{"id":23476,"date":"2025-10-21T08:00:00","date_gmt":"2025-10-21T12:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/blog\/?p=23476"},"modified":"2026-02-04T07:24:36","modified_gmt":"2026-02-04T12:24:36","slug":"home-insurance-cost","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/home-insurance-cost","title":{"rendered":"How Much Does Home Insurance Cost in Canada?"},"content":{"rendered":"\n\n\n<p>If you\u2019re about to purchase your first home, you\u2019ve likely considered all the expenses you\u2019ll have to deal with. In addition to your mortgage payments, property taxes, maintenance fees, closing costs, and other moving expenses, you\u2019ll have to consider home insurance. Even though the cost of home insurance may seem like a hassle, it\u2019s something that we can\u2019t ignore.&nbsp;<\/p>\n\n\n\n<p>How much does home insurance cost? According to <a href=\"https:\/\/www.ratehub.ca\/insurance\/best-home-insurance-quote\">data from Ratehub.ca<\/a>, t<strong>he average cost of home insurance in Canada is about $960 per year<\/strong>. However, home insurance costs involve many factors, and you&#8217;ll want to compare home insurance quotes before choosing a provider.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-takeaways\">Key Takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The average cost of home insurance in Canada depends on where you live; however, the cost may range between $780 and $2,500 per year<\/li><li>While home insurance is not legally required in Canada, your mortgage lender will likely require proof of insurance<\/li><li>How much coverage you need depends on the replacement cost of your home<\/li><\/ul>\n\n\n\n<section class=\"bg-white border-t border-b border-blacklight my-12 md:my-16 sticky md:relative top-0 md:top-auto z-10 md:z-auto alignwide  wp-block-zolo-block-toc \" aria-hidden=\"true\"><div class=\"wrapper relative max-w-2xl mx-auto md:py-8 flex flex-col flex-shrink-0 max-h-screen md:max-h-none\"><input type=\"checkbox\" id=\"toc-toggle\" class=\"hidden\"\/><label for=\"toc-toggle\" class=\"flex justify-between cursor-pointer md:cursor-auto py-4\"><div class=\"toc-title leading-normal font-medium m-0\">In this article<\/div><svg class=\"w-6 h-6 fill-current text-blue md:hidden transition-transform duration-150 ease-in-out\" viewbox=\"0 0 24 24\"><path d=\"M22 12c0-5.5-4.5-10-10-10S2 6.5 2 12s4.5 10 10 10 10-4.5 10-10zM6.9 10.9l1.4-1.4 3.7 3.7 3.7-3.7 1.4 1.4L12 16l-5.1-5.1z\"><\/path><\/svg><\/label><nav id=\"toc-nav\" class=\"zolo-toc-nav max-h-0 md:max-h-full overflow-y-auto scrollbar-hidden overscroll-none\"><ul class=\"zolo-toc-list my-4\"><li><a class=\"entry-title no-underline hover:underline\" href=\"#key-takeaways\">Key Takeaways<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#what-is-home-insurance?\">What is Home Insurance?<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#how-much-does-home-insurance-cost?\">How Much Does Home Insurance Cost?<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#how-home-insurance-premiums-are-calculated\">How Home Insurance Premiums Are Calculated<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#comparing-home-insurance-quotes&nbsp;\">Comparing Home Insurance Quotes&nbsp;<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#what-home-insurance-premiums-cover\">What Home Insurance Premiums Cover<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#how-you-can-save-money-on-home-insurance-cost\">How You Can Save Money on Home Insurance Cost<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#bottom-line\">Bottom Line<\/a><\/li><\/ul><\/nav><\/div><\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-home-insurance?\">What is Home Insurance?<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"563\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/01\/fixed-rate-mortgage-1024x563.jpg\" alt=\"when will rates come down\" class=\"wp-image-22534\"\/><\/figure>\n\n\n\n<p>As a new homeowner, you likely allocated a significant portion of your savings toward your home purchase. You want to ensure that everything you&#8217;ve accumulated up until this point, and your largest asset (your home), is protected.