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Affordable Home Insurance in Timmins

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
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$47.20Nov 17, 2024, 11:49 PMHome68MaleOttawa
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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 Timmins

  • Timmins home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Timmins is around $1,537.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Timmins?

If you plan to buy a home in Timmins, it’s important to know the specific risks you may encounter in the area. Below are some of the most common dangers that affect Timmins homeowners:

Flooding

The Mattagami River runs through Timmins and occasionally floods due to excessive rainfall or thawing snow, so homeowners in the area may want to get overland flood coverage. This is typically not a standard inclusion, so you’ll have to add it to your policy.

Hail and storms

While most homes can withstand small hailstorms, large hail can damage the structural integrity of your property. Meanwhile, strong winds can loosen your roof, uproot trees, and cause objects to fly into your home.

Cold winters

 The main risk associated with extremely low temperatures is that they can freeze and burst your pipes. This can result in serious damage and cost a lot to repair. Temperatures in Timmins can fall well below freezing during winter, hitting average lows of -5°F in the colder months.

Wildfires

Wildfires are a major risk across Ontario, with many residents being forced to evacuate their homes in the first quarter of the year due to the smoke that has blanketed their neighbourhood. While even residents further away are affected by the air quality, those most vulnerable include those living near forested areas. Fortunately, fire protection is included in most home insurance policies.

How Much Does Home Insurance in Timmins Usually Cost?

Home insurance in Timmins costs an average of $1,537/year, which is higher than the Ontario average of $1,368.

That said, insurance providers calculate premiums based on a wide range of factors, such as the value and age of your property, where you live, and what kind of coverage you need. At the same time, insurers calculate these risks differently, so you can expect to get different quotes from different providers, even for the same home.

Quote data from MyChoice.ca, October 2024

Does Where You Live in Timmins Affect Your Home Insurance?

Where you live in Timmins can affect your home insurance. Premiums are calculated based on your risk, and the location of your property is a major contributor to that. Here are some of the ways that home insurance companies may take where you live into consideration:

Disaster risk

If you live in an area in Timmins that’s prone to natural disasters, insurers may charge you higher premiums to accommodate the increased risk. For example, homes near the Mattagami river bank (e.g., Mountjoy and Mattagami Heights) may experience a lot of flooding, while residents near the underground mine workings in Schumacher are more prone to sinkholes.

Property age

Older homes usually have more issues and need more repairs, so insurers often charge higher for these properties. Certain areas in Timmins have mostly older houses on the market, such as Hill District.

Property crime rates

Property crime is the most common crime in Timmins, with 430 break-and-enters reported in 2021. If you live in a neighbourhood that has a particularly high property crime rate, your premiums may reflect that.

Postal Codes With the Most Expensive Home Insurance in Timmins

Houses within the P4N postal code region tend to have above-average home insurance rates in Timmins.

Postal CodeAverage Annual Home Insurance Premium
P4N$1,604

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Timmins

The P4R postal code has some of the cheapest home insurance rates in Timmins.

Postal CodeAverage Annual Home Insurance Premium
P4R$1,511

Quote data from MyChoice.ca, October 2024

Why Are Timmins Home Insurance Rates so Expensive?

There are three factors that may be driving up Timmins home insurance rates. Here’s a quick explanation of why these things make premiums higher in Timmins:

  • Greater number of older properties: Most homes in Timmins are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
  • Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
  • Housing density: Timmins is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.

Housing Data in Timmins

Interested in the housing market in Timmins? Below are some statistics pulled from the 2021 Census of Population:

Type of Occupied Dwelling

Most of the homes in Timmins are single-detached houses, comprising 65.1% of all homes. Apartment buildings come in at a distant second, with buildings with less and more than five storeys making up 13.9% of homes in Timmins.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Out of those sampled, 67% of Timmins residents own their homes, while 33.1% rent. There are more non-condominium owners (97.5%) than condo owners (2.5%).

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

If you buy a house in Timmins, there’s a big chance it’s an older home. 93% of the homes in the neighbourhood were built before 2000, compared to just 1.5% built from 2016 to 2021. 

Major Repairs or Just Maintenance Needed?

A whopping 92% of dwellings in Timmins only require minor repairs and maintenance. The remaining 8% need major repairs.

Homeownership Rate by Age in Timmins

Homeownership in Timmins is fairly standard from the ages 25 and above, the interesting thing here is the high ownership rate for people aged between 15 to 24 which stands at 25%.

Age GroupHomeownership Rate
15 to 2425.0%
25 to 3961.2%
40 to 5473.7%
55 to 7471.5%
75 and over63.8%

Timmins Population Growth

Timmins’ population slightly decreased from 41,788 to 41,145 people between 2016 and 2021, indicating a negative growth rate of roughly -1.5%.

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 Timmins. 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 Timmins?

The most likely reason you’ll need home insurance in Timmins is to protect yourself financially in case the unexpected happens. 

Natural disasters such as floods, storms, and earthquakes and human threats such as theft and vandalism can cause costly damage to your home. This can set even the most financially secure homeowner back. 

A home insurance policy can help you cover the costs of repairing or replacing your home, as well as any belongings inside it. The payout can also be used to rent temporary housing in the event that your home is uninhabitable.

Aside from this, there are two other common reasons people may need home insurance:

Pay for liabilities

Accidents happen, even if you’re careful. If someone gets injured on your property, home insurance can help you pay for medical expenses, legal fees, and other costs.

Take out a loan

Although you are not legally required to have home insurance in Timmins, some loan providers may ask you to secure one before you can get a mortgage. Lenders have a vested interest in your home, and they’ll be more likely to approve your loan if you take steps to protect their investment.

How Can I Get Cheap Home Insurance in Timmins?

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

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

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

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

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

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