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Matt Hands, Sr. Business Unit Director
Home insurance (also known as house insurance or homeowner's insurance) is not a requirement by law in Canada. However, since the purchase of a home is often accompanied by a mortgage from a lender, the lender typically requires protection for their investment and in this case, home insurance is a requirement.
However, if you own a property it’s smart to have some level of house insurance to protect yourself from any uncontrollable risks like water damage, theft or fire. Home insurance is for homeowners and condo owners alike and tenants who rent their space.
Remember, the cost of home insurance can fluctuate for a number of reasons including the type of home insurance (homeowner, condo, or tenant), as well as regional differences where there may be a higher risk of earthquakes or floods.
So, why do you care? Because you want affordable home insurance that will cover you in case disaster strikes. We're here to help you do that.
Also known as named perils, this is the cheapest option but will only cover the specific risks you select that may damage your home or property. For instance, you may choose fire and lighting as perils, to protect your home from fire and lightning, but if a thief robs your home, there would be no coverage.
There are many factors that affect the price you pay for home insurance. An insurance provider will need to know the unique details of your home: its age, the cost to repair or replace (i.e. replacement cost), basic construction details for the interior workings (e.g. plumbing and electrical), and exterior features (e.g. type of roofing material used).
These details will allow a home insurance broker or an agent to more accurately assess risk and determine the probability of something going wrong before providing a quote. The more perceived risks there are with your property, or the more expensive potential repairs would be, the more your home insurance premium will cost you.
When determining your home insurance rate calculation, each home insurer will look at the following details:
Renovations & betterments
Past claims history
Pool and other accessory dwellings
What is the average cost for house insurance in Canada?
In Canada, the average home insurance cost is $960 per year, but varies by type of home, location, and other risks. Comparing home insurance quotes can help save you hundreds every year.compare quotes
No matter the scenario – own or rent; house or condo – there is home insurance coverage for your unique situation. See below to discover more details on the different types of coverage available to you:
Home insurance coverage for any injuries that occur on your property or if you happen to damage someone else's property.
Voluntary medical payments
Voluntary property damage
Protects the physical structure of your home, detached structures (e.g. shed), your contents inside your home, and in case you need to live elsewhere following a home insurance claim.
Detached private structures
Additional living expenses
Common coverage additions & endorsements
If you'd like to further customize your policy to best suit your needs, here are some optional coverages that you should consider when comparing the market.
Credit/debit cards, forgery & counterfeit
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Install alarm systems
If you have a monitored alarm system installed, providing communication between your home security system and the central station of your security provider, you could receive a discount. This typically does not include your own cameras and motion sensor lighting.
Insurers will often give a discount to consumers who get both their home and auto insurance from them. If you can, look to have both your house and car protected by the same insurer.
Increase your deductible
A standard home insurance deductible is $500. If you increase your deductible, the amount you must pay before the insurance company pays the rest, they will often decrease your monthly premium.
If you upgrade your electrical from knob and tube to copper wiring or upgrade your plumbing from iron and steel to plastic and copper you could see a reduction in your premiums. However, if you upgrade with more expensive finishes that would cost more to replace, you’ll likely pay more
Ask about discounts
A new job may mean union membership, group discounts, or corporate discounts when it comes to shopping for coverage. A retiree may also save on home insurance. That's why a yearly review is recommended – to see and ask what discounts may apply to you as things change.
Stay with your home insurer
Insurance companies value loyalty. The longer you stay with your home insurance provider, the more they’ll reward you with discounts, especially if you remain claims free.
Improve your credit score
If your insurer monitors your credit score, be sure to pay your bills on time and watch your credit card balance - getting close to the max could hurt your score.
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What is a home insurance peril?
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What is a home insurance deductible?
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Do home insurance quotes affect your credit score?
Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.read linkedin bio
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