Numerous factors go into determining the cost of your home insurance such as where you live the age and replacement value of your home endorsements you have added to your policy such as flood insurance and more. Ontario s average home insurance rates.
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As you ll see in the homeowners insurance cost by state chart below oklahoma is the most expensive state for home insurance 2 140 more than the national average for the coverage level analyzed.
Average home insurance cost ontario. Across detached homes condos and rental dwellings the average ontarian pays 761 in home insurance every year but it s higher for full blown home owners with more expensive dwellings of course. The average home insurance cost in ontario is approximately 1250 per year. According to the jd power associates 2018 canada home insurance study the median annual ontario homeowners insurance rate in 2018 was 1 284 107 per month.
On average ontario residents spend roughly 1 200 each year or 100 per month on home insurance. 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. The variation in premiums for the highest and lowest quotes was by 35 43.
Annual home premiums in ontario go as high as 828 and in quebec they reach 768 per year. The highest annual home insurance quote was for brampton area at 999. What is the average home insurance cost in ontario.
However depending on your home value and location you can expect to pay anywhere from 700 to 2000 or more annually for house insurance. Also such aspects as old house elements or recent renovations are considered when determining your home insurance rates. The next highest was st.
We show average home rates for three other common coverage levels at the end of this article. The average yearly cost of homeowners insurance in ontario is 1 280 with rates for tenants insurance being approximately one fourth that amount at 392 year. This averages out to just over 104 per month.
There are multiple factors that determine your average home insurance cost in ontario from location and your home s rebuild costs to home construction materials and proximity of sprinklers. The cheapest quote for home insurance was for toronto at an annual cost of 645. The highest level of home insurance premiums is in british columbia at 924 annually followed by alberta with 912 annually.
This is at the higher end of the national spectrum which sees costs ranging between 600 and 1 500. The average homeowner s insurance rate in ontario. Ontario homeowners pay on average 780 year in home insurance costs.
Catharines at an annual cost of 974. This compares to a low of 960 in quebec and 1 200 in western provinces. What is the average home insurance cost in ontario.
The next lowest home insurance quote was for cambridge at 665. If you rent in ontario you d pay on average 21 month in tenant insurance costs. Here s the breakdown by the type of home insurance ontarians get.
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