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:
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 Code | Average 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 Code | Average 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 Group | Homeownership Rate |
|---|---|
| 15 to 24 | 46.7% |
| 25 to 39 | 63.4% |
| 40 to 54 | 78.7% |
| 55 to 74 | 84.5% |
| 75 and over | 78.9% |
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 Dwelling | Average 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:
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 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:
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.