Home insurance in Mississauga is an essential part of property ownership in the beautiful Ontario city. In Mississauga and any part of the world, the importance of having a shelter cannot be overemphasized. The home is one of the greatest investments you can possibly have. Therefore it is important to safeguard your treasure and property against unforeseen risks with proper home insurance. Home insurance takes care of the financial burden that you could be faced with, in case of any damage or loss to your property.
Although home insurance is not mandatory for all homeowners in Mississauga, we at Canada Buzz strongly recommend home or property owners to insure their home and possessions against unforeseen circumstances.
Meanwhile, homeowners in Mississauga with a mortgage are expected to have home insurance on their properties. Lenders often require homeowners to have proper home insurance coverage on their investments.
With over 200 thousand private dwellings including townhouses, detached homes, semi-detached homes, condos, and rental properties, homeowners in Mississauga can enjoy a stress-free life and be rest assured on their home with the standard home insurance coverage.
The fact that no one likes to pay more than necessary for insurance, means that homeowners in Mississauga have to look for the most affordable home insurance policy. At Canada Buzz, we will help you find affordable home insurance coverage by providing you with detailed information on how home insurance works in Mississauga and factors that determine premiums. On this page, you will equally discover the tips that can help you get cheaper home insurance coverage and save money.
Established Aa a town in 1968 and incorporated as a city in 1974, Mississauga is a large and urban Canadian city located in the Regional Municipality of Peel in the Ontario province. The city is an integral part of the Greater Toronto Area (GTA), sharing close proximity to Toronto city.
Mississauga is the home of the largest and most famous airport in the GTA, and Canada’s busiest airport, the Pearson International Airport. This airport alone connects to seven major highways including Highways 401, 403, 409, 407, 427, 410, and the Queen Elizabeth Way (QEW). As the closest suburb to Toronto, Mississauga attracts people from different corners of the world. The city of Mississauga boasts of several attractions such as parks, arts, culture, entertainment, events, and food.
With a population of about 730 thousand residents (721,599 according to the 2016 census data), Mississauga ranks as the sixth most populous municipality in Canada. The city of Mississauga is equally the third most populous in Ontario, and the second-most populous in the Greater Toronto Area.
Living in Mississauga
Mississauga is a multicultural city in the south of Ontario. The city has a rich and vibrant history with several museums, parks, and galleries. The close proximity of the city to Toronto makes it a busy business and economic city. With a total of 292 square kilometers, the Mississauga land area accommodates over 240 thousand private homes if different sizes, shapes, and types – including condos, detached homes, townhomes, and more.
The average cost of living in Mississauga is similar to other GTA cities, but a bit lower than Toronto, making it the 12th most expensive in the GTA. For instance, a family of four has an estimated monthly cost of C$5,317 while a single person has an estimated monthly cost of C$2,870.
The average cost of a detached home in Mississauga is about C$909,000 while the average cost of a townhouse is about C$700,000.
About Mississauga Home Insurance
Home insurance coverage safeguards your property against perils and events that are not budgeted for or imagined. Nature is unpredictable and there are situations that occur, which can lead to outright damage or colossal loss of a huge investment, such as a home.
For instance, natural occurrences like flooding and ice storm are perils known to homeowners in the Greater Toronto Area and nearby cities. These occurrences can cause a huge burden on your finances. With proper home insurance coverage, you are well protected.
Standard insurance coverage in Mississauga and other Ontario cities have limits of perils that are covered. Hence, anyone that requires extra coverage could speak with the insurance provider for additional protection, which comes with an extra cost.
Home insurance service is provided by independent insurance companies and agencies. The rates and services of these insurers are reviewed and regulated by the Financial Services Regulatory Authority of Ontario (FSRA, formerly FSCO). In addition, the Insurance Bureau of Canada (IBC) and the Registered Insurance Brokers of Ontario also regulate home insurance in Mississauga.
To enjoy coverage on your home or property, you are expected to purchase a home insurance policy from an accredited insurance provider. The rates charged on home insurance coverage by the insurers vary in hundreds and sometimes thousands of dollars. Hence, it is recommended that homeowners should compare rates from different home insurance providers before settling for a preferred choice.
