Published at Wednesday, April 18th, 2018 - 12:07:25 PM. Home Insurance. By Durand.
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.
When you buy your first home it is normal that the bank lending you the money to make the purchase requires that you buy a home insurance policy that will cover at least the amount that they lent you to buy it. The bank is looking out for its own interests, not yours so when you do buy your first home through a mortgage make sure that you get enough coverage to protect yourself too. Many banks will give you a home insurance policy to sign when they are ready to give you the loan, go over it and find out what is in it for you in case something happens and your house is destroyed or damaged. If you are not protected, get them to change the policy before signing it.
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