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Affordable Home Insurance in Kenora

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
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$47.20Nov 17, 2024, 11:49 PMHome68MaleOttawa
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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 12, 2024

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

Updated November 12, 2024

Visit author page

5 minute read

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

Quick Facts About Home Insurance in Kenora

  • Kenora home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Kenora is around $1,845.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Kenora?

Many things can cause home damage. Here are common risks to watch out for as a homeowner in Kenora:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3. 

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province. In some serious cases, residents living in Kenora’s flood zones may have to evacuate their homes, which has happened in May 2022.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. While Ontario is no longer a Restricted Fire Zone since its removal in July 2023, you still need to be careful when doing activities related to fire.

On-property accidents

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

How Much Does Home Insurance in Kenora Usually Cost?

Home insurance in Kenora costs around $1,845 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

Postal Codes With the Most Expensive Home Insurance in Kenora

P0X is the most expensive postal code in Kenora when it comes to home insurance.

Postal CodeAverage Annual
Home Insurance Premium
P0X$1,870

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Kenora

People living in the P9N postal code area in Kenora can enjoy cheaper home insurance rates.

Postal CodeAverage Annual
Home Insurance Premium
P9N$1,844

Quote data from MyChoice.ca, October 2024

Housing Data in Kenora

Kenora is a major tourist destination thanks to its proximity to Lake of the Woods. It boasts various events and concerts, like the annual Harbourfest music festival. Kenora also offers a host of outdoor adventures on land, sea, and even air.

Kenora isn’t just great to visit, though. It’s a great place to live in. If you’re looking to build your own business, Kenora offers competitive development permit rates and vacant land plots ready for your office or store. You’re also a five-minute drive from anywhere in the city, without traffic jams or lengthy commutes. Simply put, Kenora is a great choice if you’re looking to start a business away from the big city.

What’s living in Kenora like? Researching the city’s housing statistics can help you learn more about living in Kenora. Here’s a look at residential data taken from the 2021 Census of Population:

Type of Occupied Dwelling

Out of 6,510 households, 77.1% live in single-detached houses, making them the most popular dwelling type in Kenora. Low-rise apartments come in second with an 11% share, while duplexes and semi-detached houses take third and fourth place with 3.8% and 2.6% shares, respectively.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Nearly three-quarters (73.5%) of households in Kenora own their homes. Meanwhile, the remaining 26.5% live in rented properties. Condominiums are rare in Kenora, with only 4.1% of the city’s households residing there, while the remaining 95.9% live in non-condos.

Private Dwellings by Period of Construction: New or Older Homes?

Most of Kenora’s homes were built before 1981. The largest share of households live in homes built before 1960 at 38.4%, with the second-largest share living in homes built between 1961 and 1980 at 29.5%. There’s also a sizable share of households living in homes built between 1981 and 1990 at 13%.

Major Repairs or Just Maintenance Needed?

Kenora’s homes are generally well-maintained. While they’re still in the minority, about 9.8% of households in Kenora reported that their home needed major repairs. Meanwhile, the remaining 90.2% of households reported their home only needed minor repairs and maintenance.

Homeownership Rate by Age in Kenora

Below are homeownership rates in Kenora, categorized by different age groups:

Age GroupHomeownership Rate
15 to 2430.3%
25 to 3969.2%
40 to 5480.9%
55 to 7477.7%
75 and over62.2%

Kenora Population Growth

Kenora is one of the few cities in Ontario that experienced a population decline of 0.85% in five 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:

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 Kenora. 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 Kenora?

There are many risks to your Kenora 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 Kenora to make the right decisions.

Home insurance isn’t legally required in Kenora. 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 Kenora:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

How You Can Get Cheap Home Insurance in Kenora

If you’re looking to save money on your home insurance coverage in Kenora, visit our Ontario 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, Kenora, Home Insurance Quotes Collected, 2024.

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

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

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

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

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