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Gravenhurst Home Insurance

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Recent Quotes From Our Users

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 Gravenhurst

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

What Risks Affect Homeowners in Gravenhurst?

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

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. Gravenhurst’s location near Lake Muskoka also means it’s especially vulnerable to floods.

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. As of 2023’s Muskoka fire season, Gravenhurst has been assigned a moderate risk of fires.

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 Gravenhurst Usually Cost?

Home insurance in Gravenhurst costs around $1,400 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 Gravenhurst

As a tourist destination, Gravenhurst is well-known for its host of recreational activities. Whether it’s going to a theater show or going hiking on one of its many trails, there’s no shortage of things to do in Gravenhurst.

Gravenhurst boasts a strong tourism industry, which means you can find plenty of work in town. Plus, the town is just a 45-minute drive from nearby Barrie where you’ll find even more work opportunities.

But is Gravenhurst a good place to live? Well, the cost of living in Gravenhurst is 18% under the provincial average and the average home price is about $150,000 cheaper than the Toronto average. So, if you’re eyeing a single-detached home or a low-rise apartment unit, you can find one in Gravenhurst.

You can learn a lot about a city’s housing landscape by examining its statistics. Here’s a look at essential housing information in Gravenhurst from the 2021 Census of Population:

Type of Occupied Dwelling

Single-detached homes are the most popular dwelling type in Gravenhurst, with 78.4% of the town’s 5,495 households occupying them. Low-rise apartments in buildings less than five storeys are in second place with a 10.6% share. Interestingly, movable dwellings come in third at 3.3%, signalling its popularity among Gravenhurst residents.

Owner vs Renter Stats/Condo vs Non-Condo Owners

78.5% of Gravenhurst’s 5,495 households own their homes, with the remaining 21.5% being renters. Condos make up a tiny part of the city’s homes, with just a 3.2% share, while non-condos take up the remaining 96.8%.

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

More than half (54.9%) of occupied homes in Gravenhurst were built before 1980. Homes constructed after 2001 are in the minority, with a 21.3% cumulative share.

Major Repairs or Just Maintenance Needed?

Homes in Gravenhurst are mostly well-maintained, with 92.4% of them only needing regular maintenance and minor repairs. Meanwhile, the remaining 7.6% needed major repairs.

Homeownership Rate by Age in Gravenhurst

Below are homeownership rates in Gravenhurst, categorized by different age groups:

Age GroupHomeownership Rate
15 to 2425.0%
25 to 3963.2%
40 to 5475.4%
55 to 7483.6%
75 and over85.6%

Gravenhurst Population Growth

The Gravenhurst population experienced a 6.87% growth 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 Gravenhurst. 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 Gravenhurst?

There are many risks to your Gravenhurst 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 Gravenhurst to make the right decisions.

Home insurance isn’t legally required in Gravenhurst. 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 Gravenhurst:

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.

Home and belongings protection

Protecting your home and its contents is often the primary reason people get home insurance. A home insurance policy can cover repair and replacement costs if any of your belongings are damaged due to unforeseen events.

Mortgage requirements

Most mortgage lenders require you to get home insurance. Your lender has a financial interest because they have a stake in the house, so they’ll require you to have a home insurance policy to protect their investments.

How You Can Get Cheap Home Insurance in Gravenhurst

Visit our Ontario page for a list of practical tips that will help you save money on home insurance.

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, Gravenhurst, Housing Statistics. Data Published March 29, 2023.

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

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

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