Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Vaughan?
If you live in Vaughan, you should be aware of the following risks:
Severe Event Probability in Vaughan
On August 20, 2009, a severe supercell storm spawned tornadoes across Vaughan, causing significant roof damage, downed trees, and heavy property losses.
Below are the MyChoice severe event probability scores for Vaughan, 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.
How Much Does Home Insurance in Vaughan Usually Cost?
The average cost of a home insurance policy in Vaughan is around $972 However, final costs will vary depending on your property size, location within Vaughan, deductible, and coverage limits, among other things.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Vaughan Affect Your Home Insurance?
Yes, where you live in Vaughan can influence your final home insurance rates in the following ways:
Postal Codes With the Most Expensive Home Insurance in Vaughan
The L4L postal code has above-average home insurance rates in Vaughan.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L4L | $1,034 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Vaughan
The L4K postal code has some of the cheapest home insurance rates in Vaughan.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L4K | $953 |
Quote data from MyChoice.ca, January 2025
Housing Data in Vaughan
Learn more about the housing landscape in Vaughan with information from the 2021 Census of Population.
Homeownership Rate by Age in Vaughan
Homeownership in Vaughan is quite high among individuals aged 25 and older, with particularly strong rates in those aged 40 and above, which is approximately 90% of all residents within this age bracket owning their home in Vaughan.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 32.8% |
| 25 to 39 | 72.2% |
| 40 to 54 | 87.3% |
| 55 to 74 | 91% |
| 75 and over | 89.2% |
Average Home Price in Vaughan by Dwelling Type
Below are the average values of homes in Vaughan, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,624,000 |
| Semi-Detached | $1,150,000 |
| Freehold Townhouse | $1,182,000 |
Vaughan Population Growth
Vaughan’s population increased steadily from 306,233 to 323,103 people between 2016 and 2021. This indicates a growth rate of roughly 5.5% which is more or less in line with other areas nearby.
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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Vaughan. 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 Vaughan?
Home insurance in Vaughan isn’t necessary, but applying for a policy can benefit you in the following ways:
- You can replace your belongings in case you lose them in a flood or fire.
- You can repair and replace damages to your home caused by natural disasters, theft, vandalism, and other perils.
- You can protect yourself financially in case someone gets injured on your property and files a lawsuit against you.
- You can get financial assistance for temporary housing, necessities, and meals if your home becomes uninhabitable.
- You can fulfill mortgage requirements.
- You get peace of mind.
How Can I Get Cheap Home Insurance in Vaughan?
If you’re trying to save money on your preferred home insurance coverage in Vaughan, visit our Ontario page for practical tips.