Home insurance calculator

What is a home insurance calculator?

A home insurance calculator is a convenient tool that allows homeowners to estimate their monthly insurance costs without having to provide any personal information. Its purpose is to give you an approximate idea of the range of premiums you might expect to pay, from the lowest to the highest amounts, based on your location. This is important information to have on hand before committing to a policy, as it can be used to weigh your options and ultimately, make an informed decision regarding your insurance needs and budget as a homeowner in Canada. 

Remember, an estimate is not a quote. A quote can be accepted and purchased, forming a binding agreement. Whereas, an estimate, such as one generated by a calculator such as this, provides only an approximate cost and cannot be accepted or purchased.

How to get a home insurance estimate

Getting a home insurance estimate with our calculator is quick, easy, and anonymous. Here’s what you need to do: 

1. Select the kind of insurance you need 
2. Select the city you live in (or the one closest to you) 

Once you have an estimate, the next logical step is to start comparing home insurance quotes. When that time comes, you’ll be asked detailed questions about yourself and your home. Upon providing accurate answers, YouSet will offer you a quote that’s unique to you, which you can then review and purchase online when you’re ready.

Home insurance estimate vs. home insurance quote

In the insurance industry, an estimate and a quote are key elements you’ll encounter when shopping for coverage. Though they serve different purposes, understanding the difference between them can help you make a well-informed decision.

While a home insurance estimate will give you an approximate price and is usually anonymous to complete, a quote can give you an exact price because it is unique to you and your property. You might want to get an estimate first so that when you start shopping around and requesting quotes, you have something to compare the quotes you receive to. 

Here’s a more in-depth breakdown of the differences between a home insurance estimate and a home insurance quote.

Home insurance estimate

• Provides an approximate price range: A tenant insurance estimate provides you with a rough idea of what your premiums might be, offering a range rather than an exact figure
• Anonymous: An estimate is a more private and anonymous way to get an idea of what others pay for home insurance without having to provide any personal information
• Takes a few seconds to complete: Since there are minimal questions asked, you can get a home insurance estimate in less than 30 seconds
• No credit check required: Estimates don’t ask for your personal information, thus they do not trigger any credit check

Home insurance quote

• Provides an exact price: A home insurance quote gives you an exact price based on the detailed information you provide about yourself and your home
• Not anonymous: Personal details like your name, age, address, and more are all required to get a home insurance quote
• Takes a few minutes to complete: Given the nature and amount of information required to provide an accurate home insurance quote, you can expect it to take a few minutes to finish
• Triggers a soft credit check: Completing an insurance quote will trigger a soft credit inquiry. This won’t affect your credit score but insurers might take it into account when they calculate your premium

Average price of homeowners insurance

Insurers always consider the location of your home when calculating your premium. Cities with high crime rates, dense populations, or significant environmental risks such as wildfires or earthquakes typically incur higher home insurance costs due to these heightened risks. You can see the average monthly cost of homeowners insurance among YouSet users in Ontario and Québec in the following table.

What factors are used to determine the cost of homeowners insurance?

To provide a homeowners insurance quote, insurers must evaluate both you and your property. While they use similar criteria for this assessment, the emphasis placed on each factor can vary between companies. Given this variability, here are the factors you can expect insurers to consider when determining the cost of your home insurance premium.

• The construction type of your home
• If you have a mortgage or not
• The age and characteristics of your home
• Proximity to the nearest fire station and fire hydrant 
• When will you move in/when did you move in
• The age and characteristics of your home’s heating and cooling system 
• Presence of pets 
• Presence of security features
• Your address
• Your age
• Your employment status 
• Your gender 
• Your field of work
• How long you’ve had insurance for 
• How many claims you’ve filed, if any