<\/p>\n\n\n\n<p>Home insurance will protect you, your home, and your belongings in case of damage, theft, or loss.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/types-of-insurance\"><a href=\"https:\/\/www.zolo.ca\/blog\/what-does-home-insurance-cover\">What Does Home Insurance Cover?<\/a><\/a><\/p><\/section>\n\n\n\n<p>Your home insurance policy usually also includes liability coverage, which will protect you from legal liability for injury to other people on your property and damage you may cause to the property of others. For example, if your condo\u2019s leaky toilet causes water damage to the unit below you, insurance would cover the damage to that unit.<\/p>\n\n\n\n<p>It\u2019s also worth noting that home insurance will cover your personal belongings even when you\u2019re not home. For example, if someone steals your laptop from your vehicle, you can file a claim if it&#8217;s included in your policy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"requirements-for-homeowners\">Requirements For Homeowners<\/h3>\n\n\n\n<p>While homeowners\u2019 insurance isn\u2019t mandatory by law in Canada, your lender will likely require proof that your home is insured when you <a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-approval\">apply for a mortgage<\/a>. The good news is that you can shop around until you find the ideal insurance coverage. As frustrating as it is to deal with another expense, you may only be able to sign off on your mortgage once you provide proof of insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-much-does-home-insurance-cost?\">How Much Does Home Insurance Cost?<\/h2>\n\n\n\n<p>Like many goods and services, the cost of home insurance depends on many factors, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Where you live<\/li><li>The type of home you have (single-family, townhome, condo)<\/li><li>The age of your property<\/li><li>Any safety measures you may have implemented (like smoke detectors)<\/li><\/ul>\n\n\n\n<p>Here&#8217;s a breakdown of the average home insurance cost in Canada by province, according to data from Ratehub.ca. Your insurance cost may be higher or lower depending on the factors above.<\/p>\n\n\n\n<div id=\"footable_parent_23475\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                    <h3 class=\"table_title footable_title\">Average Home Insurance Costs by Province<\/h3>\n                        <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"23475\" data-filter-delay=\"1000\" aria-label=\"Average Home Insurance Costs by Province\"            id=\"footable_23475\"\n           data-unique_identifier=\"ninja_table_unique_id_2357404269_23475\"\n           class=\" foo-table ninja_footable foo_table_23475 ninja_table_unique_id_2357404269_23475 ui table  nt_type_legacy_table selectable hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_province \">Province<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_av_cost_per_year \">Av. Cost Per Year<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17066\" class=\"ninja_table_row_0 nt_row_id_17066\">\n            <td>Ontario<\/td><td>$1,913<\/td>        <\/tr>\n            <tr data-row_id=\"17067\" class=\"ninja_table_row_1 nt_row_id_17067\">\n            <td>Saskatchewan<\/td><td>$1,100<\/td>        <\/tr>\n            <tr data-row_id=\"17068\" class=\"ninja_table_row_2 nt_row_id_17068\">\n            <td>Manitoba<\/td><td>$1,032<\/td>        <\/tr>\n            <tr data-row_id=\"17069\" class=\"ninja_table_row_3 nt_row_id_17069\">\n            <td>Alberta<\/td><td>$2,423<\/td>        <\/tr>\n            <tr data-row_id=\"17070\" class=\"ninja_table_row_4 nt_row_id_17070\">\n            <td>Quebec<\/td><td>$960 to $1,900<\/td>        <\/tr>\n            <tr data-row_id=\"17071\" class=\"ninja_table_row_5 nt_row_id_17071\">\n            <td>British Columbia<\/td><td>$2,709<\/td>        <\/tr>\n            <tr data-row_id=\"17072\" class=\"ninja_table_row_6 nt_row_id_17072\">\n            <td>Nova Scotia<\/td><td>$782<\/td>        <\/tr>\n            <tr data-row_id=\"17073\" class=\"ninja_table_row_7 nt_row_id_17073\">\n            <td>Prince Edward Island<\/td><td>$781<\/td>        <\/tr>\n            <tr data-row_id=\"17074\" class=\"ninja_table_row_8 