Estimate Your Home Insurance Cost

This Page's Content Was Last Updated: April 13, 2023
WOWA Trusted and Transparent

Get an estimated quote for your home insurance with this calculator. Currently, this calculator only covers detached properties located in Ontario.

Your Home's Address
Your Annual Property Tax
Number of Mortgages
Burglar Alarm
Distance from Fire Hydrant & Fire Station
Year Built
Fire Alarm
Past Claims
Personal Liability
Your Home Insurance Quote

What You Should Know

  • Home Insurance covers the physical structure, potential liability to third parties, replacement in case of fire, theft and natural events.
  • Insurance companies consider various factors to estimate the probability of getting a claim, and what that insurance premium will cost.
  • The main factors affecting the home insurance premium are location, past claims, and distance from a fire station and hydrant.
  • According to the Insurance Bureau of Canada, in 2021, Canadian home insurers received $16.2 billion in premiums for personal property insurance and paid out $7.6 billion in claims.

How Does Home Insurance Work?

Home Insurance is the transfer of risk of damage to your home. When you and many others buy insurance, you’re paying into a fund to protect yourself from the unexpected.

Insurance companies consider various factors to estimate the probability of getting a claim, and what that claim will cost. The parameters can vary from company to company. In fact, what you pay depends on quite a few different factors. From your location to the age of the roof and how many claims you have had, lots of things can impact how much your home insurance costs.

The best way to get an accurate idea is to get a quote online. You can also estimate a quote using the instant home insurance calculator on this page. The calculator takes into account the multiple parameters that cater to your home. It then quantifies those parameters, and the multiples make up your home insurance premium.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
No Rates Available.
Mortgage Term:

What Affects My Home Insurance Quote?

Have you ever thought about what makes your insurance different from your neighbour's or what causes your insurance to go up or down? Insurers consider a huge number of factors when determining the insurance premium rate. The following are some key elements that will affect your home insurance quote:

Replacement Cost: Replacement cost is based on the estimated rebuilding costs should your home be destroyed and need to be rebuilt from scratch. This amount can vary depending on the size, age, and construction of your home, as well as the materials used in its construction.

Unfortunately, unforeseen events like water damage, severe weather and natural disasters are happening with increasing frequency. With the increasing cost of building materials needed to rebuild and repair homes, payouts are becoming higher and more frequent, which affects the insurance premium.

Location: The location of the house makes a huge difference. Insurance companies use the postal code to determine the likelihood of claim occurrence by tracking the claims in that region. If you live in a neighbourhood with high crime rates or a high frequency of natural disasters, you are likely to have a higher insurance premium as compared to areas which do not experience these events a lot.

Fire Station and Fire Hydrant: The distance between your home and the nearest fire station or fire hydrant can impact your premium rate. Homes located closer to a fire station and/or fire hydrant are considered less of a risk, so insurers tend to consider them more favourably when determining premiums. The closer you are, the safer you are. This, in turn, can reduce your premium adjustment.

Age of House: The age of the structure of your house is another factor of premium adjustment. As the house gets older, it depreciates in value as well as quality. This increases the risks associated with pipelines, air ducts, and roof strength. Older homes are charged higher premiums than newer homes.

Past Claims: The more claims you have made on your home insurance policy, the higher your premium rate is likely to be. Insurance companies view past claims as a sign of increased risk.

Heating System: Oil and wood-burning heat come with an increased risk of fire, so you may pay more for insurance if your home has one of these systems.

Size: If you live in a three-storey house, chances are you have more stuff than someone who lives in a small townhouse – which means it would cost more to rebuild, replace or repair in the event of, say, a fire or flood.

Usage: If you run a home-based business, it’s a good idea to connect with your insurance advisor who can discuss whether adding a home business floater to your policy is appropriate. This floater includes coverage for office equipment and inventory pertaining to a business. Home insurance includes personal liability coverage, and when this floater is added to a policy, it extends that liability coverage to a business, too. This added coverage means you'll pay more for your insurance.

Claims, Coverage and Deductible: The higher your deductible – the amount you agree to pay upfront in the event of a claim – the lower your insurance rate.

Special Discounts: There are a few other ways you may be able to reduce your home insurance premiums. Installing centrally monitored systems that detect fire and/or break-ins can usually net discounts.

