Do you know the average home insurance fee in Ontario?

It is important to understand the average home insurance cost and all the factors that affect home insurance costs. On average, homeowners pay $780 in Ontario for home insurance, but factors such as location, replacement cost, coverage and passengers [such as flood or jewelry insurance] can have a significant impact on coverage. Renters can also buy insurance, and renters are usually cheaper than homeowners.

While the market value of your home does not directly affect the cost you pay for insurance, it can give you an idea of ​​what you can see in terms of cost - or at least what you should plan and budget. Houses valued at less than $300,000 are generally considered to have an average cost of $702 per year in Ontario, and houses in higher homes, such as $300,000 to $700,000, can pay $1,000 [about $924], but again, the final The numbers will include other factors.

The more expensive a home, the more insurance you pay, but this is not a reflection of market value. More expensive homes mean more replacement costs - or a home that needs to protect more expensive items. If your home price ranges from $700,000 to $1.5 million, then Ontario's average premium rate is $1,400 per year, and it is reasonable to have a home price of $2,000 or more in the $1.5 million to $5 million range.

Provincial differences do exist

Coverage costs vary by province, as each province has its own unique challenges. Ontario's average insurance is usually not affected by events such as earthquake coverage, but it is no exception to British Columbia. In Canada, land floods are a separate insurance area and insurers are often reluctant to take on this risk.

For example, Alberta's average home insurance premium is about $900 a year. Quebec homeowners pay an average of $840 in home insurance premiums per year.

Many variables define home insurance costs

There are several factors that can increase your home insurance rate, which you need to consider when buying a home. These factors include fireplaces or wood stoves, swimming pools, oil-based heating systems, old wiring, commercial partitions, old pipes and poor/old roofs. Your garden and trees will also have an impact, as big trees may fall home.

You can also consider your claim history when you get home insurance. If you have a rich history of claims, some insurers may think that you have high-risk customers that result in higher premiums or refuse to issue insurance policies.

Tenant's family insurance is 3 times cheaper

If you rent a house, you can enjoy a lower home insurance fee because you don't need all the insurance that the homeowner needs. A typical tenant insurance policy will cover your responsibilities [for example, if you drown someone under your organization] and your home content [such as expensive electronics, art, rare collectibles].

The average rental insurance cost in Ontario is $252 per year [$21 per month]. Tenant insurance in other provinces is comparable in terms of cost: $13 per month in Quebec and $25 per month in Alberta.

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