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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 Peterborough?

Peterborough homeowners face several risks that may cause damage to their property or even destroy it. Here are some common risks that Peterborough homeowners should consider when choosing home insurance coverage:


Peterborough is at risk from flooding, especially in low-lying areas that were previously devastated by the big 2004 flood. Homeowners need to be vigilant against overflowing water from sources like sewers or groundwater due to heavy rain or thawing snow. Note that standard home insurance policies typically don’t have flooding coverage, so you’ll need to get this as an add-on.

Cold winters

Peterborough’s chilliest winters go as low as -3 °F. Homeowners should keep an eye out for water damage due to burst pipes or melting slush or snow from November to April.

Crime rates

Peterborough’s crime rates for both violent and non-violent crimes have gone up, according to the 2021 Canada Crime Severity Index. Homeowners should take care to add safety measures to protect their property, such as security systems or sturdy fencing.

How Much Does Home Insurance in Peterborough Usually Cost?

The average cost of home insurance in Peterborough ranges from $1000 to $1,400 annually, with the yearly average rate at $1,179. Your premiums are affected by different considerations such as your neighbourhood’s claims history, proximity to fire hydrants, and your postal code.

Postal Codes With the Most Expensive Home Insurance in Peterborough

K9L and K9J postal codes have above-average home insurance rates in Peterborough.

Postal CodeAverage Annual Home Insurance Premium

Postal Codes With the Least Expensive Home Insurance in Peterborough

The K9H and K9K postal codes have some of the cheapest home insurance rates in Peterborough.

Postal CodeAverage Annual Home Insurance Premium

Housing Data in Peterborough

Curious about the average condition of Peterborough homes, or how many dwellings are owned or rented in the city? Here’s a simple overview of housing data in Peterborough according to the 2021 Census of Population:

Type of Occupied Dwelling

Over half (57.2%) of Peterborough’s occupied dwellings are single-detached houses, while 17.8%  are apartments in buildings that have fewer than five storeys. In a distant third are row houses at 8.4% of all occupied dwellings.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Out of a 25% sample, it was found that 59.4% of Peterborough residents own their private residences compared to 40.6% who rent in the city. An overwhelming majority of those surveyed live in occupied dwellings that are not condominiums (94%), with only 5.9% living in Peterborough condominiums.

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

Most of Peterborough’s homes are older, with 36.1% of homes constructed in 1960 or earlier, 27.7% built between 1961 to 1980, and 11.8% constructed between 1981 to 1990. New homes are fewer in Peterborough, with a mere 3.1% constructed between 2016 to 2021.

Major Repairs or Just Maintenance Needed?

Despite the fact that many Peterborough homes are older, an overwhelming majority (93.9%) are in good shape and need only regular maintenance and minor repairs. Only 6.1% of homes in Peterborough are in need of major repairs.

Homeownership Rate by Age in Peterborough

Peterborough has fairly average homeownership rates by age group, with the lowest instances occurring with residents aged 15 to 24 at 13%, this picks up as residents age, with the largest homeownership rates occurring at 68.6% for residents aged 55 to 74.

Age GroupHomeownership Rate
15 to 2413%
25 to 3943.1%
40 to 5463.2%
55 to 7468.6%
75 and over67.8%

Average Home Price in Peterborough by Dwelling Type

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

Type of DwellingAverage Value
Freehold Townhouse$590,000

Peterborough Population Growth

Peterborough’s population increased steadily from 81,032 to 83,651 people between 2016 and 2021, which indicates a growth rate of roughly 3.2% 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:

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.


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 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 Peterborough. 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 Peterborough?

You don’t “need” a home insurance policy in Peterborough, but it’s highly recommended that you get one anyway. Natural disasters and unforeseen situations can result in big expenses that you may struggle to pay off without a home insurance policy. Here’s a simple breakdown of reasons why you should get Peterborough home insurance:

Liability coverage

While we all do our best to be careful, some accidents simply can’t be helped. Unexpected events may cause your property to be damaged or for someone to be injured in your home. A home insurance policy covers the costs related to your liability in these accidents, such as repair bills, legal fees, and medical expenses.

Protection for your home and belongings

Your home and possessions have both personal and financial value, and they’re prone to damage or loss due to perils like windstorms and fires. A home insurance policy can help you cover the cost of replacing or repairing your property in case of unforeseen events.

Mortgage requirements

 If you took out a mortgage loan from a Peterborough bank or other lending institution, it’s highly likely that they required you to get home insurance. Your lender has a financial interest in protecting your home from damage or destruction, and home insurance assures them that the property will be protected from a wide range of risks.

How You Can Get Cheap Home Insurance in Peterborough

If you’re trying to save money on your preferred home insurance coverage in Peterborough, visit our Ontario page for practical tips.


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

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

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

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

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

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

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

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