4.8
★★★★★ 4.8/5
on Google and Facebook!

Your Home Insurance Calculator. Your Choice.

3 minutes can save you hundreds. Enter your postal code below and join thousands of Canadians saving on home insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

Square One Logo

How to Compare Home Insurance Quotes with MyChoice

Comparing home insurance quotes with MyChoice is as simple as it gets:

Share Your Home Insurance Needs

Tell us what you want out of your home insurance.

Shop for the Best Deals​

Compare home insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$110.05Feb 20, 2025, 01:08 PMAuto48MaleSudbury
$61.12Feb 20, 2025, 02:38 PMHome34FemaleSault Ste. Marie
$20.34Feb 20, 2025, 07:32 PMTenant26MaleSt. Catharines
$49.82Feb 20, 2025, 06:51 PMLife45FemaleBelleville

How MyChoice Works

0

Canadians

have compared rates and saved money over the last 24 hours
Secure. No Spam. No Fees.
Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on January 28, 2025

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated January 28, 2025

Visit author page

7 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

How to Use Our Home Insurance Calculator

Below is a quick video showcasing how to use our home insurance calculator. Press “play” to learn how to save on your home insurance.

Estimate Your Home Insurance By Using Our Calculator

Navigating the complexities of home insurance can often seem daunting, with many homeowners unsure about the appropriate level of coverage for their needs. Using a home insurance calculator can simplify this process, helping to accurately calculate your premiums, identify the necessary coverage, and ensure you receive the best value from your home insurance policy.

For most Canadians, a home is not just a significant financial investment but also a cornerstone for family life and wealth accumulation. Given its immense value, the importance of safeguarding your property with the right homeowners insurance cannot be overstated.

Our versatile insurance calculator extends its utility beyond just home insurance, by offering savings across various property insurance types, such as renters or tenant Insurance and condo Insurance. Whether you’re looking to protect your family home or ensure your rental properties are covered, our calculator is designed to streamline the process and guide you to the most suitable insurance solutions.

How To Use Our Home Insurance Calculator

Using our home insurance calculator simplifies the journey to securing affordable home insurance.

By entering your details and providing as much information as possible, you’ll receive accurate quotes from Canada’s top home insurance providers. It’s a quick and easy process designed to save you money and hassle, with no obligation.

Start Your Quote

Enter your postal code above to begin and this will get the process underway. Have some information to hand about the property info that are needed for an accurate estimate!

Property Info

This includes the type of dwelling (e.g., detached, condo, townhouse), the build year, and specific details like basement renovations and how many floors unique features. If the property information is readily available we will populate this for you, however, this step is crucial for accurate and personalized quotes so always remember to review.

Give Your Address & Some Applicant Info

Provide some necessary information about your home or property, such as the address, who lives there and for how long. This includes the type of dwelling (e.g., detached, condo, townhouse), the build year, and specific details like renovations or unique features. This step is crucial for accurate and personalized quotes.

Review Your Quote Estimates

After submitting your home’s details, you’ll be presented with a selection of insurance quotes from top Canadian providers. These estimates are based on the information you’ve provided, offering a comparison of coverage options and prices.

So How Much Home Insurance Do I Actually Need?

Most home insurance policies come with a default personal liability coverage of $100,000. However, MyChoice’s experts recommend a minimum total coverage amount of $1,000,000. Coverage amounts can go up to $5,000,000, depending on your needs. When calculating the coverage for the contents of your home, it’s recommended to take around 50% of the replacement cost for your home as a baseline.

Benefits of Using a Home Insurance Calculator

At MyChoice.ca, we believe that an informed choice is the best choice. Whether you’re buying a new home, moving, or renewing your policy, our home insurance calculator is designed to bring clarity, savings, and peace of mind to your insurance decisions. Start exploring your options today and take the first step towards securing your home and future with confidence.

Plan Ahead

Spot your dream home? Use our calculator to check insurance premiums before making an offer or after purchase. Plan ahead effortlessly.

Simplify Your Move

Moving? Quickly check policy costs with us to budget smarter for your new home.

Renovation Planning

Considering upgrades or renovations? Estimate how changes might affect your insurance premiums to ensure your improvements are both valuable and insured.

Save When Its Time For Renewal

At renewal time, effortlessly find competitive quotes with us to lower your premiums and make sure you’re getting the best home insurance available to you.

Compare Multiple Providers In One Place

Input your info once and get multiple quotes back. Our easy-to-use platform saves you valuable time by looking at all your options at once.

Explore Your Different Policy Options

Learn about various home insurance policies and coverages for all dwelling types. Knowledge is power.

Spot Savings Quickly

Get multiple premium estimates from top Canadian insurers, allowing you to spot savings opportunities quickly.

Cost-Free Tool

Access our powerful home insurance calculator and resources at no cost. Empower your insurance choices without spending a penny.

How Does a Canadian Insurer Calculate Your Home Insurance?

The price of home insurance in Canada is influenced by a variety of factors, including your location, the type of property you own, and even your credit history. Below are some key elements that impact the cost of home insurance in Canada:

Accessory Dwellings

Detached private structures like tool sheds, pool houses, and gazebos may increase your home insurance premiums. Further, a pool typically increases your premiums because of the increased risk of drowning, as well as the extra cost of maintaining a surrounding fence and lock. Make sure your home insurance covers all of your detached structures.

Credit Score

The majority of Canadian provinces use your credit score to determine your home insurance premium. This is because it’s often perceived that a bad credit score increases the risk of providing home insurance, as it increases the odds of late or non-payment of premiums.

Internal Construction

If your home is older, in poor condition, or needs to update systems like heating and plumbing, it may be pricier to insure. This is because older electrical, heating, and plumbing systems increase the risk of certain accidents like fires and water damage from leaks.

