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Affordable Home Insurance in Thornhill

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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 Thornhill

  • Thornhill home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Thornhill is around $1,275.

Quote data from MyChoice.ca, December 2024

What Risks Affect Homeowners in Thornhill?

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

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.

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 Thornhill

On August 19, 2005, violent thunderstorms unloaded up to 175 mm of rain in about an hour near Thornhill, creating rapid flash floods.

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

5/10

Crime Probability:

2/10

Wildfire Probability:

2/10

Tornado Probability:

5/10

Hurricane Probability:

1/10

Snowstorm Probability:

4/10

How Much Does Home Insurance in Thornhill Usually Cost?

Home insurance in Thornhill costs around $1,275 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 your belongings.

Quote data from MyChoice.ca, December 2024

Postal Codes With the Most Expensive Home Insurance in Thornhill

On average, the L3T postal code area or Thornhill has above-average home insurance rates for the city.

Postal CodeAverage Annual Home Insurance Premium
L3T$1,354

Quote data from MyChoice.ca, December 2024

Postal Codes With the Least Expensive Home Insurance in Thornhill

The L4J postal codes have some of the cheapest home insurance rates in Thornhill.

Postal CodeAverage Annual Home Insurance Premium
L4J$1,245

Quote data from MyChoice.ca, December 2024

Housing Data in Thornhill

Thornhill has the unique status of being located in two different cities: Vaughan and Markham. It also shares a border with the City of Toronto. With the city centre just a 30-minute drive away, Thornhill residents don’t need to travel long for work.

Thornhill is one of the densest neighbourhoods in the Greater Toronto Area, with housing choices to fit just about any taste and budget. From townhouses to executive homes, prospective homeowners are spoiled for choice. It also boasts various recreational facilities, from tennis clubs to multiple golf courses.

Buying a new home is a large commitment, so you need to do some research before finalizing the decision. To help your research, here’s a look at the housing landscape in Thornhill based on the 2021 Census of Population:

Type of Occupied Dwelling

Out of Thornhill’s 41,845 households, nearly half (49.5%) of them live in single-detached homes, making them the most popular dwelling type in the suburb. A large portion (31.1%) of residents live in high-rise apartments, making them the second-most popular dwelling type. These apartments were mostly built in the early to mid-2000s to meet the increased demand for residences in Thornhill.

Owner vs Renter Stats/Condo vs Non-Condo Owners

The 25% sample data taken by the census shows that most Thornhill residents own their homes, with homeowners comprising 78% of all households. The remaining 22% are renters.

One-third (33.4%) of Thornhill’s households live in condominiums, while the remaining two-thirds (66.6%) live in non-condo properties.

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

Homes in Thornhill are relatively old, with over a quarter (25.6%) of the suburb’s households residing in homes built from 1981 to 1990. The second and third largest shares come from households living in homes built from 1961 to 1980 and 1991 to 2000, with 17.9% and 16.8% shares, respectively. 

12.2% of Thornhill households live in homes built from 2001 to 2005, likely reflecting the surge in residential construction in the 2000s to meet increased demand.

Major Repairs or Just Maintenance Needed?

Thornhill is a relatively upscale neighbourhood, which means its residents likely take good care of their homes. Statistics back this up, with only 3.6% of Thornhill households saying their home needed major repairs. Meanwhile, the remaining 96.4% only required maintenance or minor repairs.

Thornhill Population Growth

Thornhill’s population increased a little from 112,719 to 115,292 people between 2016 and 2021, this correlates to a growth rate of roughly 2.3% over 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 Thornhill. Talk to your home insurance provider to see what’s covered by your policy in case of loss or dam

Why Do I Need Home Insurance in Thornhill?

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

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 Thornhill

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

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

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

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

5. Statistics Canada, 2021, Census of Population, Ontario, Thornhill, Housing Statistics. Data Published March 29, 2023.

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

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