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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on February 6, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated February 6, 2024

Visit author page

13 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

As a homeowner, you might be worried about shelling out money for repairs if something damages your home or belongings. Home insurance can alleviate those concerns and provide peace of mind by paying for repairs, potentially saving you a lot of money.

However, shopping for affordable home insurance in Aurora that fits your needs can be complicated. There are so many coverage options, insurance companies, and other factors that make choosing a policy hard. You need a good grasp of the town’s home insurance landscape to make the right decisions. Learn more about home insurance in Aurora, what influences your premiums, and what you can do to save money on insurance.

What Risks Affect Aurora Homeowners?

Every city or town in Canada has unique risks that homeowners must be vigilant of, and Aurora is no exception. Here are common risks that you may encounter as an Aurora resident:

Extreme weather

Extreme weather like thunderstorms, blizzards, and high winds can happen in any region of Canada, Aurora included. Winds aren’t the only thing you should watch out for during extreme weather events because any unsecured objects can become flying debris that might damage your home or injure people. Your home insurance policy usually comes with wind protection.

Flood

Floods are one of the most common natural hazards in Canada, often caused by rapid snow melts, heavy rain, and other reasons. To protect your home from flooding, you may need to purchase extra flood coverage for your policy.

Fire

 The Greater Toronto Area, including Aurora, is prone to fires during the wildfire season from April to October. In some cases, local authorities may enact a total fire ban for the entire town, like what happened in response to the Ontario wildfires in mid-2023. Fortunately, most home insurance policies come with fire protection.

How Does Home Insurance in Aurora Work? 

As with other insurance products like tenant insurance or condo insurance, Aurora home insurance gives you financial coverage for your home in the event of certain unforeseen events. By purchasing a home insurance policy, you can file a claim that allows you to handle the cost of damage or losses covered under your policy terms.

There are three types of home insurance policies that you can buy in Aurora. Here’s a basic overview of each type:

The typical Aurora home insurance policy may come with these types of home insurance coverage and liability coverage. Here’s a quick description of each standard coverage inclusion:

  • Additional living expenses: If you’re suddenly displaced from your home because of an insured risk, your policy will also cover the cost of temporary housing.
  • Detached private structure: This covers damages to private, detached structures on your property, such as a detached garage or tool shed.
  • Dwelling: This covers damages to your home (a.k.a. your dwelling) and its attached structures, like a garage. Coverage is typically for damages caused by risks such as lightning or fire, depending on the terms of your policy.
  • Personal liability coverage: This covers settlements and legal expenses in case someone is accidentally injured on your property.
  • Personal property: Home insurance policies also cover your personal property, such as furniture and appliances. Note that some special or high-value items like artwork may need additional coverage.
  • Voluntary medical expenses: This coverage helps you pay for the medical expenses of a person you’ve unintentionally injured on your property or someone who accidentally hurts themselves on your property. This usually covers up to one year of expenses up to one year from the time of injury, with certain cost caps.
  • Voluntary property damage: This covers direct damage or loss that you’ve unintentionally caused to someone else’s property. This also applies to unintentional loss or damage caused by a minor who is 12 years old or younger in your care. 

Apart from the standard coverage offered by Aurora home insurance policies, there are other types of coverage you can purchase for extra protection for your property. These are some of the most common coverage add-ons:

  • Credit and debit card forgery: This additional coverage will offset any financial losses or other damage you suffer because of credit or debit card forgery.
  • Earthquakes: This add-on covers damage or losses due to earthquakes.
  • Flooding: Protection from flooding typically includes both overland water and sewer back-up coverage. While you may opt to purchase these water-related add-ons separately, you may want to combine them into a flooding protection package because of severe weather and other regional risks.
  • Freezer food: This protects food in your property’s freezers if your freezer malfunctions or there’s a power outage.
  • Home sharing: Standard policies don’t cover loss or damage caused when you rent out your home. This add-on covers your property if you plan to use it for short-term rentals on sites like Airbnb.
  • Identity theft: This covers the cost of replacing crucial documents for identification, such as your birth certificate and driver’s licence.
  • Lock replacement: Some insurers offer to cover the cost of replacing your home’s locks.
  • Mass evacuation: If the government issues an evacuation order due to an incident like a flood, this add-on covers some expenses incurred during your absence from your home.
  • Overland water: Rainfall or thawing snow can cause nearby freshwater and wastewater sources to overflow beyond their typical levels. This add-on covers damage caused by this excess water when it seeps into your property.
  • Personal valuables: Standard plans offer limited coverage known as riders for items like jewelry and artwork. This add-on increases the limits for these items in the event of loss or damage.
  • Sewer backup coverage: If sewage or wastewater comes up from a main sewer, this add-on will cover the damage and losses caused.