Overall, your location, past claims, and distance from a fire station and hydrant have a huge impact on your insurance. Factors like fire alarms, type of roof, and heating systems do not impact the insurance quote quite as much.

Average Home Insurance Premium

How Are Home Insurance Premiums Calculated?

For the same house, every insurance company will provide a different insurance quote. This is because of the unique rating algorithms that make their insurance rates vary based on the particular insurer’s historical data. While some home insurance calculators use only the above-mentioned factors for their insurance calculation, others use more comprehensive factors in addition to these. Those factors can be your credit rating, roof type, heat source, and the presence of any home business, pets, pools, fireplaces and many more. These factors impact the insurance rate and can be helpful in providing an accurate quote.

Ways to Reduce Your Home Insurance Premium

Why Is The Actual Home Insurance Premium Different From Online Calculators?

Many online home insurance calculators do not account for these factors and end up providing inaccurate or ballpark figures as to what your actual home insurance quote will be. On the bright side, online home insurance calculators are extremely fast and provide an estimated figure for your insurance premium within a few minutes as opposed to hours on call waiting for an agent.

Online insurance calculators try to curate all the general factors that could apply to everyone and leave the parameters that pertain to someone’s personal insurance history aside. This is the main reason for getting inaccurate but not completely unreliable results.

An online home insurance calculator is a tool that can help in getting the results for you to budget for your insurance, but should only be used as a rough estimate.

Tips to Choosing the Best Insurer

Tips to Choosing the Best Insurer

When trying to decide which insurance company to go with, be sure to check the following:

Financial Strength: Check for the financial strength of the insurer. Insurance companies need financial stability to be able to pay out large claims.

Customer Reviews: Word-of-mouth marketing has always worked in the past, and today the internet helps in spreading the word using customer reviews or recommendations. Be sure to check those out before choosing the right insurer for yourself.

Market Share: Compare the market share and industry rankings of your chosen insurer with other competitors in the market to get a better understanding of which insurer meets your needs.

Deals and Discounts: Insurance companies offer discounts from time to time. It is best to check the deals they offer on their insurance products, what kind of savings you may earn by bundling with them, how they accept payments, and how quickly they respond to queries.

Coverages Offered: Another important tip is to understand that you get fair coverage for the amount you are paying. Each insurer can have different coverages with different deductible options. Once you are clear on what kind of coverage you want, it will be easier to compare the insurers that will suit your needs.

Basic Elements of Insurance

Your insurance consists of multiple coverages, liabilities and endorsements. Home Insurance typically provides coverage for rebuilding the same property (up to the policy limit). The overall property coverage limit may be either dependent upon the actual cash value or the replacement value of the home.

Things to Note

This includes four basic Coverages, namely Coverage A, Coverage B, Coverage C, and Coverage D.

  • Coverage A includes dwelling such as foundation, flooring, windows and doors.
  • Coverage B includes detached structures such as a shed or outhouse.
  • Coverage C includes home contents such as furniture, computers, appliances, and clothing.
  • Coverage D includes additional expenses such as bad debt on rent for landlords, and expenses of tenants or homeowners.

Learn about other components of home insurance, such as endorsements, at WOWA's guide to home insurance.

Frequently Asked Questions


Will I get home insurance if I have a pet dog?

Dogs are considered a part of the property, and you will be provided coverage against personal liability in case your dog bites someone in your house. Keep in mind that this coverage is not the same as pet insurance. Some insurance companies might increase your insurance if you have a large breed dog, for example, a pit bull, rottweiler, cane corso etc. It is important to check with your insurance before you finalize your policy.


Does my home insurance cover natural disasters?

It is a myth that natural disasters are not covered by a home insurance policy. A typical insurance policy covers “named-perils” and contains a clause for “unpredictable weather conditions”. For example, most insurance policies in Alberta cover hailstorms.

swimming pool

Will having a swimming pool or hot tub increase my home insurance?

Open water sources in the house can increase your home insurance. This is because it can increase the risk of personal liability, and adds an additional layer of repair cost if it were to be rebuilt. There is also a risk of the pool leaking and water entering the foundation of the house. The insurance companies account for such risks and charge accordingly.


Will regular repair or renovation affect my home insurance?

Major renovations in the house can reduce the insurance risk. For example, if you repaired a 10-year-old roof, this can help reduce the risk. On the other hand, if you make structural changes like adding a bedroom without a permit, this can lead to increased insurance rates.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.