Canadian News and Stats

Best home and tenant insurance in Ontario, 2026

Ontario's regulator approves car insurance rates but not home insurance prices, so there is no public list of who charges what. We built our picks on records you can check: financial strength ratings, customer surveys and their methods, flood losses, each insurer's water coverage and what Ontario homeowners and renters say happened when they renewed or claimed.

By Canadian News and Stats insurance desk Published Updated 53 sources

Our picks

Ontario's regulator approves car insurance prices but not home insurance prices, so nobody can tell you which insurer is cheapest for your house.1 These picks rest on records you can check: financial strength ratings, published customer surveys and what each insurer's own water coverage includes. Get at least three quotes, and compare the water limits line by line before you compare prices.

  1. Best overall

    Intact Insurance

    Intact calls itself Canada's largest property and casualty insurer.2 AM Best rates its financial strength A+, the highest AM Best rating among the insurers in our table, affirmed in May 2026.3 Ipsos named it one of the top performers in its 2025 survey of 18,000 Canadians about their insurers.4 Its enhanced water package can add sewer backup, overland water and ground water, depending on where you live. You buy Intact through a broker.5

    A+AM Best rating, affirmed May 2026
  2. Highest rated by its customers

    CAA Insurance

    Ipsos's 2025 survey named CAA "the clear advocacy leader across categories", meaning its customers were the most likely to recommend it.4 CAA also took first place in Rates.ca's 2024 customer awards, though that survey reached car insurance customers.6 Its Water Coverage add-on combines river flooding, heavy rain and sewer backup in one product.7 One gap: we found no current public financial strength rating for CAA Insurance Company.

    #1Ipsos customer advocacy, 2025
  3. Best to buy online

    belairdirect

    Ipsos placed belairdirect among its 2025 top performers and among the three leaders for website experience.4 It belongs to Intact, and the A+ rating from AM Best covers Belair Insurance Company too.3 Its Enhanced Water Damage Package includes overland water for customers who qualify. After a covered sewer backup, it puts $1,000 toward a device that helps stop the next one.8

    A+AM Best, via parent Intact
  4. Flood cover, with an advisor

    Co-operators

    Co-operators was the first Canadian insurer to sell overland flood cover to homeowners, and brought it to Ontario in June 2016.9 Its Comprehensive Water add-on is open to owners and renters, condos included.10 AM Best rates it A.11 If you also insure a car, FSRA approved a 3.73% cut to Co-operators' Ontario auto rates for renewals from Sept. 11, 2026.12 It ranked first in Ontario and Atlantic Canada in J.D. Power's last Canadian home insurance study, from 2019.13

    2016First overland flood cover sold in Ontario
  5. Most open about price

    Sonnet

    Sonnet is the only insurer we checked that publishes average or median prices its own customers pay. Its median tenant policy costs $382 a year and its median condo policy $520, across Canada.14,15 For houses, it lists averages of $106 a month in Toronto, $100 in Mississauga and $96 in Ottawa.16 Ipsos named it a 2025 top performer.4 You buy it online. Its parent company, Definity, holds an AM Best A.17

    $382Median Sonnet tenant policy, per year

How the big home insurers compare

The table covers 11 large brands that sell home, condo and tenant insurance in Ontario. No public source ranks Ontario home insurers by market share. FSRA's 2024 claims review covered the 20 biggest, which wrote 97% of personal property premiums in 2021, but it did not name them.18 Every insurer in the table sells some form of overland flood cover as an add-on. Whether it will sell it to you depends on your address.

InsurerFinancial strengthCustomer surveysFlood add-on
Intactthrough brokersAM Best A+3Ipsos 2025: top performer4Enhanced water package; overland and ground water depend on location5
belairdirectIntact's online brandAM Best A+ (Belair Insurance Company)3Ipsos 2025: top performer, a website leader4Enhanced Water Damage Package; overland included if you qualify8
CAA InsuranceNo current public rating foundIpsos 2025: advocacy leader; Rates.ca 2024: first (car customers)4,6CAA Water Coverage: rivers, heavy rain, sewer backup7
Co-operatorsAM Best A11J.D. Power 2019: first in Ontario and Atlantic13Comprehensive Water, for owners and renters10
SonnetDefinity, online onlyAM Best A (parent Definity)17Ipsos 2025: top performer4Overland water, if offered where you live16
Avivathrough brokersS&P AA−19No recent home survey result foundOverland Water, optional20
RBC Insuranceunderwritten by AvivaS&P AA− (Aviva General)21,19J.D. Power 2019: second in Ontario and Atlantic13Overland Water endorsement22
TD InsuranceNo public rating foundNo recent home survey result foundOverland water coverage, optional23
Desjardinsincl. The Personal, CertasNo public rating found for its P&C insurersIpsos 2025: its advisors among the highest rated4Flood (Endorsement 16d)24
WawanesaAM Best A25Rates.ca 2024: third (car customers)6Water Defence: overland, sewer backup, groundwater26
Allstatethrough its agentsNo public rating found for the Canadian companyJ.D. Power 2019: third in Ontario and Atlantic13Enhanced Water Damage (Ontario)27

