How much is homeowners insurance in Toronto,OH

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In Toronto, homeowners pay an average annual rate of $2,006 for a coverage level that includes $300,000 for dwelling, $100,000 for liability protection, and a $1,000 deductible, according to Insure.com’s rate analysis. This is $576 less than the national average of $2,582.

Homeowners insurance premiums can vary significantly from one property to another. In Toronto, the cost of home insurance is influenced by several factors, including:

Size of your home
Age of your home
Amount of coverage required
Location
Your credit score

It’s crucial to compare quotes from multiple insurers to ensure you get the best homeowners insurance policy. This allows you to find the coverage that meets your specific needs.

Read this guide to discover the monthly homeowners insurance cost in Toronto, explore the insurance costs for different dwelling coverage, and find out which companies offer affordable home insurance in Toronto.

Key takeaways

The average cost of homeowners insurance in Toronto is $2,006 per year.
Allstate is the cheapest homeowners insurance company in Toronto with an average annual premium of $1,343.
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $427 more a year for home insurance.

How much is homeowners insurance in Toronto per month

According to our rate analysis, homeowners in Toronto pay an average of $167 per month. It’s $12 less than the state average of $179 and $48 less than the national average for home insurance across the United States.

In Toronto, the cost of your homeowners insurance policy depends on the value of your home, location, and the coverage options you select.

How much is homeowners insurance for a $200,000 house in Toronto

Homeowners insurance for dwelling coverage of $200,000 and liability protection of $100,000 costs $1,579 per year in Toronto, OH. Numerous factors influence your annual home insurance rates, including any natural disaster or event in your locality. For instance, certain regions have a higher risk of natural calamities such as floods, hurricanes, or tornadoes, implying higher expenses for rebuilding in these areas. These increased rebuilding expenses result in increased insurance premiums.

It is important to note that your insurance plan may not cover flood or hurricane damages. So, if you reside in an area prone to flooding, consider buying flood insurance coverage.

How much is homeowners insurance for a $300,000 house in Toronto

According to a rate analysis by Insure.com, homeowners in Toronto pay an average of $2,006 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $427 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

How much is homeowners insurance in Toronto by company

Among the carriers analyzed, Allstate is the most affordable homeowners insurance company in Toronto. It’s average annual rate for homeowners in Toronto is $1,343.

State Farm, ranks second and Auto-Owners makes it to the third spot with an average annual home insurance rate of $1,622.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Toronto and compiled a list of the most affordable home insurance companies.

Below are details of Toronto home insurance companies and their average annual premiums.

Home insurance company	Annual rate
Allstate	$1,343
State Farm	$1,599
Auto-Owners	$1,622
American Family	$1,685
Erie Insurance	$1,687
Nationwide	$1,769
Grange Mutual	$2,032
Farmers	$2,442
Travelers	$5,698
USAA*	$1,441

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Toronto for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.