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Affordable Home Insurance in Burlington

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 11, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated November 11, 2024

Visit author page

5 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

By taking out a home insurance policy in Burlington, you can protect your home from unforeseen circumstances like natural disasters, theft, and liability from accidents.

While it’s not a requirement for owning a house, many mortgage companies require you to have an active home insurance policy before you’re eligible for a mortgage. If you’re planning on buying a house in Burlington, consider the benefits that home insurance can provide you.

Here, learn about the different types of home insurance in Burlington and how to get the best insurance premiums.

Quick Facts About Home Insurance in Burlington

  • Burlington home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Burlington is around $952.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Burlington?

According to the Burlington government’s hazards and risk assessment, there are some natural and technological risks to owning a home in Burlington, Ontario: 

Flooding

In 2014, a sudden and intense downpour flooded the streets of Burlington and affected more than 3,000 homes. This freak storm caused massive property loss, irreparably damaged homes, and displaced thousands of families. Covering your bases with home insurance can keep you protected in case of massive flooding in the Burlington area.

Theft and vandalism

 In an urban area like Burlington, your home may be at significant risk of property crimes such as break-ins, burglary, or vandalism. If your home doesn’t have good security systems, home insurance can help you recoup losses and repair damage wrought by malicious criminals. 

Fire

Burlington homeowners must always be ready to face the possibility of a fire starting in their homes. Devastating house fires can start from small electrical malfunctions, faulty wiring, old heating systems, and even cooking accidents. If a house fire does begin, having adequate fire insurance coverage can mitigate the long-term consequences of a fiery incident.

How Much Does Home Insurance in Burlington Usually Cost?

Home insurance in Burlington usually costs around $952 per year on average. This rate is lower than the average for the province of Ontario. However, depending on some factors related to your home, you may expect to pay lower or higher than the average rate for the city of Burlington.

One of the most significant factors for determining your yearly home insurance premium is the location of your home. If you live in certain parts of Burlington, such as Appleby, Brant Hills, and Elizabeth Gardens, you can expect to get lower insurance premium rates. However, if you live in more expensive neighborhoods, such as Aldershot or Kilbride, you will most likely be paying higher insurance rates.

Quote data from MyChoice.ca, October 2024

Does Where You Live in Burlington Affect Your Home Insurance?

Where you live in Burlington can affect your home insurance significantly. The Burlington neighborhood where you decide to live will be heavily considered by insurance companies when they calculate your insurance premiums. Here are some ways in which your home’s neighborhood can affect your insurance rates:

History of insurance claims

Your neighbourhood’s history of insurance claims can be a huge factor in the calculation of your insurance premiums. If there is a history of frequent home insurance claims in your neighbourhood, insurance companies may consider that area high-risk, thereby increasing your annual insurance costs.

Proximity to emergency services and infrastructure

If your residence is in close proximity to emergency services such as fire stations, police stations, and fire hydrants, you may enjoy lower insurance premiums. In the event of an emergency, the quicker the possible response, the less damage your home and property might suffer. This makes insurance companies consider homes that are near these services as lower-risk properties.

Property value

One of the biggest factors that insurance companies consider when calculating your premiums is the value of your property. In some Burlington neighbourhoods, houses and properties can have higher values on average, which pumps up the insurance rate on these homes. If you live in more exclusive areas such as Aldershot and Kilbride, your home may be valued much higher than average, and result in an equally high insurance premium.

Postal Codes With the Most Expensive Home Insurance in Burlington

L7R is the most expensive postal code for home insurance in the Burlington area.

Postal CodeAverage Annual
Home Insurance Premium
L7R$1,062

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Burlington

People living within the L7T postal code in Burlington can join some of the lowest home insurance prices in the region.

Postal CodeAverage Annual
Home Insurance Premium
L7T$930

Quote data from MyChoice.ca, October 2024

Housing Data in Burlington

Below is a look at housing data in Burlington according to the 2021 Census of Population.

Type of Occupied Dwelling

In Burlington, about 50.3% of homes are single-detached houses, with apartment buildings making up another 26.6%. Around 18.8% of all dwellings are row houses, while semi-detached houses make up around 4.2%. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

As of 2021, most Burlington residents owned their homes rather than rented them. Homeowners make up 75.1% of Burlington, while renters were the other 24.9%.

Private Dwellings by Period of Construction

Burlington has a fair number of old homes, with 14% of dwellings being built before the year 1960. Homes built in the period between 1961 and 1980 make up the majority of total homes at 33.5%, and homes built between 1981 and 1990 are another 13.7%. Only 3.9% of Burlington homes were built between 2016 and 2021, and 4.7% of homes were built between 2011 and 2015.

Major Repairs Or Minor Repairs Needed

Homes in Burlington are generally in good condition, with a large majority of houses (95.9%) only requiring regular maintenance or minor repairs. The other 4.1% of Burlington homes do need major repairs to be done.

Homeownership Rate by Age in Burlington

Burlington seems to attract a lot of young homeowners, with a 64.8% homeownership rate for the age group of 25 to 39.

Age GroupHomeownership Rate
15 to 2419.1%
25 to 3964.8%
40 to 5479.0%
55 to 7479.6%
75 and over71.5%

Average Home Price in Burlington by Dwelling Type

The price for a single detached house in Burlington is around $1,351,207 which is well above the provincial average of $800,000.

Type of DwellingAverage Value
Detached$1,351,207
Semi-Detached$929,500
Freehold Townhouse$903,500

Burlington Population Growth

Burlington’s population grew by only 1.98% between 2016 and 2021, which is quite low compared to other cities in Ontario.

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:

Criminal activities:

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Burlington. 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 Burlington?

You need home insurance in Burlington if you want to keep your home and property protected from a myriad of unfortunate circumstances. Purchasing a home insurance policy can benefit you in the following ways:

  • Protects you against damage from natural disasters such as floods, hail, earthquakes, fires, and other environmental forces
  • Insures your home and personal belongings in  case of theft, vandalism, or other malicious acts done to your property
  • Protects you from having to pay when you’re liable for an accident or unfortunate event that happens on your property
  • Provides you with living expenses in the event that your house is uninhabitable due to damage or ongoing repairs
  • Allows you to meet mortgage companies’ requirements for home insurance before you can apply for a mortgage

How You Can Get Cheap Home Insurance in Burlington

If you’re trying to save money on home insurance in Burlington, visit our province page for practical tips.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Burlington, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Burlington, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Burlington, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Ontario, Burlington, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Ontario, Burlington, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Burlington, Population Statistics. Data Published December 16, 2022.

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