Financial strength ratings measure an insurer's ability to pay claims, not service. Ipsos 2025 is a national survey across all kinds of insurance and names only leaders. Rates.ca's 2024 awards surveyed car insurance customers of brokerages. J.D. Power's 2019 study is the most recent Canadian home insurance ranking we found. "No rating found" means we searched AM Best, S&P, Fitch and DBRS releases and the insurer's investor pages and found nothing current.

What home and tenant insurance cost in Ontario

FSRA publishes an average premium for car insurance (see our Ontario car insurance guide). Nobody publishes one for home insurance in Ontario. The closest official measure is Statistics Canada's consumer price index, which tracks what it costs to insure the same home from year to year, including changes in rebuilding costs.28 By our calculation, its Ontario index for homeowners' home and mortgage insurance rose 46.3% from August 2019 to August 2026. Prices for everything in the index rose 22.7% over the same years.29

Ontario home insurance prices, change from a year earlier

Statistics Canada consumer price index for homeowners' home and mortgage insurance in Ontario, August of each year. Small print shows the change in all prices. Our calculation from Table 18-10-0004-01.

  • Aug. 2020all items +0.1%+5.4%
  • Aug. 2021all items +4.0%+4.8%
  • Aug. 2022all items +6.9%+7.3%
  • Aug. 2023all items +3.8%+7.1%
  • Aug. 2024all items +2.1%+10.1%
  • Aug. 2025all items +1.7%+3.4%
  • Aug. 2026all items +2.4%+1.2%
−12%0+12%

The jump peaked at 10.1% in the year to August 2024, the summer of Toronto's flash flood. By August 2026 the yearly increase had slowed to 1.2%, below overall inflation of 2.4%.29 An index is an average. Your own renewal can move far more, as the Reddit posts below show.

What households spend

Statistics Canada's spending survey gives dollar figures, though not Ontario-only ones by type of household. Across Canada in 2023, households that owned their home spent an average of $1,526 on home insurance, and owners with a mortgage $1,595. Renter households averaged $295 on tenant insurance, an average that includes renters who buy none.30 Spread across all households, Ontario spent $1,047 per household on home insurance, a little above the national $1,018.31

For tenants there is no official price index at all. Statistics Canada says it has no tenant insurance price data good enough for the CPI, and estimates that index from household furnishings prices instead.28

What insurers publish

  • Houses: Sonnet lists average monthly costs for its own customers of $106 in Toronto, $100 in Mississauga and $96 in Ottawa. It does not say when or how it worked them out.16
  • Condos: Sonnet lists $43 a month in Toronto, $40 in Mississauga and $42 in Ottawa,32 and a median of $520 a year across Canada.15
  • Tenants: Sonnet's median is $382 a year across Canada.14 Square One advertises tenant policies from $15 a month.33
  • Flood add-ons: The Insurance Bureau of Canada, the industry's trade group, says 88% of overland flood policies cost $300 a year or less.34

Water damage and flood cover

Water from outside the house is where home policies differ most. Insurers told FSRA that water damage is a common exclusion, and exclusions and limits were behind about 20% of the claim denials they reported for 2022.18 Allstate Canada says claims from water that came from outside the home nearly doubled in 2025 and made up 24% of all its home claims.35

Ontario has had four costly storm and flood events in two years:

EventInsured damageWhat happened
Toronto and southern Ontario flash floodJuly 15 and 16, 2024$890 millionfinal estimate, July 2026Toronto Pearson recorded 123 mm of rain over two days. Home and contents claims made up 77% of the loss.36,37
GTA and southern Ontario floodingAugust 2024Over $100 millioninitial estimateThe second major Ontario flood in two months.38
Ontario and Quebec ice stormMarch 28 to 31, 2025$466 millionone-year estimate, both provincesCanada's costliest weather event of 2025 and the sixth costliest in Ontario's history.39
Ottawa-area storms and floodingJune 30 to July 3, 2026$491 million90-day estimate, Ontario and QuebecMore than 150 mm of rain fell in parts of Ottawa on July 1. More than 45% of the personal lines loss came from two Nepean postal areas.40,41

Estimates from CatIQ, the industry's catastrophe data provider, published by CatIQ or the Insurance Bureau of Canada. They cover home, business and vehicle claims, and they change as claims close.

