Buying a home in Markham is a huge investment – an investment that you should protect with a solid home insurance policy. While home insurance in Markham isn’t mandated, a policy can provide financial protection against specific perils or in case of a liability lawsuit.
Learn more about the home insurance policies available in Markham, how they work, and how you can save money on rates.
Quote data from MyChoice.ca, February 2025
What Risks Affect Homeowners in Markham?
If you live in Markham, you may be prone to the following risks:
Severe Event Probability in Markham
On July 8, 2013, the GTA flood event drenched Markham with record-breaking rainfall, leading to road closures and basement flooding throughout the city.
Below are the MyChoice severe event probability scores for Markham, 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 Markham Usually Cost?
On average, home insurance in Markham usually costs $930 These rates fluctuate depending on:
- Home value and property type
- Location
- Policy coverage
The best way to get an idea of how much home insurance in Markham costs is to request a quote from a provider.
Quote data from MyChoice.ca, February 2025
Does Where You Live in Markham Affect Your Home Insurance?
Yes, where you live in Markham can affect your home insurance under the following circumstances:
Postal Codes With the Most Expensive Home Insurance in Markham
L6G is one of the most expensive postal codes for home insurance in Markham.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L6G | $1,122 |
Quote data from MyChoice.ca, February 2025
Postal Codes With the Least Expensive Home Insurance in Markham
L3R is the cheapest postal code when it comes to home insurance in Markham.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L3R | $909 |
Quote data from MyChoice.ca, February 2025
Housing Data in Markham
Below is a bit more information on housing and property ownership in Markam from the 2021 Census of Population.
Homeownership Rate by Age in Markham
The homeownership rate for young adults (25-39) in Markham is at 66.5%. The highest homeownership rate in the city is among the 55 to 74 age group at 88.1%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 42.6% |
| 25 to 39 | 66.5% |
| 40 to 54 | 82.6% |
| 55 to 74 | 88.1% |
| 75 and over | 86.4% |
Average Home Price in Markham by Dwelling Type
The average price for a single detached house in Markham is $1,755,000, more than double the provincial average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,755,000 |
| Semi-Detached | $1,398,888 |
| Freehold Townhouse | $1,220,000 |
Markham Population Growth
The population in Markham grew only 2.89% in 5 years since 2016. This is quite low relative to some 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Markham. 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 Markham?
While it isn’t necessary to get home insurance in Markham, having a policy can benefit you in the following ways:
- You get financial protection in case your property incurs damage from natural disasters, theft, and vandalism
- You get financial protection in case someone gets injured in your home and files a lawsuit
- You get financial assistance in case your home becomes temporarily uninhabitable
- You can satisfy mortgage requirements and assure lenders of their investments
- You get peace of mind
How You Can Get Cheap Home Insurance in Markham
Visit our Ontario page for practical tips if you’re looking to save money on home insurance.