Replacement cost – The cost of rebuilding your home and replacing your contents are the main factors that will impact your home insurance rates.
Location – You may pay more for home insurance if you live in an area prone to flooding or break-ins.
Claims history – Recent claims on your home insurance policy will usually result in higher premiums, and prevent you from cashing in on a claims-free discount.
Age of roof – Roofs less than 20 years old are better able to withstand wind, hail and leaking, and will reduce premiums.
Credit score – Insurers in Ontario and other provinces in Canada will often take your credit score into account to determine your home insurance rate.
Fire safeguards – You will pay less for home insurance if you have a fire hydrant within 300 metres and a fire station within 8 km of where you live.
Learn more about the factors that affect the cost of home insurance.