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Affordable Home Insurance in Oshawa

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$90.79Nov 17, 2024, 06:17 AMAuto64MalePeterborough
$47.20Nov 17, 2024, 11:49 PMHome68MaleOttawa
$24.84Nov 17, 2024, 05:19 PMTenant43FemaleSt. Catharines
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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

4 minute read

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

Quick Facts About Home Insurance in Oshawa

  • Oshawa home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Oshawa is around $1,093.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Oshawa?

Depending on where you live in Canada, you need to prepare for different perils that may damage your home. Here are some common risks often faced by Oshawa homeowners:

Crime

Oshawa has somewhat of a reputation for crime. According to the 2021 Canada Crime Index, Oshawa had a 4% increase in crime from the previous year. While it’s not a big increase, the prevalence of crime means your home and belongings are more likely to be damaged or stolen. 

Flooding

The older parts of Oshawa are more prone to flooding due to the lack of proper drainage. Unfortunately, flood coverage usually isn’t part of your insurance policy, meaning you need to buy a protection add-on. 

Fire

Fire is a common hazard in many homes due to the many ways it can happen. Faulty electrical installations, cooking accidents, and even a stray cigarette can cause fires that could severely damage or destroy your home. Fortunately, most insurance policies come with fire protection.

Tornadoes

Ontario averages around 12 tornadoes per year, which means homes in Oshawa are vulnerable to severe tornado damage. The last time a tornado touched down in Oshawa was in 2016, but that doesn’t mean you should ignore the risk. Home insurance policies often have wind and tornado coverage as part of their protection. 

How Much Does Home Insurance in Oshawa Usually Cost?

Home insurance in Oshawa costs around $1,093 annually. Various factors impact your home insurance rates, ranging from your home’s proximity to fire hydrants, its conditions, and more. This means you can expect home insurance premiums to vary depending on where you live in Oshawa.

Quote data from MyChoice.ca, October 2024

Postal Codes With the Most Expensive Home Insurance in Oshawa

L1H and L1J postal codes tend to have above-average home insurance rates in Oshawa.

Postal CodeAverage Annual Home Insurance Premium
L1H$1,222
L1J$1,163

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Oshawa

The L1G postal code has some of the cheapest home insurance rates in Oshawa.

Postal CodeAverage Annual Home Insurance Premium
L1G$1,032

Quote data from MyChoice.ca, October 2024

Housing Data in Oshawa

Are you curious about the housing landscape in Oshawa? Here’s a look at housing data in the city from the 2021 Census of Population:

Type of Occupied Dwelling

Slightly over half (55.5%) of homes in Oshawa are single-detached houses. Apartments and row houses are also relatively popular, with apartments in buildings over five storeys taking an 11.4% share of total homes, followed by apartments in buildings under five storeys and row houses taking a 9.7% share each.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Out of the 25% sample data taken in the census, 64.2% of Oshawa residents own their homes, while the remaining 35.8% rent. Non-condos make up a majority of the city’s dwellings at 92.8%, leaving a 7.2% share for condos.

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

From the 25% of dwellings surveyed, most homes in Oshawa are older buildings. 58.6% of them were built before 1980, with just 16.7% of them built after 2001.

Major Repairs or Just Maintenance Needed?

The 25% census data shows that 93.7% of homes in Oshawa only needed minor repairs and maintenance, while the remaining 6.3% needed major repairs.

Homeownership Rate by Age in Oshawa

Homeownership rates in Oshawa increase with age, starting at 13.2% for those aged 15 to 24 and peaking at 71.3% for the 55 to 74 age group, before slightly decreasing to 65.6% for those 75 and over.

Age GroupHomeownership Rate
15 to 2413.2%
25 to 3952.9%
40 to 5467.8%
55 to 7471.3%
75 and over65.6%

Average Home Price in Oshawa by Dwelling Type

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

Type of DwellingAverage Value
Detached$849,845
Semi-Detached$700,000
Freehold Townhouse$745,000

Oshawa Population Growth

Oshawa’s population increased steadily from 159,458 to 175,383 people between 2016 and 2021, which correlates to a strong growth rate of 10% 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 Oshawa. 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 Oshawa?

Home insurance isn’t required by law in Oshawa, so you don’t technically “need” it. However, getting home insurance is still a good idea because it protects you from various dangers and accidents that may damage your home and belongings. Insurance also helps you save money because you don’t have to spend as much to fix damages to your home. Here are three great reasons to get home insurance in Oshawa:

Liability protection

Accidents can happen anytime, so you must be prepared. Various unforeseen events can damage your home and sometimes injure people. Home insurance has your back when these events happen. It provides financial compensation to cover these accidents’ legal fees, medical expenses, and other costs.

Home and belongings protection

One of the most common reasons people buy home insurance is to protect their home and belongings. Home insurance covers repair and replacement costs if your home is damaged by a peril listed on your policy.

Mortgage requirements

Mortgage lenders often require homebuyers to get a home insurance policy. When you buy a home with a mortgage loan, you don’t fully own it yet. Because the lender still has a stake in your home, they usually want to protect their investments with home insurance.

How You Can Get Cheap Home Insurance in Oshawa

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

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

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

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

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

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

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