Quote data from MyChoice.ca, February 2025
What Risks Affect Homeowners in North Bay?
North Bay homeowners should be aware that there are many risks that come with owning a home in the area. Some of these common risks include:
Severe Event Probability in North Bay
On August 20, 1970, a destructive F3 tornado around Sudbury caused extensive damage, and while it missed North Bay, it underscored the severity of storms in that region.
Below are the MyChoice severe event probability scores for North Bay, 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 North Bay Usually Cost?
Home insurance in North Bay usually costs $977 per year on average, matching the average rate of home insurance throughout Ontario. Keep in mind that depending on the location, type, value, and accessibility of your home, you can expect insurance rates to vary, either higher or lower than the average rate for a North Bay home.
One of the most significant factors for determining your yearly home insurance premium is the location of your home. Living in more expensive North Bay neighbourhoods like Wallace Heights and Trout Mills can net you a higher insurance premium, while more budget-friendly neighbourhoods like Graniteville and Pinewood may lower your insurance rates.
Quote data from MyChoice.ca, February 2025
Postal Codes With the Most Expensive Home Insurance in North Bay
Certain postal codes in North Bay are associated with higher home insurance premiums. This could be due to a variety of factors, including higher property values, proximity to water bodies increasing the risk of flooding, or a higher incidence of claims in these areas.
The postal code with the highest average annual premium is P1C, followed closely by P1B. These areas may require more comprehensive coverage options, contributing to the higher cost of insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P1C | $1,172 |
| P1B | $1,163 |
Quote data from MyChoice.ca, February 2025
Postal Codes With the Least Expensive Home Insurance in North Bay
On the other end of the spectrum, some postal codes in North Bay benefit from lower home insurance premiums. These areas might be considered lower risk due to factors such as lower property values, reduced risk of natural disasters, or fewer historical claims.
The postal code with the lowest reported average annual premium is P1A, indicating a potentially more affordable area for home insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P1A | $927 |
Quote data from MyChoice.ca, February 2025
Why Are North Bay Home Insurance Rates so Expensive?
There are three factors that may be driving up North Bay home insurance rates. Here’s a quick explanation of why these things make premiums higher in North Bay:
- Greater number of older properties: Most homes in North Bay 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: North Bay 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 North Bay
Have a look below for housing data in North Bay according to Statistics Canada.
Homeownership Rate by Age in North Bay
Statistics Canada’s data reveals the homeownership rates across various age groups in North Bay, offering insights into the demographic distribution of homeowners within the city:
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 12.0% |
| 25 to 39 | 47.5% |
| 40 to 54 | 64.5% |
| 55 to 74 | 67.3% |
| 75 and over | 60.9% |
The data suggests that the majority of homeowners in the North Bay area are above 40 years old. It also suggests that about 47.5% of people between the age of 25-39 own a house.
Average Home Price in North Bay by Dwelling Type
Below are the average values of homes in North Bay, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $360,000 |
| Semi-Detached | $380,000 |
| Freehold Townhouse | $355,000 |
North Bay Population Growth
Over the two decades from 2001 to 2021, North Bay’s population growth has been relatively stagnant, with an overall increase of just about 2.2%. This minimal growth rate suggests a period of stability with little change in the city’s population size, highlighting potential challenges in attracting new residents or retaining existing ones.
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 North Bay. 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 North Bay?
If you own or are looking to own a home in North Bay, Ontario, taking out a home insurance policy can do a lot for your peace of mind. North Bay homeowners can face unexpected perils at any time, and being unprepared for a sudden unfortunate event can pose a huge threat to a homeowner’s financial stability and livelihood.
Unlike automobile insurance, you aren’t required to purchase home insurance to own a home. However, taking out a home insurance policy can keep you protected from unfortunate events like house fires, natural disasters, property crimes, and accidents. If you own or are considering owning a North Bay home, you will likely benefit from taking out a home insurance policy.
You need home insurance in North Bay to keep your home and property protected from damages and loss, whether natural or human. While you aren’t legally required to have home insurance to own a home, taking out a policy can be very beneficial to North Bay homeowners. A home insurance policy can:
- Protect you against damage from natural disasters such as floods, hail, earthquakes, fires, and other environmental forces
- Insure your home and personal belongings in case of theft, vandalism, or other malicious acts done to your property
- Protect you from paying for damages when you’re liable for an accident or unfortunate event that happens on your property
- Provide you with living expenses in the event that your house is uninhabitable due to damage or ongoing repairs
- Allow you to meet mortgage companies’ requirements for home insurance before you can apply for a mortgage
How You Can Get Cheap Home Insurance in North Bay
Compare home insurance rates with MyChoice or visit our main home insurance page for a comprehensive list of tips on how you can bring your home insurance rates down.
FAQs About Home Insurance in North Bay
How expensive is insurance for a home in North Bay compared to the rest of Ontario?
Insurance for a home in North Bay is slightly less than the provincial average. Some factors which may affect this difference include the cost of living in this city, property values, and the incidence of natural disasters such as earthquakes and storms.
In North Bay, the cost of living is about 22.79% lower than the provincial average. North Bay also experienced multiple floods and fires in 2019, which caused a lot of property damage. Consult your preferred home insurer to find out what other factors may cause your North Bay policy quotes from them to be higher than the provincial average.