Quote data from MyChoice.ca, October 2024
What Risks Affect Homeowners in Prince Edward County?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Prince Edward County:
How Much Does Home Insurance in Prince Edward County Usually Cost?
Home insurance in Prince Edward County costs around $1,108 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, October 2024
Housing Data in Prince Edward County
Prince Edward County, or “The County”, is a popular holiday spot in Ontario. Sat on the eastern shores of Lake Ontario, Prince Edward County provides amazing beaches, beautiful nature views, and a host of culinary adventure experiences.
It’s a great place to visit, but is Prince Edward County a great place to live? The answer is a hearty yes, especially if you want affordable living outside the big city. Homes in Prince Edward County are 39% lower than the national average, plus the living cost is 15% lower than the Ontario average.
Prince Edward County has a booming tourism industry, which means job opportunities are plentiful. For more opportunities, you can seek work in nearby cities like Belleville. The bottom line is that living and working in Prince Edward County is a great decision if you want to get away from big cities.
Is Prince Edward County 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 Prince Edward County from the 2021 Census of Population:
Homeownership Rate by Age in Prince Edward County
Homeownership in Prince Edward County is quite high among individuals aged 25 and older, with particularly strong rates in those aged 40 and up. The impressive ~84% ownership rate among the 40+ age group shows that people are content to own their property in Prince Edward County.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 23.1% |
| 25 to 39 | 64% |
| 40 to 54 | 79.3% |
| 55 to 74 | 87.2% |
| 75 and over | 82.3% |
Average Home Price in Prince Edward County by Dwelling Type
Below are the average values of homes in Prince Edward County, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $805,000 |
| Semi-Detached | n/a |
| Freehold Townhouse | $590,000 |
Prince Edward County Population Growth
Prince Edward County’s population increased steadily from 24,735 to 25,704 people between 2016 and 2021. This indicates a growth rate of roughly 3.9% 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Prince Edward County. 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 Prince Edward County?
Home insurance isn’t legally required in Prince Edward County. 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 Prince Edward County:
How You Can Get Cheap Home Insurance in Prince Edward County
If you’re trying to save money on your preferred home insurance coverage in Prince Edward County, visit our Ontario page for practical tips.