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Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.45Jun 19, 2024, 04:08 PMAuto59FemaleK6J4P2
$43.02Jun 19, 2024, 05:45 AMHome56FemaleK1G0M5
$24.31Jun 19, 2024, 03:31 PMTenant30FemaleM1H2E4

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

Updated on May 30, 2024

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

Updated May 30, 2024

Visit author page

4 minute read

Article Contents

Quick Facts About Home Insurance in Richmond Hill

  • Richmond Hill home insurance is slightly LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Richmond Hill is around $1,102.

What Risks Affect Homeowners in Richmond Hill?

Every area has unique risks that can damage or even destroy homes. Here are some common risks that you should watch out for as a Richmond Hill resident:

Fire

 As a whole, Ontario averages around 1,000 major forest burns annually. Most recently, Richmond Hill emergency services issued a city-wide burn ban in June 2023 in response to the Ontario and Quebec forest fires. Fortunately, fire protection is usually one of the basic coverages in a home insurance policy.

Flooding

Water damage is one of Ontario’s most common causes of home insurance claims, especially damage caused by overland flooding. Unfortunately, basic home insurance policies usually don’t cover overland flooding, so you must purchase additional protection.

How Much Does Home Insurance in Richmond Hill Usually Cost?

Home insurance in Richmond Hill costs around $1,121 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.

Postal Codes With the Most Expensive Home Insurance in Richmond Hill

L4E and L4C postal codes tend to have above-average home insurance rates in Richmond Hill.

Postal CodeAverage Annual Home Insurance Premium
L4E$1,215
L4C$1,156

Postal Codes With the Least Expensive Home Insurance in Richmond Hill

The L4S and L4B postal codes have some of the cheapest home insurance rates in Richmond Hill.

Postal CodeAverage Annual Home Insurance Premium
L4S$1,066
L4B$1,053

Homeownership Rate by Age in Richmond Hill

Homeownership in Richmond Hill is quite high among individuals aged 15 to 24, with 46.7% of residents in that age group the primary household maintainer. As we move towards the older age groups homeownership continues to increase with 55 to 74 having the highest percentage of ownership.

Age GroupHomeownership Rate
15 to 2446.7%
25 to 3963.4%
40 to 5478.7%
55 to 7484.5%
75 and over78.9%

Average Home Price in Richmond Hill by Dwelling Type

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

Type of DwellingAverage Value
Detached$1,773,500
Semi-Detached$1,305,500
Freehold Townhouse$1,310,000

Richmond Hill Population Growth

Richmond Hill’s population increased steadily from 195,022 to 202,022 people between 2016 and 2021. This indicates a growth rate of roughly 3.6% over the course of the five years.

Housing Data in Richmond Hill

Want to learn more about the housing landscape in Richmond Hill? Here’s a look at housing data in Richmond Hill from the 2021 Census of Population:

Type of Occupied Dwelling

Most (56.7%) dwellings in Richmond Hill are single-detached houses. Apartments in buildings over five storeys and row houses take second and third place as the most popular dwellings in the city, at 18.7% and 15.2%, respectively.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Out of the 25% sample data taken for this census, over three-quarters (78.2%) of Richmond Hill residents own their homes, with the remaining 21.8% living in rental properties. 79.9% of the sampled dwellings are non-condominiums, while the remaining 20.1% are condominiums.

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

Out of the 25% sample data, homes built between 1991 and 2000 are the most common at 23%. Meanwhile, older homes built before 1960 are the least common at just 5%.

Major Repairs or Just Maintenance Needed?

Richmond Hill homes are generally well-kept, with 96.3% of them only needing minor repairs and regular maintenance. Meanwhile, the remaining 3.7% need major repairs.

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 Richmond Hill. 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 Richmond Hill?

Home insurance isn’t legally required in Richmond Hill. 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 Richmond Hill:

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.

Home and belongings protection

Protecting your home and its contents is often the primary reason people get home insurance. A home insurance policy can cover repair and replacement costs if any of your belongings are damaged due to unforeseen events. 

Mortgage requirements

Most mortgage lenders require you to get home insurance. Your lender has a financial interest because they have a stake in the house, so they’ll require you to have a home insurance policy to protect their investments.

How You Can Get Cheap Home Insurance in Richmond Hill

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

Sources

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

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

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

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

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

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

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

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