Location

If you live in an area prone to natural disasters like earthquakes or flooding, your premiums may be higher. Insurers also tend to charge higher premiums in areas where more homeowners have filed claims over recent years.

Replacement Cost

Replacement cost is based on how much it would cost to rebuild your home at its present condition and value. The higher your home’s present value, the more expensive it is to insure. Note that when factoring in replacement cost, you’ll need to inform your home insurer of any expensive items or upgrades like jewellery or artwork which will need extra coverage.

Past Claims History

Simply put, the more claims you have in a 10-year period, the higher your monthly premiums will be. As a general rule, make sure that the cost of your potential claim is higher than your policy deductible, which is the amount you have to pay before your insurer covers the rest.

Pets

Some insurance providers will ask you to disclose the number, type, and breed of any pets you may have, as some pets are considered an additional liability risk.

Property Type

Whether you live in a condo unit or a single-detached home, different types of dwellings will be evaluated differently by an insurer as each comes with different risks.

Renovations and Improvements

Some improvements can lower or increase your home insurance premiums. For example, converting a room into a home theatre may increase your home’s present value, so your premiums may go up. On the other hand, improvements that increase home safety like an alarm system may lower your premiums. Note that you should tell your home insurer both before and after you renovate your home.

Roof

The average asphalt shingle roof will begin to wear down after approximately 10 to 15 years. Unless it’s properly maintained and repaired, your roof may increase the risk of letting water leak in and damage your house. Canadian home insurers may lower your quotes if they see that your home’s roof is made with high-quality, durable materials.

Smoking Or Non-Smoking Policyholders

If you’re a non-smoker, an insurer may offer lower premiums as they consider it less likely that a cigarette or other smoking device will start a fire in your home.

Special Uses

While conducting business in your home won’t always increase your home insurance premiums, this depends greatly on the kind of business you’re running. For example, you can expect to pay more if you’re listing your home for short-term rentals or running a home-based catering company because there is more risk of liabilities or accidents.

Type of Coverage You Choose

If you get a policy with a higher deductible, this will result in a lower premium. Additionally, the higher the coverage and the more risks you are protected against, the higher your premiums will be.

Your Chosen Insurer

Different insurers may offer varying quotes even for the same type of policy. Coverage costs vary between companies, so it’s important to shop around to find the best deal. 

Home Insurance Terms You Should Be Familiar With When Using a Calculator

When it comes to home insurance, understanding the essential terms is crucial for navigating your policy and ensuring adequate coverage.

  1. Premium/Rate/Estimate/Quote: Your insurance premium is the payment you make to keep your insurance policy active, typically paid monthly or annually.
  2. Replacement Cost: This is the estimated amount required to rebuild your home from scratch in case of total loss. It varies based on your home’s unique characteristics and local construction costs.
  3. Actual Cash Value: This figure represents the replacement cost of your home minus depreciation, reflecting the current value of your home in its used condition.
  4. Endorsements: Optional additions or changes to your standard policy, allowing you to increase coverage or add new protections for specific items or situations.
  5. Deductible: The portion of a claim that you’re responsible for paying before your insurance coverage kicks in. Choosing a higher deductible can lower your premium.
  6. Depreciation: The decrease in value of your property or belongings over time due to use, wear and tear, or obsolescence.
  7. Perils: Specific risks or events covered by your home insurance policy, such as fire, theft, or natural disasters.
  8. Liability Coverage: Protects you in case someone is injured on your property or you cause damage to someone else’s property, covering legal costs and damages.
  9. Living Expenses: Coverage that helps pay for additional living costs if you’re temporarily unable to live in your home due to an insured disaster.
  10. Policy Limits: The maximum amount your insurance company will pay for a covered loss. It’s crucial to set limits that are adequate to cover potential losses.

These definitions provide a clearer understanding of common and essential home insurance terms, helping you navigate your policy with greater confidence.

Commonly Asked Questions About Home Insurance Calculators

How accurate will the estimate of my home insurance be when using a calculator?

They’re handy for getting an idea of how much you can roughly expect to pay for your home insurance, as they say, the devil is in the details – provide accurate information and the the quote will be as accurate as it can be. As you decide to purchase home insurance there could be some slight changes when finalizing policy details but for the most part, calculators are a great resource that all financially savvy Canadians should be taking advantage of.

What is the average price of home insurance in Canada in 2024?

As mentioned above, the cost of home insurance in Canada is influenced by a variety of factors and can significantly differ from one province to another, reflecting the unique risks associated with each region, such as local weather patterns, crime rates, and the cost of construction.

However, as per our recent quote data from early 2024, we have an average of $1,038 per year. You can see the provincial breakdown on this page.

Is it free to use a home insurance calculator?

It most definitely is, there is no obligation after using the calculator either.

If I calculate my home insurance multiple times will it affect my insurance?

No, your home insurance estimate will not be affected if you elect to do multiple insurance quotes.

If I live in a condo or rent can I still use a home insurance calculator?

Yes you can, our home insurance calculator offers the ability for dedicated condo and tenant insurance quotes as well.

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

7 Mistakes to Avoid When Shopping for Home Insurance

When shopping for home insurance, making a mistake could cost you. Learn about 7 most common mistakes homeowners make when buying insurance.
Read full article

When Can A Landlord Evict A Tenant In Ontario?

When can a landlord evict a tenant in Ontario? Learn the legal grounds, notice periods, and how renters insurance plays a significant role in this guide.
Read full article

Overcoming Home Insurance Claim Delays: A Guide

Is your home insurance claim delayed? Learn about the delays, how to expedite, and when to consult lawyers or regulators for quick resolution and faster results.
Read full article

Even More Ways To Save on Insurance