May 19, 2020

BC Leading Province in Home Insurance Premiums

Bizclik Editor
3 min
BC Leading Province in Home Insurance Premiums

 

Bird’s eye view on home insurance premiums

Often home insurance costs are lost within auto insurance numbers as part of a bundled price. Bundled or not, home insurance represents a considerable expense—but just how much?  To find out, Canadian company InsurEye completed research on home insurance premiums across Canada. The results show that, on average, Canadians pay $840 annually for their home insurance.  However, prices strongly varied across provinces.

The highest level of home insurance premiums is in British Columbia at $924 annually, followed by Alberta with $912 annually. Annual home premiums in Ontario go as high as $828, and in Quebec they reach $768 per year.

Owned vs. rented property

Home insurance for rental properties is in general cheaper than for owned properties because of the limited coverage this type of insurance typically provides. In the case of a renter or condo owner, you are paying to insure your personal property.  For a home owner, insurance covers both your dwelling and personal property. Virtually all home insurance policies cover additional aspects such as liability.

InsurEye’s research shows that home insurance premiums for owned property are 1.4 times higher (Alberta) to 2.1 times higher (Quebec) than premiums for a rented dwelling. The highest level of premiums for a rented dwelling is in Alberta at $696 per year, followed by BC with $588. Ontario follows with $480 and Quebec with $408 per year to round out the list.

As for owned property, British Columbia is clearly the priciest province, where home owners need to put down here the highest amount in Canada: $984 per year, compared with $948 in Alberta, $900 in Ontario and $852 in Quebec.

Why is BC home insurance so expensive?

A glance at real estate statistics delivers the first answer why British Columbia home insurance prices are so high. According to MLS statistics, BC is clearly leading in the average real estate prices. This average for Vancouver and Victoria reaches ~$750k and ~$450k respectively, whereas Toronto and Ottawa bring in ~$463k and ~$350k as averages. Calgary’s real estate average is ~$380k, with Montreal at ~$311k and Quebec City rounding out at ~$250k. The more valuable the home, the more it typically costs to rebuild and to insure.

BC-based insurance provider Square One shares another insight as to why home insurance is so expensive in BC. Due to the high earthquake risk, 40% to 60% of BC residents buy earthquake coverage, significantly more than the rest of Canada. (Only 5% to 10% of Quebec residents purchase this coverage even though it, too, is in an earthquake zone.) And, the cost of earthquake coverage in BC can account for as much as one-third of a policy’s premium.

 

 

Canada

AB

BC

ON

QC

All dwellings

 $        840

 $        912

 $        924

 $        828

 $        768

Rent dwellings

 $        480

 $        696

 $        588

 $        480

 $        408

Owned dwellings

 $        900

 $        948

 $        984

 $        900

 $        852


Table: “Annual Averages for Home Insurance Premiums”


InsurEye Inc. is a Canadian company that provides independent, innovative online services to help consumers better understand and manage their insurance. InsurEye Peer Comparison is a free, interactive tool that compares consumers’ insurance costs with their peers and shows how to save using others’ insurance experience: https://tools.insureye.com/pct/

Established in 2011 and based in Vancouver, British Columbia, Square One Insuranceprovides Canadians living in urban centres with modern, relevant home insurance. Square One is one of the few insurance providers in Canada specializing in home insurance and offering truly customized policies that can be purchased over the phone and online. For more information about Square One, visit www.squareoneinsurance.ca.

Share article

Jun 13, 2021

Marketing matters: from IBM to Kyndryl

CMO
Kyndryl
IBM
Leadership
Kate Birch
5 min
Former CMO for IBM Americas Maria Bartolome Winans was recently named CMO for Kyndryl. Maria talks about her new role and her leadership style

Former Chief Marketing Officer for IBM Americas, and an IBM veteran of more than 25 years, Maria Bartolome Winans was recently named CMO for Kyndryl.

