What Risks Affect Homeowners in Orangeville?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Orangeville:
How Much Does Home Insurance in Orangeville Usually Cost?
Home insurance in Orangeville costs around $1,123 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 belongings.
Housing Data in Orangeville
Living in Orangeville gives you the best of both worlds – a small-town feel with easy access to the Greater Toronto Area. Located just an hour’s drive away from the city centre, you can still work in the big city without dealing with the hustle and bustle.
Orangeville is a great place if you enjoy outdoor activities, thanks to its 30 parks and excellent hiking trail network. The town’s historic main street, Broadway, also provides walking tours where you’ll discover more about Orangeville’s history and heritage.
While the average home price in Orangeville is roughly similar to Toronto, you’re more likely to find single-detached homes here. If you’re looking for a spacious family home, you’ll have more luck finding your dream house in Orangeville. Row houses and semi-detached homes are also fairly common, if you’re looking for more compact properties.
Curious about the average Orangeville home’s age, condition, and type? Here’s a simple overview of Orangeville housing based on the 2021 Census of Population:
Homeownership Rate by Age in Orangeville
Homeownership in Orangeville is quite high among individuals aged 25 and older, with particularly strong rates in those aged between 40 and 74. The impressive 71.8% ownership rate among the 25 to 39 age group suggests a strong willingness to remain in Orangeville for the short to medium term.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 26.1% |
| 25 to 39 | 71.8% |
| 40 to 54 | 81.1% |
| 55 to 74 | 79% |
| 75 and over | 64.7% |
Orangeville Population Growth
Orangeville’s population increased steadily from 28,900 to 30,167 people between 2016 and 2021, which indicates a growth rate of roughly 4.4% over the course of 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 Orangeville. 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 Orangeville?
Home insurance isn’t legally required in Orangeville. 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 Orangeville:
How You Can Get Cheap Home Insurance in Orangeville
If you’re trying to save money on your preferred home insurance coverage in Orangeville, visit our Ontario page for practical tips.