One of the most important benefits of home insurance is that it gives you peace of mind. A home insurance policy foots any repair bills, legal fees, and any other expenses caused by accidents, theft, and other perils to your property. When you’re protected by insurance, you don’t have to worry about shelling out money to fix damage to your home.
If you own a home in Innisfil, you want an insurance policy that suits your protection needs and matches your budget. However, the sheer amount of coverage options and insurers can make that decision more difficult than it should be. Here, learn more about home insurance in the city, from what risks Innisfil homeowners most commonly face to how you can lower your insurance rates.
How Does Home Insurance Work In Innisfil?
When you get a home insurance quote in Innisfil 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 | $1,109 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $221 |
| Coverage Total: | $1,330 |
*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 Innisfil by Dwelling Type
Below is the average home insurance price in Innisfil, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,330 |
| Semi-Detached | $1,223 |
| Freehold Townhouse | $1,144 |
How Innisfil Home Insurance Rates Compare to Nearby Cities
Innisfil’s home insurance rates are fairly average for the area, close to Barrie and Newmarket but lower than Aurora, Orillia, and Markham.
| City | Average Annual Home Insurance Premium |
|---|---|
| Innisfil | $1,330 |
| Barrie | $1,276 |
| Newmarket | $1,329 |
| Aurora | $1,502 |
| Orillia | $1,429 |
| Markham | $1,456 |
How Much Does Home Insurance in Innisfil Usually Cost?
Home insurance in Innisfil costs around $1,330 annually, on average, lower than the provincial average. This is just an average, so your home insurance rates may differ depending on which insurance company you work with. Other factors also play a part in determining your premiums, like your house’s condition, size, location, and age.
Larger homes generally get higher insurance rates because they’re more expensive to maintain and repair than smaller houses. Meanwhile, insurers often give higher rates to older homes because they’re more prone to damage from various causes.
Common Home Insurance Discounts in Innisfil
Certain insurers offer home insurance discounts that can significantly reduce your premium — sometimes by up to 20% when combined. Please note that these discounts depend on your property type, condition, the insurer and even external conditions like natural disasters or crime rates in your specific area. Talk to your broker or insurer to learn more about what discounts they offer in your area.
Here’s a look at the most common discounts you can get on home insurance in Innisfil:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $152 |
| Claims-Free Discount | 16.5% | $219 |
| Alarm System (Burglar) | 7.5% | $100 |
| Alarm System (Fire) | 5.0% | $66 |
| Membership Discount (CAA) | 10.0% | $133 |
| Non-Smoker Discount | 7.5% | $100 |
What Risks Affect Homeowners in Innisfil?
Wherever you live in Canada, you’ll face perils and hazards that may damage your home or property if you’re not careful. Here are some common risks affecting Innisfil homeowners:
Probability of Significant Disasters in Innisfil
On May 31, 1985, severe thunderstorms associated with the Barrie tornado outbreak also passed through Innisfil, causing significant wind and hail damage.
The following MyChoice probability scores for Innisfil 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 Innisfil 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.
Why Are Innisfil Home Insurance Rates so Expensive?
There are three factors that may be driving up Innisfil home insurance rates. Here’s a quick explanation of why these things make premiums higher in Innisfil:
- Greater number of older properties: Most homes in Innisfil are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
- Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
- Housing density: Innisfil is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.
Housing Data in Innisfil
What does the housing landscape in Innisfil look like? Here’s a quick overview of the town’s housing data from the 2021 Census of Population:
Homeownership Rate by Age in Innisfil
People aged 75 and over have one of the highest homeownership rates in Ontario at 93.2%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 24.0% |
| 25 to 39 | 75.9% |
| 40 to 54 | 84.3% |
| 55 to 74 | 90.6% |
| 75 and over | 93.2% |
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 Innisfil. 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 Innisfil?
You don’t “need” home insurance in Innisfil because it’s not legally required. But home insurance is still a very good idea because it provides financial compensation if your home or its contents are damaged by covered perils and dangers. Here are three reasons why you might want to consider getting home insurance in Innisfil:
How You Can Get Cheap Home Insurance in Innisfil
Visit our Ontario page for practical tips on how to save money on your home insurance.