What Risks Affect Milton Homeowners?
Milton homeowners need to be vigilant against certain risks that could damage or even destroy their property. Here are some of the most common risks that may affect homeowners in Milton:
How Much Does Home Insurance in Milton Usually Cost?
The average cost of home insurance in Milton is approximately $937 annually. One thing worth remembering about home insurance quotes is that they may be higher or lower than the average due to factors like your location’s history of past claims, crime rates, and the incidence of natural disasters.
For example, if your Milton neighbourhood has a higher risk of flooding or older or poorly maintained homes, your home insurance premiums are likely to be higher. On the other hand, living in an area that rarely floods or a neighbourhood with mostly new homes and updated utility systems can make your home insurance more affordable.
Postal Codes With the Most Expensive Home Insurance in Milton
In Milton, the L9E postal code tends to have above-average home insurance prices.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L9E | $1,015 |
Postal Codes With the Least Expensive Home Insurance in Milton
The L9T postal code has some of the cheapest home insurance rates in Milton.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L9T | $916 |
Housing Data in Milton
Curious about the average age and condition of homes in Milton, or what the most popular type of home dwelling is? Here’s a simple overview of Milton housing data according to the 2021 Census of Population:
Homeownership Rate by Age in Milton
Homeownership rates in Milton are quite strong, especially in the age groups 25 and above, peaking with the age group 40 to 54 at 85.6%. Considering the higher than average real estate prices in Milton the youngest age group of 15 to 24 is also relatively strong at 29.6%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 29.6% |
| 25 to 39 | 76.2% |
| 40 to 54 | 85.6% |
| 55 to 74 | 84.8% |
| 75 and over | 80.9% |
Average Home Price in Milton by Dwelling Type
Below are the average values of homes in Milton, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,310,000 |
| Semi-Detached | $1,028,000 |
| Freehold Townhouse | $942,550 |
Milton Population Growth
Milton’s population increased rapidly from 110,128 to 132,979 people between 2016 and 2021, which indicates a strong growth rate of roughly 20.7% 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 Milton. 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 Milton?
Home insurance isn’t legally required for Milton homeowners. However, having a home insurance policy can give you peace of mind because it protects your house and belongings from damage or destruction due to natural disasters and other risks. Here are just a few of the many good reasons to get Milton home insurance:
Here are some compelling reasons why you should get Milton home insurance:
How You Can Get Cheap Home Insurance in Milton
If you’re trying to save money on your preferred home insurance coverage in Milton, visit our Ontario page for practical tips.