Quote data from MyChoice.ca, October 2024
What Risks Affect Homeowners in Collingwood?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Collingwood:
How Much Does Home Insurance in Collingwood Usually Cost?
Home insurance in Collingwood costs around $1,075 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.
Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.
Quote data from MyChoice.ca, October 2024
Housing Data in Collingwood
Collingwood is a well-known tourist destination thanks to its many year-round outdoor activities. Whether it’s skiing in the winter or exploring limestone caves in the summer, there’s no shortage of things to do in Collingwood.
Collingwood isn’t just a great place to visit, though. It’s also a great place to live in. Census data showed Collingwood had a 13.8% increase in residents between 2016 and 2021, likely owing to the popularity of remote work due to the pandemic. People decided to move to Collingwood thanks to its natural beauty and affordable homes.
The average price for homes in Collingwood is around $50,000 lower than Toronto’s average. Pair that with the cost of living in Collingwood that’s 4% under the national average, then you can live quite affordably if you move to Collingwood.
Are you a current Collingwood resident or planning to live there? You can understand the area’s housing landscape well through census data. Here’s a look at key housing statistics in Collingwood from the 2021 Census of Population:
Homeownership Rate by Age in Collingwood
It seems that Collingwood isn’t the most affordable place in Ontario for young adults (25-39), with the majority of homeowners being above 40.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 35.5% |
| 25 to 39 | 55.1% |
| 40 to 54 | 71.5% |
| 55 to 74 | 79.7% |
| 75 and over | 75.2% |
Average Home Price in Collingwood by Dwelling Type
The average price of a single detached price in Collingwood is way above the Ontario average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $980,000 |
| Semi-Detached | $834,000 |
| Freehold Townhouse | $537,500 |
Collingwood Population Growth
Collingwood population grew 5.83% between the years of 2016 and 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 Collingwood. 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 Collingwood?
There are many risks to your Collingwood home. From flooding due to heavy rain to fires, unforeseen incidents can damage your home or its attached structures severely, which can take a lot of money to repair. Somebody can even get into an accident on your property, which might result in hefty legal and medical fees.
Unexpected expenses due to these incidents can stretch your finances thin. The good news is that home insurance can help. A home insurance policy can foot your home repair bills if a covered peril damages it. Additionally, it pays for the many costs associated with personal injury lawsuits.
With the many options for home insurance, which one is right for you? There’s no one “best” home insurance policy for everybody, so you need to learn more about home insurance in Collingwood to make the right decisions.
Home insurance isn’t legally required in Collingwood. That said, having a policy is still a good idea. Home insurance protects you from unforeseen events that cause costly damages. Instead of paying to fix it out of pocket, your policy can lighten the financial load. Here’s a quick look at the reasons why you should get home insurance in Collingwood:
How You Can Get Cheap Home Insurance in Collingwood
Looking to save money on home insurance in Collingwood, visit our Ontario page for practical tips.