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Affordable Home Insurance in Woodstock

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
$88.23Dec 19, 2024, 05:56 PMAuto67FemaleScarborough
$61.13Dec 19, 2024, 05:41 AMHome63MaleNiagara Falls
$21.99Dec 19, 2024, 09:24 PMTenant30FemaleMississauga
$28.28Dec 19, 2024, 01:55 PMLife36FemaleBrampton

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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 Woodstock

  • Woodstock home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Woodstock is around $1,426.

Quote data from MyChoice.ca, November 2024

What Risks Affect Homeowners in Woodstock?

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

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. The dangers of house fires can’t be underestimated, either. A recent house fire on Passchendaele Street in May 2023 caused over $500,000 worth of damage.

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.

How Much Does Home Insurance in Woodstock Usually Cost?

Home insurance in Woodstock costs around $1,426 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, November 2024

Postal Codes With the Most Expensive Home Insurance in Woodstock

N4T is the postal code with the most expensive home insurance rates in Woodstock on average.

Postal CodeAverage Annual Home Insurance Premium
N4T$1,433

Quote data from MyChoice.ca, November 2024

Postal Codes With the Least Expensive Home Insurance in Woodstock

The N4S postal code tends to have some of the cheapest home insurance rates in Woodstock on average.

Postal CodeAverage Annual Home Insurance Premium
N4S$1,397

Quote data from MyChoice.ca, November 2024

Housing Data in Woodstock

Researching a city’s housing information is a great way to decide whether living there is right for you. Here’s a dive into some key residential statistics in Woodstock taken from the 2021 Census of Population:

Type of Occupied Dwelling

57.5% of Woodstock’s 18,890 households live in single-detached houses, making them the most popular type of dwelling in the city. Low-rise apartments are the second-most popular, with a 12.1% share of residents, while row houses take a close third with an 11.7% share.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Based on the 25% sample data from the census, around two-thirds (65.2%) of Woodstock’s households are homeowners, while the remaining one-third (34.8%) are renters. 10% of the city’s households live in condominiums, while the other 90% live in non-condos.

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

Most Woodstock households live in old homes, as shown by the 25% sample data. 27.9% of households live in homes built before 1960, while 22.5% live in homes built between 1961 and 1980. Residents in dwellings built after the new millennium are comparatively rare, with a cumulative 28.5% share of households living in homes built between 2001 and 2021.

Major Repairs or Just Maintenance Needed?

While Woodstock’s households mostly live in older properties, they keep them well-maintained. 95.1% of Woodstock’s households reported their homes only needed minor repairs and regular maintenance, while only 4.9% of them reported their homes needed major repairs.

Homeownership Rate by Age in Woodstock

Homeownership in Woodstock begins to increase with individuals aged 25 and older, with particularly strong rates in those aged 40 and up. The age group 40 to 74 has the highest homeownership rate at approximately 70%.

Age GroupHomeownership Rate
15 to 2429.2%
25 to 3959.8%
40 to 5470.5%
55 to 7469.1%
75 and over59.2%

Average Home Price in Woodstock by Dwelling Type

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

Type of DwellingAverage Value
Detached$815,000
Semi-Detached$566,750
Freehold Townhouse$590,000

Woodstock Population Growth

Woodstock’s population increased steadily from 41,098 to 46,705 people between 2016 and 2021. This indicates a growth rate of roughly 13.6% across 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 Woodstock. 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 Woodstock?

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

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.

FAQs About Home Insurance in Woodstock

How can you get cheap home insurance in Woodstock?

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

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

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

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

6. CREA, Ontario, Woodstock, Median Price of Homes by Dwelling Type, 2024.

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

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