Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Mississauga?
The greatest risks that homeowners in Mississauga face are:
Severe Event Probability in Mississauga
On July 8, 2013, unprecedented rainstorms caused urban flooding in Mississauga, where sections of the QEW and local arterials were inundated.
Below are the MyChoice severe event probability scores for Mississauga, 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 Mississauga Usually Cost?
Home insurance in Mississauga will usually cost an average of $1,207 a year. This is slightly higher than the Ontario average but one thing to remember is that each property will have its own unique set of characteristics that will be taken into consideration when determining the average rate.
Quote data from MyChoice.ca, January 2025
Postal Codes With the Most Expensive Home Insurance in Mississauga
L1S and L1N postal codes have above-average home insurance rates in Mississauga.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L5B | $1,310 |
| L5C | $1,335 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Mississauga
The L1T and L1Z postal codes have some of the cheapest home insurance rates in Mississauga.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L4Z | $1,098 |
| L5A | $1,113 |
Quote data from MyChoice.ca, January 2025
Housing Data in Mississauga
Get a snapshot of the average home in Mississauga below. This section is based on housing data provided in the 2021 Census of Population:
Homeownership Rate by Age in Mississauga
Homeownership rates in Mississauga tend to follow the trend, they increase with age, starting at 26.9% for those aged 15 to 24 and peaking at 79.5% for those aged 55 to 74, with a slight decrease to 78.8% for those 75 and over.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 26.9% |
| 25 to 39 | 49.7% |
| 40 to 54 | 70.2% |
| 55 to 74 | 79.5% |
| 75 and over | 78.8% |
Average Home Price in Mississauga by Dwelling Type
Below are the average values of homes in Mississauga, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,441,800 |
| Semi-Detached | $1,050,000 |
| Freehold Townhouse | $993,000 |
Mississauga Population Growth
Mississauga’s population decreased slightly from 721,599 to 717,961 people between 2016 and 2021, this correlates to a negative growth rate of roughly -0.5% over 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Mississauga. 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 Mississauga?
Home insurance is not mandatory by law in Mississauga, Ontario. However, it can be incredibly helpful in protecting your family from financial losses incurred by:
Aside from this, having home insurance can also increase your chances of securing a mortgage. Typically, lenders are more keen to finance people who are insured, as this ensures that their investment is well protected in the event of a natural disaster, break in, etc.
How You Can Get Cheap Home Insurance in Mississauga
If you’re trying to save money on your preferred home insurance coverage in Mississauga, visit our Ontario page for practical tips.