What is the average cost of home insurance?

The average cost of a home insurance policy varies according to a number of criteria, including place of residence, type of property (house, condo, rental) and type of coverage (basic, extended, comprehensive). In Quebec and Ontario, the average cost of home insurance is $87 ($1044/year) for a house, $31/month ($372/year) for a condo and $23.50/month ($282/year) for a rental, according to our partner YouSet.

What's the best home insurance for the cheapest price?

The cheapest home insurance is basic home insurance. It offers coverage limited to the risks listed in your insurance policy. Although more affordable, you should be prepared to cover the cost of any damage not included.

Is home insurance mandatory in Canada?

No. Canadian law does not require you to take out home insurance. But mortgage lenders require it for properties that are not fully paid up. In other words, to get a mortgage. That said, home insurance is still important to protect your personal property in the event of theft, vandalism, fire and much more.