This is usually the most affordable type of home insurance, where you can choose coverage only against specific perils. If it’s not listed in your basic policy, your insurer won’t give you coverage for that risk.

This is typically the most expensive option but also the one that offers the most protection for your home and belongings in it. Under comprehensive home insurance, you’ll have protection against all risks that aren’t explicitly excluded, as well as risks that don’t require optional add-ons.

This mid-price option offers comprehensive coverage for your home but basic coverage for your personal belongings. This means your home will be protected from all risks except those that need add-ons or are specifically excluded, while your possessions are only protected against risks listed in your policy.

Housing Data in Aurora

What does the housing landscape in Aurora look like? Here’s an overview from the 2021 Census of Population:

Type of Occupied Dwelling

Single-detached houses are the most popular dwellings in Aurora, taking a 60.4% share of the town’s total homes. Row houses come in at second with 16.8%, followed by apartments in buildings under five storeys at 7.1%.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Based on the 25% sample data from the census, 81.2% of Aurora residents own their homes, with renters making up 18.8%. A majority of homes in Aurora are non-condos at 87.7%, while condos take the remaining 12.3% share.

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

The 25% sample data from the census shows that most homes in Aurora were built between 1981 and 1990, making up 19% of the town’s total homes. Homes built between 1991 and 2000 followed closely at 18.3%. There also seems to be an influx of new houses in recent years, with 12.9% of the town’s homes built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

Homes in Aurora are generally well-maintained, with 97% only needing minor repairs. The number of homes needing major repairs is comparatively minuscule, at only 3%.

Who Provides Home Insurance Quotes in Aurora?

There are different ways that you can get a home insurance quote in Aurora. Here are the four providers that you can use or contact for home insurance rates:

Insurance brokers

Insurance brokers can represent you as a buyer and get quotes from multiple insurance companies, as well as advice on choosing a policy.

Direct writers

A direct writer is an insurance company that doesn’t have independent agents offering their quotes and policies. Typically, direct writers offer their products through their official websites and/or their call centres.

Insurance agents

Insurance agents are independent professionals who can provide quotes and policy information from the companies they work with.

Insurance aggregators

Insurance aggregators are online platforms like MyChoice that allow you to compare rates and coverage options from multiple providers. Because these allow you to input your information and receive quotes from multiple providers in one place, this can save you time and effort.

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 Aurora. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.

How Much Does Home Insurance in Aurora Usually Cost?

On average, home insurance in Aurora costs around $1,113 annually. Your home insurance rates may be lower and higher depending on the insurance company you choose. Various factors like your home’s age, condition, and size also influence your rates.

Your home’s location plays a part in the insurer’s rate calculation. You might get lower rates if you live in a neighbourhood with a low crime rate, easy access to emergency services, and better roads because you’re less likely to file an insurance claim. Conversely, you might see higher rates if your area is known for crime and natural disasters.

Why Do I Need Home Insurance in Aurora?

Home insurance in Aurora isn’t legally required, so there’s no “need” to get one. Regardless, home insurance is still a good idea because your policy protects your home and its contents from many perils. Here are three common reasons to buy home insurance in Aurora:

Liability protection

Home insurance doesn’t just protect your home and its contents. It can also cover legal fees, medical costs, and other expenses following an accident on your property. If you don’t have liability protection from a home insurance policy, you may be saddled with hefty fees that might stretch your finances.

