Ottawa Home Insurance Rates



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A lot of home and property owners in Ottawa purchase home insurance for different purposes. Home insurance providers in Ottawa and across the Canadian region offer several coverage options with competitive rates. The need to protect the home and its contents cannot be overemphasized.

Your home, including personal belongings, is one of the biggest and valuable investments that you possibly possess. Such a valuable edifice requires that you protect it with proper home insurance coverage tailored for your unique needs.

As Canada’s capital city and one of the most populous, Ottawa accommodates people of different values, cultures, and housing needs. The need to cater to the growing population of the city has led to the emergence and erection of new structures and homes.

The increase in the number of homes and the uncertainty of risk factors implies that home and property owners must ensure that their homes and other possessions are well protected against unforeseen circumstances.

Home insurance in Ottawa protects the home, additional structures, and the personal belongings of the homeowner. Besides, standard home insurance also ensures that the homeowner is protected against personal liability from accidental property damage or bodily injury sustained by others.

Hence, with home insurance, your home, and its contents are covered from insurable risks (such as fire, theft, vandalism, explosion, and more), leading to losses or damages.

As a homeowner, when you consider the cost implication of repair, replacement, or rebuild of your home and personal belongings, damaged or lost to perils like fire, explosion, lightning, and flood, you will appreciate the need to have a helping hand in such a situation.

With home insurance coverage, homeowners can transfer risks to their insurance provider. Thus, in the event of a loss or damage to the home, the insurance provider bears the cost of repair or replacement.

Unlike the mandatory car insurance in Ottawa, home insurance is not a legal requirement for homeowners in Ottawa and other Ontario cities. Nonetheless, homeowners who owe mortgages are often required by mortgage lenders to obtain proper home insurance on their investments.

Although home insurance is not mandatory in Ottawa, homeowners who insure their home and personal belongings are far better off, as they enjoy financial coverage and compensation from their insurer.

This compensation helps homeowners to get back on track in the event of an unexpected situation that could have led to losses or damages to the home. It is, therefore, essential to choose a registered and experienced insurance provider that will provide tailored coverage needs and assist you in terms of making claims.

This page will provide a detailed review of how Ottawa home insurance works, the policy and coverage options available to homeowners, the factors that determine home insurance rates, and tips for enjoying affordable home insurance premiums.

About Ottawa

Ottawa is a Canadian city located on the south bank of the Ottawa River in the southeastern part of Ontario. As a boundary between the English-speaking Ontario and the French-speaking Quebec, Ottawa is one of the most bilingual and multicultural cities in Canada.

Ottawa is the federal capital city of Canada with an increasing population. The city of Ottawa has an estimated population of over a million residents (934,243 as of the 2016 census data), making it the fourth largest city in Canada in terms of population.

Ottawa has the most educated population in Canada and the highest per capita concentration of scientists and engineers. The city also has several attractions, including parks, museums, theatres, galleries, heritage sites, and festivals, including Winterlude and Canada Day celebrations.

Living in Ottawa

Ottawa has a viable and robust economy and is ranked as the best place to live in Canada, especially for newcomers. Hence, the capital city of Canada is an excellent place to live, work, and raise a family with its high quality of life and affordable cost of living.

The city of Ottawa has a total land area of 2,790 square kilometers. Ottawa has an affordable cost of living, compared to other major Canadian cities such as Toronto. Ottawa is the third most expensive city in Canada.

A family of four in Ottawa has an estimated monthly cost of living of $5,355. Also, a single person has an estimated monthly cost of $2,899, including rents. House market stats in Ottawa indicates an average house price of $538,333.

Ottawa Home Insurance Overview

There are about 395,985 private dwellings in the city of Ottawa. Most Ottawa homeowners possess home insurance coverage on their homes and personal belongings. Having a home is a great accomplishment that must not be ignorantly lost to perils. As such, you need to protect not just your home, but also the contents of the home and additional structures.

However, nothing protects your home like a proper and standard home insurance policy.

