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Ottawa Home Insurance

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Ottawa Home Insurance

There are so many beautiful places to live in Ottawa. From The Glebe, Kanata, Sandy Hill, Westboro, Rockcliffe, Kanata, Nepean, Gloucester, and beyond, every neighbourhood contributes to the unique beauty and vibrancy that make Ottawa one of the best places to live in Ontario. Whether you are looking for home insurance, condo insurance, or tenant insurance our Ottawa insurance brokers are here for you.

What Is Ottawa Home Insurance?

Home insurance is financial protection in the event of damage to your dwelling and belongings due to unexpected accidents or events such as fire, theft and other perils. Home insurance provides personal property coverage for your home and possessions, as well as liability coverage in case of injury to others or damage to the property of others. 

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Do I Need Home Insurance In Ottawa?

Yes.  You need home insurance in Ottawa to protect you financially in the event of an insured loss. For example, suppose you have a fire in your home. If you have home insurance, the insurance company will pay for the fire loss as detailed in your home insurance policy. If you do not have home insurance, you will have to pay for the repairs on your own. 

What Are The Types Of Home Insurance In Ottawa?

There are several types of home insurance available for your Ottawa residence such as a comprehensive home insurance policy, a standard policy, a broad-form policy, and a no-frills policy. Each type provides a different level of protection against various losses. An insurance broker can further explain the differences between these policies to help you determine what is best for you. 

  • A comprehensive home insurance policy provides the most protection because it includes all risks except those outlined in your home insurance policy.
  • A standard policy only covers risks outlined in the policy. This is also known as a basic or named perils policy.
  • A broad-form policy is in between an all-perils policy and a comprehensive policy.
  • A no-frills policy provides limited coverage and is not as popular or recommended.

The Financial Services Commission of Ontario provides additional details on the different types of home insurance and further considerations for home owners.

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How Much Does Home Insurance Cost In Ottawa?

The cost of Ottawa home insurance can range between $750 and $1,700 annually for homes with a replacement cost between $350,000 and $750,000. The cost of your home insurance will depend on numerous factors including where you live, the age of your home, proximity to fire services, size and style of your home, and more. An insurance broker can help you get home insurance tailored to your specific needs.

Below are some examples of Ottawa home insurance quotes. Premium prices will vary depending on the insurance company, individual circumstances, and coverages. An insurance broker will provide you with competitive quotes to ensure your home investment is properly protected.

HOME REBUILDING COST

APPROX. PRICE (per year)

< $350,000

$750 - $1,200 

$350,000 - $550,000

$800 - $1,600 

$550,000 - $750,000

$1,150 - $1,800

> $750,000

$1,700 +

*Each quote was provided with the assumption that the individual has prior insurance history and is claims free.

Are There Discounts For Ottawa Home Insurance?

There are many home insurance discounts that can reduce your premium. 

Some popular home insurance discounts include:

  • Fire and Burglar Alarm Discount
  • New Home Discount
  • Mortgage-Free Discount
  • Non-Smoker Discount
  • Unfinished Basement Discount
  • Claims-Free Discounts
  • Multi-Policy or Bundling Discount
  • Water Alarm Discount
  • Loyalty Discount
  • And many more

An insurance broker will help you get all the savings you are entitled to receive. 

How Can I Compare Ottawa Home Insurance?

You can compare Ottawa home insurance by getting several competitive quotes from an insurance broker who will help you review coverages, premiums and discounts.

Should an Ottawa Condo Owner Have Insurance?

Yes. Condo owners should have condo insurance. Condo insurance is different from homeowner insurance because the protection needs are not the same. 

Personal condo insurance provides liability coverage and personal belongings coverage for electronics, furniture, clothing and more.  It also provides Improvements & Betterments coverage for upgrades to your unit and additional living expenses coverage. The price of condo insurance can be as little as $30 per month (before taxes), depending on what you want to insure.

The condominium corporation or association that looks after your condo building will have insurance for common areas, such as elevators and lobby, and the actual building. This may be why some condo owners believe they do not need condo insurance. However, the corporation's insurance does not provide coverage within the condo owner’s unit. 

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Should An Ottawa Renter Have Tenant Insurance?

Yes. Ottawa renters should have tenant insurance to protect personal belongings, such as electronics, personal items and more. It also provides personal liability coverage. In some cases, landlords require proof of tenant insurance in a lease because the landlord’s insurance will not protect the renter’s personal belongings or liability risks. Tenant insurance is usually relatively inexpensive, depending on what you want to insure, and can be quickly arranged with the help of an insurance broker. 

Is Home, Condo or Tenant Insurance Mandatory In Ottawa?

Home, condo and tenant insurance are not required by law in Ottawa, or anywhere in Ontario, however, many mortgage lenders require proof of home insurance before providing a mortgage. 

Additionally, given that many of us have a lot invested in our homes and personal belongings, we value the protection that home, condo, or tenant insurance provides in case of insured losses or events.

Why Should I Use A Broker For Ottawa Home, Condo or Tenant Insurance?

A top-rated insurance broker provides you with expert advice, the best protection and competitive quotes for your Ottawa insurance. Whether you are a homeowner, condo owner, or renter, we focus on your individual needs to ensure you and your dwelling are properly covered. Our goal is to protect what matters most to you.

Where Can I Get Ottawa Home Insurance?

Our Morison Insurance brokers make it quick and easy to get Ottawa home insurance. Contact us by calling 1-800-463-8074 or fill out the contact form on this page. We look forward to serving you.

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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