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Affordable Home Insurance in Etobicoke

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$80.81Nov 19, 2024, 12:13 PMAuto63FemaleToronto
$50.79Nov 19, 2024, 07:05 AMHome42MaleOttawa
$23.52Nov 19, 2024, 02:22 PMTenant33FemaleToronto
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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 11, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated November 11, 2024

Visit author page

3 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

Etobicoke is home to properties of different values, each exposed to different risks. As such, the best way to protect your property financially is with a home insurance policy. While it isn’t legally mandatory, home insurance can provide financial assistance in case of property damage, theft, and other perils.

However, because of multiple policy types and coverage, picking the right home insurance policy for your property can be challenging. Fortunately, MyChoice is here to give you a helping hand. Learn how Etobicoke home insurance works, what it covers, and how to select the best policy.

Quick Facts About Home Insurance in Etobicoke

  • Etobicoke home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Etobicoke is around $1,255.

Quote data from MyChoice.ca, October 2024

What Risks Affect Etobicoke Homeowners?

Like any Ontario city, Etobicoke is subject to location-specific risks, including the following:

Flooding

Because Etobicoke Creek is prone to erosion, homes in the surrounding area are at risk of flood damage. Floods are further exacerbated by ongoing thunderstorms.

Windstorms

Windstorms are common in Etobicoke and can damage home structures, break windows, and destroy possessions within your property.

Falling objects

Snowslides, mudslides, and earthquakes are relatively frequent in Etobicoke, causing falling objects to damage homes.

Fires

Industrial fires often occur in Etobicoke, displacing families and causing damage to surrounding areas.

How Much Does Home Insurance in Etobicoke Usually Cost?

Home insurance in Etobicoke is around $1,255 range, slightly higher than the Ontario average. However, costs will ultimately depend on factors like property size, location within Etobicoke, and your chosen deductible, among other things.

Quote data from MyChoice.ca, October 2024

Does Where You Live in Etobicoke Affect Your Home Insurance?

Yes, where you live in Etobicoke can affect your final home insurance rates. Consider the following factors when computing your premiums:

Crime rates

While crime rates in Etobicoke are generally low, especially in neighbourhoods like New Toronto and Kingsway South, other areas are more susceptible to break-ins and vandalism. Higher-crime areas like West Humber-Clairville may be subject to higher insurance rates.

Neighbourhood

Which Etobicoke neighbourhood you live in can dictate insurance rates. More expensive neighbourhoods like Edenbridge-Humber Valley and Forest South Hill, for instance, may subject homeowners to higher insurance rates, while homes in cheaper neighbourhoods like Rexdale-Kipling and Mimico-Queensway come with cheaper premiums.

Proximity to creek

The closer you live to Etobicoke Creek or Humber River, the more susceptible your home will be to overland flooding and sewer backup. The likelihood of your Etobicoke home being affected by floods and water damage can increase your premiums.

Housing Data in Etobicoke

Learn more about the housing landscape in Etobicoke with more information from the 2021 Census of Population.

Type of Occupied Dwelling

48.3% of properties in Etobicoke are single-detached houses, while 39.3% of properties are apartments in buildings with five or more stories. Only 4.5% of Etobicoke properties are row houses. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

67.4% of Etobicoke residents own their properties, while 32.6% rent them.

Private Dwellings by Period of Construction: New or Older Homes?

Most Etobicoke homes were built between 1961 and 1980 (48%), followed by homes built before the 1960s (29.7%). By comparison, only 3.2% of homes were built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

Most Etobicoke homes are well-maintained, with 94.3% needing only regular maintenance and minimal repairs. 5.7% of homes require major repairs and replacements.

Average Home Price in Etobicoke by Dwelling Type

Below are the average values of homes in Etobicoke, categorized by dwelling type:

Type of DwellingAverage Value
Detached$1,270,328
Semi-Detached$1,034,000
Freehold Townhouse$1,329,950

What Is Not Included in a Typical Home Insurance Policy?

Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.

Here are the most common home insurance exclusions:

Criminal activities

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Etobicoke. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.

Why Do I Need Home Insurance in Etobicoke?

As mentioned, home insurance in Etobicoke is not legally mandated but can provide much-needed financial protection under the following circumstances:

  • Your home incurs damage during a natural disaster, such as a flood, fire, or storm.
  • Your home incurs damage due to a break-in, theft, or vandalism.
  • You lose your belongings in an accident and need to replace them.
  • Your home becomes temporarily uninhabitable and you need funding for accommodations, meals, and other necessities.
  • You need to fulfill mortgage requirements.
  • You want peace of mind.

How You Can Get Cheap Home Insurance in Etobicoke

Visit our Ontario page if you are looking for practical tips on how to save money on home insurance.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Statistics Canada, 2021, Census of Population, Ontario, Etobicoke, Housing Statistics. Data Published March 29, 2023.

3. CREA, Ontario, Etobicoke, Median Price of Homes by Dwelling Type, 2024.

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