nt_row_id_17074\">\n            <td>New Brunswick<\/td><td>$781<\/td>        <\/tr>\n            <tr data-row_id=\"17075\" class=\"ninja_table_row_9 nt_row_id_17075\">\n            <td>Newfoundland and Labrador<\/td><td>$780<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\">Average Annual Home Insurance Costs in Ontario<\/h3>\n\n\n\n<p>The average annual cost of home insurance in Ontario varies from $1,000 to $2,500, depending on where you live. Here are the monthly insurance rates in popular <a href=\"https:\/\/www.zolo.ca\/ontario-real-estate\">Ontario cities<\/a>:<\/p>\n\n\n\n<div id=\"footable_parent_25107\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_1\" data-footable_id=\"25107\" data-filter-delay=\"1000\" aria-label=\"Average Annual Home Insurance Costs in Ontario\"            id=\"footable_25107\"\n           data-unique_identifier=\"ninja_table_unique_id_2530642423_25107\"\n           class=\" foo-table ninja_footable foo_table_25107 ninja_table_unique_id_2530642423_25107 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_city \">City<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_cost_per_month \">Cost per month<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_average_home_replacement_cost \">Average home replacement cost<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17387\" class=\"ninja_table_row_0 nt_row_id_17387\">\n            <td>Toronto<\/td><td>$429<\/td><td>$659,147<\/td>        <\/tr>\n            <tr data-row_id=\"17388\" class=\"ninja_table_row_1 nt_row_id_17388\">\n            <td>Brampton<\/td><td>$373<\/td><td>$752,675<\/td>        <\/tr>\n            <tr data-row_id=\"17389\" class=\"ninja_table_row_2 nt_row_id_17389\">\n            <td>Mississauga<\/td><td>$377<\/td><td>$779,589<\/td>        <\/tr>\n            <tr data-row_id=\"17390\" class=\"ninja_table_row_3 nt_row_id_17390\">\n            <td>Windsor<\/td><td>$326<\/td><td>$488,798<\/td>        <\/tr>\n            <tr data-row_id=\"17391\" class=\"ninja_table_row_4 nt_row_id_17391\">\n            <td>Hamilton<\/td><td>$293<\/td><td>$556,301<\/td>        <\/tr>\n            <tr data-row_id=\"17392\" class=\"ninja_table_row_5 nt_row_id_17392\">\n            <td>Ottawa<\/td><td>$269<\/td><td>$615,903<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<p><a href=\"https:\/\/www.ratehub.ca\/insurance\/home\/ontario\">Source<\/a> &#8211; Data from August 2024<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Average Annual Home Insurance Costs in Alberta<\/h3>\n\n\n\n<p>The average annual cost of home insurance in Alberta is $1,800 to $2,000. The average monthly rate for home insurance coverage depends on where you live. Here are the rates in the largest cities in <a href=\"https:\/\/www.zolo.ca\/alberta-real-estate\">Alberta<\/a>:<\/p>\n\n\n\n<div id=\"footable_parent_25108\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_2\" data-footable_id=\"25108\" data-filter-delay=\"1000\" aria-label=\"Average Annual Home Insurance Costs in Alberta\"            id=\"footable_25108\"\n           data-unique_identifier=\"ninja_table_unique_id_2864917898_25108\"\n           class=\" foo-table ninja_footable foo_table_25108 ninja_table_unique_id_2864917898_25108 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_city \">City<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_cost_per_month \">Cost per month<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_average_home_replacement_cost \">Average home replacement cost<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17393\" class=\"ninja_table_row_0 nt_row_id_17393\">\n            <td>Airdrie<\/td><td>$385<\/td><td>$649,725<\/td>        <\/tr>\n            <tr data-row_id=\"17394\" class=\"ninja_table_row_1 nt_row_id_17394\">\n            <td>Calgary<\/td><td>$359<\/td><td>$692,114<\/td>        <\/tr>\n            <tr data-row_id=\"17395\" class=\"ninja_table_row_2 nt_row_id_17395\">\n            <td>Lethbridge<\/td><td>$257<\/td><td>$427,443<\/td>        <\/tr>\n            <tr data-row_id=\"17396\" class=\"ninja_table_row_3 nt_row_id_17396\">\n            <td>Edmonton<\/td><td>$240<\/td><td>$487,371<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<p><a