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Orangeville Home Insurance

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$94.46Oct 06, 2024, 07:16 AMAuto48MaleL6Y4J5
$43.91Oct 06, 2024, 09:09 AMHome58FemaleM1H3K2
$18.76Oct 06, 2024, 11:42 AMTenant32FemaleM1V2V7

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

Updated on May 31, 2024

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

Updated May 31, 2024

Visit author page

5 minute read

Article Contents

Quick Facts About Home Insurance in Orangeville

  • Orangeville home insurance is slightly LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Orangeville is around $1,123.

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:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3. 

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province. Some areas in Orangeville get flooded so much, they can get infamous for it, like Sherbourne Street.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. In fact, there have been several house fires this year in Orangeville, some of them even claiming lives.

On-property accidents

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

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:

Type of Occupied Dwelling

Nearly half (46.7%) of Orangeville’s occupied dwellings are apartments in a building that has five or more storeys. Single-detached houses trail at a distant second, comprising 23.3% of all occupied Orangeville dwellings.

Owner vs Renter Stats/Condo vs Non-Condo Owners

There’s a near-even split between homeowners and renters in Orangeville. 51.9% of Orangeville homes are owned, with 48.1% rented. 30.4% of owned homes are part of a condominium development in Orangeville, while 69.6% are not.

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

Most of Orangeville’s private dwellings are older buildings, with 29.3% of homes constructed in or before 1960 and 28.8% of homes constructed between 1961 to 1980. Only 7.3% of Orangeville homes were built from 2016 to May 2021.

Major Repairs or Just Maintenance Needed?

Most Orangeville homes need only regular maintenance and minor repairs (93.6%). Only 6.4% of Orangeville’s private dwellings need major repairs.

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 GroupHomeownership Rate
15 to 2426.1%
25 to 3971.8%
40 to 5481.1%
55 to 7479%
75 and over64.7%

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:

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 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:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

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.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

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

2. Statistics Canada, 2021, Census of Population, Ontario, Orangeville, Housing Statistics. Data Published March 29, 2023.

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

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

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