Property Insurance in Ontario

It is not required by provincial law, but lenders typically require it on mortgaged properties and condo corporations often require unit owner coverage.

Replacement cost settlements aim to repair or replace without depreciation, while actual cash value settlements deduct for age and wear. Terms vary by policy.

Many policies offer optional sewer backup and overland water endorsements. Availability and limits vary by location and insurer.

Items such as jewellery, art or collections may exceed standard limits. A scheduled endorsement can provide broader coverage.

Yes. BrokerUnion offers a fully online live quoting tool for homeowners, condo, and tenant insurance in Ontario, real rates from 50+ carriers in under 5 minutes, at no cost and no obligation. Start your quote at brokerunion.ca.

Standard Ontario home insurance policies do not include overland flood coverage, this must be added as an optional endorsement. Most policies do include sudden water damage (burst pipe, appliance failure) but exclude gradual damage and overland flooding without the specific endorsement. With flooding now the leading weather-related cause of home claims in Ontario (Insurance Bureau of Canada), ask your BrokerUnion broker whether your property qualifies for overland flood protection.

No. Standard home insurance policies exclude short-term rental activities (Airbnb, VRBO, etc.) without prior disclosure and endorsement. Renting your home on Airbnb without notifying your insurer can void your entire policy. You must add a short-term rental endorsement or obtain a separate landlord policy. BrokerUnion brokers will find the right coverage for your specific rental situation.

Ontario home insurance premiums increased approximately 7.15% on average in 2025-2026. Key drivers include severe weather events (flooding, ice storms), rising construction costs, increased water damage claims, and reinsurance cost increases passed on by carriers. BrokerUnion shops your renewal across 50+ carriers at each renewal to ensure you are always receiving the most competitive rate available.

Overland flood insurance covers water entering your home from an external source, rising rivers, heavy rainfall accumulation, or backed-up storm sewers. It is not included in standard Ontario home policies and must be added as an optional endorsement. Availability varies by property location. Given increasing flood frequency in Ontario, BrokerUnion recommends all homeowners ask about this endorsement at renewal.