Compare Home insurance Rate of Different provinces of Canada

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Home is the perfect place to bring up family and is a place free from worries where people live together happily. Getting your own home is the best feeling in the world with privacy and love to craft your own uniqueness. There are multiple factors to consider when comparing home insurance rate of different provinces of Canada, to buy home. Rather there are no states but 10 provinces and 3 territories that make up Canada.  The 10 provinces include Ontario, Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta aside from Newfoundland and Labrador. The territories are Nunavut, Yukon and Northwest Territories.

Depending on the place you live the insurance rate varies, though the average rate is $840 per annum as according to the survey report few years before. The highest premium of home insurance is surprisingly in British Columbia with $924,followed by Alberta with $912 annually. Ontario is the most expensive province with frequent claims, lawsuits and injuries but with precautionary measures taken by this densely populated province, the insurance rate is low and comes on third position with the highest premium being $828. The Quebec has $768 per annum rate.

You can judge the difference of home insurance rate and their difference by comparing the following factors.

Weather Harshness

The severity of weather causes increase in insurance rate, as the places with cold weather for an extended period of time brings in their own damages. Even some places are prone to earthquake and other disaster.  The province British Columbia has greater number of earthquakes causing permanent damage, so the premium gets high.

Crime Ratio

The areas that have high ratio of crimes require residents to pay high premium as the probability of claim gets high in such case. The populous city Ontario has highest crime rate contributing in impact on premium of home insurance.

Disposable Income

When the income in hand is high after paying taxes and social charges there is a positive impact  on the home insurance rate too. As one is able to invest more towards safety and precautions that ultimately lowers the insurance rate.

Investment in Home

Minute things like proper wiring, investment in devices for protection from uncertainties and anything that reduces the chances of damage to house not only have a positive impact on well being but also lower the chances of claim. This results in reduction of insurance rate.

Status at the Moment

The retired people have low insurance rate, those who have lived at a home for long also get revised/ low insurance premium edge and those who own a home instead of living in rented one also have advantage. So your status counts towards determining the insurance rate. People with good records in terms of claims and overall better credit history have low insurance rate.

So no matter which province or city you live in, aside from natural factors your own history counts in determining the home insurance rate in Canada.

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