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Affordable Home Insurance in Milton

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$88.23Dec 19, 2024, 05:56 PMAuto67FemaleScarborough
$61.13Dec 19, 2024, 05:41 AMHome63MaleNiagara Falls
$21.99Dec 19, 2024, 09:24 PMTenant30FemaleMississauga
$28.28Dec 19, 2024, 01:55 PMLife36FemaleBrampton

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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 Milton

  • Milton home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Milton is around $969.

Quote data from MyChoice.ca, November 2024

What Risks Affect Milton Homeowners?

Milton homeowners need to be vigilant against certain risks that could damage or even destroy their property. Here are some of the most common risks that may affect homeowners in Milton:

Floods

As springtime thaws snow and ice, Milton homeowners need to take precautions against excess run-off. When water levels rise beyond their usual levels, this can cause flooding in basements and lower-lying areas of the town.

Fires

Fires are a constant threat that can be started by a variety of risks in your Milton home, such as old or defective wiring or a carelessly discarded cigarette. A blaze can quickly spread and cause devastating damage, but you can take precautions by getting home insurance and installing a fire detection system.

Windstorms

Deadly windstorms occasionally tear through Ontario, causing injuries, property damage, and even death. In 2014, a windstorm was reported to have caused a shed to be ripped out of a backyard as well as a store sign to fly and damage a car. More recently in  2018, a windstorm felled a tree and killed two men in Milton, so homeowners may want to get home insurance for property coverage.

Overland Flooding

When thawed snow or excess rain cause freshwater or wastewater sources to exceed their usual levels, water from these sources may seep into your home and cause damage. This is one of the primary reasons for Milton home insurance claims, but you’ll typically need additional coverage for protection against this risk.

How Much Does Home Insurance in Milton Usually Cost?

The average cost of home insurance in Milton is approximately $969 annually. One thing worth remembering about home insurance quotes is that they may be higher or lower than the average due to factors like your location’s history of past claims, crime rates, and the incidence of natural disasters.

For example, if your Milton neighbourhood has a higher risk of flooding or older or poorly maintained homes, your home insurance premiums are likely to be higher. On the other hand, living in an area that rarely floods or a neighbourhood with mostly new homes and updated utility systems can make your home insurance more affordable. 

Quote data from MyChoice.ca, November 2024

Postal Codes With the Most Expensive Home Insurance in Milton

In Milton, the L9E postal code tends to have above-average home insurance prices.

Postal CodeAverage Annual Home Insurance Premium
L9E$1,049

Quote data from MyChoice.ca, November 2024

Postal Codes With the Least Expensive Home Insurance in Milton

The L9T postal code has some of the cheapest home insurance rates in Milton.

Postal CodeAverage Annual Home Insurance Premium
L9T$947

Quote data from MyChoice.ca, November 2024

Housing Data in Milton

Curious about the average age and condition of homes in Milton, or what the most popular type of home dwelling is? Here’s a simple overview of Milton housing data according to the 2021 Census of Population:

Type of Occupied Dwelling

Over half of the occupied dwellings in Milton are single-detached houses (56.7%), while 22.8% of occupied dwellings are row houses. Semi-detached houses are placed in third at 9.4%.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most Milton residents are homeowners, with 82.6% of a 25% sample data set listed as homeowners compared to 17.4% who rent their homes. An overwhelming majority of those surveyed live in occupied dwellings that are not condominiums (86.8%) compared to just 13.2% who live in Milton condominiums.

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

Most Milton dwellings are newer, with 21.9% of dwellings constructed between 2006 to 2010, 18.3% constructed between 2011 to 2015, and 16.1% constructed between 2016 to 2021. Just 5.4% of homes in Milton were built in 1960 or earlier.

Major Repairs or Just Maintenance Needed?

Most Milton homes are well-maintained, as 97.3% of homes need only regular maintenance and minor repairs. Just 2.7% of homes in Milton need major repairs.

Homeownership Rate by Age in Milton

Homeownership rates in Milton are quite strong, especially in the age groups 25 and above, peaking with the age group 40 to 54 at 85.6%. Considering the higher than average real estate prices in Milton the youngest age group of 15 to 24 is also relatively strong at 29.6%.

Age GroupHomeownership Rate
15 to 2429.6%
25 to 3976.2%
40 to 5485.6%
55 to 7484.8%
75 and over80.9%

Average Home Price in Milton by Dwelling Type

Below are the average values of homes in Milton, categorized by dwelling type:

Type of DwellingAverage Value
Detached$1,310,000
Semi-Detached$1,028,000
Freehold Townhouse$942,550

Milton Population Growth

Milton’s population increased rapidly from 110,128 to 132,979 people between 2016 and 2021, which indicates a strong growth rate of roughly 20.7% across the five years.

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 Milton. 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 Milton?

Home insurance isn’t legally required for Milton homeowners. However, having a home insurance policy can give you peace of mind because it protects your house and belongings from damage or destruction due to natural disasters and other risks. Here are just a few of the many good reasons to get Milton home insurance:

Here are some compelling reasons why you should get Milton home insurance:

Protection for your home and belongings

Your home and personal possessions are prone to damage or loss due to unforeseen events like flooding or earthquakes. A home insurance policy can provide much-needed funds for repairs, restoration, or replacements.

Temporary housing coverage

While many homeowners account for the financial risk of damage or destruction of their homes, few consider the hidden cost of temporary lodgings during repairs or restoration. A home insurance policy can cover expenses for temporary accommodations like an Airbnb or hotel.

Liability coverage

Despite your best efforts, accidents can happen in your home, causing damage to property or injuries to someone in your home. Home insurance covers your liability in these situations, helping you pay related expenses like medical bills and legal fees.

Mortgage conditions

Your bank or lending institution in Milton may have required you to get a home insurance policy before granting your loan. This is because home insurance reassures your lender that your property is protected from damage or loss due to insured risks like fires or windstorms.

How You Can Get Cheap Home Insurance in Milton

If you’re trying to save money on your preferred home insurance coverage in Milton, 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, Milton, Home Insurance Quotes Collected, 2024.

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

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

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

6. CREA, Ontario, Milton, Median Price of Homes by Dwelling Type, 2024.

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

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