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Home insurance costs probably represent a considerable part of your insurance budget. It is also an insurance type that you do not want to forget – nobody wants to live without a roof over his/her head. It is not easy, though, to understand if you are overpaying for your current home insurance. That’s why we compiled an overview of average home insurance cost that allows you to understand how your home insurance rates stack up to those who have similar homes in the same province in ON, QC, AB, and BC. In order to do that we analyzed thousands of data points about home insurance rates, which are available through our insurance rate benchmark tool for Canadians.
Two numbers will show you the low-end and high-end home insurance costs for your living situation. A white bar indicates an average home insurance rate. Please consider that these are approximate numbers but they should provide a good baseline to see if you overpay for your insurance. If you do, we suggest you get a home insurance quote here and see how much you can start saving today.
Average Home Insurance Cost in Ontario
If you are interested in home insurance costs in Ontario, here are all monthly costs summarized.
If you rent in Ontario, you’d pay on average $21/month in tenant insurance costs. If you have the cheapest home (valued under $100K – though that is not easy to find any more), your average home insurance costs start at $45/month. More expensive homes valued at $300K-$700K and $700K-$1.5M would come with a home insurance tag of $77 and $117 per month respectively.
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Condo insurance is a special type of home insurance and you can find out more about insurance for a condo and condo insurance Toronto including condo insurance rates.
Average Home Insurance Cost in Alberta
Should you be interested in home insurance costs in Alberta, below you will find all key numbers.
Those who rent have to consider insurance rates of $25 on average, which is $4 more expensive than in Ontario. If you own a home, then your cost will be starting at $23/month for the cheapest homes/condos and increase as much as $80/month and $157/month for $300-$700K and $700K-$1.5M dwellings respectively.
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If you are interested in condo insurance, you can find out more about condo insurance Calgary and condo insurance Edmonton including average insurance rates for other home insurance in Edmonton.
Average Home Insurance Cost in British Columbia
An overview below provides a detailed breakdown of home insurance cost in British Columbia for different types of living arrangements.
You are likely to pay somewhere between $16 and $40 per month in tenant insurance costs if you rent in British Columbia, and $43 to $155 in homeowners insurance if you own a home.
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If you are interested in more BC-related insights, find out more about home insurance in Vancouver, home insurance in Victoria and home insurance in Burnaby.
Average Home Insurance Cost in Quebec
An overview below provides a detailed breakdown of home insurance costs in Quebec for different types of living arrangements.
You are likely to pay somewhere between $16 and $68 per month in tenant insurance costs if you rent in Quebec and $50 to $191 in homeowners insurance if you own a home.
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Our insurance partner, Square One Insurance is exclusively focused on home insurance and offers insurance policies where you can choose yourself what protection you need without overpaying for coverage you do not require.
my house insurance is WAY higher than your sample study
Hi Sandra,
Each house is somewhat unique and insurers look at many things before offering a quote. The reason for high home insurance costs can be house location (e.g. with history of flooding), house age and the last house upgrade date (e.g. old house elements such as roof can drive up costs), house components (from plumbing and wiring to building structure), level of insurance coverage, size of deductibles, additional riders (e.g. extra coverage for jewelries such as wedding/engagement ring) etc – all that can drive additional costs.
We always suggest to compare your current rate to what other insurers offer – here is a link to our quoting tool in case you are interested: https://insureye.com/home-insurance/
Overall, our study is based on several thousand home insurance cost reports left by other site visitors.
Thanks,
Alexey