What Risks Affect Homeowners in Newmarket?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Newmarket:
How Much Does Home Insurance in Newmarket Usually Cost?
Home insurance in Newmarket costs around $1,185 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 your belongings.
Housing Data in Newmarket
Newmarket is a relatively small town north of Toronto. However, it nevertheless offers many big-city amenities like highways and shopping districts. It also boasts lower residential and commercial taxes, making it an affordable place to live and work.
You’re also spoiled for choice when it comes to recreational activities in Newmarket. Its Fairy Lake park hosts festivals and fairs year-round, and the Nokiidaa Trail is perfect for hikers and cyclists alike. You can also tour the town’s many heritage buildings to learn more about Newmarket’s history.
The town is just a 45-minute drive away from Toronto, meaning you can still land jobs in the big city without sacrificing small-town living. If you’re looking to start a business, you’ll benefit from Newmarket’s skilled workforce and support from the York Small Business Enterprise Centre.
If you’re considering moving to Newmarket, research can help you better understand its housing landscape. Here’s a look at essential housing statistics in Newmarket from the 2021 Census of Population:
Homeownership Rate by Age in Newmarket
Homeownership in Newmarket is surprisingly high for younger residents, the age group 15 to 24 has a 40% ownership rate within the town. Naturally, this is the lowest rate compared to any other age group, the highest rate of homeownership is the 55 to 74 group with 80.8%, not too far ahead of 40 – 54 and 75+ respectively.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 40% |
| 25 to 39 | 63.2% |
| 40 to 54 | 77.6% |
| 55 to 74 | 80.8% |
| 75 and over | 74.2% |
Average Home Price in Newmarket by Dwelling Type
Below are the average values of homes in Newmarket, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,285,000 |
| Semi-Detached | $970,000 |
| Freehold Townhouse | $962,500 |
Newmarket Population Growth
Newmarket’s population increased steadily from 84,224 to 87,942 people between 2016 and 2021. This indicates a growth rate of roughly 4.4% 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 Newmarket. 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 Newmarket?
Home insurance isn’t legally required in Newmarket. 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 Newmarket:
How You Can Get Cheap Home Insurance in Newmarket
If you’re trying to save money on your preferred home insurance coverage in Newmarket, visit our Ontario page for practical tips.