How Does Home Insurance Work In Oakville?
When you get a home insurance quote in Oakville with MyChoice, you’re receiving a comprehensive policy that goes beyond just the basics — including Guaranteed Replacement Cost, which ensures your home will be rebuilt to its original condition even if the cost exceeds your dwelling coverage limit.
Your quote is made up of two main pillars: Base Residence / Dwelling (covering your home, contents, liability, and standard perils) and Enhanced Water Protection (covering floods, sewer backup, and groundwater seepage). Together, they form a complete protection package for your property and belongings.
| Coverage Type | What’s Included? | Average Annual Home Insurance Premium |
|---|---|---|
| Base Residence / Dwelling | – Dwelling Coverage – Outbuildings (detached structures) – Contents – Personal Liability – Voluntary Medical Payments – Voluntary Property Damage – Basic Water Damage | $1,188 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $237 |
| Coverage Total: | $1,425 |
*A comprehensive home insurance policy protects your property and belongings against all perils except those specifically excluded by the policy. This typically includes: fire and smoke damage, wind and hail damage, lightning strikes, burst pipes (depending on the situation), falling objects (like trees or branches), theft and burglaries, and vandalism.
Base Residence / Dwelling Coverages:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Dwelling Coverage | Covers the cost to rebuild your home after insured damage. | $1,000,000 |
| Outbuildings (detached structures) | Covers the cost to rebuild the detached structures (i.e. garages, sheds, fences). | $150,000 |
| Contents | Protects your belongings from damage or loss due to covered perils. | $750,000 |
| Personal Liability | Legal & medical costs if someone sues you for injury/property damage. | $1,000,000 |
| Voluntary Medical Payments | Pays limited medical expenses if someone is accidentally injured on your property, regardless of fault | $4,500 |
| Voluntary Property Damage | Covers small amounts for accidental damage you cause to someone else’s property (or damage caused by a minor in your care | $1,500 |
| Basic Water Damage | Protects against sudden and accidental internal water damage (e.g., burst pipes or overflowing appliances | $1,000,000 |
*Please note that the average coverage limits in the tables above and below are based on the dwelling coverage of $1 million and can vary by house and carrier.
Enhanced Water Protection:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Sewer Backup Endorsement | Pays for damage caused by sewage or septic systems backing up into the home. | $100,000 |
| Ground Water Endorsement | Adds protection against damage from ground‑water seepage, which is not covered by standard policies. | $250,000 |
| Overland Water Endorsement | Covers damage from freshwater entering your home from rivers, lakes or heavy rainfall. This is typically optional and recommended for homes in flood‑prone areas. | $250,000 |
| Broad Water Damage Endorsement | A catch‑all rider that may combine overland water, sewer‑backup and ground‑water coverage and may also include protection for seepage or ice‑damming (depending on the insurer) | $250,000 |
*MyChoice recommends getting the enhanced water protection package if you live in flood-prone areas in Ontario, as mentioned in our latest study.
Home Insurance Price in Oakville by Dwelling Type
Below is the average home insurance price in Oakville, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,425 |
| Semi-Detached | $1,311 |
| Freehold Townhouse | $1,226 |
Does Where You Live in Oakville Affect Your Home Insurance?
Yes, where you live in Oakville does affect your home insurance. Location is one of the biggest factors that goes into determining your home insurance premiums. Your provider will research details like the crime rate in your area and the chance of natural disasters causing damage to your home, and price your premiums accordingly.
For example, if you live close to Lake Ontario, your home will be more at risk of wind or flood damage, which could raise your insurance premiums. Also, certain areas of Oakville have higher crime rates, such as southern Bronte around Shell Park, and areas with a higher concentration of commercial establishments, such as around Home Depot by Lyons Lane near Sixteen Mile Creek.
Postal Codes With the Most Expensive Home Insurance in Oakville
Houses in the L6K postal code in Oakville tend to have above-average home insurance rates.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L6K | $1,445 |
Postal Codes With the Least Expensive Home Insurance in Oakville
The L6J postal code has some of the cheapest home insurance rates in Oakville.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L6J | $1,398 |
How Oakville Home Insurance Rates Compare to Nearby Cities
Oakville’s home insurance rates are on the higher side compared to neighbouring Burlington and Hamilton, though still below Mississauga.
| City | Average Annual Home Insurance Premium |
|---|---|
| Oakville | $1,425 |
| Mississauga | $1,502 |
| Burlington | $1,272 |
| Milton | $1,436 |
| Etobicoke | $1,490 |
| Hamilton | $1,235 |
How Oakville Home Insurance Rates Compare to Provincial Average
Home insurance in Oakville usually costs $1,425 per year on average, on par with the provincial average.
Common Home Insurance Discounts in Oakville
Certain insurers offer home insurance discounts that can significantly reduce your premium — sometimes by up to 20% when combined. Please note that these discounts depend on your property type, condition, the insurer and even external conditions like natural disasters or crime rates in your specific area. Talk to your broker or insurer to learn more about what discounts they offer in your area.
Here’s a look at the most common discounts you can get on home insurance in Oakville:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $162 |
| Claims-Free Discount | 16.5% | $235 |
| Alarm System (Burglar) | 7.5% | $107 |
| Alarm System (Fire) | 5.0% | $71 |
| Membership Discount (CAA) | 10.0% | $143 |
| Non-Smoker Discount | 7.5% | $107 |
What Risks Affect Homeowners in Oakville?
The risks that affect Oakville homeowners include the following:
Probability of Significant Disasters in Oakville
On July 8, 2013, the southwestern GTA suffered major flooding that spilled into Oakville’s creek systems and residential neighbourhoods.
The following MyChoice probability scores for Oakville are based on historical data from the Canadian Disaster Database (CDD), which has tracked major disasters in Canada since 1950. These scores represent the relative likelihood that each type of significant event could occur at least once in Oakville over the next decade. The comparison is made against both other regions in Canada and other types of events, helping illustrate where the greatest risks to homeowners may lie.
According to the CDD, an event is classified as significant if it results in 10 or more deaths, 100 or more people affected (injured, evacuated, or left homeless), an appeal for national or international assistance, historical importance, or severe damage that prevents a community from recovering on its own.
Housing Data in Oakville
Let’s take a look at housing data in Oakville from the 2021 Census of Population:
Homeownership Rate by Age in Oakville
Homeownership in Oakville is quite high among individuals aged 40 and older, which is to be expected with the strongest age group being 55 to 74. As homes are generally on the more expensive side in Oakville it is surprising to see a higher than-average ownership rate for younger residents aged between 15 to 24, at 28.8%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 28.8% |
| 25 to 39 | 61.1% |
| 40 to 54 | 80.3% |
| 55 to 74 | 83.5% |
| 75 and over | 77.1% |
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 Oakville. 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 Oakville?
Though not mandatory, having home insurance in Oakville is highly recommended. Home insurance will cover you in the following cases:
How You Can Get Cheap Home Insurance in Oakville
If you’re trying to save money on your home insurance coverage in Oakville, visit our main province page for practical tips.