Prior to joining Kyndryl as Chief Marketing Officer, Maria had a 25-year career at IBM, most recently as the tech giant’s CMO where she oversaw all marketing professionals and activities across North America, Canada and Latin America. She has held senior global marketing positions in a variety of disciplines and business units across IBM, most notably strategic initiatives in Smarter Cities and Watson Customer Engagement, as well as leading teams in services, business analytics, and mobile and industry solutions. She is known for her work with teams to leverage data, analytics and cloud technologies to build deeper engagements with customers and partners.

With a passion for marketing, business and people, and a recognized expert in data-driven marketing and brand engagement, Maria talks to Business Chief about her new role, her leadership style and what success means to her.

You've recently moved from IBM to Kyndryl, joining as CMO. Tell us about this exciting new role?

I’m Chief Marketing Officer for Kyndryl, the independent company that will be created following the separation from IBM of its Managed Infrastructure Services business, expected to occur by the end of 2021. My role is to plan, develop, and execute Kyndryl's marketing and advertising initiatives. This includes building a company culture and brand identity on which we base our marketing and advertising strategy.

We have an amazing opportunity ahead at Kyndryl to create a company brand that will stand apart in the market by leading with our people first. Once we are an independent company, each Kyndryl employee will advance the vital systems that power human progress. Our people are devoted, restless, empathetic, and anticipatory – key qualities needed as we build on existing customer relationships and cultivate new ones. Our people are at the heart of this business and I am deeply hopeful and excited for our future.

What experiences have helped prepare you for this new opportunity?

I’ve had a very rich and diverse career history at IBM that has lasted 25+ years. I started out in sales but landed explored opportunities at IBM in different roles, business units, geographies, and functions. Marketing and business are my passions and I landed on Marketing because it allowed me to utilize both my left and right brain, bringing together art and science. In college, I was no tonly a business major, but an art major. I love marketing because I can leverage my extensive knowledge of business, while also being able to think openly and creatively.

The opportunities I was given during my time at IBM and my natural curiosity have led me to the path I’m on now and there’s no better next career step than a once-in-a-lifetime-opportunity to help launch a company. The core of my role at Kyndryl is to create a culture centered on our people and growing up in my career at IBM has allowed me to see first-hand how to prioritize people and ensure they are at the heart of progress in everything Kyndryl will do.

How would you describe your leadership style?

I believe that people aren't your greatest assets, they are your only assets. My platform and background for leadership has always been grounded in authenticity to who I am and centered on diversity and inclusion. I immigrated to the US from Chile when I was 10 years old and so I know the power and beauty that comes from leaning into what makes you different from other people, and that's what I want every person in my marketing organization to feel – the value in bringing their most authentic self to work every day. The way our employees feel when they show up for themselves authentically is how they will also show up for our customers, and strong relationships drive growth.

I think this is especially true in light of a world forever changed by the pandemic. Living through such an unprecedented time has reinforced that we are all humans. We can't lead or care for one another without empathy and I think leaders everywhere have been reminded of this.

What’s the best leadership advice you’ve received?

When I was growing up as an immigrant in North Carolina, I often wanted to be just like everyone else. But my mother always told me: Be unique, be memorable – you have an authentic view and experience of the world that no one else will ever have, so don't try to be anyone else but you.

What does success look like to you?

I think the concept of success is multi-faceted. From a career perspective, being in a job where you're respected and appreciated, and where you can see how your contributions are providing value by motivating your teams to be better – that's success! From a personal perspective, there is no greater accomplishment than investing in the next generation. I love mentoring younger professionals – they are the future. I want my legacy as a leader to include providing value in work culture, but also in leaving a personal impact on the lives of professionals who will carry the workforce forward. Finding a position in life with a job and company that offers me a chance at all of that is what success looks like to me.

What advice would you give to your younger self just starting out in the industry?

I've always been a naturally curious person and it's easy for me to over-commit to projects that pique my interest. I've learned over years of practice how to manage that, so to my younger self I’d say… prioritize the things that are most important, and then become amazing at those things.

Share article