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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.45Jun 19, 2024, 04:08 PMAuto59FemaleK6J4P2
$43.02Jun 19, 2024, 05:45 AMHome56FemaleK1G0M5
$24.31Jun 19, 2024, 03:31 PMTenant30FemaleM1H2E4

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 31, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 31, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Newmarket

  • Newmarket home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Newmarket is around $1,185.

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:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3.

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. While the fire ban in Newmarket has been lifted as of June 2023, you should still be careful when doing activities related to fire.

On-property accident

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

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:

Type of Occupied Dwelling

Single-detached homes are the most popular type of dwelling in Newmarket, with a 59.8% share out of the 30,300 surveyed households. Row houses are the second-most popular, with a 12.8% share. Meanwhile, low-rise apartments have a 12.8% share of households and high-rise apartments have a 5% share.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Out of the 25% sample data taken by the census, three-quarters (75.8%) of Newmarket households are homeowners, while the remaining 24.2% are renters. The vast majority (91.9%) of Newmarket residents live in non-condominium properties, while condo residents make up the remaining 8.1%.

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

According to the 25% sample data, most (21.3%) Newmarket residents live in homes built between 1991 and 2000. Homes from the preceding decades are also popular, with a 19.7% share for homes built between 1961 and 1980, as well as an 18.2% share for homes built between 1981 and 1990.

Major Repairs or Just Maintenance Needed?

Newmarket homes are generally well-maintained since only 4% of homes need major repairs. The remaining 96% are in good condition and only need regular maintenance or minor repairs.

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 GroupHomeownership Rate
15 to 2440%
25 to 3963.2%
40 to 5477.6%
55 to 7480.8%
75 and over74.2%

Average Home Price in Newmarket by Dwelling Type

Below are the average values of homes in Newmarket, categorized by dwelling type:

Type of DwellingAverage 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:

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 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:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Home and belongings protection

Protecting your home and its contents is often the primary reason people get home insurance. A home insurance policy can cover repair and replacement costs if any of your belongings are damaged due to unforeseen events.

Mortgage requirements

Most mortgage lenders require you to get home insurance. Your lender has a financial interest because they have a stake in the house, so they’ll require you to have a home insurance policy to protect their investments.

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.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Statistics Canada, 2021, Census of Population, Ontario, Newmarket, Housing Statistics. Data Published March 29, 2023.

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

4. CREA, Ontario, Ajax, Median Price of Homes by Dwelling Type, 2024.

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

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