Average Cost of Home Insurance in Mississauga 2024



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Mississauga Residential District

Home insurance is an essential part of property ownership in the beautiful city of Mississauga. The importance of having a shelter cannot be overemphasized. However, as necessary as the home is, without proper protection from unfortunate incidents like fire and storm, it can be completely lost or damaged.

It is, therefore, essential to safeguard your treasures and possessions, including the dwelling, from insurable perils. In case of any damage or loss of properties, home insurance coverage takes care of the financial burden of replacement, rebuild, or repair.

The fact that no one likes to pay more than necessary for insurance (either life insurance, car insurance, or home insurance) implies that homeowners in Mississauga have to look for the best home insurance package at the most affordable rates available.

So, perhaps you’ve been wondering how home insurance works in Mississauga; here’s a review of the home insurance market and other vital topical areas. This review will reveal the impacts of insurance on homeowners and their properties.

About Mississauga

Mississauga is a large and urban Canadian city located in the Regional Municipality of Peel in the Ontario province. Mississauga was established as a town in 1968 and incorporated as a city in 1974. The city is an integral part of the Greater Toronto Area (GTA), sharing proximity to Toronto.

Mississauga is home to 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). 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. Mississauga is equally the third most populous in Ontario and the second-most populous in the Greater Toronto Area.

Living in Mississauga

With strong communities, a wide selection of excellent housing, shopping, and great schools, the city of Mississauga is a great and conducive place to live, work, and raise a family.

Mississauga is the closest suburb to Toronto, making it an ideal destination for immigrants and tourists. As one of the safest large cities in Canada and a multicultural city in the south of Ontario, Mississauga has a rich and vibrant history with several museums, parks, and galleries.

The proximity of the city to the provincial capital makes it a busy business and economic hub.

Average Cost of Living in Mississauga

The average living cost in Mississauga is similar to other GTA cities but a bit lower than Toronto, making it the 16th most expensive city in the GTA. The cost of living in Mississauga is about 18 percent higher than the national average.

For instance, a family of four has an estimated monthly cost of C$5,290, while a single person has an estimated monthly cost of C$2,893.

Housing Market in Mississauga

With a total of 292 square kilometers, the Mississauga land area accommodates over 248 thousand private homes of different sizes, shapes, and types – including condos, detached homes, townhomes, and more.

The average cost of a detached home in Mississauga is about C$1,307,832 in 2020, with an increase of $244,303 from its previous average price of $1,063,529 in August 2019. The average cost of a townhouse in the city 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 some situations occur, leading to outright damage or colossal loss of considerable 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 massive burden on your finances, but 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.

How Home Insurance Works in Mississauga

Buying a home is an excellent investment, but it is equally essential to ensure that the property is safe from harm and perils. 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.

Homeowners insurance is a contract of protection between a homeowner and an insurance provider, in which the insurer provides coverage for the homeowner/policyholder and his/her personal belongings. In exchange, the homeowner makes periodic payments, known as a premium, for the coverage. Consequently, in any loss, the insurer will indemnify the homeowner for the cost of the lost or damaged properties.

As a result, home and property owners are expected to purchase a home insurance policy package from an accredited and experienced insurance provider. As insurance risks are calculated differently, the rates charged by insurers vary significantly in hundreds and sometimes thousands of dollars.

Is Home Insurance Mandatory in Mississauga?

Home insurance is not mandatory for homeowners in Mississauga, unlike compulsory car insurance for vehicle owners and drivers. However, we at Canada Buzz strongly recommend home or property owners insure their home and possessions against unforeseen circumstances, as the benefits far outweigh the cost.

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.

Regulations of Home Insurance

Independent insurance companies, brokers, and agencies provide home insurance services in Mississauga. The rates and services of these insurers are reviewed and regulated by the Financial Services Regulatory Authority of Ontario (FSRA, formerly FSCO). Besides, the Insurance Bureau of Canada (IBC) and the Registered Insurance Brokers of Ontario (RIBO) also regulate home insurers in Mississauga.

Quotes and Prices of Mississauga Home Insurance

On average, homeowners in Mississauga can expect to pay about $1,244 in home insurance premiums annually.

The cost of home insurance in Mississauga can vary between insurers. Some insurers charge higher, while some charge lower than the average insurance rate. Several factors, including location and types of property, replacement value, and type of policy, are used by insurers to determine the premiums paid by their clients.

As there are different policies, you can get different home insurance rates for the same specifications from various insurers. This is why it is essential to compare quotes from other insurance providers to get the cheapest available home insurance rate.

Square One offers some of the cheapest and most comprehensive home insurance policies.

Types of Mississauga Home Insurance Policies

Comprehensive or All Risk Home Insurance Policy

The comprehensive home insurance policy safeguards your dwelling and the contents (possessions) from insurable perils, except for perils expressly excluded from the policy.

Basic or Named Perils Home Insurance Policy

The named perils home insurance policy protects your home against insured perils that are expressly stated in the purchased policy.

Broad Home Insurance Policy

In the broad home insurance policy, only your home or structure is covered by the comprehensive policy, while the Named Perils policy protects your possessions or contents.

No-Frills Home Insurance Policy

The No-frills home insurance policy is offered on properties or homes that do not meet the home insurance standard, such as properties or dwellings with structural issues.

What Does Home Insurance Cover?

Home insurance policy in Mississauga provides the following coverage:

  • Coverage against loss or damage to the home and additional structures on the property.
  • Coverage against loss or damage to personal belongings in the house.
  • Coverage against lawsuits on personal liability arising from accidental property damage to other people’s property or bodily injury sustained by others on your property or anywhere in the world.
  • Coverage for additional living expenses for the period that you’re unable to live in your home while repairs are being done on your property after an insured loss.

Insurable Perils

A peril is an accidental event or occurrence leading to damages or loss. The following risks are examples of insured perils in Mississauga home insurance:

  • Theft.
  • Fire.
  • Aircraft or vehicle impact.
  • Lightning.
  • Explosion
  • Riot.
  • Electrical current.
  • Vandalism.
  • Falling objects (excluding objects propelled by earth movement or ice melting).
  • Broken windows.

What 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 requires buying extra protection or optional coverage, known as endorsements. You should find out if your insurance provider offers additional coverage services on such hazards. 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 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 Find the Best Home Insurance in Mississauga

  • Shop around, 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.

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Odeyemi O.


Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.