How we find you the best home insurance in Mississauga
Mississauga is home to more than 720,000 people and its population keeps growing. Like any Canadian city, its residents live in a variety of housing types, from detached homes to townhouses, condos and apartments. It’s estimated the city will need 300,000 new units built by 2041 to keep up with demand.
Buying a home in Mississauga is a big investment and you'll want to protect it. Even though home insurance is not legally mandatory, purchasing a policy is highly recommended, and often necessary to qualify for a mortgage. Essentially, finding the right home insurance policy matters.
Here at LowestRates.ca, we’ll give you all the information you need so you can make the best decision. When you’re ready, you can even compare home insurance quotes from many of Mississauga’s top home insurance providers. Our insurance quoter will compare the market for you and put you in touch with the broker offering you the lowest rate.
How much does home insurance cost in Mississauga?
There is no one answer to this question, which is why getting multiple quotes is a good idea. Home insurance providers evaluate risk differently and therefore charge different premiums. We make compare multiple home insurance policies fast and easy. Just fill out a form and we will show you 10+ quotes from some of the top home insurance companies serving Mississauga.
What kind of risks are specific to Mississauga?
- 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 occurence, tornadoes have touched down in Mississauga before.
What risks does home insurance cover 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.
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 Mississauga 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
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 home insurance in Mississauga?
Mississauga is a prosperous suburb, and owning a home here can be expensive. Thankfully, there are ways residents can save on home insurance. Most companies offer discounts for some or all of the following:
- Companies offer discounts if you purchase home and auto insurance with them. It’s what’s known as bundling policies.
- Install an alarm system.
- Increase 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.
- If you have never made an insurance claim before.
- If you are a senior citizen.
- Installing smoke alarms throughout the home.
- Buying a new-build home. Generally, the newer the home, the lower the premiums.
- Your neighbourhood is also a factor. 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).
- Shop around and compare. A rate comparison site like LowestRates.ca gives you quotes from several top companies at once so you can make an informed decision.
What are the best insurance companies in Mississauga?
The answer to this question varies from person to person — 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 the agents or brokers 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.
Here are just a few of the major insurance companies serving Mississauga:
- CAA Home Insurance
- Aviva Home Insurance
- Desjardins Home Insurance
- Allstate Home Insurance
- Intact Home Insurance