Home Insurance Coverage in Canada

Home insurance has two components: (1) dwelling coverage (rebuilding cost of the house), and (2) contents coverage (personal property inside). A $500,000 home typically needs $450,000 dwelling coverage (land value is excluded) and $100,000-150,000 contents coverage.

Average Home Insurance Costs by Province (2026)

• Ontario: $900-1,200/year
• BC: $800-1,100/year (lower due to fewer water claims)
• Alberta: $700-1,000/year
• Quebec: $700-950/year

Saving on Home Insurance

Discounts available: bundling with auto (10-15% savings), increasing deductible ($1,000 vs $500 = ~15% savings), home improvements (updated wiring/plumbing = 5% discount), and claims-free discounts (2-3% per year).