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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.58May 21, 2024, 07:11 AMAuto69FemaleL2R6P9
$46.95May 21, 2024, 10:07 AMHome44FemaleL6Y0E8
$24.71May 21, 2024, 12:42 AMTenant25FemaleK8N3P9

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

Updated on May 22, 2024

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

Updated May 22, 2024

Visit author page

4 minute read

Article Contents

Home insurance coverage goes a long way towards giving you peace of mind. In unexpected events like theft, fire, or natural disaster, it can provide you with a sense of financial security that would otherwise be lacking. 

Figuring out home insurance in Barrie, Ontario can be tricky if you don’t know the ins and outs. Here, we’ll cover everything you need to know, including how it works, what it costs, and how you can get the best rates.

What Risks Affect Homeowners in Barrie?

According to the Barrie government’s hazards and risk assessment, there are some natural and technological risks to owning a home in Barrie, Ontario: 

Winter storms

Heavy snow, strong winds, and freezing rain are common occurrences during winter. 

Heat and cold waves

Climate change has been causing more extreme weather in Barrie, causing winter thaws or heavy summer rainfalls. 

Summer storms

Lightning, tornadoes, hail, strong winds, heavy rain, and flooding happen frequently during the summer months. 

How Much Does Home Insurance in Barrie Usually Cost?

The average home insurance cost in Barrie is around $1094/year.

The cost of home insurance premiums in Barrie can vary greatly depending on several factors: 

  • The size, age, and construction of your home all impact your insurance premiums. Generally, newer and larger homes will be more expensive to insure. 
  • The location of your home also has a big impact on the cost of home insurance in Barrie. Insurance providers will check proximity to fire stations, crime rates, and risk of natural disasters in your area and factor that in when giving you a quote. 
  • The type and amount of coverage you want also affect the final cost. Higher limits and additional coverage options, like water damage or sewer backup coverage, will cost extra. 
  • Your deductible is another factor in play. If you choose a higher deductible, your home insurance premiums will be lower, and vice versa.

Does Where You Live in Barrie Affect Your Home Insurance?

Yes, where you live in Barrie does affect your home insurance rates. The location of your home is one of the biggest factors that insurance providers use to determine your premiums. For example, if you live in an area with a higher crime rate or chance of flooding, your premiums will also be higher because of the greater risk in the area. 

Historically, densely populated areas or neighbourhoods with a higher concentration of commercial establishments in Barrie are more susceptible to property crimes such as burglary, theft, or vandalism. This includes areas near the downtown core, the southeastern neighbourhood near Innisfel, and the area around Loggers Run near Essa Road. 

Postal Codes With the Most Expensive Home Insurance in Barrie

L4N is a slightly more expensive postal code in Barrie for home insurance premiums on average.

Postal CodeAverage Annual
Home Insurance Premium
L4N$1132

Postal Codes With the Least Expensive Home Insurance in Barrie

L4M is the cheapest postal code in Barrie for home insurance.

Postal CodeAverage Annual
Home Insurance Premium
L4M$1056

Housing Data in Barrie

Here’s the housing data in Barrie from the 2021 Census of Population:

Type of Occupied Dwelling

The majority of occupied dwellings in Barrie are single-detached houses (58.2%). The next most common type of homes are semi-detached houses and apartments in buildings under five storeys (23%). 

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most people living in Barrie are homeowners as 67.7% of housing arrangements are owned and 32.3% are rented. Out of those, only 11.6% are condominiums and 88.4% are non-condo types.

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

Over a fourth of homes in Barrie were constructed before the 1980s (28.9%), a little over half were constructed between 1981 and 2005 (53.7%), and the rest between 2006 and 2021 (17.3%). 

Major Repairs or Just Maintenance Needed?

Nearly all homes in Barrie are in good condition with 95.4% only requiring minor repairs, while 4.6% need major repairs. 

Homeownership Rate by Age in Barrie

Relative to other Ontario cities like Ajax, homeownership among young adults (25-39) in Barrie is quite low, at just 54.7%, compared to 77.6% for the southern Ontario city.

Age GroupHomeownership Rate
15 to 2416.3%
25 to 3954.7%
40 to 5473.8%
55 to 7475.4%
75 and over67.8%

Average Home Price in Barrie by Dwelling Type

The price of a single detached house in Barrie is around $826,050 which is on par with the provincial average.

Type of DwellingAverage Value
Detached$826,050
Semi-Detached$670,000
Freehold Townhouse$649,944

Barrie Population Growth

Barrie’s population increased by 4.5% from 2016 to 2021.

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 Barrie. 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 Barrie?

Having home insurance in Barrie is important for several reasons: 

Protection against property damage

Barrie is prone to extreme weather events like heavy snowfall and windstorms. Home insurance covers property damage from natural disasters and will help you rebuild or repair in case of damage. 

Protection against damage to personal belongings

 Home insurance will also cover damage to your personal belongings like furniture, appliances, electronics, and clothing. If they’re damaged or destroyed, your insurance policy will reimburse you for the cost of the items. 

Liability protection

If someone gets injured on your property and holds you responsible, home insurance will cover legal fees, medical bills, and potential settlements against you. 

Unexpected living expenses

In the event your home is damaged and you need to live somewhere else till it’s repaired, your home insurance policy will cover the cost of temporary accommodation. 

Mortgage requirements

When you take out a mortgage to purchase a home, your lender will want to protect their investment and will likely require you to have home insurance. 

How You Can Get Cheap Home Insurance in Barrie

Visit our main provincial home insurance page to learn about tactics for reducing your home insurance premiums in Barrie.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Barrie, Home Insurance Quotes Collected, 2024.

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

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

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

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

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

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