href=\"https:\/\/www.ratehub.ca\/insurance\/home\/alberta\">Source<\/a> &#8211; data from August 2024<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Average Annual Home Insurance Costs in British Columbia<\/h3>\n\n\n\n<p>The average annual cost of home insurance in British Columbia is $2,709. Here are rates for some of the largest cities in <a href=\"https:\/\/www.zolo.ca\/british-columbia-real-estate\">British Columbia<\/a>:<\/p>\n\n\n\n<div id=\"footable_parent_25109\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_3\" data-footable_id=\"25109\" data-filter-delay=\"1000\" aria-label=\"Average Annual Home Insurance Costs in British Columbia\"            id=\"footable_25109\"\n           data-unique_identifier=\"ninja_table_unique_id_368029760_25109\"\n           class=\" foo-table ninja_footable foo_table_25109 ninja_table_unique_id_368029760_25109 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_city \">City<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_cost_per_year \">Cost per year<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17397\" class=\"ninja_table_row_0 nt_row_id_17397\">\n            <td>Kelowna<\/td><td>$4,694<\/td>        <\/tr>\n            <tr data-row_id=\"17398\" class=\"ninja_table_row_1 nt_row_id_17398\">\n            <td>Prince George<\/td><td>$3,266<\/td>        <\/tr>\n            <tr data-row_id=\"17399\" class=\"ninja_table_row_2 nt_row_id_17399\">\n            <td>Delta<\/td><td>$3,203<\/td>        <\/tr>\n            <tr data-row_id=\"17400\" class=\"ninja_table_row_3 nt_row_id_17400\">\n            <td>North Vancouver<\/td><td>$2,742<\/td>        <\/tr>\n            <tr data-row_id=\"17401\" class=\"ninja_table_row_4 nt_row_id_17401\">\n            <td>Victoria<\/td><td>$2,443<\/td>        <\/tr>\n            <tr data-row_id=\"17402\" class=\"ninja_table_row_5 nt_row_id_17402\">\n            <td>Vancouver<\/td><td>$2,328<\/td>        <\/tr>\n            <tr data-row_id=\"17403\" class=\"ninja_table_row_6 nt_row_id_17403\">\n            <td>Surrey<\/td><td>$2,294<\/td>        <\/tr>\n            <tr data-row_id=\"17404\" class=\"ninja_table_row_7 nt_row_id_17404\">\n            <td>Burnaby<\/td><td>$1,999<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<p><a href=\"https:\/\/www.ratehub.ca\/blog\/average-home-insurance-cost-bc\/\">Source<\/a> &#8211; data from January to June 2024<\/p>\n\n\n\n<p>These figures vary depending on personal circumstances and the provider.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-home-insurance-premiums-are-calculated\">How Home Insurance Premiums Are Calculated<\/h2>\n\n\n\n<p>Your <strong>home insurance premiums are the amount you pay your insurance company monthly or as an annual lump sum to keep your insurance policy in good standing.<\/strong> Insurance companies calculate your home insurance premiums based on many factors, such as your property details and location.<\/p>\n\n\n\n<p>Here are some factors that your insurance company will use to determine your home insurance costs:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Your claims history<\/li><li>The type of residence<\/li><li>The structure of the residence&nbsp;<\/li><li>Value of your home and your contents<\/li><li>Local crime rates<\/li><li>Your deductible amount<\/li><li>The amount of coverage that you require<\/li><li>The cost to rebuild your home if it\u2019s declared a total loss<\/li><\/ul>\n\n\n\n<p>It&#8217;s also worth stressing that where you live will impact the cost of home insurance because some areas are more susceptible to certain natural risks, like forest fires or flooding. Your insurance provider will also look at the age and structure of your building, from the plumbing to the electrical wiring. The insurance company will consider the crime rate in the community and how close you are to the fire hydrant or a fire hall.