With a home insurance policy in place, your home and personal belongings are protected against damages or losses that may occur as a result of insurable perils such as explosion, aircraft or vehicle impact, flooding, window breakage, etc.

Considering that many homeowners still owe a mortgage on their home, lending institutions require proper home insurance coverage as a prerequisite for the mortgage. Meanwhile, home insurance in Ottawa is not mandatory.

However, it is recommended for homeowners who value their homes and belongings to insure their homes against risks. The benefit of home insurance coverage far outweighs the premiums paid on it.

Home insurance is a contract between a homeowner (the insured) and an insurance provider (insurer). This agreement implies that the insurer will provide coverage for the homeowner.

The homeowner will, in exchange, make periodic payments known as premiums, annually or monthly. Thus in the event of any loss or damage to the home and its contents due to an insured peril, the insurance provider will indemnify the homeowner for the repair, rebuild, or replacement of the lost or damaged items.

Home insurance in Ottawa is provided by independent and registered insurance providers. To enjoy the benefits and coverage, homeowners must purchase a home insurance policy from an accredited insurance company, agent, or broker.

The services of these insurers are reviewed and regulated by the Financial Services Regulatory Authority of Ontario (FSRA), the Registered Insurance Brokers of Ontario (RIBO), and the Insurance Bureau of Canada (IBC).

Home insurance coverage varies and is tailored to the needs of every homeowner. There are different policy options and coverage limits. Hence, you should ensure your insurance provider offers your desired home insurance needs.

Home insurance rates in Ottawa vary significantly between insurance companies. Insurers consider risks differently. The FSRA often recommends that homeowners should compare rates from different insurers to get the most affordable rates and the best coverage.

Cost of Home Insurance in Ottawa

Homeowners in Ottawa can expect to pay between $800 and $1300 in home insurance premiums annually.

Home insurance rates vary in hundreds and thousands of dollars. These rates are calculated by insurers considering several factors, including the replacement value of the home, the size and type of the home, the number of deductibles, and more.

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

Types of Home Insurance Policies in Ottawa

Comprehensive or All-Risk Home Insurance Policy

The all-risk or comprehensive home insurance policy provides the widest and most inclusive coverage. It protects your dwelling (home), additional structures, and your personal belongings (contents) against all insurable perils, except for perils that are specifically excluded from the purchased policy.

Basic or Named Perils Home Insurance Policy

The named perils home insurance policy provides the most affordable and minimum coverage. This policy only protects your personal belongings against perils that are specifically named or outlined in the purchased policy.

Broad Home Insurance Policy

The broad home insurance policy is a mixture of the named perils and comprehensive policies. As such, your home is covered with the comprehensive policy while other personal belongings are covered with the named perils policy.

No-Frills Home Insurance Policy

The No-frills policy is offered by few insurance providers on homes that do not meet the normal home insurance standard.

What Does Home Insurance Cover?

Standard home insurance in Ottawa is designed to provide the following coverage:

  • Home insurance protects your home and other outdoor structures against insurable perils, such as fire, window breakage, lightning, etc.
  • Home insurance protects your personal belongings and other home contents against perils, such as theft, vandalism, and more.
  • Home insurance covers your additional living expenses especially when you have to stay away from home due to repairs being made to your home after an insured peril.
  • Home insurance covers your personal liability for unintentional property damage or bodily injury sustained by others on your property or anywhere in the world.

What Determines Home Insurance Rates in Ottawa?

  • The replacement value of the home.
  • The size and type of the home.
  • The location of the home.
  • The distance of the home from fire hydrants.
  • The amount of deductible chosen by the homeowner.
  • The type of policy and coverage chosen by the insured.

How Can I Enjoy a Lower Home Insurance Premium?

  • Shop around and compare home insurance rates from different insurance providers to get the most affordable rates.
  • Increase your home insurance deductibles. An increased deductible implies a reduced premium.
  • Bundle your home and auto insurance policies.
  • Ask your insurer for discounts.

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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.