Home and tenant insurance is very important for Canadians interested in protecting your property and personal belongings from unforeseen damages, theft, and liabilities. In fact, whether you’re a homeowner or a renter in Ontario, having the right insurance policy can provide peace of mind and financial security. With many providers in the market, choosing the best one can be overwhelming. To help you make an informed decision, we’ve compiled a list of some of the best home and tenant insurance providers in Ontario.
1. Square One Insurance
Best for: Fully customizable policies and affordability
Square One is a digital-first insurance provider known for offering highly customizable home and tenant insurance policies. Instead of one-size-fits-all packages, customers can tailor their coverage to fit their needs, ensuring they only pay for what they require. Read our full Square One review for more details.
Key Features:
- Fully customizable policies
- Affordable premiums starting as low as $12/month
- Quick online quote process (less than 5 minutes)
- Comprehensive coverage options, including earthquake and flood protection
- Excellent customer reviews and satisfaction ratings
2. Intact Insurance
Best for: Comprehensive coverage from a well-established provider
Intact Insurance is one of Canada’s largest insurance providers, offering extensive home and tenant insurance options tailored to different needs. Whether you own a house, condo, or rent an apartment, Intact provides coverage for property damage, liability, and additional living expenses.
Key Features:
- Wide range of coverage options, including additional endorsements
- Emergency home assistance services
- 24/7 claims support
- Discounts for bundling home and auto insurance
3. Aviva Canada
Best for: Flexible policies and value-added perks
Aviva is another top-tier insurance provider in Ontario, offering flexible policies and specialized add-ons. They provide standard home and tenant insurance coverage and offer unique benefits, such as identity theft protection and home-sharing coverage for Airbnb hosts.
Key Features:
- Standard and customizable home insurance plans
- Discounts for claims-free history and security features in the home
- Home-sharing insurance for Airbnb hosts
- 24/7 claims processing
4. Sonnet Insurance
Best for: Quick online quotes and digital policy management
Sonnet Insurance is a modern, online-based insurance company that offers transparent and straightforward home and tenant insurance policies. Their AI-driven platform allows users to get quotes and manage their policies entirely online.
Key Features:
- Instant online quotes and policy customization
- Competitive pricing with discounts for bundling
- Seamless digital experience, including mobile policy management
- 24/7 customer service and claims support
5. TD Insurance
Best for: Competitive rates and bundling discounts
TD Insurance is a well-known provider offering affordable home and tenant insurance plans. Customers who already bank with TD may find it convenient to bundle their home insurance with other financial products.
Key Features:
- Discounts for bundling home and auto insurance
- Optional coverage for sewer backup and overland water damage
- 24/7 claims support
- Strong financial backing and reputation
6. CAA Insurance
Best for: Member discounts and additional perks
CAA Insurance offers comprehensive home and tenant insurance policies with exclusive discounts for CAA members. Their policies include valuable coverage options and emergency assistance services.
Key Features:
- Discounts for CAA members
- Coverage for home emergencies, including burst pipes and appliance breakdowns
- Flexible coverage for valuable items like jewelry and electronics
- Roadside assistance benefits for CAA members
7. Co-operators Insurance
Best for: Personalized service and local agent support
Co-operators Insurance is known for its customer-focused approach, providing personalized service through a network of local agents. They offer a variety of home and tenant insurance options with flexible coverage add-ons.
Key Features:
- Personalized service with dedicated local agents
- Discounts for policy bundling and home security features
- Additional coverage options for high-value items
- Sustainable insurance initiatives
8. Belairdirect
Best for: Digital experience and loyalty discounts
Belairdirect offers competitive home and tenant insurance plans with a strong focus on digital convenience. Customers can get instant quotes online and take advantage of discounts for claims-free history and home security features.
Key Features:
- Fast online quotes and policy management
- Loyalty discounts for long-term customers
- Optional add-ons for water damage and identity theft protection
- 24/7 claims support
How to Choose the Right Home or Tenant Insurance Provider
When selecting a home or tenant insurance provider in Ontario, consider the following factors:
- Coverage Needs: Ensure the policy covers your home structure, belongings, and liability concerns.
- Affordability: Compare premiums and look for discounts on bundling and claims-free history.
- Claims Process: A provider with a simple and efficient claims process can save time and reduce stress during emergencies.
- Customer Reviews: Check online ratings and testimonials to gauge customer satisfaction.
- Customization: Some insurers offer flexible policies that let you add or remove coverage options as needed.
FAQ: Home and Tenant Insurance in Ontario
1. Is home insurance mandatory in Ontario?
No, but mortgage lenders typically require it.
2. Is tenant insurance required in Ontario?
Not legally, but many landlords require it before signing a lease.
3. What does home insurance cover?
It covers dwelling protection, personal property, liability, and additional living expenses if your home becomes uninhabitable.
4. What does tenant insurance cover?
It covers personal belongings, liability protection, and additional living expenses.
5. How much home insurance costs in Ontario?
- Detached home: $1,000 – $2,500/year
- Condo insurance: $300 – $800/year
- Tenant insurance: $200 – $500/year
6. Does home insurance cover flooding?
Standard policies do not cover overland flooding, but you can purchase additional coverage.
7. Does home insurance cover sewer backups?
No, but sewer backup coverage can be added separately.
8. What are the best home and tenant insurance providers in Ontario?
- Square One Insurance – Flexible, customizable coverage.
- Sonnet Insurance – Digital-first, instant quotes.
- Intact Insurance – Large provider, bundled discounts.
- Aviva Canada – Airbnb-friendly policies.
- Belairdirect – Affordable, good for first-time buyers.
9. Can I switch insurance providers anytime?
Yes, but there may be a cancellation fee if switching mid-policy.
10. What factors affect home insurance rates?
Location, home age, claims history, credit score, and replacement cost all impact premiums.
11. Are there discounts available?
Yes! Discounts apply for bundling home & auto, installing security systems, remaining claims-free, and being a senior.
12. How do I file an insurance claim?
Contact your insurer, document the damage, submit a claim form, and wait for an adjuster to review it.
13. What happens if I miss a payment?
Most insurers offer a 15-30 day grace period before policy cancellation.
14. Does tenant insurance cover roommates?
No, each roommate should get their own policy.
15. Does home insurance cover home-based businesses?
No, you’ll need additional home business coverage.
16. Does home insurance cover renovations?
Not always. Major renovations may require notifying your insurer or adding builder’s risk insurance.
17. Can I get identity theft protection with home insurance?
Some insurers offer it as an optional add-on.
Final Thoughts
Whether you’re a homeowner or a tenant, protecting your property with the right insurance policy is essential. Ontario has several top-rated home and tenant insurance providers, each offering unique benefits. Consider your specific needs, budget, and desired coverage when choosing an insurance provider. By comparing options and reading customer reviews, you can find a policy that provides peace of mind and financial protection.
Mark Turner is a retired financial writer that now enjoys blogging about different financial topics, such as commodities, inflation, debt, retirement, alternative investments and Canadian politics.
