Published at Wednesday, April 18th, 2018 - 12:07:12 PM. Home Insurance. By Durand.
Home insurance for tenants is 3 times cheaper. If you rent a home, you can benefit from lower home insurance costs since you do not need all the coverages that a homeowner would need. Typical tenant insurance policy would be covering your liability (e.g. if you flood people who live under your unit) and contents of your home (e.g. expensive electronics, items of art, rare collection items). Average rental insurance costs in Ontario are $252/year ($21/month). Tenants insurance in other provinces would be comparable in terms of costs: $33/month in Quebec and $25/month in Alberta.
It is important to understand the average home insurance cost and all the factors that impact it. On average, homeowners pay $780 for home insurance in Ontario but factors such as location, replacement costs, coverage and riders, such as flood or jewelry coverage, can have a major impact on the coverage. Renters can also purchase insurance, and the rates are generally cheaper for renters than they are for owners. Although the market value of your home does not directly impact what you pay for insurance, it can give you an idea of what you can expect to see in terms of costs - or at least what you should plan and budget for. A home valued at under $300,000 usually sees an average cost in Ontario of $702 a year, and homes in the higher brackets, for example between $300,000 and $700,000, can expect to pay $1,000 (approximately $924) but again, the final numbers will include other factors.
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