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Canadians Pay $840 Average Annually For Home Insurance

March 30, 2012 | Comments: 0 | Views: 228


Often home insurance costs are lost within auto insurance numbers as part of a bundled price. Bundled or not, home coverage represents a considerable expense-but just how much? In-depth research on home insurance premiums across Canada showed that, on average, Canadians pay $840 annually for their home protection. However, prices strongly varied across provinces.

The highest level of home insurance premiums is in British Columbia at $924 annually, followed by Alberta with $912 annually. Annual home coverage in Ontario go as high as $828, and in Quebec they reach $768 per year.


Home protection for rental properties is in general cheaper than for owned properties because of the limited coverage this type of insurance typically provides. In the case of a renter or condo owner, you are paying to insure your personal property. For a home owner, insurance covers both your dwelling and personal property. Virtually all home insurance policies cover additional aspects such as liability.

Conducted research shows that home protection premiums for owned property are 1.4 times higher (Alberta) to 2.1 times higher (Quebec) than premiums for a rented dwelling. The highest level of premiums for a rented dwelling is in Alberta at $696 per year, followed by B.C. with $588. Ontario follows with $480 and Quebec with $408 per year to round out the list. As for owned property, British Columbia is clearly the priciest province, where home owners need to put down here the highest amount in Canada: $984 per year, compared with $948 in Alberta, $900 in Ontario and $852 in Quebec.


A glance at real estate statistics delivers the first answer why British Columbia home insurance prices are so high. According to MLS statistics, B.C. is clearly leading in the average real estate prices. This average for Vancouver and Victoria reaches ~$750k and ~$450k respectively, whereas Toronto and Ottawa bring in ~$463k and ~$350k as averages. Calgary's real estate average is ~$380k, with Montreal at ~$311k and Quebec City rounding out at ~$250k. The more valuable the home, the more it typically costs to rebuild and to insure. B.C.-based insurance provider shared another insight as to why home insurance is so expensive in B.C. Due to the high earthquake risk, 40% to 60% of B.C. residents buy earthquake coverage, significantly more than the rest of Canada. (Only 5% to 10% of Quebec residents purchase this coverage even though it, too, is in an earthquake zone.) And, the cost of earthquake coverage in B.C. can account for as much as one-third of a policy's premium.

Overview of annual home insurance premiums across Canada:


All dwellings$840$912$924$828$768

Rent dwellings$480$696$588$480$408

Owned dwellings$900$948$984$900$852

Alex Saltykov is a Co-Founder and CEO of InsurEye Inc Alex spent years advising insurance clients both in North America and Europe while he was working for one of the leading management consulting companies. His areas of expertise are insurance, innovation, IT and operations.

InsurEye Inc. is a Canadian company that offers people transparency and insights around insurance using modern technology.

Established in 2011 and based in Vancouver, British Columbia, Square One Insurance ( ) provides Canadians living in urban centres with modern, relevant home insurance. Square One is one of the few insurance providers in Canada specializing in home insurance and offering truly customized policies that can be purchased over the phone and online.

Source: EzineArticles
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