Sewer backup and overland flood are two different add-ons

Sewer backup cover pays when water comes up through your drains. Overland flood cover pays when water comes in at ground level, from heavy rain, melting snow or a river. Both are optional, and a basement sewer backup is covered only if you bought sewer backup cover.42 Some insurers bundle the two, as CAA and Co-operators do.7,10

Most homes can get flood cover now. The Insurance Bureau of Canada says about 94% of Canadian homes are eligible for overland flood insurance, and the share of households with it rose from 26% in 2017 to 71% in 2023. About 850,000 homes still can't get it. IBC says the ineligible homes tend to be in high-risk areas, where coverage may be unavailable or unaffordable.34 A federal flood insurance program for those homes is still being designed.43

Government aid is not a backup plan

Ontario's Disaster Recovery Assistance for Ontarians program "does not replace insurance". It pays only for damage insurance doesn't cover, in areas the province names. Sewer backup is generally ineligible, and so are basement finishes and furnishings. For the July 2026 Ottawa flooding, applications close Nov. 16, 2026.40

Tenant and condo insurance

Tenants. No Ontario law makes you buy tenant insurance. The province's standard lease has a section where you and your landlord can agree that you must carry liability insurance, and you must show proof if the landlord asks. Insuring your own belongings is up to you.44 A tenant policy can include water cover too: Co-operators sells its Comprehensive Water add-on to renters.10

Condo owners. Your condo corporation's insurance covers the standard unit and common areas, not your upgrades or your things. Corporation deductibles can run from a few hundred dollars to tens of thousands, and some by-laws make owners pay the corporation's deductible, for example when an owner's negligence floods other units.45 The Condominium Authority of Ontario suggests asking your broker for a policy that covers that deductible.45

What Ontario homeowners and renters report

We read 87 Reddit comments about home, condo and tenant insurance in 21 threads posted between July 1, 2025 and Sept. 24, 2026. These are stories, not a survey. People post when something goes wrong, and many don't say where they live, so we note when a post came from an Ontario or Toronto thread. Four things came up again and again.

Renewals that jump on a clean record

The most common story was a big increase with no claims. Most of these named TD Insurance, partly because two of the threads were TD complaint threads. One commenter said TD raised their home insurance 38% in one year, and another said their TD condo insurance rose 123% over two years. A belairdirect customer said their home policy went from $500 to $980 a year between 2021 and January 2026.

“Tried to increase my home insurance by >35% this year with no claims in 9 years. Dropped like a bad habit and found a new insurance company that is 8% less than last year.”
Former TD customer, province not stated
r/PersonalFinanceCanada, Dec. 6, 2025 · Read on Reddit
“td insurance quoted me $1200 for home insurance and then raised it $150 every year, until about $1850 … got another quote from square one for.....$1200.”
Former TD customer, province not stated
r/PersonalFinanceCanada, Sept. 2, 2026 · Read on Reddit

Many commenters who switched said they saved money, but a first-year quote is not a promise. A Sonnet customer warned that after a low first-year online quote, the price went up every year, and they moved to CAA. Another commenter said phone quotes came in higher than the online quote for the same house, every time.

Two claims can cost you your policy

A September 2026 r/ontario thread about an Ontario woman dropped by her insurer after two claims in five years drew hundreds of replies.

“Insurance broker here. Most companies will drop you for 2 property claims in 5 years. … many carriers will consider it as a claim even if you call to inquire about the claim then end up closing it and paying out of pocket.”
Self-described broker, Ontario thread
r/ontario, Sept. 24, 2026 · Read on Reddit
“If you are too afraid to use it, it’s not insurance.”
Commenter, Ontario thread
r/ontario, Sept. 24, 2026 · Read on Reddit

We could not check the broker's claim against any insurer's rules, and insurers don't publish them. Two practical tips from the same thread: ask whether your insurer sells property claims forgiveness, and check that your water cover includes service lines, the pipes between the street and your house.

Bundle discounts that nobody can explain

FSRA says a home and auto bundle with one insurer can save 5% to 15% on your car insurance.46 Several commenters said they could not see the saving.

