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How much does Toronto home insurance cost in 2026?
Home insurance in Toronto costs around $1,670 – $2,710 per year as of 2026, according to LowestRates.ca’s latest quoter data. By contrast, Ontario home insurance premiums are around $1,875 – $2,170 per year, roughly $168 lower than Toronto’s (if you base the comparison on their midrange values).
How LowestRates.ca determines lowest and highest premiums
Estimated premiums are based on the average of the lowest two quoted premiums in 2026, with maximum available coverage for water protection using a profile of a 40-year-old homeowner, continuously insured for at least 10 years, who lives in a 2,500 sq ft detached house built 40 years ago, with brick veneer, wood frame construction, natural gas heat, a 10-year-old roof, and home replacement costs of $500,000.
Premiums are ordered according to Forward Sortation Areas (FSAs), which are the first three digits of a postal code, rounded to the nearest tenth. Premium ranges for each city are based on the lowest and highest premiums for each FSA. Ontario premium range is based on the median of all the lowest and highest premiums for each FSA.
About the comparison values
The comparison values are based on the midrange values for each city.
The formula to calculate the difference between each city is as follows:
((lowest premium + highest premium) ÷ 2) - ((lowest premium + highest premium) ÷ 2)
Example calculations:
- Ontario midrange: ($1,875 + $2,170) ÷ 2 = $2,022.50
- Toronto midrange: ($1,670 + $2,710) ÷ 2 = $2,190
- Difference between Ontario and Toronto: $2,022.50 - $2,190 = -$167.50, rounded to -$168
Toronto vs. the GTA: Who gets the lowest home insurance premiums in 2026?
At $1,440 – $1,770 per year, Burlington has the lowest premiums in the Greater Toronto Area (GTA), roughly $585 lower than Toronto's, which are around $1,670 – $2,710 per year as of 2026. Conversely, Toronto has some of the highest home insurance premiums in the GTA, about $15 higher than Orono's and $15 lower than East York's, which sit above and below Toronto, respectively.
If you’re wondering where your specific Toronto neighbourhood falls in all of this, scroll on to find your postal code.
| Rank | City | Annual premium (lowest – highest) | vs. Toronto |
|---|---|---|---|
1 | $1,440 – $1,770 | ~$585 lower | |
2 | Newmarket | $1,510 – $1,880 | ~$495 lower |
3 | $1,320 – $2,080 | ~$490 lower | |
4 | Whitchurch-Stouffville | $1,620 – $1,780 | ~$490 lower |
5 | Vaughan | $1,420 – $2,000 | ~$480 lower |
6 | Richmond Hill | $1,510 – $1,920 | ~$475 lower |
7 | Oshawa | $1,420 – $2,050 | ~$455 lower |
8 | East Gwillimbury | $1,690 – $1,780 | ~$455 lower |
9 | Courtice | $1,700 – $1,780 | ~$450 lower |
10 | $1,420 – $2,070 | ~$445 lower | |
11 | Markham | $1,500 – $2,090 | ~$395 lower |
12 | Uxbridge | $1,570 – $2,030 | ~$390 lower |
13 | Aurora | $1,720 – $1,880 | ~$390 lower |
14 | $1,530 – $2,180 | ~$335 lower | |
15 | Caledon | $1,480 – $2,240 | ~$330 lower |
16 | Halton Hills | $1,420 – $2,310 | ~$325 lower |
17 | $1,570 – $2,170 | ~$320 lower | |
18 | King City | $1,750 – $1,990 | ~$320 lower |
19 | $1,330 – $2,420 | ~$315 lower | |
20 | $1,410 – $2,360 | ~$305 lower | |
21 | Scarborough | $1,510 – $2,270 | ~$300 lower |
22 | Newcastle | $1,630 – $2,180 | ~$285 lower |
23 | Georgina | $1,630 – $2,240 | ~$255 lower |
24 | Sunderland | $1,750 – $2,120 | ~$255 lower |
25 | Bowmanville | $1,700 – $2,260 | ~$210 lower |
26 | $1,630 – $2,350 | ~$200 lower | |
27 | North York | $1,520 – $2,600 | ~$130 lower |
28 | Port Perry | $1,960 – $2,240 | ~$90 lower |
29 | Etobicoke | $1,770 – $2,540 | ~$35 lower |
30 | Orono | $2,110 – $2,240 | ~$15 lower |
31 | Toronto | $1,670 – $2,710 | $0 |
32 | East York | $1,860 – $2,550 | ~$15 higher |
Ontario annual premium (lowest – highest):
$1,875 – $2,170 (~$168 lower than Toronto)
Toronto home insurance premiums by postal code
Postal codes with the highest home insurance premiums start with M4L, M4M and M4P, paying $2,090 – $2,710, $2,120 – $2,560 and $2,090 – $2,580 per year, respectively.
