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Affordable Home Insurance in Pickering

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
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$29.25Dec 23, 2024, 09:23 AMTenant42FemaleToronto
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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

Article Contents

Quick Facts About Home Insurance in Pickering

  • Pickering home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Pickering is around $1,000.

Quote data from MyChoice.ca, November 2024

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:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3. 

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. Fires also cause air quality deterioration, as shown by the high risk air quality warning issued for Pickering in June 2023.

On-property accidents

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

How Much Does Home Insurance in Pickering Usually Cost?

Home insurance in Pickering costs around $1,000 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, November 2024

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 CodeAverage Annual Home Insurance Premium
L1V$1,102

Quote data from MyChoice.ca, November 2024

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 CodeAverage Annual Home Insurance Premium
L1W$968

Quote data from MyChoice.ca, November 2024

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:

Type of Occupied Dwelling

From the 33,425 households participating in the census, over half (59.6%) of them live in single-detached houses, making them the most popular dwelling type in Pickering. In second place are row houses with a 14.9% share, while high-rise apartments take the third place with a 9.2% share. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

The majority of Pickering residents are homeowners, a 25% sample data taken for the census showed that 28,470 households, or 85.2% of Pickering residents, own their homes. Meanwhile, the remaining 14.8% live in rented properties.

There are 5,865 households or 17.5% of Pickering residents live in condominium properties, while the remaining 82.5% live in non-condos.

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

Based on the 25% sample data taken for the census, most Pickering households live in homes built in 1961 to 1980 and 1981 to 1990, with a 25% and 26.8% share respectively. Homes built between 1991 and 2000 are also relatively popular with a 19.6% share.

Major Repairs or Just Maintenance Needed?

Residential properties in Pickering are almost universally well-maintained. Only 3.6% or 1,205 of households say that their home needed major repairs, while the remaining 96.4% just needed minor repairs and regular maintenance.

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 GroupHomeownership Rate
15 to 2424.4%
25 to 3974.5%
40 to 5485.5%
55 to 7490.5%
75 and over86.5%

Average Home Price in Pickering by Dwelling Type

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

Type of DwellingAverage 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:

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 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:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

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.

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, Pickering, Home Insurance Quotes Collected, 2024.

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

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

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

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

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

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