Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Woodstock?
Many things can cause home damage. Here are common risks to watch out for as a homeowner in Woodstock:
Severe Event Probability in Woodstock
On August 7, 1979, Woodstock witnessed a tornado that caused fatalities and substantial property damage, emphasizing the area’s severe weather risk.
Below are the MyChoice severe event probability scores for Woodstock, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
How Much Does Home Insurance in Woodstock Usually Cost?
Home insurance in Woodstock costs around $1,404 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.
Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.
Quote data from MyChoice.ca, January 2025
Postal Codes With the Most Expensive Home Insurance in Woodstock
N4T is the postal code with the most expensive home insurance rates in Woodstock on average.
Postal Code | Average Annual Home Insurance Premium |
---|---|
N4T | $1,412 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Woodstock
The N4S postal code tends to have some of the cheapest home insurance rates in Woodstock on average.
Postal Code | Average Annual Home Insurance Premium |
---|---|
N4S | $1,376 |
Quote data from MyChoice.ca, January 2025
Housing Data in Woodstock
Researching a city’s housing information is a great way to decide whether living there is right for you. Here’s a dive into some key residential statistics in Woodstock taken from the 2021 Census of Population:
Homeownership Rate by Age in Woodstock
Homeownership in Woodstock begins to increase with individuals aged 25 and older, with particularly strong rates in those aged 40 and up. The age group 40 to 74 has the highest homeownership rate at approximately 70%.
Age Group | Homeownership Rate |
---|---|
15 to 24 | 29.2% |
25 to 39 | 59.8% |
40 to 54 | 70.5% |
55 to 74 | 69.1% |
75 and over | 59.2% |
Average Home Price in Woodstock by Dwelling Type
Below are the average values of homes in Woodstock, categorized by dwelling type:
Type of Dwelling | Average Value |
---|---|
Detached | $815,000 |
Semi-Detached | $566,750 |
Freehold Townhouse | $590,000 |
Woodstock Population Growth
Woodstock’s population increased steadily from 41,098 to 46,705 people between 2016 and 2021. This indicates a growth rate of roughly 13.6% across the five years.
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 Woodstock. 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 Woodstock?
Home insurance isn’t legally required in Woodstock. That said, having a policy is still a good idea. Home insurance protects you from unforeseen events that cause costly damages. Instead of paying to fix it out of pocket, your policy can lighten the financial load. Here’s a quick look at the reasons why you should get home insurance in Woodstock:
FAQs About Home Insurance in Woodstock
How can you get cheap home insurance in Woodstock?
If you’re trying to save money on your preferred home insurance coverage in Woodstock, visit our Ontario page for practical tips.