Home insurance can be more expensive in smaller towns: experts
BNN Bloomberg
As some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums.
As some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums.
According to financial products comparison site Ratesdotca, the average cost of insuring a home in places like the Windsor-Essex region and the Sudbury, Ont., area hovered around $2,000 per year.
That compares to averages between $1,200 and $1,350 per year in Toronto, and around the $1,000 mark in some Greater Toronto Area communities.
While the company doesn't have data for other provinces, John Shmuel, managing editor of Ratesdotca, said he expects the trend of higher rates in smaller communities would continue.
Jesmond Tabone, president of owner of Tabone Insurance Brokers in Windsor, Ont., points out that cities like Windsor often have more detached homes and bigger lots, which can push premiums higher because homeowners could require more kinds of coverage.
“It's not the homes themselves that are the issue, it's the type of coverages that would apply to the home,'' said Tabone.
