What Risks Affect Homeowners in Oakville?
The risks that affect Oakville homeowners include the following:
How Much Does Home Insurance in Oakville Usually Cost?
Home insurance in Oakville usually costs $1,093 per year on average, however, this price should only be used as an estimation as the actual rate will depend on several factors that are unique to each property.
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 | $1,176 |
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 | $1,015 |
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% |
Average Home Price in Oakville by Dwelling Type
Below are the average values of homes in Oakville, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $1,820,000 |
| Semi-Detached | $1,154,950 |
| Freehold Townhouse | $1,162,000 |
Oakville Population Growth
Oakville’s population increased steadily from 193,832 to 213,759 people between 2016 and 2021, which indicates a strong growth rate of roughly 10.3% over 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 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.