How Does Home Insurance Work In Sault Ste. Marie?
When you get a home insurance quote in Sault Ste. Marie 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 | $1,445 |
| Enhanced Water Protection | – Sewer Backup Endorsement – Ground Water Endorsement – Overland Water Endorsement – Broad Water Damage Endorsement | $288 |
| Coverage Total: | $1,733 |
*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 flood-prone areas in Ontario, as mentioned in our latest study.
Home Insurance Price in Sault Ste. Marie by Dwelling Type
Below is the average home insurance price in Sault Ste. Marie, categorized by dwelling type:
| Type of Dwelling | Average Annual Home Insurance Premium |
|---|---|
| Detached | $1,733 |
| Semi-Detached | $1,594 |
| Freehold Townhouse | $1,490 |
Postal Codes With the Most Expensive Home Insurance in Sault Ste. Marie
The P6B postal code region tends to have above-average home insurance rates in Sault Ste. Marie.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P6B | $1,786 |
Postal Codes With the Least Expensive Home Insurance in Sault Ste. Marie
The P6C postal code has some of the cheapest home insurance rates in Sault Ste. Marie.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P6C | $1,112 |
How Sault Ste. Marie Home Insurance Rates Compare to Nearby Cities
Sault Ste. Marie’s home insurance rates are mid-to-high for Northern Ontario, sitting just below Sudbury and Elliot Lake but still more affordable than Timmins and Thunder Bay.
| City | Average Annual Home Insurance Premium |
|---|---|
| Sault Ste. Marie | $1,733 |
| Sudbury | $1,750 |
| Elliot Lake | $1,803 |
| Thunder Bay | $2,190 |
| Timmins | $2,051 |
| North Bay | $1,657 |
How Sault Ste. Marie Home Insurance Rates Compare to Provincial Average
Home insurance in Sault Ste. Marie costs around $1,733 annually, higher than the provincial average. 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.
Common Home Insurance Discounts in Sault Ste. Marie
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 Sault Ste. Marie:
| Discount Type | Average Percentage Savings | Average Discount Value |
|---|---|---|
| Multi-Line (Home + Auto) | 11.4% | $198 |
| Claims-Free Discount | 16.5% | $286 |
| Alarm System (Burglar) | 7.5% | $130 |
| Alarm System (Fire) | 5.0% | $87 |
| Membership Discount (CAA) | 10.0% | $173 |
| Non-Smoker Discount | 7.5% | $130 |
What Risks Affect Homeowners in Sault Ste. Marie?
Many homeowners in Canada are affected by similar risks. However, there are some specific risks which Sault Ste. Marie homeowners should keep an eye on, and these are:
Probability of Significant Disasters in Sault Ste. Marie
On June 27 and 28, 1970, flooding in central Ontario caught Sault Ste. Marie in its path, with heavy rains and washed-out sections of roads in the surrounding region.
The following MyChoice probability scores for Sault Ste. Marie 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 Sault Ste. Marie 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 Sault Ste. Marie
If you’re tired of long commutes and big-city life, the five-minute commutes and vibrant community of Sault Ste. Marie will delight you. Known as the “Friendliest City in Algoma”, Sault Ste. Marie offers all the comforts of the big city bundled into a small-town package.
With high demand for various skilled professionals and affordable housing, it’s an excellent place to live if you’re looking for a new home away from the big city. Another reason to move to Sault Ste. Marie is its low home prices. You can find homes in Sault Ste. Marie priced half the national average.
Researching a city’s housing statistics is a good way to determine whether living there is right for you. Here’s a look at the residential landscape in Sault Ste. Marie from the 2021 Census of Population:
Homeownership Rate by Age in Sault Ste. Marie
Homeownership in Sault Ste. Marie is quite high among individuals aged 25 and older. Strong rates are seen especially within the groups aged 40 or above, which has on average, 72% home ownership in the city.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 22.6% |
| 25 to 39 | 57.0% |
| 40 to 54 | 72.3% |
| 55 to 74 | 73.8% |
| 75 and over | 70.4% |
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 Sault Ste. Marie. 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 Sault Ste. Marie?
Home insurance isn’t legally required in Sault Ste. Marie. 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 Sault Ste. Marie: