How Does Home Insurance Work In Oshawa?
When you get a home insurance quote in Oshawa with MyChoice, you’re receiving a comprehensive policy that goes beyond just the basics — including Guaranteed Replacement Cost, which ensures your home will be rebuilt to its original condition even if the cost exceeds your dwelling coverage limit.
Your quote is made up of two main pillars: Base Residence / Dwelling (covering your home, contents, liability, and standard perils) and Enhanced Water Protection (covering floods, sewer backup, and groundwater seepage). Together, they form a complete protection package for your property and belongings.
| Coverage Type | What’s Included? | Average Annual Home Insurance Premium |
|---|---|---|
| Base Residence / Dwelling | – Dwelling Coverage – Outbuildings (detached structures) – Contents – Personal Liability – Voluntary Medical Payments – Voluntary Property Damage – Basic Water Damage | $964 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $192 |
| Coverage Total: | $1,156 |
*A comprehensive home insurance policy protects your property and belongings against all perils except those specifically excluded by the policy. This typically includes: fire and smoke damage, wind and hail damage, lightning strikes, burst pipes (depending on the situation), falling objects (like trees or branches), theft and burglaries, and vandalism.
Base Residence / Dwelling Coverages:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Dwelling Coverage | Covers the cost to rebuild your home after insured damage. | $1,000,000 |
| Outbuildings (detached structures) | Covers the cost to rebuild the detached structures (i.e. garages, sheds, fences). | $150,000 |
| Contents | Protects your belongings from damage or loss due to covered perils. | $750,000 |
| Personal Liability | Legal & medical costs if someone sues you for injury/property damage. | $1,000,000 |
| Voluntary Medical Payments | Pays limited medical expenses if someone is accidentally injured on your property, regardless of fault | $4,500 |
| Voluntary Property Damage | Covers small amounts for accidental damage you cause to someone else’s property (or damage caused by a minor in your care | $1,500 |
| Basic Water Damage | Protects against sudden and accidental internal water damage (e.g., burst pipes or overflowing appliances | $1,000,000 |
*Please note that the average coverage limits in the tables above and below are based on the dwelling coverage of $1 million and can vary by house and carrier.
Enhanced Water Protection:
| Coverage Type | Coverage Details | Average Coverage Amount/Limit |
|---|---|---|
| Sewer Backup Endorsement | Pays for damage caused by sewage or septic systems backing up into the home. | $100,000 |
| Ground Water Endorsement | Adds protection against damage from ground‑water seepage, which is not covered by standard policies. | $250,000 |
| Overland Water Endorsement | Covers damage from freshwater entering your home from rivers, lakes or heavy rainfall. This is typically optional and recommended for homes in flood‑prone areas. | $250,000 |
| Broad Water Damage Endorsement | A catch‑all rider that may combine overland water, sewer‑backup and ground‑water coverage and may also include protection for seepage or ice‑damming (depending on the insurer) | $250,000 |
*MyChoice recommends getting the enhanced water protection package if you live in Oshawa, as it’s identified as one of the most flood-prone cities in Ontario in our latest study.
Home Insurance Price in Oshawa by Dwelling Type
Below is the average home insurance price in Oshawa, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,156 |
| Semi-Detached | $1,064 |
| Freehold Townhouse | $994 |
Postal Codes With the Most Expensive Home Insurance in Oshawa
L1H and L1J postal codes tend to have above-average home insurance rates in Oshawa.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L1H | $1,189 |
| L1J | $1,182 |
Postal Codes With the Least Expensive Home Insurance in Oshawa
The L1G postal code has some of the cheapest home insurance rates in Oshawa.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L1G | $1,112 |
How Oshawa Home Insurance Rates Compare to Nearby Cities
Oshawa’s home insurance rates are on the lower side for the eastern GTA, close to Pickering and Scarborough and well below Oshawa.
| City | Average Annual Home Insurance Premium |
|---|---|
| Oshawa | $1,156 |
| Ajax | $1,248 |
| Pickering | $1,156 |
| Scarborough | $1,142 |
| Toronto | $1,814 |
| Peterborough | $1,204 |
How Oshawa Home Insurance Rates Compare to Provincial Average
Home insurance in Oshawa costs around $1,156 annually, less than the provincial average. Various factors impact your home insurance rates, ranging from your home’s proximity to fire hydrants, its conditions, and more. This means you can expect home insurance premiums to vary depending on where you live in Oshawa.
Common Home Insurance Discounts in Oshawa
Certain insurers offer home insurance discounts that can significantly reduce your premium — sometimes by up to 20% when combined. Please note that these discounts depend on your property type, condition, the insurer and even external conditions like natural disasters or crime rates in your specific area. Talk to your broker or insurer to learn more about what discounts they offer in your area.
Here’s a look at the most common discounts you can get on home insurance in Oshawa:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $132 |
| Claims-Free Discount | 16.5% | $191 |
| Alarm System (Burglar) | 7.5% | $87 |
| Alarm System (Fire) | 5.0% | $58 |
| Membership Discount (CAA) | 10.0% | $116 |
| Non-Smoker Discount | 7.5% | $87 |
What Risks Affect Homeowners in Oshawa?
Depending on where you live in Canada, you need to prepare for different perils that may damage your home. Here are some common risks often faced by Oshawa homeowners:
Probability of Significant Disasters in Oshawa
On July 8, 2013, the same GTA deluge swamped parts of Oshawa, forcing the closure of several roads and overflowing local stormwater drains.
The following MyChoice probability scores for Oshawa are based on historical data from the Canadian Disaster Database (CDD), which has tracked major disasters in Canada since 1950. These scores represent the relative likelihood that each type of significant event could occur at least once in Oshawa over the next decade. The comparison is made against both other regions in Canada and other types of events, helping illustrate where the greatest risks to homeowners may lie.
According to the CDD, an event is classified as significant if it results in 10 or more deaths, 100 or more people affected (injured, evacuated, or left homeless), an appeal for national or international assistance, historical importance, or severe damage that prevents a community from recovering on its own.
Housing Data in Oshawa
Are you curious about the housing landscape in Oshawa? Here’s a look at housing data in the city from the 2021 Census of Population:
Homeownership Rate by Age in Oshawa
Homeownership rates in Oshawa increase with age, starting at 13.2% for those aged 15 to 24 and peaking at 71.3% for the 55 to 74 age group, before slightly decreasing to 65.6% for those 75 and over.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 13.2% |
| 25 to 39 | 52.9% |
| 40 to 54 | 67.8% |
| 55 to 74 | 71.3% |
| 75 and over | 65.6% |
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 Oshawa. 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 Oshawa?
Home insurance isn’t required by law in Oshawa, so you don’t technically “need” it. However, getting home insurance is still a good idea because it protects you from various dangers and accidents that may damage your home and belongings. Insurance also helps you save money because you don’t have to spend as much to fix damages to your home. Here are three great reasons to get home insurance in Oshawa:
How You Can Get Cheap Home Insurance in Oshawa
If you’re trying to save money on your preferred home insurance coverage in Oshawa, visit our Ontario page for practical tips.