Are you paying too much for home insurance?
The rapidly changing makeup of home insurance rates means that finding the right company at the right time may be the best way to save on insurance costs.
On average, Canadians pay $840 annually for their home insurance, according to recent numbers from InsurEye, a Vancouver company that provides online analysis to help buyers manage their insurance.
The highest level of home insurance premiums is in British Columbia at $924 annually, followed by Alberta with $912 annually. Annual home premiums in Ontario go as high as $828, and in Quebec they reach $768 per year.
Home insurance for those who rent is generally cheaper than for owned properties since you're only paying to insure your personal property. For a home owner, insurance covers both your dwelling and personal property, as well as more extensive liability coverage. The more expensive the house, the higher the cost.
InsurEye’s numbers show that home insurance premiums for owned property are 1.4 times higher (Alberta) to 2.1 times higher (Quebec) than premiums for a rented dwelling.
Curious as to where you fit and where you might save a bit? Click here to see how much you’re paying compared to your peer group. Unlike most comparison tools, where the data comes from insurance companies, InsurEye claims its numbers come from users alone.
From there, it's up to you to contact individual providers if you feel you're being shortchanged.
Are you satisfied with your home insurance coverage and costs? Are your numbers in line with your peers and neighbours?
By Gordon Powers, MSN Money
Posted by: John | Apr 24, 2021 3:41:05 PM
I just switched insurance companies. I was paying about $1,550 for a modest house of 4,000 ft2 and now it has been reduced to $800. My auto insurance dropped from $2,200 to $1,600 for 6 months for 4 cars. The coverage with the new company over my previous one is much better for my house, and identical for my cars.
Posted by: Dave | Apr 25, 2021 6:02:30 PM
We live in British Columbia and our insurance costs were going higher and higher every year, (despite no claims). They reached around $1,000.00 per house last year. A friend told me to call TD bank house insurance. We were able to cut our costs significantly, to about 1/2 even 1/3 in one case of the other renewal quotes on different 4 houses. The coverage was equal or better than what we had. TD does not do anything commercial, and because we have a home office in one and they could not help us on that one particular property.
Posted by: DrVex007 | Apr 28, 2021 3:13:03 AM
Insurance equals SCAM. It is really that simple. Oh we're broke, let us raise our rates. We hear that every year and yet they raise rates on non claim customers. The Government should step in. You cannot raise rates without showing a claim by that particular customer. That way, Insurance companies would have to raise rates on those who make claims. And make it escalate with the frequency of claims. 1st claim, 10%, 2nd 20% and so on. Bad drivers would soon be off the road and the rest of use would see a reduction or 2% per year with no claims made. Now that is more fair. House insurance is necessary, but let's have more deductable options. For example if my insurance comapny offered me the choice of moving to a $5000 deductable (not 500), and thus lower my payments by 25% I would take it. I never make a claim unless it is MAJOR because when you do, they will pay, but then YOU will pay. Basically, you pay it back over the next ten years in raised premuims.