What Risks Affect Homeowners in Timmins?
If you plan to buy a home in Timmins, it’s important to know the specific risks you may encounter in the area. Below are some of the most common dangers that affect Timmins homeowners:
How Much Does Home Insurance in Timmins Usually Cost?
Home insurance in Timmins costs an average of $1,528/year, which is higher than the Ontario average of $1,360.
That said, insurance providers calculate premiums based on a wide range of factors, such as the value and age of your property, where you live, and what kind of coverage you need. At the same time, insurers calculate these risks differently, so you can expect to get different quotes from different providers, even for the same home.
Does Where You Live in Timmins Affect Your Home Insurance?
Where you live in Timmins can affect your home insurance. Premiums are calculated based on your risk, and the location of your property is a major contributor to that. Here are some of the ways that home insurance companies may take where you live into consideration:
Postal Codes With the Most Expensive Home Insurance in Timmins
Houses within the P4N postal code region tend to have above-average home insurance rates in Timmins.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P4N | $1,595 |
Postal Codes With the Least Expensive Home Insurance in Timmins
The P4R postal code has some of the cheapest home insurance rates in Timmins.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| P4R | $1,502 |
Why Are Timmins Home Insurance Rates so Expensive?
There are three factors that may be driving up Timmins home insurance rates. Here’s a quick explanation of why these things make premiums higher in Timmins:
- Greater number of older properties: Most homes in Timmins 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: Timmins 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 Timmins
Interested in the housing market in Timmins? Below are some statistics pulled from the 2021 Census of Population:
Homeownership Rate by Age in Timmins
Homeownership in Timmins is fairly standard from the ages 25 and above, the interesting thing here is the high ownership rate for people aged between 15 to 24 which stands at 25%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 25.0% |
| 25 to 39 | 61.2% |
| 40 to 54 | 73.7% |
| 55 to 74 | 71.5% |
| 75 and over | 63.8% |
Timmins Population Growth
Timmins’ population slightly decreased from 41,788 to 41,145 people between 2016 and 2021, indicating a negative growth rate of roughly -1.5%.
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 Timmins. 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 Timmins?
The most likely reason you’ll need home insurance in Timmins is to protect yourself financially in case the unexpected happens.
Natural disasters such as floods, storms, and earthquakes and human threats such as theft and vandalism can cause costly damage to your home. This can set even the most financially secure homeowner back.
A home insurance policy can help you cover the costs of repairing or replacing your home, as well as any belongings inside it. The payout can also be used to rent temporary housing in the event that your home is uninhabitable.
Aside from this, there are two other common reasons people may need home insurance:
How Can I Get Cheap Home Insurance in Timmins?
If you’re trying to save money on your preferred home insurance coverage in Timmins, visit our Ontario page for practical tips.