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"http:\/\/Guide to Getting the Best Home Insurance\"><a href=\"https:\/\/www.zolo.ca\/blog\/types-of-insurance\">6 Types of Home Insurance You Might Need<\/a><\/a><\/p><\/section>\n\n\n\n<p>Your property&#8217;s replacement cost is the amount it would cost to rebuild and repair the property in its current state. You will typically choose the replacement cost coverage for your policy, but your insurer will make recommendations. You\u2019ll want to notify your home insurance provider if you upgrade your home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"comparing-home-insurance-quotes&nbsp;\">Comparing Home Insurance Quotes&nbsp;<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"566\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/05\/bigstock-Women-Counting-Coins-On-Calcul-474803947-1024x566.jpg\" alt=\"\" class=\"wp-image-22799\"\/><\/figure>\n\n\n\n<p>Sharing average home insurance costs can be challenging, as your insurance company will review many factors when deciding on your premium. Your location, the age and type of unit you live in, the electrical system, your <a href=\"https:\/\/www.zolo.ca\/blog\/how-to-file-home-insurance-claim\">claims history<\/a>, and the amount of home insurance coverage you want will impact the cost of home insurance. This is why you must shop around for multiple quotes to ensure you pay a fair price for your coverage.<\/p>\n\n\n\n<p>An insurance broker can shop around different insurance companies to find the best option for your home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-home-insurance-premiums-cover\">What Home Insurance Premiums Cover<\/h2>\n\n\n\n<p>Home insurance covers a wide variety of potential damage and loss. That said, it\u2019s essential to understand all aspects of your coverage, including optional coverage, to ensure you have the right insurance policy for your needs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Personal Property&nbsp;<\/h3>\n\n\n\n<p>Your home insurance policy covers the actual dwelling (condo or house) and your contents.&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Dwelling<\/strong> &#8211; Your home\u2019s physical structure is likely the most critical aspect of home insurance. This portion of your coverage would repair or replace any property damage caused by a covered loss.<\/li><li><strong>Personal contents<\/strong> &#8211; The contents portion of your home insurance protects your personal belongings. You&#8217;ll be reimbursed if any items are damaged or lost due to a covered loss. Personal contents coverage ranges from furniture damaged during a flood to replacing your stolen laptop.<\/li><\/ol>\n\n\n\n<p>You should take inventory of your possessions to ensure enough coverage. While it may seem like your items hold a low monetary value, you could be surprised by how quickly laptops and jewelry will add up. Some insurance policies will replace your items, while others will give you the actual cash value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Personal Liability Coverage&nbsp;<\/h3>\n\n\n\n<p>You need liability insurance to protect yourself if someone gets hurt on your property or if you cause damage to someone else\u2019s property.<\/p>\n\n\n\n<p>It\u2019s generally recommended that you have a million dollars in liability coverage because one lawsuit can be financially crippling. For example, if someone slips on your property, your home insurance would cover the costs, ranging from medical bills to legal expenses (lawyer fees and any possible awarded damages) if the person decides to sue you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Additional Living Expenses&nbsp;<\/h3>\n\n\n\n<p>Additional living expenses coverage will pay the costs of temporary living accommodations if your home is uninhabitable due to a covered loss. Your insurer will determine the reasonable expenses you can incur until a specific limit based on your policy.<\/p>\n\n\n\n<p>For example, if the unit above you floods your condo, your home insurance will pay you to stay somewhere during the repairs. Your policy will cover reasonable expenses like hotel stays, meals, and even dry cleaning. What\u2019s deemed reasonable will depend on the situation, but it\u2019s helpful to know that you wouldn\u2019t have to scramble to find a place to stay if your home is damaged due to no fault of your own.