| Postal code | Annual premium (lowest – highest) |
|---|---|
M5K | $1,670 – $2,180 |
M4Y | $1,910 – $2,460 |
M5B | $1,910 – $2,450 |
M5G | $1,910 – $2,530 |
M5J | $1,910 – $2,260 |
M5V | $1,910 – $1,980 |
M6J | $1,910 – $2,330 |
M4W | $1,930 – $2,090 |
M4S | $1,950 – $2,090 |
M6L | $1,960 – $2,530 |
M6P | $1,970 – $2,120 |
M4E | $2,020 – $2,040 |
M5E | $2,030 – $2,200 |
M5H | $2,030 – $2,450 |
M5S | $2,030 – $2,570 |
M5T | $2,030 – $2,200 |
M6R | $2,030 – $2,390 |
M4C | $2,040 – $2,170 |
M4J | $2,040 – $2,430 |
M4K | $2,040 – $2,110 |
M4R | $2,040 – $2,090 |
M4T | $2,040 – $2,190 |
M4X | $2,040 – $2,460 |
M5C | $2,040 – $2,540 |
M5R | $2,040 – $2,240 |
M6B | $2,040 – $2,250 |
M6E | $2,040 – $2,500 |
M6G | $2,040 – $2,380 |
M4L | $2,090 – $2,710 |
M4P | $2,090 – $2,580 |
M4V | $2,090 – $2,500 |
M5N | $2,090 – $2,140 |
M5P | $2,090 – $2,380 |
M6C | $2,090 – $2,520 |
M6H | $2,090 – $2,500 |
M4M | $2,120 – $2,560 |
M5A | $2,120 – $2,200 |
M5M | $2,120 – $2,490 |
M6N | $2,120 – $2,530 |
M6S | $2,120 – $2,350 |
Toronto annual premium (lowest – highest):
$1,860 – $2,550
The outlook on Toronto's home insurance premiums in 2026
Home insurance premiums in Ontario, and by extension, Toronto, are up in 2026 and are likely to continue to increase as we head into 2027.
Home premiums rose 5.8% year over year in Q2 2026 nationwide, according to the Applied Rate Index. Ontario saw an average premium increase of 4.2% year over year.
The silver lining for Ontario is that compared to Q1 2026, home insurance premiums are actually down — by 0.1%. The only other province to see a decrease from Q1 to Q2 in 2026 was Quebec, at 1.9%. The rest of the provinces saw an increase.
That said, year over year, the trend is unlikely to remain downward for Ontario.
| Quarter | Alberta | Atlantic Provinces | Ontario | Quebec | B.C. | Sask. & Man. |
|---|---|---|---|---|---|---|
Q2 2026 | 11.9% | 8.9% | 4.2% | 0.7% | 1.9% | 10.8% |
Q1 2026 | 16.2% | 10.8% | 6.6% | 4.0% | 1.6% | 11.2% |
Q4 2025 | 13.5% | 9.4% | 4.3% | 6.4% | 1.7% | 9.0% |
Q3 2025 | 13.1% | 7.3% | 4.7% | 11.2% | 4.6% | 8.9% |
Q2 2025 | 9.5% | 7.0% | 5.0% | 10.1% | 1.0% | 9.4% |
Q1 2025 | 3.4% | 4.2% | 5.7% | 9.6% | -5.9% | 4.0% |
Q4 2024 | 7.0% | 4.5% | 8.9% | 8.5% | 4.7% | 7.9% |
Q3 2024 | 5.5% | 5.4% | 10.4% | 5.0% | 7.6% | 7.7% |
Q2 2024 | 5.9% | 7.9% | 12.5% | 4.7% | 10.7% | 8.3% |
Q1 2024 | 10.4% | 9.2% | 12.7% | 3.7% | 18.3% | 12.0% |
Note: The percentages listed above are derived from comparing rates from one quarter to the same quarter in the prior year (e.g., Q2 2026 is compared to Q2 2025).
