Home insurance coverage goes a long way towards giving you peace of mind. In unexpected events like theft, fire, or natural disaster, it can provide you with a sense of financial security that would otherwise be lacking.
Figuring out home insurance in Barrie, Ontario can be tricky if you don’t know the ins and outs. Here, we’ll cover everything you need to know, including how it works, what it costs, and how you can get the best rates.
Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Barrie?
According to the Barrie government’s hazards and risk assessment, there are some natural and technological risks to owning a home in Barrie, Ontario:
Severe Event Probability in Barrie
On May 31, 1985, a powerful tornado outbreak hit Barrie and surrounding areas, resulting in multiple fatalities, hundreds of injuries, and many families left homeless.
Below are the MyChoice severe event probability scores for Barrie, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
How Much Does Home Insurance in Barrie Usually Cost?
The average home insurance cost in Barrie is around $1,114/year.
The cost of home insurance premiums in Barrie can vary greatly depending on several factors:
- The size, age, and construction of your home all impact your insurance premiums. Generally, newer and larger homes will be more expensive to insure.
- The location of your home also has a big impact on the cost of home insurance in Barrie. Insurance providers will check proximity to fire stations, crime rates, and risk of natural disasters in your area and factor that in when giving you a quote.
- The type and amount of coverage you want also affect the final cost. Higher limits and additional coverage options, like water damage or sewer backup coverage, will cost extra.
- Your deductible is another factor in play. If you choose a higher deductible, your home insurance premiums will be lower, and vice versa.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Barrie Affect Your Home Insurance?
Yes, where you live in Barrie does affect your home insurance rates. The location of your home is one of the biggest factors that insurance providers use to determine your premiums. For example, if you live in an area with a higher crime rate or chance of flooding, your premiums will also be higher because of the greater risk in the area.
Historically, densely populated areas or neighbourhoods with a higher concentration of commercial establishments in Barrie are more susceptible to property crimes such as burglary, theft, or vandalism. This includes areas near the downtown core, the southeastern neighbourhood near Innisfel, and the area around Loggers Run near Essa Road.
Postal Codes With the Most Expensive Home Insurance in Barrie
L4N is a slightly more expensive postal code in Barrie for home insurance premiums on average.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L4N | $1,153 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Barrie
L4M is the cheapest postal code in Barrie for home insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L4M | $1,075 |
Quote data from MyChoice.ca, January 2025
Housing Data in Barrie
Here’s the housing data in Barrie from the 2021 Census of Population:
Homeownership Rate by Age in Barrie
Relative to other Ontario cities like Ajax, homeownership among young adults (25-39) in Barrie is quite low, at just 54.7%, compared to 77.6% for the southern Ontario city.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 16.3% |
| 25 to 39 | 54.7% |
| 40 to 54 | 73.8% |
| 55 to 74 | 75.4% |
| 75 and over | 67.8% |
Average Home Price in Barrie by Dwelling Type
The price of a single detached house in Barrie is around $826,050 which is on par with the provincial average.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $826,050 |
| Semi-Detached | $670,000 |
| Freehold Townhouse | $649,944 |
Barrie Population Growth
Barrie’s population increased by 4.5% from 2016 to 2021.
What Is Not Included in a Typical Home Insurance Policy?
Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.
Here are the most common home insurance exclusions:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Barrie. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.
Why Do I Need Home Insurance in Barrie?
Having home insurance in Barrie is important for several reasons:
How You Can Get Cheap Home Insurance in Barrie
Visit our main provincial home insurance page to learn about tactics for reducing your home insurance premiums in Barrie.