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Affordable Home Insurance in Simcoe

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$110.05Feb 20, 2025, 01:08 PMAuto48MaleSudbury
$61.12Feb 20, 2025, 02:38 PMHome34FemaleSault Ste. Marie
$20.34Feb 20, 2025, 07:32 PMTenant26MaleSt. Catharines
$49.82Feb 20, 2025, 06:51 PMLife45FemaleBelleville

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on January 14, 2025

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

Updated January 14, 2025

Visit author page

5 minute read

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

Quick Facts About Home Insurance in Simcoe

  • Simcoe home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Simcoe is around $977.

Quote data from MyChoice.ca, January 2025

What Risks Affect Homeowners in Simcoe?

Many things can cause home damage. Here are common risks to watch out for as a homeowner in Simcoe:

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. You should be especially vigilant when it rains, since heavy rainfall can cause some areas near Lake Simcoe to flood.

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.

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 Simcoe

Between August 28 and 30, 2017, a storm system that flooded Windsor with over 200 mm of rain extended into southwestern Ontario near Simcoe, prompting localized flood advisories.

Below are the MyChoice severe event probability scores for Simcoe, 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:

4/10

Hurricane Probability:

1/10

Snowstorm Probability:

4/10

How Much Does Home Insurance in Simcoe Usually Cost?

Home insurance in Simcoe costs around $977 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 Simcoe

Just a 15-minute drive from Lake Erie, Simcoe offers fresh air and natural beauty that’s as delightful for residents as they are for tourists. In addition to the excellent sights, Simcoe offers robust public transit, meaning it’s easy to get around the town.

The cost of living in Simcoe is relatively low, especially compared to big cities like Toronto. In some cases, Simcoe residents spend half of what Toronto residents spend. The average home prices in Simcoe are also fairly lower than the provincial average, meaning you’re more likely to find affordable homes.

What’s the housing landscape in Simcoe like? You can get answers to that question and more by researching statistics data. Here’s a look at the survey results for Simcoe from the 2021 Census of Population:

Type of Occupied Dwelling

Out of the 202,820 households in Simcoe County, nearly three-quarters (73%) live in single-detached houses, which makes them the most popular dwelling type in Simcoe. Low-rise apartments come in second place with 16,860 households or an 8.3% share, while row houses take third place with 14,360 households or a 7.1% share.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Based on the 25% sample data taken for this census, over three-quarters (77.9%) of households in Simcoe are homeowners, likely owing to its below-average home prices. Renters make up 22% of the county’s households. The remaining 0.1% comprises households living in government, First Nation, or Indian band-issued housing.

Only a small percentage (8.3%) of Simcoe households live in condominiums. The largest portion (91.7%) of Simcoe residents live in non-condos.

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

Most Simcoe homes were built before 2000. The largest share of households (22%) live in homes built between 1961 and 1980, while the second-largest share (16%) live in homes built between 1991 and 2000. Residents of newer homes are comparatively rare, with only about one-third (32.4%) of households living in homes built from 2001 to 2021.

Major Repairs or Just Maintenance Needed?

Most Simcoe residents live in homes built before the new millennium, but their homes are generally well-kept since 94.8% of them only needed minor repairs and regular maintenance. The remaining 5.2% needed major repairs.

Simcoe Population Growth

Simcoe’s population increased steadily from 13,922 to 16,121 people between 2016 and 2021. This indicates a growth rate of roughly 15.8% 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 Simcoe. 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 Simcoe?

Home insurance isn’t legally required in Simcoe. 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 Simcoe:

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 Simcoe

If you’re trying to save money on your preferred home insurance coverage in Simcoe, 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, Simcoe, Canadian Disaster Database, 2024.

2. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2023.

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

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

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

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