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:
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 Code | Average Annual Home Insurance Premium |
|---|---|
| K9L | $1,315 |
| K9J | $1,356 |
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 Code | Average Annual Home Insurance Premium |
|---|---|
| K9H | $1,015 |
| K9K | $1,049 |
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:
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 Group | Homeownership Rate |
|---|---|
| 15 to 24 | 13% |
| 25 to 39 | 43.1% |
| 40 to 54 | 63.2% |
| 55 to 74 | 68.6% |
| 75 and over | 67.8% |
Average Home Price in Peterborough by Dwelling Type
Below are the average values of homes in Peterborough, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $646,950 |
| Semi-Detached | $515,000 |
| 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:
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:
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.