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Elliot Lake Home Insurance

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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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

Updated on May 30, 2024

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

Updated May 30, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Elliot Lake

  • Elliot Lake home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Airdrie is around $1,845.

What Risks Affect Homeowners in Elliot Lake?

Many things can cause home damage. Here are common risks to watch out for as a homeowner in Elliot Lake:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3. 

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province. Some areas in Orangeville get flooded so much, they can get infamous for it, like Sherbourne Street.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. For instance, Elliot Lake authorities enacted a fire ban in May 2023.

On-property accidents

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

How Much Does Home Insurance in Elliot Lake Usually Cost?

Home insurance in Elliot Lake costs around $1,845 annually. 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.

Housing Data in Elliot Lake

Elliot Lake in Northern Ontario is a small community surrounded by nature. It’s a beautiful city filled with great outdoor activities, from kayaking to hiking and everything in between. However, it doesn’t skip out on big-city comforts like a first-class hospital and a robust public transit system.

There’s one more great thing about living in Elliot Lake – it can be quite affordable. In 2021, MacLean’s Magazine named Elliot Lake the most affordable place to live in Canada. The cost of living is about 27% lower than the provincial average. Homes are also cheap, about 83% lower than the national average. The combination of low living costs and affordable houses make Elliot Lake a popular place for retirees.

Is Elliot Lake a good place to live? Researching the city’s housing data can help you find the answer. Here’s a rundown of key residential information in Elliot Lake from the 2021 Census of Population:

Type of Occupied Dwelling

From the 33,425 households participating in the census, over half (59.6%) of them live in single-detached houses, making them the most popular dwelling type in Elliot Lake. In second place are row houses with a 14.9% share, while high-rise apartments take the third place with a 9.2% share. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

The majority of Elliot Lake residents are homeowners. 25% sample data taken for the census showed that 28,470 households, or 85.2% of Elliot Lake residents, own their homes. Meanwhile, the remaining 14.8% live in rented properties.

5,865 households or 17.5% of Elliot Lake residents live in condominium properties, while the remaining 82.5% live in non-condos.

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

Based on the 25% sample data taken for the census, most Elliot Lake households live in homes built in 1961 to 1980 and 1981 to 1990, with a 25% and 26.8% share respectively. Homes built between 1991 and 2000 are also relatively popular with a 19.6% share.

Major Repairs or Just Maintenance Needed?

Residential properties in Elliot Lake are almost universally well-maintained. Only 3.6% or 1,205 of households say that their home needed major repairs, while the remaining 96.4% just needed minor repairs and regular maintenance.

Homeownership Rate by Age in Elliot Lake

The highest homeownership rate in Elliot Lake is among the age group of 55 to 74 at 64.1%.

Age GroupHomeownership Rate
15 to 2420.0%
25 to 3950.8%
40 to 5459.6%
55 to 7464.1%
75 and over60.1%

Elliot Lake Population Growth

The population in Elliot Lake grew by about 5.87% between the years of 2016 and 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 Elliot Lake. 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 Elliot Lake?

There are many risks to your Elliot Lake 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 Elliot Lake to make the right decisions.

Home insurance isn’t legally required in Elliot Lake. 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 Elliot Lake:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

How You Can Get Cheap Home Insurance in Elliot Lake

If you’re trying to save money on home insurance coverage in Elliot Lake, visit our Ontario page for practical tips.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

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

2. Statistics Canada, 2021, Census of Population, Ontario, Elliot Lake, Housing Statistics. Data Published March 29, 2023.

3. Statistics Canada, 2021, Census of Population, Ontario, Elliot Lake, Homeownership Rate by Age. Data Published December 16, 2022.

4. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Elliot Lake, Population Statistics. Data Published December 16, 2022.

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