Source: The Applied Rate Index (Q2 2026)
What's driving Toronto home insurance premium increases in 2026?
A recent study by Statistics Canada shows that intensification in extreme weather events in the last six years, combined with an increase in rebuilding costs, have led to significant challenges for insurers across Canada. Here are some highlights:
Factor #1: Extreme weather intensification
Ontario has felt the effects of extreme weather firsthand: the July 2024 flash flood in Toronto and surrounding areas alone caused an estimated $940 million in insured damage, and the March 2025 ice storm, which also impacted Quebec, added $466 million more.
As of now, there are no indications that this upward trend will reverse any time soon. Extreme weather is bound to only get worse in the future, with temperatures and precipitation continuing to increase at a rapid rate. In Toronto, the city projects that maximum daily rainfall will more than double by 2050, from 66 mm to 166 mm.
Factor #2: Surging rebuilding costs
As seen in the recent report by Verisk, residential rebuild costs in Ontario went up 23.8% from January 2021 to January 2026. As of 2026 Q1, YoY component costs are 3.8% higher across all of Canada, with Ontario sitting in the second place among the provinces at 4.4% YoY. The first spot belongs to British Columbia at 4.7% YoY.
Furthermore, due to a growing skilled trades shortage — as job vacancies are expected to climb at a rate of 13% between 2026 and 2045 — there’s a high chance that home rebuilding costs will remain elevated as well.
Factor #3: Profitability concerns
All these issues have resulted in profitability concerns and pushed insurers to increase their premiums. According to the study, homeowners’ home and mortgage insurance increased 45% from December 2019 to December 2025, outpacing even the all-items Consumer Price Index (inflation), which went up 21% over that time span.
The outlook is grim, yes, but that doesn't mean that consumers have no options. Comparison shopping is still the best way, by far, to secure a cheap premium. And like all things financial, price shopping should be a habit rather than a once-in-a-blue-moon activity.
Types of home insurance available in Toronto
Three main types of home insurance packages are available to most homeowners in Canada, regardless of location. It’s up to the homeowner to decide what coverage they want, what the associated coverage limits are and whether they’d like to add additional coverage to whichever package they select.
The main packages include the following:
Comprehensive or All Perils — Includes the most coverage, protecting the property as well as its contents. This tends to be the most popular type of home insurance in part because it offers an easy way to get the most protection. With comprehensive policies, there are some perils not covered, but they are explicitly listed in the contract as ‘exclusions’ such as protection against earthquake and flooding. Instead, both need to be added to the policy.
Broad or Named Perils — This type policy covers your home and its contents against perils specifically named in the policy. It’s less expensive than the comprehensive option but leaves the homeowner at greater risk.
Basic — This policy offers baseline coverage for properties that fail to meet normal underwriting standards. Speak with your broker or provider for details.
For coverage or perils that are named as exclusions in a policy, you can add coverage. Flooding and earthquake are common exclusions and since they have each been known to affect homeowners in Toronto, we recommend that you consider adding them to your policy.
What does your home insurance cover in Toronto?
Comprehensive home insurance policies will protect you against common perils, including:
- Broken windows
- Electrical current
- Explosion
- Falling objects (depending on cause)
- Fire
- Hail
- Lightning
- Smoke damage (except from your fireplace)
- Theft
- Vandalism
- Water damage
- Wind damage
Comprehensive policies are often referred to as All perils policies because of the wide range of perils that they offer protection against.
On the other hand, if you purchased Broad policy, you’ll have less extensive coverage. Specifically, you’ll be protected against damage from perils explicitly named in the policy. For this reason, broad policies are sometimes referred to as Named Perils policies
You can add coverage to any policy type as well increase the coverage limits. If you’re inclined to add more and more coverage to a broad or basic policy, consider simply getting a comprehensive policy.
Take some time to consider what coverage you genuinely need to protect your home and suit your risk tolerance. If you’re comfortable with less coverage, you may be able to save money.
Regardless of what type of home insurance you get, most policies have four core components: property coverage, contents coverage, liability protection and additional living expenses.
