Advantages of using a home insurance calculator
We know you do not want to spend a lot of time when shopping for quotes. A calculator helps you estimate the amount of coverage you may want before you get a quote. The amount of protection you need, in addition to other factors, will play a role in how much you can expect to pay.
Doing an estimate each time your policy comes up for renewal is the key to getting the best prices. Failure to assess your options when renewal time rolls around could cost you money.
The main advantages include:
- Save you time: Enter your information once, and review quotes from multiple insurers. They are really easy to use.
- Assess your options: Get an understanding of the options available to you. You get a good assessment of your total costs and plan requirements.
- Compare options: Learn about different types of home policies and coverage. You can use it for all types of dwellings.
- Review premiums: Get estimates for premiums from multiple home insurance providers. You will be able to identify ways to pay less.
- It's free!
Using our home insurance calculator to assess your options is the key to getting low premiums year after year. Let us help you reduce your payments!
How is home insurance calculated?
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Getting a quick estimate will give you a baseline to use when budgeting for insurance. A quick way to do it is to use this formula:
Total home square footage X per-square-foot building costs in your area
For example, let's say you have a 2,000-square-foot home in Toronto. According to Altus Group the average cost to build a home in Toronto ranges from $165 to $260 per square foot. At $200 per square foot, it would cost approximately $400,000 to build a home. This is a baseline for the cost to rebuild your home. There are other considerations insurers use that will increase this amount. They will also factor in things like your content and coverage selection.
Answering the following questions can help you get a good estimate of your needs. Here is how to calculate home insurance prices:
- What is the cost to rebuild your home?
- How much are your personal belongings worth?
- Do you have a mortgage? What coverage does your mortgage lender require?
- What type of coverage do you need based on local perils and threats?
- What are your liabilities?
- Where you do live? What is your postal code, neighborhood, and city?
- What type of dwelling do you reside in? Do you live in a house, townhouse, or condo?
- How many families reside in your dwelling?
- How old is your property?
- What is the construction type?
- What is your primary heating source? Is it gas, furnace, or electric?
- Any past claims?
- How long have you been insured?
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