There’s not much you can do to prevent your home from getting damaged by storms, fires, robberies, and other perils, but you can protect yourself financially. While not legally required in Timmins, home insurance gives you the peace of mind you need to move forward after a disaster.
Learn more about home insurance in Timmins, the types of coverage you can get, and how much it could cost below.
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 Does Home Insurance in Timmins Work?
As with other insurance products like tenant insurance or condo insurance, Timmins home insurance gives you financial coverage for your home in the event of certain unforeseen events. By purchasing a home insurance policy, you can file a claim that allows you to handle the cost of damage or losses covered under your policy terms.
There are three types of home insurance policies that you can buy in Timmins. Here’s a basic overview of each type:
Who Provides Home Insurance Quotes in Timmins?
There are different ways that you can get a home insurance quote in Timmins. Here are the four providers that you can use or contact for home insurance rates:
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.
How Much Does Home Insurance in Timmins Usually Cost?
Home insurance in Timmins costs an average of $2,017/year, which is quite higher than the Ontario average of $1,368.
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.
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.
What Determines the Cost of Home Insurance in Timmins?
The cost of home insurance in Timmins varies depending on several considerations, such as your zip code, your property type, and even your credit score. Here are some of the different cost factors for home insurance in Timmins:
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:
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:
Census Data: Housing Data in Timmins
Interested in the housing market in Timmins? Below are some statistics pulled from the 2021 Census of Population:
Type of Occupied Dwelling
Most of the homes in Timmins are single-detached houses, comprising 65.1% of all homes. Apartment buildings come in at a distant second, with buildings with less and more than five storeys making up 13.9% of homes in Timmins.
Owner vs Renter Stats/Condo vs Non-Condo Owners
Out of those sampled, 67% of Timmins residents own their homes, while 33.1% rent. There are more non-condominium owners (97.5%) than condo owners (2.5%).
Private Dwellings by Period of Construction: New or Older Homes?
If you buy a house in Timmins, there’s a big chance it’s an older home. 93% of the homes in the neighbourhood were built before 2000, compared to just 1.5% built from 2016 to 2021.
Major Repairs or Just Maintenance Needed?
A whopping 92% of dwellings in Timmins only require minor repairs and maintenance. The remaining 8% need major repairs.
How You Can Get Cheap Home Insurance in Timmins
If you’re trying to save money on your preferred home insurance coverage, here are some important steps to take:
FAQs About Home Insurance in Timmins
Can you cancel home insurance in Timmins?
Yes, you can cancel your home insurance in Timmins. Check your policy’s terms and conditions for any fees or penalties you may incur, as these are typically charged if you cancel your policy before its end date.
Are Timmins home insurance fees tax deductible?
Generally, Timmins home insurance fees are not tax-deductible as they’re usually considered personal expenses. However, they may be tax-deductible in certain circumstances, such as running a home-based business or having a designated office area in your home. Consult a tax professional to learn if your insurance policies can be considered deductibles in your situation.
Do Timmins real estate prices affect the cost of home insurance?
Yes, Timmins real estate prices affect the cost of home insurance. Because high real estate prices translate to higher repair or restoration costs in the event of loss or damage, home insurers may charge higher premiums in higher-priced areas. The average price of a Timmins home is within the $250,000 to $350,000 range, making it significantly more affordable than the Ontario average of $950,000 to $1 million.
Unlike a majority of the Ontario market, home prices in Timmins increased from 2021 to 2022 despite fewer sales. One of the contributors to this increase was an individual investor who bought over 300 homes, many of which were in Timmins. Home sales, average home prices, and new listings are all down in 2023, and the area is expected to see a price drop later this year.
However, located far away from major urban centers, Timmins has an abundance of land, which relieves the pressure on the housing market and drives prices down. People also tend to stay in Timmins long-term, reducing the demand for homes.
It’s important to note that remote work trends and annual flooding in nearby municipalities may drive more people to the area, impacting the housing market.
Do I need home insurance in Timmins for Airbnbs?
Yes, you need a specific type of home insurance in Timmins for Airbnbs. Property owners who run Airbnbs can apply for a customized rental insurance policy to protect against property damage or liabilities.
What factors aren’t used to calculate Timmins home insurance rates?
Factors that insurance providers don’t consider when calculating Timmins home insurance rates include the following:
Sexual orientation and gender
Marital status
Disability
Race
Religion
Political affiliation
How expensive is insurance for a home in Timmins compared to the rest of Ontario?
Insurance for a home in Timmins is on the more expensive side. Some factors which may affect this difference include the cost of living in this city, property values, and the incidence of natural disasters such as earthquakes and storms.
In Timmins, the cost of living is about 30% cheaper than the provincial average. However, Timmins lies along the Mattagami River, which has seen several flood warnings issued over the past year. A recent flood that hit the nearby James Bay coast also forced thousands of residents to evacuate to Timmins, which may have reduced the available houses on the market.
Consult your preferred home insurer to find out what other factors may cause your Timmins policy quotes from them to be higher than the provincial average.