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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.58May 21, 2024, 07:11 AMAuto69FemaleL2R6P9
$46.95May 21, 2024, 10:07 AMHome44FemaleL6Y0E8
$24.71May 21, 2024, 12:42 AMTenant25FemaleK8N3P9

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

Updated on May 22, 2024

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

Updated May 22, 2024

Visit author page

6 minute read

Article Contents

What Risks Affect Homeowners in North Bay?

North Bay homeowners should be aware that there are many risks that come with owning a home in the area. Some of these common risks include:

Fire

A house fire is one of the most devastating events that can happen to North Bay homeowners. A life-changing house fire can start from small electrical malfunctions, faulty wiring, old heating systems, and even cooking accidents. If a house fire does begin, having adequate fire insurance coverage can mitigate the long-term consequences of a fiery incident. Having a home insurance plan can help North Bay homeowners rebuild their homes and even give them extra funds for a place to stay while repairs are going on.

Theft and vandalism

Though North Bay is a little more remote than other Ontario cities, there’s still a significant risk of theft, vandalism, or other property damage that can happen due to malicious parties. With a home insurance plan, your property and possessions will be protected from anyone with ill intent towards you or your home.

Liability from accidents

In the unfortunate event that a person gets injured due to an accident happening on your property, they may decide to file a claim stating that you’re liable to pay for damages, medical bills, and other related costs. However, if you have a home insurance plan, your insurance will cover the costs, saving you from paying out of pocket.

How Much Does Home Insurance in North Bay Usually Cost?

Home insurance in North Bay usually costs $935 per year on average, matching the average rate of home insurance throughout Ontario. Keep in mind that depending on the location, type, value, and accessibility of your home, you can expect insurance rates to vary, either higher or lower than the average rate for a North Bay home.

One of the most significant factors for determining your yearly home insurance premium is the location of your home. Living in more expensive North Bay neighbourhoods like Wallace Heights and Trout Mills can net you a higher insurance premium, while more budget-friendly neighbourhoods like Graniteville and Pinewood may lower your insurance rates.

Postal Codes With the Most Expensive Home Insurance in North Bay

Certain postal codes in North Bay are associated with higher home insurance premiums. This could be due to a variety of factors, including higher property values, proximity to water bodies increasing the risk of flooding, or a higher incidence of claims in these areas.

The postal code with the highest average annual premium is P1C, followed closely by P1B. These areas may require more comprehensive coverage options, contributing to the higher cost of insurance.

Postal CodeAverage Annual Home Insurance Premium
P1C$1,122
P1B$1,113

Postal Codes With the Least Expensive Home Insurance in North Bay

On the other end of the spectrum, some postal codes in North Bay benefit from lower home insurance premiums. These areas might be considered lower risk due to factors such as lower property values, reduced risk of natural disasters, or fewer historical claims.

The postal code with the lowest reported average annual premium is P1A, indicating a potentially more affordable area for home insurance.

Postal CodeAverage Annual Home Insurance Premium
P1A$887

Why Are North Bay Home Insurance Rates so Expensive?

There are three factors that may be driving up North Bay home insurance rates. Here’s a quick explanation of why these things make premiums higher in North Bay:

  • Greater number of older properties: Most homes in North Bay are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
  • Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
  • Housing density: North Bay is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.

Housing Data in North Bay

Have a look below for housing data in North Bay according to Statistics Canada.

Type of Occupied Dwelling

Around 48.7% of homes in North Bay are single-detached houses, with another 9.1% being semi-detached houses and 8.6% of them being row houses. Apartment buildings make up roughly 33% of North Bay dwellings.

Owner vs Renter Stats/Condo vs Non-Condo Owners

As of 2021, 59.2% of North Bay residents owned their homes, while the other 40.8% actively rent their homes.

Private Dwellings by Period of Construction

The majority of North Bay homes were built between 1961 and 1980, consisting of 40.1% of all homes. A significant amount of homes (29.6%) were built before 1960 and about half of that number (14.3%) were built between 1981 and 1990. Only around 16% of North Bay homes were built after 1991.

Major Repairs Or Minor Repairs Needed

North Bay homes are largely kept in good condition, with around 93.3% of houses only needing regular maintenance or minor repairs. Only 6.7% of North Bay homes do need major repairs to be considered livable.

Homeownership Rate by Age in North Bay

Statistics Canada’s data reveals the homeownership rates across various age groups in North Bay, offering insights into the demographic distribution of homeowners within the city:

Age GroupHomeownership Rate
15 to 2412.0%
25 to 3947.5%
40 to 5464.5%
55 to 7467.3%
75 and over60.9%

The data suggests that the majority of homeowners in the North Bay area are above 40 years old. It also suggests that about 47.5% of people between the age of 25-39 own a house.

Average Home Price in North Bay by Dwelling Type

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

Type of DwellingAverage Value
Detached$360,000
Semi-Detached$380,000
Freehold Townhouse$355,000

North Bay Population Growth

Over the two decades from 2001 to 2021, North Bay’s population growth has been relatively stagnant, with an overall increase of just about 2.2%. This minimal growth rate suggests a period of stability with little change in the city’s population size, highlighting potential challenges in attracting new residents or retaining existing ones.

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 North Bay. 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 North Bay?

If you own or are looking to own a home in North Bay, Ontario, taking out a home insurance policy can do a lot for your peace of mind. North Bay homeowners can face unexpected perils at any time, and being unprepared for a sudden unfortunate event can pose a huge threat to a homeowner’s financial stability and livelihood.

Unlike automobile insurance, you aren’t required to purchase home insurance to own a home. However, taking out a home insurance policy can keep you protected from unfortunate events like house fires, natural disasters, property crimes, and accidents. If you own or are considering owning a North Bay home, you will likely benefit from taking out a home insurance policy.

You need home insurance in North Bay to keep your home and property protected from damages and loss, whether natural or human. While you aren’t legally required to have home insurance to own a home, taking out a policy can be very beneficial to North Bay homeowners. A home insurance policy can:

  • Protect you against damage from natural disasters such as floods, hail, earthquakes, fires, and other environmental forces
  • Insure your home and personal belongings in  case of theft, vandalism, or other malicious acts done to your property
  • Protect you from paying for damages when you’re liable for an accident or unfortunate event that happens on your property
  • Provide you with living expenses in the event that your house is uninhabitable due to damage or ongoing repairs
  • Allow you to meet mortgage companies’ requirements for home insurance before you can apply for a mortgage

How You Can Get Cheap Home Insurance in North Bay

Compare home insurance rates with MyChoice or visit our main home insurance page for a comprehensive list of tips on how you can bring your home insurance rates down.

FAQs About Home Insurance in North Bay

How expensive is insurance for a home in North Bay compared to the rest of Ontario?

Insurance for a home in North Bay is slightly less than the provincial average. Some factors which may affect this difference include the cost of living in this city, property values, and the incidence of natural disasters such as earthquakes and storms.

In North Bay, the cost of living is about 22.79% lower than the provincial average. North Bay also experienced multiple floods and fires in 2019, which caused a lot of property damage. Consult your preferred home insurer to find out what other factors may cause your North Bay policy quotes from them to be higher than the provincial average.

Sources

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

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

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

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

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

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

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

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