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Top 10 Most Affordable Cities for Home Insurance in Ontario

Top 10 Most Affordable Cities for Home Insurance in Ontario

February 21st, 2023

The province of Ontario has something for everyone – beautiful scenery, great amenities, and affordable home insurance rates. While various factors can make it affordable to live in a particular area, not all cities and towns offer great rates for homeowners. 

To better understand home insurance rates and possibly reduce your monthly budget, learn more about the factors Canadian insurance companies use when determining their home insurance rates. We’ll go over the factors insurance companies use to determine home insurance rates and highlight ten of the top affordable cities for home insurance in Ontario.

Costs of Buying a Home

When a home buyer is in the market for a new home, they have lots of criteria in mind like the number of bedrooms and bathrooms, style of the home, square footage, location, and amenities. Furthermore, there are many financial considerations to take into account, such as the sale price, closing costs, cost of repairs, and getting approved for a mortgage. 

Along with a mortgage payment and property taxes, home insurance is another reoccurring expense that can be hard to predict. What some home buyers overlook is they can get a quote for home insurance before they purchase a home. A home’s selling price is not always indicative of how much the home insurance premiums will be.

Factors That Affect Home Insurance Premiums

  • Location – Homes in areas with a low crime rate get lower premiums.
  • Dwelling coverage – The cost to rebuild a home from the foundation upward is the dwelling coverage, and homes with a low-to-average dwelling coverage will have lower rates. 
  • Square footage – Larger homes cost more to rebuild, so the higher the square footage, the higher the premium. 
  • Age – Older homes are riskier to insure, so premiums may be slightly higher for homes as they age. 
  • Amount of dwelling coverage – Insurance companies base rates partly on the cost of rebuilding the structure. In areas where homes have high dwelling coverage, amounts will have higher premiums.
  • Claims history – Insurance companies charge more for homes with previous claims. If an area has been devastated by flooding, fire, a tornado, or some other disaster where many homes had claims, premiums will be higher. 
  • Distance from the fire station – In theory, the closer a home is to a fire station, the quicker firefighters will respond, and insurance companies reward homes close to fire stations with lower rates. 
  • Credit history – Research shows homeowners with a good credit history are less inclined to file claims, so insurance companies offer better rates to homeowners with good credit. 

While all these factors weigh in on how much a homeowner pays for home insurance, there are often various discounts to help bring the premiums down. If you are shopping for home insurance, always ask about discounts for bundling, security devices, system upgrades, newer roofs, and whatever else the company offers.

We have accounted for all the home risk factors when devising our list of the top 10 most affordable cities for home insurance in Ontario.

The 10 Most Affordable Cities for Home Insurance in Ontario

10. Barrie

This city is within an hour’s drive of Toronto and is one of the most affordable cities in Ontario. The housing costs are low, and so is the crime rate. Average home insurance rates in Barrie are $1,582.

9. La Salle

AreaVibes gives LaSalle a high livability score of 90 for its affordable housing, excellent schools, low crime rate, and lower cost of living. All factors contribute to lower home insurance rates. Average home insurance rates in La Salle are $1,413.

8. Guelph

Known as the “Royal City”, Guelph is a smaller city that boasts low unemployment, great schools, and highly affordable housing. Average home insurance rates in Guelph are $1,403.

7. Sudbury

Situated across Lake Huron from Michigan, Sudbury has a vibrant and robust workforce with several mines, mills, and smelters that draw workers to the area. Average home insurance rates in Sudbury are $1,398.

6. Burlington

Those who cannot afford to live in Toronto may opt for quieter and less expensive living in the suburbs of Burlington. The traffic is less congested, homes are less costly, and the crime rate is 34% lower than the national average. Average home insurance rates in Burlington are $1378.

5. Ottawa

The capital city of Canada is as lovely to live in as it is affordable for a large city. The unemployment rate is lower than the national average, and housing is relatively affordable compared to other Canadian cities similar in size. Average home insurance rates in Ottawa are $1378.

4.Thunder Bay

Insurance companies give Thunder Bay homeowners lower rates for living in an area with low crime and affordable housing. Average home insurance rates in Thunder Bay are $1,369.

3. Douro-Dummer

This is one of the few cities in Ontario that allows residents to build tiny homes with a 40-122 square meter footprint on their property. Tiny homes means much lower premiums. Average home insurance rates in Douro-Dummer are $1,351.

2. South Frontenac

Although it lacks the amenities of city life, residents of South Frontenac enjoy a low crime rate and low cost of living, making it a highly affordable city in Ontario. Average home insurance rates in South Frontenac are $1,132.

1. Waterloo

Along with Kitchener and Cambridge, Waterloo is one of three cities in the Regional Municipality of Waterloo. Many young professionals choose this area to plant roots in. Jobs are plentiful in this area allowing the residents to enjoy avoiding the busy commute to Toronto for work. Currently, the average price of housing and insurance is lower than in Toronto and other large cities. Average home insurance rates in Waterloo are $1,331.

Regardless of where in Ontario you live, it is important to speak with an insurance professional about getting the proper home insurance for your needs. The best agents will also help homeowners optimize their savings on home insurance. 

Final Thoughts

With the high cost of living, it can be stressful for some families to create a healthy budget. While certain expenses cannot be controlled, there is often room to reduce costs like insurance premiums to help keep their budget in check. 

A dedicated insurance professional is the best resource to show you how to get the best homeowner insurance rates in your area. Call our team at Duliban Insurance Brokers today for a no-obligation quote at 1-855-385-4226.

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