What is the average cost of home insurance?

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

What types of insurance are required for condominiums?

Condo insurance is not legally required, but mortgage lenders and banks require it for properties that are not fully paid up. That said, condo insurance is essential to protect your personal belongings and get a liability insurance.

What does building insurance cover in a condo?

The condo corporation's insurance covers the building's structure, elevators, common areas, parking lots, as well as interior and exterior property. While your condo insurance policy protects your unit and your personal belongings.

What's the cheapest home insurance?

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.

Who pays for condo insurance?

The condo corporation's insurance, which covers the building and common areas, is paid for by all co-owners through their condo fees. Condo insurance, which covers the interior of a unit and personal belongings, is paid for individually by each co-owner.