How much is home insurance? Sep 17th

Learn more about Canadian mortgage rates, rules and the latest news – read on!

Latest News

TD returns to positive earnings, but mortgage stress grows + MORE Aug 29th

TD Bank returned to profit in the third quarter after a loss in Q2 tied to U.S. regulatory and restructuring charges, even as rising mortgage delinquencies pointed to mounting household strain..... More »

Home construction must double over next decade to restore 2019 affordability: CMHC + MORE Jun 20th

Canada Mortgage and Housing Corp. says up to 4.8 million new homes will need to be built over the next decade to restore affordability levels last seen in 2019 based on projected demand..... More »

Mortgage reforms alone won’t solve housing crisis, says Mortgage Professionals Canada CEO + MORE Oct 25th

Recent mortgage reforms introduced by the federal government, while a step in the right direction, aren’t enough to fully address Canada’s growing housing affordability crisis, according to Lauren van den Berg, CEO of Mortgage Professionals Canada..... More »

I missed a mortgage payment. What happens now? + MORE Sep 20th

If you skip one month’s mortgage payment, then resume scheduled payments for six months, all six of those payments may be considered late..... More »

Big banks slash mortgage rates this week to reflect lower bond yields in Canada + MORE Jan 12th

Nearly all of the country's big banks slashed their advertised fixed mortgage rates this week, in some cases by as much as 70 basis points (or 0.70%)..... More »

How much is home insurance?

– moneysense.ca

Home insurance is, as you may know, property insurance that protects the homeowner’s private residence, including the outside space, like your shed and deck, too. By paying a monthly or annual premium, you are assured that damage or loss to your home—typically a person’s most important and expensive investment—will be covered by your insurance company.

Although home insurance is not mandatory by law in Canada, it is sometimes required by the lender in order to receive or renew a mortgage. Most importantly, having home insurance protects you from having to pay out a large amount in a lump sum in the event of loss or damage. If you’re looking to get insured, you should review different insurers for home insurance quotes. (Learn more about how to compare home insurance).

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How much is home insurance?

The average cost of home insurance in Canada is $960 annually, according to Ratehub, an aggregator website (owned by Ratehub Inc…

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