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Affordable Home Insurance in Sault Ste. Marie

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$94.21Dec 20, 2024, 09:10 PMAuto64MaleMississauga
$40.80Dec 20, 2024, 07:34 PMHome63FemaleWaterloo
$23.92Dec 20, 2024, 08:14 PMTenant38MaleWaterloo
$41.56Dec 20, 2024, 01:45 PMLife29FemaleNiagara Falls

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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

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

Quick Facts About Home Insurance in Sault Ste. Marie

  • Sault Ste. Marie home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Sault Ste. Marie is around $1,500.

Quote data from MyChoice.ca, November 2024

What Risks Affect Homeowners in Sault Ste. Marie?

Many homeowners in Canada are affected by similar risks. However, there are some specific risks which Sault Ste. Marie homeowners should keep an eye on, and these are:

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. Sault Ste. Marie residents near the Goulais River should keep a close eye on water conditions during warm seasons, since floods are likely to happen.

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. In addition to the fire itself, haze and smoke from fires burning near Sault Ste. Marie can bring particles that damage your home and belongings.

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 Sault Ste. Marie Usually Cost?

Home insurance in Sault Ste. Marie costs around $1,500 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 Sault Ste. Marie

The P6B postal code region tends to have above-average home insurance rates in Sault Ste. Marie.

Postal CodeAverage Annual Home Insurance Premium
P6B$1,539

Quote data from MyChoice.ca, November 2024

Postal Codes With the Least Expensive Home Insurance in Sault Ste. Marie

The P6C postal code has some of the cheapest home insurance rates in Sault Ste. Marie.

Postal CodeAverage Annual Home Insurance Premium
P6C$1,421

Quote data from MyChoice.ca, November 2024

Housing Data in Sault Ste. Marie

If you’re tired of long commutes and big-city life, the five-minute commutes and vibrant community of Sault Ste. Marie will delight you. Known as the “Friendliest City in Algoma”, Sault Ste. Marie offers all the comforts of the big city bundled into a small-town package.

With high demand for various skilled professionals and affordable housing, it’s an excellent place to live if you’re looking for a new home away from the big city. Another reason to move to Sault Ste. Marie is its low home prices. You can find homes in Sault Ste. Marie priced half the national average.

Researching a city’s housing statistics is a good way to determine whether living there is right for you. Here’s a look at the residential landscape in Sault Ste. Marie from the 2021 Census of Population:

Type of Occupied Dwelling

Out of the 32,530 Sault Ste. Marie households surveyed, 21,150 (65%) of them live in single-detached homes. Low-rise apartments are the second-most popular type of dwelling in the city, with 4,965 households or 15.3% of the city’s residents. High-rise apartments come in third with 2,060 households or 6.3% of Sault Ste. Marie residents. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

Based on the 25% sample data taken by the survey, 68.3% of Sault Ste. Marie’s households own their homes, with the remaining 31.7% renting their homes. 880 households, or 2.7% of the city’s households, live in condominiums, while the remaining 97.3% live in non-condos.

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

Most Sault Ste. Marie residents live in older homes, as seen by the majority of households living in homes built from 1961 to 1980 (41% share) and before 1960 (34.2% share). New homes are relatively rare, with only a total of 7.6% households living in homes built after 2000.

Major Repairs or Just Maintenance Needed?

While homes in Sault Ste. Marie are relatively old, they’re generally in good condition. Only 7.1% of the city’s households stated their home needed major repairs, compared to the remaining 92.9% who reported their homes are in good condition.

Homeownership Rate by Age in Sault Ste. Marie

Homeownership in Sault Ste. Marie is quite high among individuals aged 25 and older. Strong rates are seen especially within the groups aged 40 or above, which has on average, 72% home ownership in the city.

Age GroupHomeownership Rate
15 to 2422.6%
25 to 3957.0%
40 to 5472.3%
55 to 7473.8%
75 and over70.4%

Average Home Price in Sault Ste. Marie by Dwelling Type

Below are the average values of homes in Sault Ste. Marie, categorized by dwelling type:

Type of DwellingAverage Value
Detached$380,000
Semi-Detachedn/a
Freehold Townhousen/a

Sault Ste. Marie Population Growth

Sault Ste. Marie’s population slightly declined from 73,368 to 72,051 people between 2016 and 2021, which is a negative growth rate of roughly -1.8%% across 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 Sault Ste. Marie. 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 Sault Ste. Marie?

Home insurance isn’t legally required in Sault Ste. Marie. 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 Sault Ste. Marie:

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.

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, Sault Ste. Marie, Home Insurance Quotes Collected, 2024.

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

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

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

6. CREA, Ontario, Sault Ste. Marie, Median Price of Homes by Dwelling Type, 2024.

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

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