Published at Tuesday, April 10th, 2018 - 03:19:35 AM. Home Insurance. By Durand.
Your home, seeing that it is one of the most important and one of the biggest (if not the largest) investment that you will ever have, needs to be insured with the right policy. Having your home insured will provide you with considerably greater peace of mind knowing that you, your loved ones, your home, and all of the other valuables that you have inside are always protected. Home insurance, also known as homeowner's insurance and hazard insurance, is the type of insurance policy that you should get for your home in order for you to obtain this peace of mind we are talking about.
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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