Quote data from MyChoice.ca, February 2025
What Risks Affect Homeowners in Pickering?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Pickering:
Severe Event Probability in Pickering
On July 8, 2013, storm-related flooding affected Pickering and other Durham communities, leading to flooded basements and traffic shutdowns.
Below are the MyChoice severe event probability scores for Pickering, 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 Pickering Usually Cost?
Home insurance in Pickering costs around $1,010 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.
Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.
Quote data from MyChoice.ca, February 2025
Postal Codes With the Most Expensive Home Insurance in Pickering
The postal code region L1V tends to have above-average home insurance rates in Pickering.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L1V | $1,114 |
Quote data from MyChoice.ca, February 2025
Postal Codes With the Least Expensive Home Insurance in Pickering
The L1W postal code region has some of the cheapest home insurance rates in Pickering.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L1W | $978 |
Quote data from MyChoice.ca, February 2025
Housing Data in Pickering
In addition to being a short commute away from the Greater Toronto Area, Pickering is known for its excellent small business development support. The city offers resources and networking opportunities for entrepreneurs looking to make their businesses thrive
But, great support for small businesses isn’t the only reason why residents love Pickering – the city offers excellent public education and many family-friendly amenities. Pickering can be an ideal spot to live if you’re looking for a place with the soul of a small town with the benefits of a big city.
Is Pickering a good place to live? Researching the city’s housing data can help you find the answer. Here’s a rundown of key residential information in Pickering from the 2021 Census of Population:
Homeownership Rate by Age in Pickering
Homeownership in Pickering is quite high among individuals aged 25 and older, with particularly strong rates in those aged 40 and up, with roughly 88% of all adults in that age group owning their home in Pickering.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 24.4% |
| 25 to 39 | 74.5% |
| 40 to 54 | 85.5% |
| 55 to 74 | 90.5% |
| 75 and over | 86.5% |
Average Home Price in Pickering by Dwelling Type
Below are the average values of homes in Pickering, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,289,000 |
| Semi-Detached | $860,000 |
| Freehold Townhouse | $917,000 |
Pickering Population Growth
Pickering’s population increased steadily from 91,771 to 99,186 people between 2016 and 2021, which correlates to a growth rate of 8% over the five year period.
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 Pickering. 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 Pickering?
Home insurance isn’t legally required in Pickering. That said, having a policy is still a good idea. Home insurance protects you from unforeseen events that cause costly damages. Instead of paying to fix it out of pocket, your policy can lighten the financial load. Here’s a quick look at the reasons why you should get home insurance in Pickering:
How You Can Get Cheap Home Insurance in Pickering
If you’re trying to save money on your preferred home insurance coverage in Pickering, visit our Ontario page for practical tips.