Thornhill Home Insurance

Out of Thornhill’s 41,845 households, nearly half (49.5%) of them live in single-detached homes, making them the most popular dwelling type in the suburb. A large portion (31.1%) of residents live in high-rise apartments, making them the second-most popular dwelling type. These apartments were mostly built in the early to mid-2000s to meet the increased demand for residences in Thornhill.

The 25% sample data taken by the census shows that most Thornhill residents own their homes, with homeowners comprising 78% of all households. The remaining 22% are renters.

One-third (33.4%) of Thornhill’s households live in condominiums, while the remaining two-thirds (66.6%) live in non-condo properties.

Homes in Thornhill are relatively old, with over a quarter (25.6%) of the suburb’s households residing in homes built from 1981 to 1990. The second and third largest shares come from households living in homes built from 1961 to 1980 and 1991 to 2000, with 17.9% and 16.8% shares, respectively. 

12.2% of Thornhill households live in homes built from 2001 to 2005, likely reflecting the surge in residential construction in the 2000s to meet increased demand.

Thornhill is a relatively upscale neighbourhood, which means its residents likely take good care of their homes. Statistics back this up, with only 3.6% of Thornhill households saying their home needed major repairs. Meanwhile, the remaining 96.4% only required maintenance or minor repairs.

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

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.

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

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.

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Because this is considered a preventable risk, most insurers don’t cover insect damage.

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

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.

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

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.

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.