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Average home insurance costs in Ontario can vary greatly based on where you live, your home value, how it’s constructed, and many other factors. Post-pandemic economic factors and catastrophic climate events have been driving prices up. So, you may see an uptick in your premiums in 2024 when you renew. How much? Many policyholders are seeing increases in the 5% range.
One thing is for sure Ontario home insurance is a vital form of coverage to help you protect your financial well-being, home, and personal contents. Like many other types of insurance, the average costs are on the rise. But, you can take steps to keep your policy costs down.
In this blog, we’ll take a look at the average cost of homeowners insurance in Ontario and the top factors that influence prices.
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The average home insurance cost in Ontario is approximately $1,250 per year. This averages out to just over $104 per month. However, depending on your home value and location, you can expect to pay anywhere from $700 to $2,000 or more annually. Your rates are determined based on your individual situation. Your coverage selection, plan limits, added endorsements and other customized coverage will influence your price.
Not sure how much the average costs in your area? Contact our team to find out how much it will be to insure your home.
In 2018, Ontario homeowners had average annual premiums of $1,284. This is the highest in the country along with the Atlantic region. Residents in the Western region paid about $1,200. Quebec homeowners paid the least on average at $960 per year. This is based on a 2018 study on home insurance in Canada by JD Power.
No two homes are the same. The size, the way they are constructed, age, and your contents insurance all affect the average policy cost in Ontario.
The price of Ontario house policies is increasing because of many economic, environmental, and societal factors. Here is a look at a few of them :
There are a variety of steps you can take to reduce your costs. Here are some effective ways to save :
Location plays a big role in determining the home premiums in Ontario. Your region, city, and even your neighbourhood can affect what you pay.
Premiums for Toronto home insurance and Ottawa home insurance are higher compared to smaller towns because of higher average home prices and the increased risk factors of living in the city.
Proximity to fire hydrants and fire stations and whether or not your home is located in a flood plain or area prone to severe weather also impact the costs in the region.
Based on the average cost of $1,250 annually, the average monthly cost of home insurance is just over $104 per month. Average monthly premiums can range from as low as $60 ($700 annually) to over $160 ($2,000+ annually) per month. These numbers are estimates and you can contact us to compare your options and get an accurate quote based on your specific needs. The average cost for homeowners can be significantly more than for condo insurance or tenant insurance. Renters coverage is about $200 to $300 annually or approximately one-third of the cost. Condo policies range from $300 to $600 annually, which is about half of the cost of average home insurance. Your specific cost will vary based on your location, coverage, insurance history, and many other considerations. The average cost of home insurance is on the rise. As a property owner, you want to get the lowest price possible. A broker can help you achieve this. They can shop the market and see the average cost based on your specific requirements. Then you can choose the best price and save. Plus, they can ensure you get the right coverage to protect your house. So, if you want to reduce your average home insurance cost, speak with us today. Average Cost For Home Insurance In Ontario
Oct 26, 2023
Find out what Ontario homeowners are paying for home insurance
What factors affect the average house insurance cost in Ontario?
Why is the average home insurance price in Ontario increasing?
Tips to lower your cost for home insurance in Ontario
Average house insurance prices in Ontario vary by location
Average home insurance cost FAQs
What is the average home insurance cost in Ontario?
Study on the average home insurance cost in Ontario
What factors affect the average house insurance cost in Ontario?
Why is the average home insurance price in Ontario increasing?
Tips to lower your cost for home insurance in Ontario
Average house insurance prices in Ontario vary by location
Average home insurance cost FAQs
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