How much is home insurance? Sep 17th

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How much is home insurance?


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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