“when I tried to cancel the home insurance, they said I’ll lose the discount and my auto insurance will go up. When I asked how much of a discount I’m getting, they couldn’t answer me.”
Home and auto customer, province not stated
r/PersonalFinanceCanada, Sept. 2, 2026 · Read on Reddit
“when shopping for auto insurance I didn’t see any bundling discount. I got the same rate with Wawanesa through a broker.”
TD home customer, province not stated
r/PersonalFinanceCanada, Dec. 8, 2025 · Read on Reddit

Water limits differ more than prices

In an Ontario thread asking which home and auto insurer is best, one reply warned that "water coverage can vary a lot between insurers", so make sure the coverage amounts match across the quotes you compare. Another commenter said their home policy limit rose by $1 million in one year because the insurer recalculated what it would cost to rebuild. Ask how your insurer set your rebuilding cost before you accept a higher limit.

How to pay less and protect your basement

  • Shop at renewal, not mid-term. Get quotes from a broker and from at least one direct insurer, and switch at renewal to avoid a cancellation penalty.47 TD gives 10% off a first policy term bought online.23
  • Ask what the bundle saves, in dollars. If you own a car, get a home quote from your car insurer.47 FSRA puts the usual multi-policy discount at 5% to 15%.46 Our Ontario car insurance guide shows which insurers cut auto rates in 2026.
  • Raise your deductible if you can afford the hit. A higher deductible lowers the premium.47 You then pay small losses yourself instead of claiming them.
  • Insure the rebuild, not the market price. Leave the value of your land out of your coverage.47
  • Install a backwater valve or sump pump, and let the city pay part of it. Insurers may lower your premium for these devices.47 Toronto pays up to 80% of the cost, to a maximum of $1,600 per backwater valve and $6,650 per property, and you have two years after the work to apply.48 Ottawa rebates up to $1,000 for an indoor backwater valve and $1,500 for a sump pump with battery backup in an existing pit, plus the plumbing permit fee.49

Before you trust a "best home insurance" ranking

Many comparison sites still quote J.D. Power. Its last Canadian home insurance study came out in March 2019, from a survey of 5,809 homeowners fielded from November 2018 to January 2019.13 J.D. Power's current insurance studies cover the U.S. only.50

Rates.ca, a quote-comparison company, called its 2024 survey the Best Home & Auto Insurance Awards, but its sample was 8,875 car insurance customers in Ontario and Alberta.6 Ipsos's 2025 index is the newest large survey that names insurers. It covers every kind of insurance across Canada and publishes only the leaders, not a full ranking. Home insurance scored a Net Promoter Score of +10 overall.4

Complaint counts by insurer don't exist in public either. In FSRA's review of home insurance claims, every insurer appears as an anonymous respondent number.18 The General Insurance OmbudService, the industry's free complaints service, reports totals only: 7,330 contacts in 2024-25 across Canada.51 Personal property, the category that includes home insurance, accounted for 1,796 of them, against 4,614 for personal auto.52

If a claim goes wrong

FSRA asked Ontario's 20 biggest home insurers about their claims in 2023. In 2022 the average claim took 123 days from opening to final payment, and the average for each insurer ranged from 47 days to 180.18 About 26% of insurers had no service agreements with the outside adjusters they hired, and some don't send satisfaction surveys to people whose claims they deny.18 The insurers reported these figures themselves, and FSRA did not verify them.18

  • If you disagree on the amount. The statutory conditions in Ontario's Insurance Act let you ask for an appraisal if you and the insurer disagree on the value of the property or the amount of the loss. You have to demand it in writing, after you deliver your proof of loss.53
  • If payment is slow. The same conditions say the insurer must pay within 60 days after your proof of loss is complete, unless your policy sets a shorter time.53
  • If the insurer says no. Ask for a final position letter, then take it to the General Insurance OmbudService at 1-877-225-0446. It's free, and its investigation stage has to finish within 45 days.51

Common questions

Who has the cheapest home insurance in Ontario?

No one can say from public records. Ontario insurers don't file home insurance prices with the regulator, so there is no list to compare. Get at least three quotes for the same coverage, deductible and water limits.1,18

How much is home insurance in Ontario?

No official Ontario average exists. Across Canada, households that own their home spent an average of $1,526 on home insurance in 2023, according to Statistics Canada. Sonnet says its own Ontario customers pay an average of $96 to $106 a month for a house.30,16

How much is tenant insurance in Ontario?

Sonnet says its median tenant policy costs $382 a year across Canada, and Square One advertises policies from $15 a month. Statistics Canada found renter households spent an average of $295 on tenant insurance in 2023, an average that includes renters who buy none.14,33,30

Is tenant insurance mandatory in Ontario?

