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.
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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.
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.
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.
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.
Rent
Owned
Your home value...
All
<$100k
$100-300k
$300-700k
$700k-1.5M
$1.5M-5M
Max
$ 68
$ 110
$ 115
$ 128
$ 188
$ 500
Avg
$ 33
$ 50
$ 66
$ 79
$ 96
$ 191
Min
$ 16
$ 16
$ 30
$ 43
$ 35
$ 47
[home_insurance_square_widget]So what was your result? How much do you pay for your home insurance? Share it with us as a comment. If you feel that you overpay, give us a chance to offer you a home insurance quote and help you to start saving today (see the quoting form on the right).
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.
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.
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.
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.
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.
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.
sandra
March 1, 2017 at 12:32 ammy house insurance is WAY higher than your sample study
Alex
March 10, 2017 at 5:15 amHi 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