Finding the right home insurance policy is an important part of protecting your housing in Guelph. With financial protection, you won’t have to worry about paying for unexpected repairs and replacements out-of-pocket. To make the most of living in Guelph, read on to learn more about your home insurance options.
Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Guelph?
Many homeowners in Canada are affected by similar risks. However, there are some specific risks which Guelph homeowners should keep an eye on, and these are:
Severe Event Probability in Guelph
On February 16, 2018, ice jams and rapid snowmelt threatened Guelph along the Grand River, where local authorities warned of rising water levels.
Below are the MyChoice severe event probability scores for Guelph, 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 Guelph Usually Cost?
On average, home insurance in Guelph costs around $832 annually. Expect higher rates in more expensive neighborhoods like Kortright Hills and lower rates in more affordable neighborhoods like Willow West and Sugarbush.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Guelph Affect Your Home Insurance?
Yes, where you live in Guelph can affect your home insurance. Insurance providers consider various factors when determining home insurance premiums, and the location of your property plays a significant role in this assessment. Here are some ways in which your location within Guelph can impact your home insurance:
Postal Codes With the Most Expensive Home Insurance in Guelph
People living in the N1C postal code area have some of the most expensive home insurance rates in the city.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N1C | $951 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Guelph
N1K is the cheapest postal code in Guelph for home insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N1K | $780 |
Quote data from MyChoice.ca, January 2025
Why Are Guelph Home Insurance Rates so Expensive?
There are three factors that may be driving up Guelph home insurance rates. Here’s a quick explanation of why these things make premiums higher in Guelph:
- Greater number of older properties: Most homes in Guelph are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
- Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
- Housing density: Guelph is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.
Housing Data in Guelph
Review housing data from the 2021 Census of Population to put your home insurance rates into perspective.
Homeownership Rate by Age in Guelph
Only two in four young adults (25-39) in Guelph own a house. Below are homeownership rates in Guelp categorized by different age groups:
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 13.6% |
| 25 to 39 | 51.0% |
| 40 to 54 | 71.6% |
| 55 to 74 | 75.8% |
| 75 and over | 74.3% |
Average Home Price in Guelph by Dwelling Type
The average price for a single detached house in Guelph is $895,000, above the provincial average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $895,000 |
| Semi-Detached | $765,000 |
| Freehold Townhouse | $700,000 |
Guelph Population Growth
Guelph’s population grew by 9.06% in 5 years since 2016.
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 Guelph. 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 Guelph?
Home insurance is important in Guelph, as in any other city or region. Here are a few reasons you shouldn’t skimp on insurance for your home in Guelph:
- To replace stolen belongings and recover their value in case of theft.
- To protect you in case someone gets injured on your property and files a lawsuit against you.
- To provide financial protection in case your property incurs damage from natural disasters or environmental hazards.
- To satisfy mortgage requirements and reassure lenders that their investment is protected.
- To provide peace of mind in case of unexpected events.
How You Can Get Cheap Home Insurance in Guelph
If you’re trying to save money on home insurance premiums in Guelph, visit our Ontario page for practical tips.