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Markham 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

4 minute read

Article Contents

Quick Facts About Home Insurance in Markham

  • Markham home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Markham is around $890.

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.

What Risks Affect Homeowners in Markham?

If you live in Markham, you may be prone to the following risks:

Flooding

Markham is a flood vulnerable area because it is located near the Don River watershed. Unfortunately, its current open channel system isn’t capable of handling storm water runoff under significantly inclement weather.

Lack of natural infrastructure

Because Makham lacks absorbent green spaces, it can be challenging to contain floods.

Seasonal hazards

During the winter, many Markham creeks experience ice jams, causing water to rise significantly. Creeks also flood during summer thunderstorms.

How Much Does Home Insurance in Markham Usually Cost?

On average, home insurance in Markham usually costs $890. 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.

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:

Proximity to Don River watershed

The closer you live to the Don River watershed, the more likely your insurance rates will increase due to being in a high-risk area.

Neighbourhood

Higher-value homes will cost more to insure. In Markham, insurance rates are typically higher in neighbourhoods like Bayview Glen, Devil’s Elbow, and Thornlea. By comparison, insurance rates are lower in cheaper neighbourhoods like Warden.

Crime rate

If you live in an area of Markham where crime rates are high, expect your insurance to cost more. However, Markham is listed as the second safest city in Canada, with a safety index of 77.78.

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 CodeAverage Annual
Home Insurance Premium
L6G$1,074

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 CodeAverage Annual
Home Insurance Premium
L3R$870

Housing Data in Markham

Below is a bit more information on housing and property ownership in Markam from the 2021 Census of Population.

Type of Occupied Dwelling

Most properties in Markham are single-detached homes (56.2%), while 15.9% are apartments in buildings with five or more stories. 5.5% of properties are apartments in flats or duplexes, whereas 14.4% are row houses.

Owner vs Renter Stats/Condo vs Non-Condo Owners

81.7% of people own their properties in Markham, while 18.3% rent them.

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

Most Markham homes were built between 1981 to 1990 (18.6%), with only 2.6% of homes built before 1960. 8.6% of homes were built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

97% of Markham homes only need regular maintenance and minor repairs. By comparison, 3% of homes require major repairs and replacements.

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 GroupHomeownership Rate
15 to 2442.6%
25 to 3966.5%
40 to 5482.6%
55 to 7488.1%
75 and over86.4%

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 DwellingAverage 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:

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 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.

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. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Markham, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Markham, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Markham, Housing Statistics. Data Published March 29, 2023.

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

6. CREA, Ontario, Markham, Median Price of Homes by Dwelling Type, 2024.

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

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