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-you-can-save-money-on-home-insurance-cost\">How You Can Save Money on Home Insurance Cost<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"684\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/06\/Harbour-view-condos-Pentiction-BC-Zolo-1024x684.jpg\" alt=\"Penticton, British Columbia\/canada - July 6, 2020: View From The\" class=\"wp-image-18390\"\/><\/figure>\n\n\n\n<p>Home insurance policy costs can vary significantly depending on several factors. A few small changes can lower your insurance costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Add Safety Features to Your Home<\/h3>\n\n\n\n<p>Since your property type impacts how much you pay for insurance, you can add <a href=\"https:\/\/www.zolo.ca\/blog\/smart-door-locks-canada\">security measures<\/a> to help lower your premium.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Security system<\/strong> &#8211;&nbsp; Installing a security alarm and monitoring system will make your home safer in the eyes of the insurer&nbsp;<\/li><li><strong>Water monitoring<\/strong> &#8211; You can help prevent water damage with a centrally monitored water alarm<\/li><li><strong>Smoke and CO2 detectors<\/strong> &#8211; Adding hardwired smoke and CO2 detectors increases the likelihood of discovering a fire before it gets out of control<\/li><li><strong>Remove safety hazards<\/strong> &#8211; Removing hazards like wood-burning fireplaces or oil tanks can make your home less likely to experience a fire or environmental oil leak<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Customize Your Coverage<\/h3>\n\n\n\n<p>You can <a href=\"https:\/\/www.tdinsurance.com\/products-services\/home-insurance\">customize your home insurance<\/a> to match your lifestyle and current situation. Here are two simple options:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Limit your personal contents coverage<\/strong> &#8211; You don\u2019t want to over-insure if you don\u2019t need protection for all of your belongings.&nbsp;<\/li><li><strong>Increase your deductible<\/strong> &#8211; This is the dollar amount you cover for your claim before insurance covers the rest.<\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">Look For Additional Discounts<\/h3>\n\n\n\n<p>There are some ways to get additional discounts on your insurance, like:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.zolo.ca\/blog\/bundling-home-auto-insurance\">Combine your home and auto insurance<\/a><\/li><li>Look for group discounts for organizations you\u2019re involved with<\/li><li>Improve your <a href=\"https:\/\/www.zolo.ca\/blog\/canada-credit-score\">credit score<\/a><\/li><li>Try not to file claims for minor issues<\/li><\/ul>\n\n\n\n<p>You should also shop around for quotes, as the average cost of home insurance can vary greatly depending on the insurance company and your relationship with the company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"bottom-line\">Bottom Line<\/h2>\n\n\n\n<p id=\"final-thoughts\">While the cost of home insurance could be daunting for a new homeowner with many other expenses, this is one area where you can\u2019t afford to cut corners. The average cost of home insurance will vary based on the type of home you purchase and where you live, so you\u2019ll want to consider these factors before you apply for a mortgage.<\/p>\n\n\n\n<p>Search for your next home on <a href=\"https:\/\/www.zolo.ca\/\">Zolo.ca<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home insurance is a critical tool to protect your home. Here&#8217;s how much it costs<\/p>\n","protected":false},"author":106,"featured_media":23477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"guide":[],"class_list":["post-23476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=23476"}],"version-history":[{"count":14,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23476\/revisions"}],"predecessor-version":[{"id":25208,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23476\/revisions\/25208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/23477"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=23476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=23476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=23476"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=23476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}