Home and belongings protection

One of the most common reasons people get home insurance is to protect their home and belongings. Home insurance can compensate for repair and replacement costs if perils covered by your policy damage your property.

Mortgage lender requirements

Mortgage lenders have a stake in your house until you’ve paid off your loan. They often require you to purchase home insurance to protect their investments.

What Determines the Cost of Home Insurance in Aurora?

The cost of home insurance in Aurora varies depending on several considerations, such as your zip code, your property type, and even your credit score. Here are some of the different cost factors for home insurance in Aurora:

Accessory Dwellings

Detached private structures like tool sheds, pool houses, and gazebos may increase your home insurance premiums. Further, a pool typically increases your premiums because of the increased risk of drowning, as well as the extra cost of maintaining a surrounding fence and lock. Make sure your home insurance covers all of your detached structures.

Credit Score

The majority of Canadian provinces use your credit score to determine your home insurance premium. This is because it’s often perceived that a bad credit score increases the risk of providing home insurance, as it increases the odds of late or non-payment of premiums.

Internal Construction

If your home is older, in poor condition, or needs to update systems like heating and plumbing, it may be pricier to insure. This is because older electrical, heating, and plumbing systems increase the risk of certain accidents like fires and water damage from leaks.

Location

If you live in an area prone to natural disasters like earthquakes or flooding, your premiums may be higher. Insurers also tend to charge higher premiums in areas where more homeowners have filed claims over recent years.

Replacement Cost

Replacement cost is based on how much it would cost to rebuild your home at its present condition and value. The higher your home’s present value, the more expensive it is to insure. Note that when factoring in replacement cost, you’ll need to inform your home insurer of any expensive items or upgrades like jewellery or artwork which will need extra coverage.

Past Claims History

Simply put, the more claims you have in a 10-year period, the higher your monthly premiums will be. As a general rule, make sure that the cost of your potential claim is higher than your policy deductible, which is the amount you have to pay before your insurer covers the rest.

Pets

Some insurance providers will ask you to disclose the number, type, and breed of any pets you may have, as some pets are considered an additional liability risk.

Property Type

Whether you live in a condo unit or a single-detached home, different types of dwellings will be evaluated differently by an Aurora insurer as each comes with different risks.

Renovations And Improvements

Some improvements can lower or increase your home insurance premiums. For example, converting a room into a home theatre may increase your home’s present value, so your premiums may go up. On the other hand, improvements that increase home safety like an alarm system may lower your premiums. Note that you should tell your home insurer both before and after you renovate your Aurora home.

Roof

The average asphalt shingle roof will begin to wear down after approximately 10 to 15 years. Unless it’s properly maintained and repaired, your roof may increase the risk of letting water leak in and damage your house. Aurora home insurers may lower your quotes if they see that your home’s roof is made with high-quality, durable materials.

Smoking Or Non-Smoking Policyholders

If you’re a non-smoker, an insurer may offer lower premiums as they consider it less likely that a cigarette or other smoking device will start a fire in your home.

Special Uses

While conducting business in your home won’t always increase your home insurance premiums, this depends greatly on the kind of business you’re running. For example, you can expect to pay more if you’re listing your home for short-term rentals or running a home-based catering company because there is more risk of liabilities or accidents.

Type Of Coverage You Choose

If you get a policy with a higher deductible, this will result in a lower premium. Additionally, the higher the coverage and the more risks you are protected against, the higher your premiums will be.

Your Chosen Insurer

Different insurers may offer varying quotes even for the same type of policy. Coverage costs vary between companies, so it’s important to shop around to find the best deal. 

Does Where You Live in Aurora Affect Your Home Insurance?

Where you live in Aurora might affect your home insurance because different areas have different risks. Home insurance companies examine many factors tied to your location when determining your rates, and here are some examples:

Flood vulnerability

Flood is a frequent occurrence in many parts of Canada. Some neighbourhoods are more vulnerable to flooding than others due to their proximity to bodies of water and other reasons. Living in a flood-prone area may raise your rates because you’re more likely to file an insurance claim.