- Property coverage
The property will be protected against damage from perils named in the policy. Coverage often includes coverage of additional buildings such as garages and sheds. - Contents coverage
Personal belongings including some appliances, furniture, and some electronics will be covered in the event of a covered peril. - Personal liability coverage
Liability protection includes coverage for bodily injury and coverage for property damage. The former means that the insurance provider will pay for damages awarded to a guest who’s injured at the insured’s home. The latter means costs will be covered if the insured damages someone else’s property. The insured will also be protected outside the home if they’re sued for negligence when someone is injured, or suffers property damage, by their negligence anywhere in North America. - Additional Living Expenses
Home insurance also covers certain kinds of loss resulting from a peril. For example, if you’re forced to leave your home following a fire, ALE will cover the cost of staying in a hotel.
What type of risk won't your home insurance cover in Toronto?
Depending on what type of policy you choose, your contract may have exclusions such as earthquake and flooding.
Like homeowners across the country, those in Toronto are experiencing more and more incidences of severe weather. For this reason, we recommend adding flood protection.
The water damage protection that’s included in most policies will cover homeowners if a pipe bursts. However, to be protected against damage from sewer back-up and overland flooding, flood protection must be added. In other words, while most home insurance policies include protection against water damage, in order to be protected against flooding, additional coverage must be added.
Insurance providers characterize flooding in three categories: sewer back-up, overland flooding and tidal flooding. Some companies may package these coverages so that when you add flood protection to your policy, you’re adding two forms of flood protection such as sewer back-up and overland flooding.
Protection against tidal flooding is not relevant to Toronto homeowners, though many homes are certainly vulnerable to overland flooding.
We encourage Toronto homeowners to also consider whether they’d like to add earthquake protection to their policies. While earthquakes are not common in the region, they have occurred. In 2010, Toronto residents reported feeling tremors from an earthquake measuring 5.0 on the Richter Scale. Its epicenter was recorded in the Ottawa region.
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| Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
|---|---|---|---|---|---|
Quote from October 19, 2026 Type of home Townhouse 1,498 sq ft | Location Toronto | Previous claims None | Lowest Rate $289/mth $3,468/yr | Average rate $354/mth $4,249/yr | Saved $65/mth $780/yr (18.00%) |
Quote from October 19, 2026 Type of home Detached 793 sq ft | Location TORONTO | Previous claims None | Lowest Rate $70/mth $841/yr | Average rate $104/mth $1,253/yr | Saved $34/mth $408/yr (33.00%) |
Quote from October 18, 2026 Type of home Semi-detached 1,672 sq ft | Location Toronto | Previous claims None | Lowest Rate $275/mth $3,297/yr | Average rate $483/mth $5,800/yr | Saved $209/mth $2,508/yr (43.00%) |
Home insurance quotes are compared from CAA, Dominion Insurance, Economical Insurance, Gore Mutual, Max Insurance, Pembridge, SGI, and Wawanesa Insurance.
Factors that determine your home insurance quote in Toronto
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 Toronto home insurance questions, answered
What perils are specific to Toronto?
While property insurance in Toronto doesn’t differ greatly from property insurance in other cities, there are some specific risks to be aware of.
- Fire. Toronto’s dense population means building fires can spread quickly to adjacent properties.
- Cold temperatures. With temperatures that can plummet to -30C, Toronto residents need to be on guard for frozen or burst water pipes in the winter time.
- Flooding. Because of its low elevation, Toronto can see flash flooding, which can cause severe water damage to residences.
- Earthquakes. They’ve been known to occur in Toronto, though they’re usually moderate in scale. Still, an earthquake could do considerable damage to a city full of multi-unit residences.
What does home insurance cover in Toronto?
Generally speaking, house insurance in Toronto will cover your:
- Personal belongings (e.g., appliances, furniture, some electronics).
- Additional living expenses (should you need to relocate for a period of time).
- Personal liability, should you be sued for an injury sustained on your property. What many people don’t know about home insurance is that a typical policy will also cover liability or negligence anywhere in North America, subject to exclusions for business and professional activities.
Generally speaking, your home insurance coverage in Toronto will include the following perils:
- Fire.
- Lightning.
- Smoke damage (excluding fireplaces).
- Theft.
- Wind and hail.
- Electrical current.
- Explosion.
- Vandalism.
- Water damage.
- Broken windows.
