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Vaughan Home Insurance

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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 31, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 31, 2024

Visit author page

4 minute read

Article Contents

Quick Facts About Home Insurance in Vaughan

  • Vaughan home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Vaughan is around $954.

What Risks Affect Homeowners in Vaughan?

If you live in Vaughan, you should be aware of the following risks:

Fires

During the summer, Vaughan can become exceptionally dry and hot. If you live near wooded areas, stay vigilant about potential forest fires.

Flooding

Flooding is the most frequent hazard in Ontario, so expect occasional flash flooding in Vaughan. Clogged catch basins and stormwater systems can also cause electrical fires.

Freezing rain

When temperatures drop, Vaughan occasionally experiences “freezing rain”, which can cause slippery surfaces and damage to homes.

How Much Does Home Insurance in Vaughan Usually Cost?

The average cost of a home insurance policy in Vaughan is around $954. However, final costs will vary depending on your property size, location within Vaughan, deductible, and coverage limits, among other things.

Does Where You Live in Vaughan Affect Your Home Insurance?

Yes, where you live in Vaughan can influence your final home insurance rates in the following ways:

Neighbourhood

If you live in an expensive Vaughan neighbourhood like Woodbridge or Thornhill, expect to pay higher premiums for your property. By comparison, neighbourhoods like Vaughan Grove have more affordable properties with lower insurance rates.

Proximity to emergency services

If you live in a flood or fire-prone area, being closer to emergency services like fire and police departments can keep your insurance rates low. Other factors, like your proximity to fire hydrants, can also affect your premiums.

Crime rate

Crime rates in Vaughan are moderate, though not higher than the provincial average. If you live in areas with higher crime rates, expect your premiums to be higher.

Postal Codes With the Most Expensive Home Insurance in Vaughan

The L4L postal code has above-average home insurance rates in Vaughan.

Postal CodeAverage Annual Home Insurance Premium
L4L$1,015

Postal Codes With the Least Expensive Home Insurance in Vaughan

The L4K postal code has some of the cheapest home insurance rates in Vaughan.

Postal CodeAverage Annual Home Insurance Premium
L4K$936

Housing Data in Vaughan

Learn more about the housing landscape in Vaughan with information from the 2021 Census of Population.

Type of Occupied Dwelling

Most people in Vaughan live in semi-detached houses (62.5%), while 13.2% live in apartments in buildings with five stories or more. 11% of Vaughan properties are row houses. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

85.9% of people own their Vaughan properties, while 14.1% rent them.

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

Unlike many Ontario cities, most properties in Vaughan were built between 1991 and 2000 (22.2%). The next largest population of homes were built between 1981 and 1990 (19.9%). Only 1.4% of homes were built before the 1960s.

Major Repairs or Just Maintenance Needed?

Typically, 97.5% of Vaughan homes require only regular maintenance and minimal repairs. By comparison, only 2.5% require major repairs and replacements. 

Homeownership Rate by Age in Vaughan

Homeownership in Vaughan is quite high among individuals aged 25 and older, with particularly strong rates in those aged 40 and above, which is approximately 90% of all residents within this age bracket owning their home in Vaughan.

Age GroupHomeownership Rate
15 to 2432.8%
25 to 3972.2%
40 to 5487.3%
55 to 7491%
75 and over89.2%

Average Home Price in Vaughan by Dwelling Type

Below are the average values of homes in Vaughan, categorized by dwelling type:

Type of DwellingAverage Value
Detached$1,624,000
Semi-Detached$1,150,000
Freehold Townhouse$1,182,000

Vaughan Population Growth

Vaughan’s population increased steadily from 306,233 to 323,103 people between 2016 and 2021. This indicates a growth rate of roughly 5.5% which is more or less in line with other areas nearby.

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 Vaughan. 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 Vaughan?

Home insurance in Vaughan isn’t necessary, but applying for a policy can benefit you in the following ways:

  • You can replace your belongings in case you lose them in a flood or fire.
  • You can repair and replace damages to your home caused by natural disasters, theft, vandalism, and other perils.
  • You can protect yourself financially in case someone gets injured on your property and files a lawsuit against you. 
  • You can get financial assistance for temporary housing, necessities, and meals if your home becomes uninhabitable.
  • You can fulfill mortgage requirements.
  • You get peace of mind.

How Can I Get Cheap Home Insurance in Vaughan?

If you’re trying to save money on your preferred home insurance coverage in Vaughan, 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, Vaughan, Home Insurance Quotes Collected, 2024.

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

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

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

6. CREA, Ontario, Vaughan, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Vaughan, Population Statistics. Data Published December 16, 2022.

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