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Affordable Home Insurance in Mississauga

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Recent Quotes From Our Users

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
$30.64Nov 19, 2024, 04:22 PMLife28FemaleEtobicoke

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 12, 2024

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

Updated November 12, 2024

Visit author page

4 minute read

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

Quick Facts About Home Insurance in Mississauga

  • Mississauga home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Mississauga is around $1,192.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Mississauga?

The greatest risks that homeowners in Mississauga face are:

Flooding

This is a big issue for many homeowners in Canada. In fact, flooding is considered the “biggest under-insured climate risk” in the country. In Mississauga, flooding can be a result of heavy rains and storm surges from Lake Ontario.

Harsh winters

 The winter months can bring about a spate of damages, including roof leaks, frozen gutters and downspouts, wood rot due to too much moisture, sidewalk and foundation cracks, and felled trees. 

Tornadoes

Canada experiences roughly 60 tornadoes a year, usually in June and July. They are more common in Saskatchewan, Manitoba, Alberta, BC, New Brunswick, and Ontario. Over the past few years, tornado damages in Canada have reached $300 million. 

How Much Does Home Insurance in Mississauga Usually Cost?

Home insurance in Mississauga will usually cost an average of $1,192 a year. This is slightly higher than the Ontario average but one thing to remember is that each property will have its own unique set of characteristics that will be taken into consideration when determining the average rate.

Quote data from MyChoice.ca, October 2024

Postal Codes With the Most Expensive Home Insurance in Mississauga

L1S and L1N postal codes have above-average home insurance rates in Mississauga.

Postal CodeAverage Annual Home Insurance Premium
L5B$1,293
L5C$1,318

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Mississauga

The L1T and L1Z postal codes have some of the cheapest home insurance rates in Mississauga.

Postal CodeAverage Annual Home Insurance Premium
L4Z$1,084
L5A$1,099

Quote data from MyChoice.ca, October 2024

Housing Data in Mississauga

Get a snapshot of the average home in Mississauga below. This section is based on housing data provided in the 2021 Census of Population: 

Type of Occupied Dwelling

Over a third (37.1%) of Mississauga homes are single-detached houses. The second most common type of dwelling in the city is an apartment in a building with five or more storeys. Roughly 27.3% of Mississaugans live in these types of apartments.

Owner vs Renter Stats/Condo vs Non-Condo Owners

More houses in Mississauga are owned than they are rented, with seventy percent of homes owned by their occupants, while only 29.6 % are rented. 

Condominium dwellings make up only 28.2% of dwellings in Mississauga, while non-condos make up 71.8%. 

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

Nearly 40% of dwellings in Mississauga were constructed before 1980. Only 23.3% of all dwellings were constructed between 2001 and 2021. The years 2016 to 2021 had the lowest rate of construction at only 3.4%.

Major Repairs or Just Maintenance Needed?

Just 4.8% of all dwellings in Mississauga are in need of major repairs. The remaining 95.2% need only regular maintenance and minor repair work.

Homeownership Rate by Age in Mississauga

Homeownership rates in Mississauga tend to follow the trend, they increase with age, starting at 26.9% for those aged 15 to 24 and peaking at 79.5% for those aged 55 to 74, with a slight decrease to 78.8% for those 75 and over.

Age GroupHomeownership Rate
15 to 2426.9%
25 to 3949.7%
40 to 5470.2%
55 to 7479.5%
75 and over78.8%

Average Home Price in Mississauga by Dwelling Type

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

Type of DwellingAverage Value
Detached$1,441,800
Semi-Detached$1,050,000
Freehold Townhouse$993,000

Mississauga Population Growth

Mississauga’s population decreased slightly from 721,599 to 717,961 people between 2016 and 2021, this correlates to a negative growth rate of roughly -0.5% over the five years.

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 Mississauga. 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 Mississauga?

Home insurance is not mandatory by law in Mississauga, Ontario. However, it can be incredibly helpful in protecting your family from financial losses incurred by:

Property damage

Flooding, windstorms, and heavy snowfall are becoming increasingly common occurrences in Ontario. Home insurance protects you by covering property damage from these and other natural disasters. 

Damage to personal belongings

Several types of home insurance can also cover damages to your personal belongings, such as appliances, furniture, clothing, etc. This means you can get reimbursed for the cost of each covered item when they are damaged or destroyed.

Liabilities

Home insurance can cover the cost of medical and legal fees incurred by accidents or injuries that happen on your property. 

Temporary relocation

: If your home is too damaged to live in, home insurance can cover the cost of your temporary accommodations, such as apartment or BnB rentals.

Aside from this, having home insurance can also increase your chances of securing a mortgage. Typically, lenders are more keen to finance people who are insured, as this ensures that their investment is well protected in the event of a natural disaster, break in, etc. 

How You Can Get Cheap Home Insurance in Mississauga

If you’re trying to save money on your preferred home insurance coverage in Mississauga, visit our Ontario page for practical tips.

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. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Mississauga, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Mississauga, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Mississauga, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Ontario, Mississauga, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Ontario, Mississauga, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Mississauga, Population Statistics. Data Published December 16, 2022.

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