High Risk Home Insurance Toronto

It can, yes. Some insurance companies look at your overall risk profile, and a poor driving record with at-fault accidents can suggest a greater risk, sometimes impacting your home insurance premiums.

Many things can flag a property. Having older plumbing systems, especially galvanised or lead pipes, is a big one. The type of heating system also matters; homes with oil or wood heating are often considered high risk compared to those with modern gas furnaces. Even having a steep, unfenced cliff in your backyard could do it.

Unfortunately, yes. To insurance companies, multiple claims in a short period—even for minor issues—suggest a pattern. Filing two or three small claims in a short timeframe can get you labelled high risk much faster than one single, larger claim.

Your payment history is a big deal. A history of non-payment or multiple missed payments on a previous insurance policy is a major red flag for home insurers. It can make it very difficult to get any kind of standard property insurance.

Price is important, but you need to compare the actual property coverage. Look at the coverage limits for things like storm damage or sewer backup. Check the deductible amount. Some non-standard home insurance policies have very limited coverage or high deductibles to keep the price down. Make sure the insurance policy actually gives you the protection you need and isn’t just the most affordable policy with giant holes in it.

Secondary residences like vacation homes or cottages have their own unique risks, especially since they are often unoccupied for long periods. They typically require a separate, specialised insurance policy, which is different from your primary high-risk homeowners insurance. Coverage for vacant dwellings is a distinct insurance product.