Home insurance is vital to protect your home and belongings in the event of damage or loss. While a small dip in the water compared to the price of your home, insurance is still an expense that a lot of homeowners might want to find the best deal on.
So which parts of Canada have the most affordable home insurance costs? We analyzed data from Ratehub to determine which provinces had the highest home insurance costs, and where you might be able to find more affordable premiums.
Where is Home Insurance Most Affordable?
The most expensive city to buy home insurance in is Ontario. The average cost per year in the province is $1,250, or $104 a month. It’s one of four provinces where insurance costs are over $1,000, the others being Saskatchewan, Manitoba and Alberta. Saskatchewan insurance is $1,100 a month, Manitoba will set you back $1,032 while Alberta costs exactly $1,000.
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On the other hand, the East Coast is where home insurance is the most affordable. All four provinces out east have home insurance costs below $800 per year, and similar monthly costs. Newfoundland and Labrador is the most affordable, with an average yearly cost of $780, and a monthly fee of approximately $65. The difference between the four is negligible though – Nova Scotia has the most expensive home insurance on the East Coast, but at a yearly fee that’s only $2 higher than Newfoundland and Labrador.
What Affects the Cost of Home Insurance?
Home insurance costs are affected by a few things and vary between each province. Larger and more valuable homes will cause higher premiums – the higher the cost to replace something, the more it will cost to insure.
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