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.
Why Do I Need Home Insurance in Barrie?
Having home insurance in Barrie is important for several reasons:
How Does Home Insurance in Barrie Work?
As with other insurance products like tenant insurance or condo insurance, Barrie 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 Barrie. Here’s a basic overview of each type:
Who Provides Home Insurance Quotes in Barrie?
There are different ways that you can get a home insurance quote in Barrie. Here are the four providers that you can use or contact for home insurance rates:
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 Barrie. 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 Barrie Usually Cost?
Home insurance in Barrie, Ontario usually ranges between $828 to $1,380.
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.
What Determines the Cost of Home Insurance in Barrie?
The cost of home insurance in Barrie 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 Barrie:
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:
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.
Census Data: 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.
How You Can Get Cheap Home Insurance in Barrie
If you’re trying to save money on your preferred home insurance coverage, here are some important steps to take:
FAQs About Home Insurance in Barrie
Can you cancel home insurance in Barrie?
Yes, you can cancel your home insurance in Barrie. 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 Barrie home insurance fees tax deductible?
Generally, Barrie 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 Barrie real estate prices affect the cost of home insurance?
Yes, Barrie 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 a Barrie home is within the $789,000 range, making it $100,000 under the Ontario average of $880,000. However, the home insurance rate for Barrie is still higher than the provincial average.
Do I need home insurance in Barrie for Airbnbs?
Yes, you need a specific type of home insurance in Barrie 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 Barrie home insurance rates?
Factors that insurance providers don’t consider when calculating Barrie 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 Barrie compared to the rest of Ontario?
Insurance for a home in Barrie ranges between $828 to $1,380 per year, higher than the provincial average $1,368 per year. 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 Barrie, the cost of living is about 30% lower than the provincial average. However, Barrie is in southwestern Ontario’s tornado corridor so it’s prone to extreme weather events, such as the July 2021 EF-2 tornado that caused an estimated $100 million in insured losses.
Consult your preferred home insurer to find out what other factors may cause your Barrie policy quotes from them to be higher than the provincial average.