Over the last several years, Canada has experienced the most severe catastrophic events in its history. In 2013 alone, a total of $3.2-billion in damages were claimed after floods, hail and ice storms caused devastating damage across the country1. We have gone six consecutive years with more than a billion dollars spent to help restore Canadians impacted by weather-related events. Without the support of insurance companies, many Canadians would be unable to get back to normal and resume the daily activities of their lives.
Compared to other expenditures, the average Canadian pays less for insurance on a monthly basis than they do for their cellphone and internet bill2.
In 2013, Canadians spent an average of $191 per month on communications services (up 3.2% from 2012)2:
Cable and other television services: $53.56
Wireline telephone: $32.85
The Canadian average monthly premium to protect your home and its contents is $51/month. The percentage of household income taken up by shelter and accommodation is just over 40% per year3. To protect your biggest investment, home insurance represents less than 1% of an average Canadian family’s yearly expenditures.
We are fortunate to live in a country where we can purchase comprehensive protection for one of our biggest investments at a very reasonable cost. For an annual cost that is less than a latte a day, you are protected for your:
You are also protected from severe weather events such as:
In addition, as an Intact Insurance customer, many homeowner policies include coverage for:
1. Source: Insurance Bureau of Canada (IBC)
2. Source: The Globe and Mail. October 16, 2014.
3. Source: Statistics Canada, average household expenditure by province