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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

4 minute read

Article Contents

What Risks Affect Homeowners in Oakville?

The risks that affect Oakville homeowners include the following: 

Flooding

 Because of several creek systems that run through Oakville and its location on the banks of Lake Ontario, there’s a higher chance of flooding in the city.

Cold temperatures

Winter in Southwestern Ontario brings strong winds and freezing temperatures. The extreme cold in Oakville often causes water to freeze in the pipes, meaning there’s a high chance of them bursting and causing potentially thousands of dollars in repairs. 

Wind

 Strong winds often hit the city from Lake Ontario so there’s a greater chance of damage to roofs and home exteriors.

Theft or vandalism

s Oakville is one of the more expensive communities in the area, there’s a chance that homes could be a target of theft or vandalism. 

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 CodeAverage 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 CodeAverage 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

Type of Occupied Dwelling

Out of the occupied private dwellings in Oakville, nearly 60% are single-detached houses and 20% are apartments in buildings. Around 15% are townhouses (row houses) and the remaining 5% consists of semi-detached houses and apartments in duplexes. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

There are a total of 73,560 private households in Oakville, just over 77% are owned and the rest are rented. 

The large majority of private dwellings in Oakville are non-condo types (83%) such as single-detached houses, apartments in buildings, and townhouses, while the remaining 17% are condos. 

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

Nearly one-third (27%) of Oakville homes were built between 1960 and 1980, a little over a third (35%) between 1980 and 2000, and the rest (38%) between 2000 and 2021. 

Major Repairs or Just Maintenance Needed?

Nearly all homes in Oakville only require regular maintenance and minor repairs (97%) while the rest need major repairs (3%). 

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 GroupHomeownership Rate
15 to 2428.8%
25 to 3961.1%
40 to 5480.3%
55 to 7483.5%
75 and over77.1%

Average Home Price in Oakville by Dwelling Type

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

Type of DwellingAverage 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:

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 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: 

Loss or damage to your home

 If your home is damaged by the frequent heavy winds or flooding in the city, home insurance will cover the damages and help you repair your property. 

Loss or damage to personal belongings

 If your personal belongings are damaged because of damage to your home, your home insurance policy will reimburse you for the cost of the items. 

Unforeseen living expenses

Severe damage to your home could mean that it’s unlivable for a time. Your home insurance policy typically covers the cost of a hotel or other temporary accommodation while you wait for your home to be fixed.

Injury on your property

If someone is hurt on your property, you could be held liable. Your home insurance policy will cover medical bills, legal fees, and potential settlements against you. 

Mortgage requirements

Your lender will typically require proof of home insurance before you’re allowed to take out a mortgage. 

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.

Sources

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

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

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

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

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

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

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

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