How Does Home Insurance Work In Collingwood?
When you get a home insurance quote in Collingwood with MyChoice, you’re receiving a comprehensive policy that goes beyond just the basics — including Guaranteed Replacement Cost, which ensures your home will be rebuilt to its original condition even if the cost exceeds your dwelling coverage limit.
Your quote is made up of two main pillars: Base Residence / Dwelling (covering your home, contents, liability, and standard perils) and Enhanced Water Protection (covering floods, sewer backup, and groundwater seepage). Together, they form a complete protection package for your property and belongings.
| Coverage Type | What’s Included? | Average Annual Home Insurance Premium |
|---|---|---|
| Base Residence / Dwelling | – Dwelling Coverage – Outbuildings (detached structures) – Contents – Personal Liability – Voluntary Medical Payments – Voluntary Property Damage – Basic Water Damage | $902 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $180 |
| Coverage Total: | $1,082 |
*A comprehensive home insurance policy protects your property and belongings against all perils except those specifically excluded by the policy. This typically includes: fire and smoke damage, wind and hail damage, lightning strikes, burst pipes (depending on the situation), falling objects (like trees or branches), theft and burglaries, and vandalism.
Base Residence / Dwelling Coverages:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Dwelling Coverage | Covers the cost to rebuild your home after insured damage. | $1,000,000 |
| Outbuildings (detached structures) | Covers the cost to rebuild the detached structures (i.e. garages, sheds, fences). | $150,000 |
| Contents | Protects your belongings from damage or loss due to covered perils. | $750,000 |
| Personal Liability | Legal & medical costs if someone sues you for injury/property damage. | $1,000,000 |
| Voluntary Medical Payments | Pays limited medical expenses if someone is accidentally injured on your property, regardless of fault | $4,500 |
| Voluntary Property Damage | Covers small amounts for accidental damage you cause to someone else’s property (or damage caused by a minor in your care | $1,500 |
| Basic Water Damage | Protects against sudden and accidental internal water damage (e.g., burst pipes or overflowing appliances | $1,000,000 |
*Please note that the average coverage limits in the tables above and below are based on the dwelling coverage of $1 million and can vary by house and carrier.
Enhanced Water Protection:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Sewer Backup Endorsement | Pays for damage caused by sewage or septic systems backing up into the home. | $100,000 |
| Ground Water Endorsement | Adds protection against damage from ground‑water seepage, which is not covered by standard policies. | $250,000 |
| Overland Water Endorsement | Covers damage from freshwater entering your home from rivers, lakes or heavy rainfall. This is typically optional and recommended for homes in flood‑prone areas. | $250,000 |
| Broad Water Damage Endorsement | A catch‑all rider that may combine overland water, sewer‑backup and ground‑water coverage and may also include protection for seepage or ice‑damming (depending on the insurer) | $250,000 |
*MyChoice recommends getting the enhanced water protection package if you live in flood-prone areas in Ontario, as mentioned in our latest study.
Home Insurance Price in Collingwood by Dwelling Type
Below is the average home insurance price in Collingwood, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,082 |
| Semi-Detached | $995 |
| Freehold Townhouse | $930 |
How Collingwood Home Insurance Rates Compare to Nearby Cities
Collingwood’s home insurance rates are among the lowest in the region, with only Orangeville coming in at a similar level, while neighbouring Barrie, Midland, and Orillia see noticeably higher costs.
| City | Average Annual Home Insurance Premium |
|---|---|
| Collingwood | $1,082 |
| Barrie | $1,276 |
| Midland | $1,399 |
| Orangeville | $1,078 |
| Orillia | $1,429 |
| Innisfil | $1,330 |
How Collingwood Home Insurance Rates Compare to Provincial Average
Home insurance in Collingwood costs around $1,082 annually, lower than the provincial average. 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.
What Risks Affect Homeowners in Collingwood?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Collingwood:
Probability of Significant Disasters in Collingwood
On May 31, 1985, the same tornado system that devastated Barrie also caused destructive storms near Collingwood, with dangerous winds and large hail.
The following MyChoice probability scores for Collingwood are based on historical data from the Canadian Disaster Database (CDD), which has tracked major disasters in Canada since 1950. These scores represent the relative likelihood that each type of significant event could occur at least once in Collingwood over the next decade. The comparison is made against both other regions in Canada and other types of events, helping illustrate where the greatest risks to homeowners may lie.
According to the CDD, an event is classified as significant if it results in 10 or more deaths, 100 or more people affected (injured, evacuated, or left homeless), an appeal for national or international assistance, historical importance, or severe damage that prevents a community from recovering on its own.
Housing Data in Collingwood
Collingwood is a well-known tourist destination thanks to its many year-round outdoor activities. Whether it’s skiing in the winter or exploring limestone caves in the summer, there’s no shortage of things to do in Collingwood.
Collingwood isn’t just a great place to visit, though. It’s also a great place to live in. Census data showed Collingwood had a 13.8% increase in residents between 2016 and 2021, likely owing to the popularity of remote work due to the pandemic. People decided to move to Collingwood thanks to its natural beauty and affordable homes.
The average price for homes in Collingwood is around $50,000 lower than Toronto’s average. Pair that with the cost of living in Collingwood that’s 4% under the national average, then you can live quite affordably if you move to Collingwood.
Are you a current Collingwood resident or planning to live there? You can understand the area’s housing landscape well through census data. Here’s a look at key housing statistics in Collingwood from the 2021 Census of Population:
Homeownership Rate by Age in Collingwood
It seems that Collingwood isn’t the most affordable place in Ontario for young adults (25-39), with the majority of homeowners being above 40.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 35.5% |
| 25 to 39 | 55.1% |
| 40 to 54 | 71.5% |
| 55 to 74 | 79.7% |
| 75 and over | 75.2% |
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 Collingwood. 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 Collingwood?
There are many risks to your Collingwood home. From flooding due to heavy rain to fires, unforeseen incidents can damage your home or its attached structures severely, which can take a lot of money to repair. Somebody can even get into an accident on your property, which might result in hefty legal and medical fees.
Unexpected expenses due to these incidents can stretch your finances thin. The good news is that home insurance can help. A home insurance policy can foot your home repair bills if a covered peril damages it. Additionally, it pays for the many costs associated with personal injury lawsuits.
With the many options for home insurance, which one is right for you? There’s no one “best” home insurance policy for everybody, so you need to learn more about home insurance in Collingwood to make the right decisions.
Home insurance isn’t legally required in Collingwood. 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 Collingwood:
How You Can Get Cheap Home Insurance in Collingwood
Looking to save money on home insurance in Collingwood, visit our Ontario page for practical tips.