Letting your policy auto-renew might be convenient, but it could mean leaving money on the table.
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Factors that determine your home insurance quote in Mississauga
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
- The square footage of your home.
- Contents and quality of construction.
- The location of your home.
- Distance to a fire hydrant.
- Your insurance claims history.
- The age of your roof.
- Your home’s plumbing.
- Your home’s electrical system.
Your home insurance questions, answered.
How much is home insurance in Mississauga?
It’s difficult to pin down the average cost of home insurance in Mississauga. Home insurance providers evaluate risk differently and therefore charge different premiums. That said, getting multiple quotes will give you a good idea of what home insurance costs in Mississauga.
Start by going online to compare home insurance quotes in Mississauga. We allow you to compare multiple home insurance policies quickly and easily using our quoter. In order to get an idea of what current home insurance rates are in Mississauga, just fill out the quoter and compare home insurance quotes from 75+ Canadian insurance providers.
What kind of risks are specific to Mississauga?
No two Canadian cities are the same when it comes to weather. And for that reason, the price of home insurance in Mississauga will be different than, say, Winnipeg, based on the weather risks the city faces year-round.
Property insurance risks specific to Mississauga include:
- Flooding. Mississauga gets hit by strong thunderstorms in the spring and summer, which can cause flash flooding. Melting snow can also cause the city’s many rivers and creeks to swell, resulting in overland flooding.
- Wind damage. Massive wind storms have been increasing in frequency in Southern Ontario. These storms have been known to rip off roofs and doors and bring trees down onto houses.
- Tornadoes. Although not a regular summer occurrence, tornadoes have touched down in Mississauga before.
What kind of home insurance coverage can I get in Mississauga?
In most cases home insurance will cover:
Your Personal Effects: Clothes, appliances, furniture, electronics, artwork, jewellery, etc.
Additional Living Expenses: Should you need to vacate your home for a time during an insured loss.
Dwelling Rebuilding: The foundation, walls, windows, doors, roof and flooring of your home.
Personal Liability: This covers you in case someone else gets injured while on your property and sues you. Little do many homeowners know, this type of coverage will also cover your liability if you’re determined to be responsible for property damage anywhere in North America.
In most cases, Mississaugans will be covered for the following risks:
- Vehicle or aircraft impact.
- Electrical current.
- Fire or lightning.
- Smoke damage (as long as it’s not caused by a home fireplace).
- Wind and hail.
- Water damage (except damage that’s caused by an external source).
- Falling objects (unless it’s triggered by a landslide, avalanche or earthquake).
- Broken windows.
Mississauga is a growing city, but it's still more spread out than nearby Toronto. The lack of urban density means homes are typically larger than ones in Toronto's core. This is important to take into account when you’re deciding how much home insurance coverage to buy. The more square footage your home occupies, the more it will cost to insure. Also, the wealthier you are, the higher the likelihood you’ll have valuable contents. You may want to consider asking for higher limits on your policy so you can afford to replace those items should they ever be damaged or stolen.
What risks won’t home insurance cover in Mississauga?
Unfortunately, home insurance doesn’t cover everything. In most cases the following will not be covered:
- Flooding or water damage caused by floodwater.
- Earthquakes, avalanches & landslides.
- Sewage backup.
- Damage from frozen indoor plumbing.
- Damage from freezing outside the home.
- Damage caused by rodents, birds, raccoons, vermin or insects.
- Losses caused by war, terrorism or nuclear risks.
- Damage to illegally acquired property.
While most policies won’t include flooding and sewer backup coverage, our internal experts advise against purchasing a policy without these add-ons.
What kind of home insurance do you need in Mississauga?
There are a few policy types to suit your needs and your budget.
Comprehensive - This is the most expensive option but also covers the most and offers you the most peace of mind. It covers the dwelling and contents for all perils and losses, except for those you or your insurer specifically exclude from the policy. Make sure to check your policy to fully understand which perils are not covered.
Basic or Named Perils - This type of policy covers your dwelling and contents from perils and losses that are specifically chosen and named in the policy.
Broad - This policy type falls somewhere in-between a basic and a comprehensive policy. It protects the dwelling against all risks of direct physical loss or damage (unless specifically excluded from the policy) but it only insures your contents from specifically named perils in the policy.
No Frills - The most basic policy available for properties that don’t meet normal underwriting standards.
In addition to these policy types, you can purchase additional coverage. It’s what the insurance industry refers to as endorsements. These add-ons protect you from things like overland flooding, sewage backup, and earthquakes. Endorsements top-up the limits you already have on your normal home insurance policy.
What can you do to save on house insurance in Mississauga?
There are many factors that determine home insurance premiums in Mississauga. And that’s a good thing, because it means there are also many ways for you to lower your rate. After all, who wouldn’t want to snag the most affordable home insurance in Mississauga?
Most home insurance providers in Mississauga offer discounts for some or all of the following:
- Bundling home and auto insurance policies.
- Installing an alarm system.
- Increasing your deductible. This is the amount you pay out of pocket first for damages.
- Being an alumnus of certain post secondary institutions or being a union member.
- Being claims-free.
- Being a senior citizen.
- Installing smoke alarms throughout the home.
- Buying a new-build home. Generally, the newer the home, the lower the premiums.
- Being in a safe neighbourhood. Look into crime rates and your distance from a fire station (living in close proximity to a fire hydrant or fire station can result in discounts).
Even if you qualify for one or more of these discounts, make sure to shop around and compare for the best home insurance rates in Mississauga. A rate comparison site like LowestRates.ca gives you home insurance estimates from Mississauga’s top companies so you can make an informed decision.
What are the best home insurance companies in Mississauga, Ontario?
Everyone has different needs, different budgets, and different expectations from their home insurance provider. The most important thing is that you find the right company and policy for you, which means getting multiple quotes and doing research on insurance companies.
Some simple ways to ensure you are considering a reputable company is to do a Google search with the company name plus words like “scam” “scheme” or “fraud.” See if any news articles or complaints come up. You can also check with the Better Business Bureau to make sure there are no complaints filed against the companies on your shortlist. And finally, don’t be afraid to ask your agent or broker any questions that come to mind — a reputable agent or broker will take the time to address any concerns rather than pressure you into a policy.
What if I own a condo or rent? Can I still buy property insurance online?
You’re in luck! LowestRates.ca offers policies to renters and condo owners. If you’re on the market for either of these policies, you can actually fill out the property insurance form above and select the Condo Insurance or Renters Insurance option on the first page. If you’re looking for more information about either of these products, feel free to visit either our dedicated Condo Insurance or Renters Insurance pages.
About the Author
Lisa is an Editor and Writer for LowestRates.ca. Her work has appeared in Reader’s Digest, Toronto Life, Canadian Living and TVO. As a child, she diligently hoarded the $50 bills that fell out of her Christmas cards. Adult Lisa is working hard to resurrect those stockpiling tendencies.
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Red wine spills. Frozen food spoilage. Freak thunderstorms that ruin your furniture. There’s a claim for that.