Across detached homes, condos, and rental dwellings, the average Ontarian pays $761 in home insurance every year—but it’s higher for full-blown home owners with more expensive dwellings, of course.
Here’s the breakdown by the type of home insurance Ontarians get:
- Home insurance for owners: $1,521
- Home insurance for condo owners: $345
It varies considerably by the kind of insurance you buy, but that’s not a surprise. Home owners need to insure the actual structure on a property, whereas tenants and condo owners don’t.
Specifically, condo owners usually just need to insure the inside of their own units—but the condo corporation will usually have a master policy that covers public areas, sometimes even covering damages inside each unit up to a certain point (but not unit upgrades).
These are just averages, obviously. Your home insurance rate can vary widely based on the cost to rebuild the structure, your neighbourhood, distance from the nearest fire hydrant, and plenty of other factors.
It sure helps to have a ballpark figure, though.