No law requires it. Ontario's standard lease lets a landlord and tenant agree that the tenant must carry liability insurance, and the tenant must show proof if asked. Insuring your belongings is up to you.44

Does home insurance cover basement flooding in Ontario?

Only if you bought the right add-ons. Sewer backup and overland flood coverage are optional, and insurers decide by address whether they will sell them to you.42,16

Does FSRA regulate home insurance rates in Ontario?

No. FSRA licenses home insurers and supervises how they treat customers, but it lists pricing among the functions specific to auto insurance. Home insurers set their own prices.1

What does condo insurance cover in Ontario?

Your condo corporation insures the standard unit and common elements. Your own policy covers upgrades, your belongings and your liability, and it can cover the corporation's deductible if a by-law makes you pay it.45

Will the Ontario government pay for flood damage to my home?

Only for costs insurance doesn't cover, and only in areas where the province activates its Disaster Recovery Assistance for Ontarians program. Sewer backup is generally not eligible, and neither are basement finishes and furnishings.40

How we did this

Home insurance prices in Ontario aren't filed with the regulator, so we built this guide on other public records. We used FSRA's 2024 home insurance claims review and annual report; Statistics Canada's consumer price index and spending survey, which we downloaded from its data service; financial strength ratings from AM Best and S&P; the Ipsos, Rates.ca and J.D. Power surveys, with their methods; catastrophe loss estimates from CatIQ and the Insurance Bureau of Canada; city flood programs in Toronto and Ottawa; and each insurer's own coverage pages. We saved a copy of every page and checked each quote against it.

Then we read what people wrote. Our Reddit sample comes from the threads we collected in r/PersonalFinanceCanada, r/ontario and r/askTO for our Ontario car insurance guide, many of which cover home and auto together. We read every comment in them about home, condo and tenant insurance: 87 comments in 21 threads. A separate search for water damage and tenant claim threads was still queued behind other jobs when we published, so first-hand flood claim stories are thin here. We quote people with a link so you can read the whole thread, and we never publish usernames. These posts are anecdotes. We use them to show what can go wrong and what to ask, not to score insurers.

No insurer paid for a placement on this page, and it has no affiliate links. We will update it when a new customer survey, catastrophe estimate or government program comes out, and each change will go in the log below.

The 21 Reddit threads we read

Sources

Show all 53 sourcesHide sources
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  45. Condominium Authority of Ontario. "How does condo insurance work." Retrieved Oct. 6, 2026. www.condoauthorityontario.ca/knowledge-base/what-does-condo-insurance-cover
  46. FSRA. "How to save on auto insurance." Retrieved Oct. 6, 2026. www.fsrao.ca/consumers/auto-insurance/purchasing-your-policy/how-save-auto-insurance
  47. Insurance Bureau of Canada (industry association). "How to drive down your home insurance rates." Retrieved Oct. 6, 2026. www.ibc.ca/insurance-basics/home/how-to-drive-down-your-home-insurance-rates
  48. City of Toronto. "Basement Flooding Protection Subsidy Program." Retrieved Oct. 6, 2026. www.toronto.ca/services-payments/water-environment/managing-rain-melted-snow/basement-flooding/basement-flooding-protection-subsidy-program
  49. City of Ottawa. "Residential Protective Plumbing program." Retrieved Oct. 6, 2026. ottawa.ca/en/living-ottawa/drinking-water-stormwater-and-wastewater/wastewater-and-sewers/basement-flooding/flooding-rebates-and-grant/residential-protective-plumbing-program
  50. J.D. Power. "Insurance industry studies." Viewed Oct. 6, 2026. www.jdpower.com/business/insurance
  51. General Insurance OmbudService. "2024-2025 Annual Report." October 2025. giocanada.org/wp-content/uploads/2025/10/GIO_Annual_report_2025_EN_Final_updated.pdf
  52. Insurance Portal (trade publication), reporting the GIO annual report. "Ombudsman reports 17 per cent increase in dispute resolution usage." October 2025. insurance-portal.ca/article/ombudsman-reports-17-per-cent-increase-in-dispute-resolution-usage
  53. Government of Ontario. "Insurance Act, R.S.O. 1990, c. I.8, s. 148, statutory conditions." Current consolidation, retrieved Oct. 6, 2026. www.ontario.ca/laws/statute/90i08

Update log

  • First published. Catastrophe estimates current to CatIQ's Oct. 6, 2026 update; Statistics Canada price data to August 2026.