Buying a home in Markham is a huge investment – an investment that you should protect with a solid home insurance policy. While home insurance in Markham isn’t mandated, a policy can provide financial protection against specific perils or in case of a liability lawsuit.
Learn more about the home insurance policies available in Markham, how they work, and how you can save money on rates.
How Does Home Insurance Work In Markham?
When you get a home insurance quote in Markham 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 | $1,214 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $242 |
| Coverage Total: | $1,456 |
*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 Markham, as it’s identified as one of the most flood-prone cities in Ontario in our latest study.
Home Insurance Price in Markham by Dwelling Type
Below is the average home insurance price in Markham, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,456 |
| Semi-Detached | $1,340 |
| Freehold Townhouse | $1,203 |
Does Where You Live in Markham Affect Your Home Insurance?
Yes, where you live in Markham can affect your home insurance under the following circumstances:
Postal Codes With the Most Expensive Home Insurance in Markham
L6G is one of the most expensive postal codes for home insurance in Markham.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L6G | $1,487 |
Postal Codes With the Least Expensive Home Insurance in Markham
L3R is the cheapest postal code when it comes to home insurance in Markham.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L3R | $1,412 |
How Markham Home Insurance Rates Compare to Nearby Cities
Markham’s home insurance rates sit in the middle compared to nearby GTA communities, lower than Richmond Hill and Toronto but above Scarborough and Vaughan.
| City | Average Annual Home Insurance Premium |
|---|---|
| Markham | $1,456 |
| Richmond Hill | $1,756 |
| Thornhill | $1,413 |
| Scarborough | $1,142 |
| Toronto | $1,814 |
| Vaughan | $1,318 |
How Markham Home Insurance Rates Compare to Provincial Average
On average, home insurance in Markham usually costs $1,456, slightly higher than the Ontario average. These rates fluctuate depending on:
- Home value and property type
- Location
- Policy coverage
The best way to get an idea of how much home insurance in Markham costs is to request a quote from a provider.
Common Home Insurance Discounts in Markham
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 Markham:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $166 |
| Claims-Free Discount | 16.5% | $240 |
| Alarm System (Burglar) | 7.5% | $109 |
| Alarm System (Fire) | 5.0% | $73 |
| Membership Discount (CAA) | 10.0% | $146 |
| Non-Smoker Discount | 7.5% | $109 |
What Risks Affect Homeowners in Markham?
If you live in Markham, you may be prone to the following risks:
Probability of Significant Disasters in Markham
On July 8, 2013, the GTA flood event drenched Markham with record-breaking rainfall, leading to road closures and basement flooding throughout the city.
The following MyChoice probability scores for Markham 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 Markham 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 Markham
Below is a bit more information on housing and property ownership in Markam from the 2021 Census of Population.
Homeownership Rate by Age in Markham
The homeownership rate for young adults (25-39) in Markham is at 66.5%. The highest homeownership rate in the city is among the 55 to 74 age group at 88.1%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 42.6% |
| 25 to 39 | 66.5% |
| 40 to 54 | 82.6% |
| 55 to 74 | 88.1% |
| 75 and over | 86.4% |
Average Home Price in Markham by Dwelling Type
The average price for a single detached house in Markham is $1,755,000, more than double the provincial average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,755,000 |
| Semi-Detached | $1,398,888 |
| Freehold Townhouse | $1,220,000 |
Markham Population Growth
The population in Markham grew only 2.89% in 5 years since 2016. This is quite low relative to some other 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:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Markham. 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 Markham?
While it isn’t necessary to get home insurance in Markham, having a policy can benefit you in the following ways:
- You get financial protection in case your property incurs damage from natural disasters, theft, and vandalism
- You get financial protection in case someone gets injured in your home and files a lawsuit
- You get financial assistance in case your home becomes temporarily uninhabitable
- You can satisfy mortgage requirements and assure lenders of their investments
- You get peace of mind
How You Can Get Cheap Home Insurance in Markham
Visit our Ontario page for practical tips if you’re looking to save money on home insurance.