Who Are The Best Home Insurance Providers in Ontario?

Ontario Home Insurance Companies

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.

How Many Home Insurance Providers Are There?

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.

How to Compare the Best Home Insurance Providers in Ontario?

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:

The Company's Reputation

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.

Customer Retention Rate

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.

Insurance Coverages

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.

Prices

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.

Discounts

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.

Claims Response Procedures

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.

Value

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.

The Best Home Insurance Providers in Ontario

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:

  • A solid reputation in the Ontario home insurance industry.
  • A variety of insurance products and endorsements.
  • 24/7 claims service.
  • A range of payment options.

Aviva

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.

Key Benefits:

  1. Provides insurance coverage options for home, condo, tenant, high-value home, cottage and more.
  2. Offers a disappearing deductible coverage, which reduces a home insurance customer's deductible every year that you don't have a claim.
  3. Provides an additional $1 million in excess liability coverage if you bundle your home and auto insurance.
  4. Offers coverage that can extend beyond your home to other structures on your property, personal liability, and living expenses.

CAA Insurance

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.

Key Benefits:

  1. Provides benefits when bundling home and auto insurance (auto rates are highly competitive).
  2. Working on launching a high-value home program.
  3. When a customer purchases insurance, CAA members get savings of up to 20%.
  4. Provides comprehensive coverage for homes, condos, cottages, secondary homes and tenants.

Chubb Canada

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.

Key Benefits:

  1. Provides numerous coverages, such as extended replacement cost coverage and temporary living arrangement coverage.
  2. Offers extra coverages to protect your home from unexpected situations, such as lock replacement or repairing damaged landscaping.

Economical Insurance

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.

Key Benefits:

  1. Covers homes, townhouses, condos, renters, landlords, cottages and more.
  2. Provides coverage for your home and any detached structures on your property.
  3. Offers many discounts, including claims-free, mortgage-free and renewal discounts.
  4. Provides a range of add-ons, such as identity theft coverage, home-business coverage and protection in case of additional living expenses.

Gore Mutual

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.

Key Benefits:

  1. Will write a standalone policy for seasonal residences, without having a primary residence placed with them.
  2. Provides comprehensive home insurance, condo insurance, renter' insurance and cottage insurance.
  3. Offers identity theft protection, home-business coverage, water escape coverage and more.
  4. Offers a range of discounts, including claims-free, loyalty and mortgage-free discounts.

Heartland Farm Mutual Insurance

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.

Key Benefits:

  1. Bundle home and auto insurance policies to receive highly competitive rates.
  2. Provides coverage for homes, second homes, seasonal homes and high-value homes of up to and greater than $5 million.
  3. Can insure homes and seasonal properties in remote locations, including on islands.
  4. Offers highly competitive rates.

Intact Insurance

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.

Key Benefits:

  1. Offers claims advantage coverage, which is an optional add-on that waives your deductible for certain claims.
  2. Provides coverage options for your home, cottage, and/or condo as well as rented dwelling coverage.
  3. Offers the Lifestyle Advantage for homeowners 50 years of age or older.
  4. Provides home, contents and personal liability protection.

Northbridge Insurance

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.

Key Benefits:

  1. Offers the Northbridge Insurance Onyx program, which is it's top-shelf homeowner's policy.
  2. Provides unlimited replacement cost coverages for your building and personal contents.
  3. Also offers unlimited cost coverages for add-ons such as additional living expenses and access to professional legal advice.

Nova Mutual

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.

Key Benefits:

  1. Offers home contents and personal property protection.
  2. Provides public liability protection.
  3. Protects you against debit/credit card fraud.
  4. Cleanup coverage is provided if gas, oil or other pollutants are accidentally spilled on your property.

Peel Mutual Insurance Company

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.

Key Benefits:

  1. Covers homeowners, rental properties, seasonal homes, and condominium owners.
  2. Offers a range of discounts, such as claims-free, loyal customer and new home discounts.
  3. Provides add-ons, such as the Mature Tenant's Package and sewer back-up protection.

Pembridge

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.

Key Benefits:

  1. Offers home and personal property insurance for primary and secondary residences, as well as rented dwellings.
  2. Provides individual ratings of the price of your policy based on your specific merits and situation.
  3. Offers flexible payment options.
  4. Add-ons offered include home warranty, identity theft, legal expense and bylaw coverage.

Portage Mutual Insurance

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.

Key Benefits:

  1. Includes a $2 million liability coverage.
  2. Offers add-ons such as identity theft coverage and mass evacuation coverage.
  3. Protects your dwelling and other structures on your property, as well as additional living expenses and personal liability.

SGI Canada

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.

Key Benefits:

  1. Offers the opportunity to increase your deductible by choosing lower monthly home insurance premiums.
  2. Provides optional add-ons such as home systems protection and service line coverage.
  3. Offers numerous discounts, including being claims-free for three years and having a monitored home security system.

Travellers Insurance

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.

Key Benefits:

  1. Offers a preferred customer discount based on credit consent.
  2. Protects single-family homes, condos, cottages, second homes, rental dwellings and more.
  3. Provides numerous discounts, including claims-free, dual policy and mortgage-free discounts.

Wawanesa Insurance

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.

Key Benefits:

  1. Provides coverage for houses, condos, apartments, garages, sheds, contents and more.
  2. Offers multiple discounts, such as mortgage-free, alarm system and claims-free discounts.
  3. Provides optional coverage, including home business and boats and motors coverage.

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.

How to Get a Home Insurance Quote?

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.

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