According to MoneySense.ca, the average Canadian household pays $960 in home insurance per year.
A household’s specific insurance premium is based on many different factors ranging from the size of the home, its replacement value, location, age, construction quality, building materials and security features. Even characteristics of the homeowners themselves are taken into account, such as age and claims history.
Another important aspect of premium amount is the level of coverage you choose. For example, a comprehensive policy covers a home and its contents for risks including fire, theft and explosion. Some perils however are uninsured, such as water damage in flood-prone areas. On the other end of the policy spectrum is basic coverage, which only covers specific perils named within it.
The best way to figure out what insurance policy is best for you is to talk to an insurance broker. You may also want to consider ways to reduce premium costs, such as upgrading your roof and electrical wiring, and installing a sump pump or alarm system.
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