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Affordable Home Insurance in Scarborough

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$90.05Nov 22, 2024, 10:07 PMAuto58MaleOttawa
$43.57Nov 22, 2024, 10:36 AMHome37FemaleOakville
$13.82Nov 22, 2024, 05:34 PMTenant26MaleNewmarket
$38.42Nov 22, 2024, 07:52 AMLife40MaleLondon

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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

4 minute read

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

Quick Facts About Home Insurance in Scarborough

  • Scarborough home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Scarborough is around $978.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Scarborough?

Like any Ontario city, Scarborough comes with several risks to homeowners. These potential threats include the following:

Landslides

Residents living near the Scarborough Bluffs should be mindful of rising water levels and unstable cliffs. Homes may incur damage from surrounding landslides.

Fires

Scarborough is just as susceptible to fires as the rest of Toronto. Homeowners should equip their properties with smoke detectors, sprinklers, and other essential safety equipment.

Harsh weather

Scarborough, like most other Toronto cities, is prone to extreme weather conditions like heavy rainstorms, high winds, and harsh winters. These severe weather conditions can cause water damage, roof damage, and falling objects.

Sewer clogging

Because of the harsh rains, Scarborough homeowners should anticipate severe sewer backups.

How Much Does Home Insurance in Scarborough Usually Cost?

The average cost of home insurance in Scarborough is $978 However, prices may fluctuate depending on which Scarborough neighbourhood you have a property in.

Quote data from MyChoice.ca, October 2024

Does Where You Live in Scarborough Affect Your Home Insurance?

Yes, where you live in Scarborough can influence your home insurance rates. Here are a few factors that can impact your final policy rates:

Crime rates

While the crime rate in Scarborough is 3% lower than in the rest of Toronto, properties are still not immune to petty crimes. Homeowners should install robust security systems to protect against vandalism, break-ins, and theft. Neighbourhoods with higher crime rates can result in more expensive insurance premiums.

Neighbourhood

If you live in a more expensive neighbourhood or suburb in Scarborough, expect insurance rates to be higher. East Scarborough, which comprises Rouge Hill, Highland Creek, and West Rouge, typically have the highest insurance rates.

Distance from emergency services

Do you live near emergency services like fire and police stations? If so, expect your insurance rates to be lower, as your property will be within a lower-risk area.

Postal Codes With the Most Expensive Home Insurance in Scarborough

M1C tends to have homes with above-average home insurance rates in Scarborough.

Postal CodeAverage Annual Home Insurance Premium
M1C$1,121
M1E$1,071

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Scarborough

The M1B and M1E postal codes have some of the cheapest home insurance rates in Scarborough.

Postal CodeAverage Annual Home Insurance Premium
M1B$972

Quote data from MyChoice.ca, October 2024

Housing Data in Scarborough

To get a better picture of the housing landscape in Scarborough, review the following housing data from the 2021 Census of Population.

Type of Occupied Dwelling

Most Scarborough homes are apartments in building with more than five stories (41.5%). The next most popular dwellings are single-detached houses (34.2%), followed by apartments in flats or duplexes (9.8%). Approximately 7.1% of properties are row houses.

Owner vs Renter Stats/Condo vs Non-Condo Owners

There is an almost even split between owners and renters in Scarborough. 56.8% of people own their homes, while 43.2% rent them.

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

Most Scarborough homes were built before 1960 (35.7%), followed by homes built between 1961 and 1980 (32.8%). Only 2.9% of homes were built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

93.2% of homes only require minimal maintenance and minor repairs. By comparison, a small 6.8% of homes require major repairs and replacements.

Average Home Price in Scarborough by Dwelling Type

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

Type of DwellingAverage Value
Detached$1,152,000
Semi-Detached$975,000
Freehold Townhouse$933,500

Scarborough Population Growth

Scarborough’s population slightly increased from 102,386 to 103,449 people between 2016 and 2021, indicating a growth rate of roughly 1% over the course of 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 Scarborough. 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 Scarborough?

While not mandated, there are many reasons why getting home insurance in Scarborough is a good idea. These include the following:

  • To provide financial protection for personal liability, in case someone is injured on your property
  • To rebuild your home in case of perils like fires, vandalism, storm damage, falling objects, and explosions
  • To replace your personal belongings in case of loss
  • To provide financial assistance in case your home becomes uninhabitable for any reason
  • To meet mortgage requirements
  • To provide yourself with peace of mind

How You Can Get Cheap Home Insurance in Scarborough

If you’re trying to save money on your preferred home insurance coverage in Scarborough, 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, Scarborough, Home Insurance Quotes Collected, 2024.

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

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

5. CREA, Ontario, Scarborough, Median Price of Homes by Dwelling Type, 2024.

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

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