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Affordable Home Insurance in Innisfil

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

Updated on November 12, 2024

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

Updated November 12, 2024

Visit author page

5 minute read

Article Contents

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.

Quick Facts About Home Insurance in Innisfil

  • Innisfil home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Innisfil is around $1,317.

Quote data from MyChoice.ca, November 2024

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:

Fire

As of June 2023, Ontario has had 167 forest fires since the beginning of the year. While the burn ban issued in early June has been lifted, it’s still a good idea to be careful and stay vigilant of the dangers of fire in Innisfil. Fortunately, your basic home insurance policy usually comes with fire protection.

Storms and tornadoes

On average, around 43 tornadoes occur annually in Ontario. Innisfil is no stranger to tornadoes, with high winds damaging various areas of the town like the storm that passed through Sandycove Acres in 2021. Most insurance policies come with tornado protection, so you’ll be protected.

Floods

Certain areas in Innisfil experience floods every year. These floods are often caused by overflowing creeks due to storms or snow melts and cause lots of damage to surrounding homes. Flood protection isn’t part of a regular insurance policy, so you may need to purchase additional protection.

How Much Does Home Insurance in Innisfil Usually Cost?

Home insurance in Innisfil costs around $1,317 annually, on 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.

Quote data from MyChoice.ca, November 2024

 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:

Type of Occupied Dwelling

Almost all houses in Innisfil are single-detached houses, which make up 90.5% of all the town’s dwellings. The second-most popular dwelling type is row houses, with 4.1%, followed by duplexes, with 2.2%.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most Innisfil residents own their homes, with 85.7% homeowners based on the 25% census data. 96.9% of the town’s private dwellings are non-condos, while 3.1% are condos.

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

Based on the 25% census data, there’s a roughly even spread of new and old homes in Innisfil. Most homes were built between 1961 and 1980, taking up a 21.7% share of total homes. There was also an influx of homes after 2010, with 10% of the town’s homes built between 2011 and 2015 and 12.9% built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

From the 25% sample data, we can see most homes in Innisfil are well-maintained. 95.1% only need minor repairs, while 4.9% need major repairs.

Homeownership Rate by Age in Innisfil

People aged 75 and over have one of the highest homeownership rates in Ontario at 93.2%.

Age GroupHomeownership Rate
15 to 2424.0%
25 to 3975.9%
40 to 5484.3%
55 to 7490.6%
75 and over93.2%

Average Home Price in Innisfil by Dwelling Type

The price of a single detached house in Innisfil is $940,000, slightly above the Ontario average of $800,000.

Type of DwellingAverage Value
Detached$940,000
Semi-Detached$820,000
Freehold Townhouse$752,000

Innisfil Population Growth

Innisfil population grew by 18.49% between the years 2016 and 2021, making it one of the fastest-growing cities in Ontario.

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 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:

Liability protection

Accidents can happen anytime, even if you’ve made your house as safe as it can be. In addition to your property, accidents can harm other people. A home insurance policy can save you from the headache of having to pay legal fees, medical expenses, and other costs incurred due to property damage by covering the bills.

Home and belongings protection

One of the primary benefits of a home insurance policy is property protection. Your policy compensates any damage to your home and its contents caused by listed perils.

Mortgage requirements

Mortgage lenders usually require borrowers to get a home insurance policy. They do so because they still have a stake in your house, so they want it to be well-protected.

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.

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

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

4. CREA, Ontario, Innisfil, Median Price of Homes by Dwelling Type, 2024.

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

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