Claims history

The number of insurance claims filed in your neighbourhood might influence your rates because insurers use it to gauge your likelihood of filing a claim yourself. It also signifies the area is prone to property damage, increasing your likelihood of filing a claim.

Proximity to fire hydrants and other infrastructure

Fires can devastate homes within minutes, which is why your home’s proximity to fire hydrants and related infrastructure matters. Homes closer to fire hydrants mean firefighters can get to work faster, potentially reducing total damage to your house. In turn, reduced fire risk to your house can lower your rates.

How You Can Get Cheap Home Insurance in Aurora

If you’re trying to save money on your preferred home insurance coverage, here are some important steps to take:

Compare quotes

Comparison shopping between different providers will help you find the best rate for your desired policy type. Use an insurance aggregator like MyChoice to get and examine immediate quotes from various Aurora home insurers.

Increase your deductible

You can ask your insurer if you can increase your deductible, a.k.a. the amount you pay before your insurer pays out the claim. Increasing this reduces the risk for your insurer that you’ll submit a claim, so they may offer to lower your premiums.

Bundle with auto insurance

Some companies offer bundled home and auto insurance at a good discount for both policies.

Renovate old home systems like wiring and plumbing

Renovating to remove known risks like faulty wiring and old plumbing may help reduce your premiums.

Pay annually

While hefty annual premium payments may be daunting, some insurance providers give you a discount in exchange as it reduces their administrative costs.

Install monitored alarms

The safer you make your home against thieves, the higher the chances that you’ll go claim-free. This may convince your home insurer to offer lower premiums. Install monitored home security systems to deter break-ins and get immediate notifications of disturbances.

FAQs About Home Insurance in Aurora

Can you cancel home insurance in Aurora?

Yes, you can cancel your home insurance in Aurora. Check your policy’s terms and conditions for any fees or penalties you may incur, as these are typically charged if you cancel your policy before its end date.

Are Aurora home insurance fees tax deductible?

Generally, Aurora home insurance fees are not tax-deductible as they’re usually considered personal expenses. However, they may be tax-deductible in certain circumstances, such as running a home-based business or having a designated office area in your home. Consult a tax professional to learn if your insurance policies can be considered deductibles in your situation.

Do Aurora real estate prices affect the cost of home insurance?

Yes, Aurora real estate prices affect the cost of home insurance. Because high real estate prices translate to higher repair or restoration costs in the event of loss or damage, home insurers may charge higher premiums in higher-priced areas. The average price of an Aurora home is approximately $1,136,467, around $270,000 higher than the Ontario average.

Home prices in Aurora have been on a decline since March 2023. The average price fell almost $300,000 from $1,427,174 in March to $1,136,467 in April. While home prices in Aurora are considerably higher than Toronto, home insurance costs in Aurora are slightly lower.

Do I need home insurance in Aurora for Airbnbs?

Yes, you need a specific type of home insurance in Aurora for Airbnbs. Property owners who run Airbnbs can apply for a customized rental insurance policy to protect against property damage or liabilities.

What factors aren’t used to calculate Aurora home insurance rates?

Factors that insurance providers don’t consider when calculating Aurora home insurance rates include the following:

– Sexual orientation and gender
– Marital status
– Disability
– Race
– Religion
– Political affiliation

How expensive is insurance for a home in Aurora compared to the rest of Ontario?

Insurance for a home in Aurora is about $200 less than the provincial average, depending on the type of coverage you get. Some factors which may affect this difference include the cost of living in this city, property values, and the incidence of natural disasters such as earthquakes and storms.

In Aurora, the cost of living is about 2% lower than the provincial average. Aurora is also known for its relatively low crime rates but frequent fires. Consult your preferred home insurer to find out what other factors may cause your Aurora policy quotes from them to be higher than the provincial average.

Sources

1. Statistics Canada, 2021, Census of Population, Ontario, Aurora, Housing Statistics. Data Published March 29, 2023.

2. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2023.

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