Average Cost of Mississauga Home Insurance
“On average, homeowners in Mississauga can expect to pay between $800 and $2500”.
The cost of home insurance in Mississauga can vary greatly in hundreds and thousands of dollars, as a result of several factors including location and types of property. No two insurance policies are the same. You can get different home insurance rates for the same specifications from different insurers. This is why it is important to compare rates and get the cheapest available home insurance rate.
Types of Mississauga Home Insurance Policies
Comprehensive or All Risk Home Insurance Policy
The comprehensive home insurance policy is the most extensive and all-inclusive policy. This policy safeguards your dwelling it the structure of your home, as well as the contents (possessions), except for perils that are specifically excluded from the policy. Such exclusions include uninsured perils and optional coverage like earthquakes. All risks or comprehensive home insurance policy covers insured perils such as fire, window breakage, theft, explosion, electrical current, lightning, aircraft or vehicle impact, etc.
Basic or Named Perils Home Insurance Policy
The named perils home insurance policy is the cheapest policy with minimal coverage. This policy protects your home against insured perils that are specifically stated in the purchased policy.
Broad Home Insurance Policy
The broad home insurance policy stands in between the All-Risk policy and the Basic or Named Perils policy. In this home insurance policy, only your home or structure is covered by the comprehensive policy, while your possessions or contents are covered by the Named Perils policy for the perils specified in the policy.
No Frills Home Insurance Policy
The No Frills home insurance policy is offered on properties or homes that do not meet the normal home insurance standard, such as properties or dwellings with structural issues.
What Does Mississauga Home Insurance Cover?
Personal Contents Coverage
Your home insurance provider will indemnify or compensate you for an insured loss or damage, based on the actual cash value of the property, while considering the age, depreciation, and wear and tear. Examples are furniture, clothing, etc.
Mississauga Home insurance protects your home to a limit equal to its replacement value using the same quality if it is destroyed. Coverages include fire, explosion, and more.
Personal Liability Coverage
You could be held responsible for any bodily injury or property damage that is unintentionally caused by you to others. Liability coverage does not cover you and members of your household.
Additional Living Expenses
This covers your expenses if you are unable to live in your home while repairs are being done on your property, after an insured loss. An example is hotel accommodation costs.
A peril is an accidental event or occurrence leading to damages or loss. The following perils are examples of insured perils in Mississauga home insurance:
- Aircraft or vehicle impact.
- Electrical current.
- Falling objects (excluding objects propelled by earth movement or ice melting).
- Broken windows.
What Mississauga Home Insurance Doesn’t Cover (Uninsured Perils)
The uninsured perils are perils or events that are not covered under standard home insurance. To get coverage for such perils, it requires buying extra protection or optional coverage, known as endorsements. You should find out if your insurance provider offers additional coverage service on such perils. They include:
- Flooding or water damage caused by overland water.
- Damages from earthquakes, avalanches, landslides, and other earth movements.
- Damage to illegally acquired property.
- Damage caused by the freezing of indoor plumbing.
- Damage from freezing outside the home such as roof ice.
- Fuel oil leaks.
- Losses caused by the policyholder’s criminal acts.
Factors That Determine Home Insurance Premium in Mississauga
- The type of residence or home, such as whether it is a rental property, single-family home, etc.
- The quality of construction and materials used.
- The age, size, and location of the home.
- The electrical systems, plumbing works, roofing, and heating systems of the house.
- The replacement value of the building in the event of an insured loss.
- The insurance claim history of the homeowner or policyholder.
- The type of policy and coverage options (endorsement).
- The amount of deductible.
- The availability of a swimming pool on the property.
- The distance from the fire station and fire hydrant.
How to Save On Your Home Insurance Premium in Mississauga
- Shop and compare rates and services from different home insurance providers.
- Increase your home insurance deductibles. The higher your deductible, the lower your premium.
- Bundle your Mississauga auto and home insurance.
- Install burglar or fire alarm system.
- Pay your premiums annually to cut off administrative fees.
- Ask for discounts and promotions.
It is important to speak with your insurance representative about your specific home insurance needs in relation to your policy.