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Thunder Bay Home Insurance

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$85.82Jul 25, 2024, 02:07 PMAuto49MaleM1J3A0
$46.93Jul 25, 2024, 09:57 AMHome61FemaleM6E1H2
$18.57Jul 25, 2024, 09:34 PMTenant27MaleK8N3P9

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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

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

Quick Facts About Home Insurance in Thunder Bay

  • Thunder Bay home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Thunder Bay is around $1,541.

What Risks Affect Homeowners in Thunder Bay?

Thunder Bay is prone to specific perils. When applying for a home insurance policy, keep these risks in mind:

Flooding

Thunder Bay is situated next to Lake Superior, the world’s largest freshwater lake. As tides change, areas nearby tend to flood, causing damage to affected properties. Be wary of tidal and overland flooding.

Severe weather

Flooding isn’t the only issue Thunder Bay homeowners have to worry about – severe weather like hail or wind can potentially damage your property.

Sewer backup

Because of flooding caused by Lake Superior, Thunder Bay homes are also susceptible to sewer blockages. Burst pipes can potentially cause electrical surges and damage your property.

How Much Does Home Insurance in Thunder Bay Usually Cost?

The cost of home insurance in Thunder Bay averages around $1,541 per year, higher than the Ontario average. Final rates will ultimately depend on the size of the home, location, and personal requirements.

Does Where You Live in Thunder Bay Affect Your Home Insurance?

Yes, where you live in Thunder Bay can influence your home insurance rates. Here are some location-specific factors to consider:

Water damage

The closer you live to Lake Superior and the higher the risk of flood damage, the higher your insurance rates. In addition, some policies may exclude water damage, so consider purchasing an add-on.

Crime rates

According to the Crime Severity Index in Canada, Thunder Bay has a rating of 104.8, which is elevated compared to other Ontario cities. If you live in a dodgier neighborhood, expect home insurance rates to be higher.

Proximity to emergency services

If the nearest fire or police department is far from your home, your insurance rates will likely increase.

Neighbourhood

If you live in an expensive neighbourhood or gated community, expect your insurance rates to be higher. Areas in Thunder Bay that may be subject to higher insurance rates are River Terrace and Mount Forest Estates.

Postal Codes With the Most Expensive Home Insurance in Thunder Bay

L1S and L1N postal codes have above-average home insurance rates in Thunder Bay.

Postal CodeAverage Annual Home Insurance Premium
P7A$1,715
P7B$1,656

Postal Codes With the Least Expensive Home Insurance in Thunder Bay

The L1T and L1Z postal codes have some of the cheapest home insurance rates in Thunder Bay, since they have lower crime rates due to lower population density.

Postal CodeAverage Annual Home Insurance Premium
P7K, P7J$1,496
P7G$1,471

Why Are Thunder Bay Home Insurance Rates so Expensive?

There are three factors that may be driving up Thunder Bay home insurance rates. Here’s a quick explanation of why these things make premiums higher in Thunder Bay:

  • Greater number of older properties: Most homes in Thunder Bay are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
  • Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
  • Housing density: Thunder Bay is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.

Housing Data in Thunder Bay

Do you want to know more about what it’s like to live in Thunder Bay? Refer to more housing information from the 2021 Census of Population.

Type of Occupied Dwelling

65.5% of properties in Thunder Bay are single-detached houses, while only 5.3% are apartments in buildings over five stories. 5% of properties are apartments or flats in duplexes, whereas 16.2% are apartments in smaller buildings.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most people in Thunder Bay own their homes (67.7%), while only 32.3% of people rent them.

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

38.8% of Thunder Bay homes were built before the 1960s. By comparison, only 1.9% of properties were constructed between 2016 and 2021. 34.2% of homes were built between 1961 and 1980.

Major Repairs or Just Maintenance Needed?

Most homes in Thunder Bay are well-maintained, with 92.4% requiring only regular maintenance and minor repairs. 7.5% of Thunder Bay homes need major repairs and replacements.

Homeownership Rate by Age in Thunder Bay

Homeownership in Thunder Bay is considered to be fairly average in relation to other cities in Ontario, naturally home ownership increases as a person becomes older and this is evident from the data below with roughly 73.1% of all residents 40 or above being homeowners in Thunder Bay.

Age GroupHomeownership Rate
15 to 2418.7%
25 to 3954.3%
40 to 5470.6%
55 to 7475.6%
75 and over73.7%

Thunder Bay Population Growth

Thunder Bay’s population slightly increased from 107,909 to 108,843 people between 2016 and 2021, indicating a growth rate of roughly 0.8% over the specified 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:

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 Thunder Bay. 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 Thunder Bay?

Unlike automobile insurance, home insurance in Thunder Bay isn’t mandatory. However, taking out a standard policy can benefit Thunder Bay homeowners in the following ways:

  • You get financial protection in case of property damage due to perils like natural disasters, environmental threats, theft, and vandalism.
  • You get financial protection if someone sustains an injury in your home and files a lawsuit against you.
  • You get financial assistance in case your home becomes uninhabitable. It provides coverage for temporary housing, necessities, and meals.
  • You can fulfill mortgage requirements from specific lenders.
  • You get peace of mind.

How Can I Get Cheap Home Insurance in Thunder Bay?

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

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

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

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

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

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

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

6. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Thunder Bay, Population Statistics. Data Published December 16, 2022.

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