From an agent – who sells insurance for just one company.From a broker – who deals with a number of companies and tries to find you the best deal.There are three ways to buy home insurance: Your home’s construction – your insurance company will take into account factors like what type of heating system you have, the age of your roof, and the type of plumbing to gauge the probability of you making an insurance claim.Your replacement cost – the more valuable the house and its contents, the more expensive it will be to replace should something happen to it.How close you are to water – an increased chance of flooding could increase your premiums.Where you live – more dangerous neighborhoods may be more expensive.The premium you pay is calculated based on the type of coverage you want and several risk factors including: Home insurance is paid through payments called premiums. You can pay your home insurance either monthly or annually.2 Most lenders require you to have home insurance to get a mortgage so they can protect the asset they are lending on. Home insurance can protect you against all types of damage to your home, such as flooding, vandalism and theft. Here’s an example of condo fees for some buildings in Toronto: BuildingĪir conditioning, common element maintenance, heat, building insurance, water When you view a condo, your realtor should provide you with a fact sheet that includes your monthly condo fees. It’s important to find out exactly what is not covered by your condo fees before you purchase your condo, so you know which additional monthly costs you are responsible for paying. Generally, condo fees will cover your utilities (or part of them), contribute to the condo association’s “reserve fund” and pay for maintenance of the common areas and the exterior of the condo building.Ĭondo fees can vary from building to building, but in Toronto, the average is estimated to be $0.50 per square foot6.
The above power calculator uses a simple formula to calculate annual energy usage and costs.Condo fees (also known as strata or maintenance fees) are mandatory fees paid to cover a wide range of expenses. These examples assume an electricity tariff of 25 cents per kWh. Enter them above and change the inputs to see the impact. Here are some example calculations for common appliances. We think it's easier to calculate energy usage in terms of 'days per week' and 'weeks per year' rather than say 'days per year' or 'hours or year'. For example: many devices operate for 5 days per week, and many people take a holiday for 2 weeks per year. For simplicity, our calculator ignores this and bases a year on 52 weeks (364 days) only. Strictly speaking, there are 52 weeks and 1 day in a non-leap year. Any appliance which goes through a 'cycle' like this is best measured with a power meter. Estimating an 'average power' for these appliances can be tricky. For example, a dishwasher may use 2400W when heating, 50W when pumping water, and 5W in standby. For these appliances you can either make an estimate based on your observations, or use a power meter.įor other appliances, the power usage can vary a lot. For example, a refrigerator's compressor may only draw power for 8 to 12 hours per day.
Some appliances can be switched on 24/7 but only draw power for some of this time. Examples include: lights, heaters, pumps, motors, and fans.
Tips When Calculating Appliance Running CostsĪppliances with a fairly constant power draw are ideal for use with this electricity cost calculator.
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