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:
How Much Does Home Insurance in Sault Ste. Marie Usually Cost?
Home insurance in Sault Ste. Marie costs around $1,451 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 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 | $1,489 |
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 | $1,374 |
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% |
Average Home Price in Sault Ste. Marie by Dwelling Type
Below are the average values of homes in Sault Ste. Marie, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $380,000 |
| Semi-Detached | n/a |
| Freehold Townhouse | n/a |
Sault Ste. Marie Population Growth
Sault Ste. Marie’s population slightly declined from 73,368 to 72,051 people between 2016 and 2021, which is a negative growth rate of roughly -1.8%% across the five year period.
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: