It services and pays claims fairly and promptly. At Morison Insurance, we primarily work with Chubb for high-value homes.
One of Canada's leading property and casualty insurance companies, Economical Insurance promises to make insurance better and simpler. The company was founded in 1871 and is headquartered in Waterloo, Ontario. With a goal to make positive differences in communities, Economical provides more than $1 million in donations to various charities and causes each year.
Providing exceptionally quick claims response, including same-day response, Gore Mutual Insurance is very easy to work with. The company is one of the oldest property and casualty insurance companies in Canada, as they were founded in 1839. Their head office is located in Cambridge, Ontario. Gore Mutual promises a blend of savings and coverage on its insurance products. The company was recognized as a top employer in Waterloo in 2020 and was named the best insurance company by the Insurance Brokers Association of Ontario in 2014.
Providing home, agribusiness, auto, farm and commercial business insurance, Heartland Farm Mutual is headquartered in Waterloo, Ontario. It was founded in 2016 when North Waterloo Farmers Mutual and Oxford Mutual merged. Combined, the two companies have more than 250 years of insurance experience. The company also operates the iHeart community fund, which supports community projects that directly benefit local initiatives.
Providing excellent claims response, Intact Insurance is Canada's largest insurance company. It provides home, auto, and business insurance, plus much more. The company's roots date back to 1809, and it has a focus on providing outstanding service while building lasting relationships with its clients. Intact heavily focuses on charitable acts through the Intact Foundation, which has provided more than $37 million to 1,400 organizations across Canada.
Also a company Morison Insurance primarily works with for high-value homes, Northbridge works closely with insurance brokers to find the best coverage for your needs. A subsidiary of Northridge Financial Corporation, the company has regional offices across the country. It's Northbridge Cares programs focuses on creating greater success for Canadian youth and supports the charitable endeavours of its employees.
Based out of Jarvis, Ontario, this local company is a joy to work with. Their claims service is excellent, and their team is quick to respond. With reasonable rates, Nova Mutual was established in 2018, when Wabisa Mutual and Norfolk Mutual amalgamated. While Nova Mutual primarily works with nearby communities, such as Norfolk and Hamilton, the company provides home, auto, business and farm insurance. It’s also focused on building relationships with the local community.
One of the largest mutuals serving Ontario, Peel Mutual provides home, business, auto and farm insurance. The company was founded in 1876 and is headquartered in Brampton, Ontario. Peel Mutual avoids one-size-fits-all policies. Rather, it aims to customize your insurance to your particular needs.
Founded in 1999, Pembridge Insurance provides auto and property insurance through insurance brokers. The company works hard to understand its clients' needs and provide the best possible insurance products. Based in Markham, Ontario, Pembridge provides exceptional customer service and sponsors a range of charitable organizations that support Ontario communities.
This company can trace its roots back to 1884, and has its head office in Portage la Prairie, Manitoba. However, Portage Mutual also has a head office in St. Catherines, Ontario. It offers a range of insurance products, including home, auto, recreational vehicle, farm and business insurance. It chooses to work with independent insurance brokers as they believe doing so results in better service. The company focuses on security, integrity and personalized service and provides competitive rates.
Quick to answer questions from our insurance brokers and very easy to work with, SGI Canada provides property and casualty insurance in five provinces, including Ontario. It sells home, auto and business insurance. The company is more than 75-years-old and is headquartered in Regina, Saskatchewan. It has the highest ranking in customer experience when compared to the 10 largest insurance companies in Canada—roughly 93% of customers renew with SGI each year.
Founded in 1928, Travellers Insurance provides auto, home, personal, business, management, professional liability and surety bond insurance. The company's head office is in Oakville, Ontario, and they are a leading provider of property and casualty insurance for home, auto and business. Travellers Insurance is dedicated to helping communities through targeted giving and volunteerism.
Easy for our insurance brokers to work with, Wawanesa Insurance offers great rates and prompt claims response. The company first opened in Wawanesa, Manitoba, in 1896. Now, it operates across Canada and has become one of the largest property and casualty insurers in the country.
Please Note: The companies listed above have been described in general terms. For a more fulsome overview, please visit their website directly. There are eligibility criteria and coverage limits for many insurance products, programs and discounts. An insurance broker can provide more details. Companies change coverages and discounts occasionally, so please check with an insurance broker in case changes have occurred.
You can get a home insurance quote by contacting your dedicated Morison Insurance broker. We will shop dozens of the best home insurance providers in Ontario to find you the best coverage for your needs. To get started today, give us a call at 1-800-463-8074 or by inquiring about a quote online.
This content is written by our Morison Insurance team. All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this article, you do so at your own risk. While the information on this website has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.