Data shows a 120% difference in insurance between most and least expensive city
A new report from RATESDOTCA found that Ontarians residing in suburban neighbourhoods such as Lasalle in Windsor, are paying more than double the home insurance premium in comparison to affluent GTA neighbourhoods such as Woodbridge. Most of the top 10 least expensive places in Ontario for home insurance are well-to-do Toronto suburbs.
Further, Northern Ontario cities such as Timmins, Thunder Bay, and Elliot Lake occupy half of the top-10 list of most expensive cities for home insurance premiums.
“Many different factors influence the cost of insurance premiums. Unlike auto insurance, the home insurance market is unregulated. Things like credit scores and unemployment rates could be used to determine the cost of insuring a homeowner, which impacts rates,” says John Shmuel, Managing Editor, RATESDOTCA. “Other factors include crime rates and the number of claims in a particular area.”
Compiled in July 2021 using the data from RATESDOTCA’s interactive online map tool, Home Insuramap, the table below captures the city alongside estimated annual premiums paid by Ontarian homeowners.
TOP 10 MOST EXPENSIVE*
|
City |
Closest urban area |
Estimated Annual |
|
|
1 |
Lasalle |
Windsor (Essex) |
2,098 |
|
2 |
Windsor |
Windsor |
2,072 |
|
3 |
Kingsville |
Windsor (Essex) |
1,889 |
|
4 |
Amherstburg |
Windsor (Essex) |
1,864 |
|
5 |
Thunder Bay |
Thunder Bay |
1,857 |
|
6 |
Timmins |
Timmins |
1,821 |
|
7 |
Lively (Walden) |
Sudbury |
1,761 |
|
8 |
Essex |
Windsor (Essex) |
1,760 |
|
9 |
Garson |
Sudbury |
1,747 |
|
10 |
Elliot Lake |
Sudbury |
1,747 |
According to RATESDOTCA’s data, the provincial average cost for home insurance premiums is $1,342 per year.
Across the province, there is an approximately $1,145 difference in home insurance between the most expensive, Lasalle at $2,098 a year, and the least expensive city, Woodbridge at $953 a year.
From the top 10 least expensive list, GTA suburbs Woodbridge ($953) and Richmond Hill ($982) topped the list with the cheapest insurance premiums, with Ajax ($1,027) and Kleinburg ($1,031) taking the 9th and 10th spots, respectively.
TOP 10 LEAST EXPENSIVE*
|
City |
Location |
Estimated Annual |
|
|
1 |
Woodbridge |
GTA |
953 |
|
2 |
Stratford |
Kitchener-Waterloo |
979 |
|
3 |
Richmond Hill |
GTA |
982 |
|
4 |
Oakville |
GTA |
1,011 |
|
5 |
Aurora |
GTA |
1,015 |
|
6 |
Holland Landing |
GTA (York) |
1,020 |
|
7 |
Simcoe |
Kitchener-Waterloo |
1,022 |
|
8 |
Milton |
GTA |
1,024 |
|
9 |
Ajax |
GTA |
1,027 |
|
10 |
Kleinburg |
GTA (Vaughan) |
1,031 |
Shmuel offers the following tips for homeowners to lower insurance costs:
- Be selective on what you claim. Avoid making claims for small things as that would impact your claims history, which affects rates.
- Bundle with your auto insurance policy. Insurance providers offer bundle discounts of up to 15 per cent if home and auto policies are purchased together.
- Maintain a good credit score or find a home insurance provider who does not use credit score to determine premiums.
- Install home monitoring systems. Decrease the risk of damage to your home and theft and avoid making unnecessary claims.
- Compare home insurance rates. Find the policy and rate that best suit your situation.
*Only cities with a minimum population of 10,000 were included in this report