What Risks Affect Homeowners in Midland?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Midland:
How Much Does Home Insurance in Midland Usually Cost?
Home insurance in Midland costs around $1,368 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 Midland
Midland’s motto is persequi qualitatem vitae, meaning “in pursuit of quality of life.” The town takes these words to heart by maintaining its position as one of the top places to live in Canada. Popular with tourists and residents alike, Midland hosts various recreational activities like swimming, hiking, and cruises. You can also attend the many festivals in summer, like the Butter Tart Festival.
Located just a 30-minute drive away from Barrie, many Midland residents commute there to work. If you don’t want to commute, Midland has a sizable tourism industry that draws in thousands of visitors every summer.
Another good thing about living in Midland is that its homes are more affordable. The average home price in Midland is $160,000 under the average price in nearby Barrie, and $230,000 under the average price in Toronto. If you’re looking for a place fit for raising a family, Midland is a good choice.
Planning to move to Midland? You can learn more about its housing landscape by checking statistics. Here’s a look at key housing data in Midland from the 2021 Census of Population:
Homeownership Rate by Age in Midland
Homeownership rates in Midland are fairly consistent compared to other small towns in the area, with the highest percentage of homeownership occurring in residents ages between 55 to 74, whereas the lowest percentage is with the youngest age group of 15 to 24 at 18.2%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 18.2% |
| 25 to 39 | 49.1% |
| 40 to 54 | 65.2% |
| 55 to 74 | 72.4% |
| 75 and over | 69.5% |
Midland Population Growth
Midland’s population increased steadily from 16,864 to 17,817 people between 2016 and 2021, which correlates to a growth rate of roughly 5.7% across the five years.
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 Midland. 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 Midland?
Home insurance isn’t legally required in Midland. 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 Midland:
How You Can Get Cheap Home Insurance in Midland
If you’re trying to save money on your preferred home insurance coverage in Midland, visit our Ontario page for practical tips.