A new report from Ratesdotca says Ontarios living in suburban neighborhoods like Lasalle in Windsor pay more than double the home insurance premium compared to affluent Greater Toronto Area neighborhoods like Woodbridge. Most of the ten cheapest places in Ontario for home insurance are affluent Toronto suburbs, the report said.
Northern Ontario cities such as Timmins, Thunder Bay, and Elliot Lake account for half of the top 10 most expensive cities for home insurance premiums.
“Many different factors affect the cost of insurance premiums. Unlike auto insurance, the home insurance market is unregulated. Things like credit scores and unemployment rates can be used to determine the cost of insuring a homeowner, which affects rates,” said John Shmuel, editor in chief at Rate Dotca. “Other factors include crime rates and the number of claims in a particular area.”
Only cities with a minimum population of 10,000 were included in the report.
- Lasalle (Windsor)
- Kingsville (Windsor)
- Amherstburg (Windsor)
- thunder bay
- Lively (Walden), (Sudbury)
- Essex (Windsor)
- Garson (Sudbury)
- Elliot Lake (Sudbury)
Ratesdotca says the provincial average cost for home insurance premiums is $1,342 per year.
Across the county, there is a difference of about $1,145 in home insurance between the most expensive, Lasalle at $2,098 per year, and the cheapest city, Woodbridge, at $953 per year.
Of the top 10 least expensive list, GTA suburbs Woodbridge ($953) and Richmond Hill ($982) topped the list of cheapest insurance premiums, with Ajax ($1,027) and Kleinburg ($1,031) in 9th and 10th place.
- wooden bridge
- Richmond Hill
- Holland Landing
Estimated home insurance premiums are based on a 45-year-old homeowner who has been insured for at least 10 years and lives in a 2,500-square-foot home. house with brick veneer, timber frame construction, natural gas heat and a roof that is 10 to 15 years old.
Estimated condo insurance rates are based on a one-bedroom plus den, 800 to 1,000 square feet. $40,000 apartment in a high-rise, fire-rated building built after 2007.
Estimated renter insurance premiums were based on a two-bedroom, one-bath, 1,000-sq.-ft. apartment with a contents of $35,000 and a liability of $1 million.
Shmuel offers the following tips for homeowners to reduce insurance costs:
- Be selective in what you claim. Avoid making claims for minor things as that would affect your claim history, which affects the rates.
- Bundle with your car insurance. Insurance providers offer bundle discounts of up to 15 percent when home and auto policies are purchased together.
- Get a good credit score or find a home insurance company that doesn’t use a credit score to determine premiums.
- Install home monitoring systems. Reduce the risk of damage to your home and theft and prevent unnecessary claims.
- Compare home insurance rates. Find the policy and rate that best suits your situation.