By Durand. Home Insurance. Published at Wednesday, December 27th, 2017 - 20:28:47 PM.
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.
Home insurance refers to the coverage and protection of a private residence. It is not important if you live in a high rise apartment or in a farm somewhere, in an island or in the city. It is up to you to decide what you want to cover with your policy and the amount you have to pay will depend on the location and condition your home is in. If your home is located in an area where there is a lot of crime and break-ins, you might have to pay more than usual for theft and vandalism protection. If you are electric system is not in tip top shape, the insurance company will charge you more for fire protection or will ask you to fix it before insuring you.
Home insurance comes with many responsibilities, one of which is to have adequate home insurance that not only protects you, but also your family. If you rent a house or an apartment, renters insurance is also a good idea. The number one reason people go without home insurance or renters insurance is affordability, or the perceived notion that these type of insurance products are expensive. The truth is that with a little bit of planning you can get home insurance quote or renters insurance quote that may change that notion.
Home insurance policies change for different types of properties. Tenant insurance (also called renter's insurance) only covers the contents of a rented house and, depending on the policy, liability. The homeowner's coverage, on the other hand, is focused on the insurance of the building itself to ensure protection in instances that are related to natural hazards, fire or earthquake, or due to unlawful human activities like vandalism. Home insurance covers the rebuild value of a dwelling, but not the market value, which is, in fact, higher. That is why, when the property has undergone some damages, the insurance provider will carry the rebuilding costs so the policyholder is able to restore a corresponding property. This chart features the average premiums for rented and homeowner's insurance in Alberta and Canada. As the chart shows, owned property insurance is, on average, higher than the renter's policy.
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