One of the most important benefits of home insurance is that it gives you peace of mind. A home insurance policy foots any repair bills, legal fees, and any other expenses caused by accidents, theft, and other perils to your property. When you’re protected by insurance, you don’t have to worry about shelling out money to fix damage to your home.
If you own a home in Innisfil, you want an insurance policy that suits your protection needs and matches your budget. However, the sheer amount of coverage options and insurers can make that decision more difficult than it should be. Here, learn more about home insurance in the city, from what risks Innisfil homeowners most commonly face to how you can lower your insurance rates.
Quote data from MyChoice.ca, October 2024
What Risks Affect Homeowners in Innisfil?
Wherever you live in Canada, you’ll face perils and hazards that may damage your home or property if you’re not careful. Here are some common risks affecting Innisfil homeowners:
How Much Does Home Insurance in Innisfil Usually Cost?
Home insurance in Innisfil costs around $1,281 annually, on average. This is just an average, so your home insurance rates may differ depending on which insurance company you work with. Other factors also play a part in determining your premiums, like your house’s condition, size, location, and age.
Larger homes generally get higher insurance rates because they’re more expensive to maintain and repair than smaller houses. Meanwhile, insurers often give higher rates to older homes because they’re more prone to damage from various causes.
Quote data from MyChoice.ca, October 2024
Why Are Innisfil Home Insurance Rates so Expensive?
There are three factors that may be driving up Innisfil home insurance rates. Here’s a quick explanation of why these things make premiums higher in Innisfil:
- Greater number of older properties: Most homes in Innisfil 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: Innisfil 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 Innisfil
What does the housing landscape in Innisfil look like? Here’s a quick overview of the town’s housing data from the 2021 Census of Population:
Homeownership Rate by Age in Innisfil
People aged 75 and over have one of the highest homeownership rates in Ontario at 93.2%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 24.0% |
| 25 to 39 | 75.9% |
| 40 to 54 | 84.3% |
| 55 to 74 | 90.6% |
| 75 and over | 93.2% |
Average Home Price in Innisfil by Dwelling Type
The price of a single detached house in Innisfil is $940,000, slightly above the Ontario average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $940,000 |
| Semi-Detached | $820,000 |
| Freehold Townhouse | $752,000 |
Innisfil Population Growth
Innisfil population grew by 18.49% between the years 2016 and 2021, making it one of the fastest-growing 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Innisfil. 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 Innisfil?
You don’t “need” home insurance in Innisfil because it’s not legally required. But home insurance is still a very good idea because it provides financial compensation if your home or its contents are damaged by covered perils and dangers. Here are three reasons why you might want to consider getting home insurance in Innisfil:
How You Can Get Cheap Home Insurance in Innisfil
Visit our Ontario page for practical tips on how to save money on your home insurance.