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Affordable Home Insurance in Prince Edward County

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on January 10, 2025

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated January 10, 2025

Visit author page

5 minute read

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

Quick Facts About Home Insurance in Prince Edward County

  • Prince Edward County home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Prince Edward County is around $1,122.

Quote data from MyChoice.ca, January 2025

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:

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. Wildfires have gotten so bad that Prince Edward County Fire and Rescue declared a total burn ban in June 2023 and a partial one the following August.

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.

Severe Event Probability in Prince Edward County

On April 14, 2008, the same heavy rainfall that overwhelmed Belleville caused local waterways in Prince Edward County to rise, affecting roads and farmland.

Below are the MyChoice severe event probability scores for Prince Edward County, 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. 

Flood Probability:

3/10

Crime Probability:

1/10

Wildfire Probability:

2/10

Tornado Probability:

3/10

Hurricane Probability:

1/10

Snowstorm Probability:

4/10

How Much Does Home Insurance in Prince Edward County Usually Cost?

Home insurance in Prince Edward County costs around $1,122 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, January 2025

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:

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

There are 5,865 households or 17.5% of Prince Edward County 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 Prince Edward County 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 Prince Edward County 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 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 GroupHomeownership Rate
15 to 2423.1%
25 to 3964%
40 to 5479.3%
55 to 7487.2%
75 and over82.3%

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 DwellingAverage Value
Detached$805,000
Semi-Detachedn/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:

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 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:

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 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.

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. Public Safety Canada, 1950-2024, Ontario, Prince Edward County, Canadian Disaster Database, 2024.

2. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

3. Statistics Canada, 2021, Census of Population, Ontario, Prince Edward County, Housing Statistics. Data Published March 29, 2023.

4. Statistics Canada, 2021, Census of Population, Ontario, Prince Edward County, Homeownership Rate by Age. Data Published December 16, 2022.

5. CREA, Ontario, Prince Edward County, Median Price of Homes by Dwelling Type, 2024.

6. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Prince Edward County, Population Statistics. Data Published December 16, 2022.

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