In 2016, the insurance value for homeowners insurance for homes worth between *** and * million Canadian dollars in British Columbia totaled *** Canadian dollars.

Homeowners Insurance in Canada

Home insurance allows for homeowners to be protected in cases of theft, damage, or loss, inside or outside the house. Homeowners insurance in Canada covers damage or theft to the home, flood damage, personal possessions, personal property stolen from their car, and damage or injury to those to visitors. Furthermore, it also covers those who cause accidental damage to someone else’s property. Additionally, it helps cover additionally living expenses if one cannot live in their home temporarily. Although homeowners insurance is not mandatory in Canada, it provides a great safety net for those who choose to buy it.

Prices across Canada

As the second largest country in the world based on landmass, cost of homeowners insurance vary region to region. In 2016, for houses worth *** and * million Canadian dollars, Quebec had the highest monthly average cost. Following Quebec was Atlantic/Ontario, then the Western region. Despite Quebec having the highest cost by region, they also had the highest home insurance customer satisfaction in Canada in 2018.