- Falling objects (unless propelled by a landslide, avalanche, or earthquake).
If you’re like many Torontonians, you rent or own a condo. That means you’ll need a personal condo insurance policy. This is different from your condo corporation’s commercial policy, which does not cover your unit. A personal condo policy will cover:
- Personal property (e.g., clothing, appliances and furniture, and items stored in your locker).
- Additional living expenses, should the event result in you having to relocate.
- Unit upgrades.
- Your personal liability for any injury or damages unintentionally caused to others.
- Liability coverage: Provides North American-wide coverage should you be sued for negligence.
- Loss Assessment: This policy will vary depending on the insurance policy held by the condo owner. This type of coverage includes situations where the condo corporate policy is insufficient to cover the loss or damage.
For renters, a tenant insurance package will cover most of the same things, with the exception of unit improvements and loss assessments.
What risks won’t home insurance cover in Toronto?
Unfortunately, home insurance doesn’t protect against everything. Most home insurance providers in Toronto won’t cover:
- Sewer backup.
- Flooding caused by overland water.
- Earthquakes.
- Landslides.
- Damage from freezing outside the home.
- Pollution.
- Damage from insects and rodents.
- Water damage caused by frozen or burst pipes in the winter.
- Damage to property acquired illegally.
Some of the above, including sewer backup, flooding caused by overland water and earthquakes are available for purchase from most insurance providers for an additional price. Furthermore, while you could technically buy a home insurance policy that doesn’t include sewer backup and flood coverage, our experts advise against it.
When it comes to personal condo insurance, here’s what’s usually not covered:
- Water damage caused by flood or underground water.
- Earthquakes and mudslides.
- Damage caused by settling, deterioration, or contamination.
- Damage caused by birds, rodents, insects, or domestic animals.
- Bodily injury or property damage that is expected or intended by the insured.
- Business activities.
What kind of home insurance do you need in Toronto?
There are four basic types of homeowners insurance in Toronto:
Comprehensive - The most extensive and costly home insurance policy available, it covers your home’s structure and the contents within it from all perils and losses, save for any perils that have been explicitly left out of your policy.
Basic or Named Perils - This type of home insurance policy insures your house and personal property for perils specifically named within the policy.
Broad - A broad home insurance policy insures your house for all risks of direct physical loss or damage unless excluded. It also offers protection for your personal property, but only against named perils. A broad policy is generally considered to be a good middle ground between a comprehensive and a basic policy.
No-Frills - Very basic coverage for properties that don’t meet normal underwriting standards.
Additional or optional coverage can be purchased for things like sewer backup, flooding, earthquakes, fine jewelry and home-based business equipment. These will top up the limits on these items in your regular home insurance policy. While purchasing extra coverage will likely increase home insurance premiums for Toronto residents, it’s important to ensure that your assets are adequately protected. If your assets aren’t properly protected, the costs of repairs and damages might outweigh the cost of additional coverage.
What can you do to save on home insurance in Toronto?
Living in Toronto is expensive, but finding cheap home insurance in Toronto can help you cut costs. To make sure you’re saving as much as you can on home insurance, it’s important to learn about all the applicable discounts out there. Most home insurance companies offer discounts for:
- Bundling insurance policies (e.g., auto and home) with the same insurance company.
- Increasing your deductible (e.g., the amount you pay out of pocket for damages).
- Paying an annual lump sum up front as opposed to monthly premiums, which include administrative costs.
- Being part of a union, certain organizations, or an alumnus of certain universities.
- Equipping your home with smoke detectors and monitored intruder alarms.
- Never having made an insurance claim (being “claims free”).
- Being a senior citizen.
- Newly-built homes can sometimes qualify for a discount.
Finding affordable home insurance in Toronto doesn’t have to be a struggle. Fill out a form on LowestRates.ca to view the best rates from the top providers across Canada.
What are the best home insurance companies in Toronto?
When it comes to home insurance, there’s no such thing as a one-size-fits-all approach. Furthermore, there’s no one insurance provider that provides the best home insurance rates to all Toronto customers. What matters most is that you get the coverage you need at a price you can afford. So take the time to shop around, do research on the insurance companies on your shortlist (it’s possible to check their ratings online and verify whether complaints have been made against them with the Better Business Bureau), and don’t hold back from asking an agent or broker any questions that come to mind.
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.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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