What Risks Affect Homeowners in Orillia?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Orillia:
How Much Does Home Insurance in Orillia Usually Cost?
Home insurance in Orillia costs around $962 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 Orillia
Orillia isn’t just a great place to visit; it’s also a great place to live in. This lakefront city boasts beautiful views and various recreational activities, so you’ll always have something to do in your free time. Orillia’s cultural diversity means there are folk festivals and events to enjoy.
Naturally, Orillia is well-known for its tourism industry. However, the city also has a strong service industry with various law firms, banks and other service providers, which means career opportunities are plentiful. You can also look for work in nearby cities like Barrie.
Orillia is roughly a 90-minute drive from the Greater Toronto Area, meaning you still have good access to the big city while still enjoying its small-town charm. Home prices in Orillia are also more affordable, on average costing $140,000 under Toronto’s median price.
You can learn a lot about a city’s housing landscape through statistics. Here’s a look at key residential information in Orillia from the 2021 Census of Population:
Homeownership Rate by Age in Orillia
The homeownership rates in Orillia are fairly normal for residents aged 25 and older, with the strongest age group being 55 to 74 at 69.3%. On the other side of the coin we have the youngest age group, 15 to 24 coming it a homeownership rate of 21.5%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 21.5% |
| 25 to 39 | 46% |
| 40 to 54 | 60.6% |
| 55 to 74 | 69.3% |
| 75 and over | 67.1% |
Average Home Price in Orillia by Dwelling Type
Below are the average values of homes in Orillia, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $672,000 |
| Semi-Detached | n/a |
| Freehold Townhouse | $613,750 |
Orillia Population Growth
Orillia’s population increased steadily from 31,166 to 33,411 people between 2016 and 2021. This indicates a growth rate of roughly 7.2% 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 Orillia. 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 Orillia?
Home insurance isn’t legally required in Orillia. 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 Orillia:
How You Can Get Cheap Home Insurance in Orillia
If you’re trying to save money on your preferred home insurance coverage in Orillia, visit our Ontario page for practical tips.