Home Insurance Markham: Rates, Quotes, Consumer Tips

Home Insurance Markham: Intro

Welcome to your Home Insurance Guide for Markham. This page will give you an idea of Home Insurance Premiums in Ontario, will inform about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Markham.

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What Are Typical Home Insurance Premiums In Ontario?


This chart illustrates the average Renters and Homeowners Insurance premiums in Ontario and other provinces including Home Insurance in Markham. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.

Overall consumers spend in Ontario less on Home Insurance than in Alberta and British Columbia. That is the case due to more stable natural conditions e.g. lack of strong seismic activity like British Columbia or flooding similar to Calgary. Nevertheless the recent years demonstrated that nature can be also unfriendly in Ontario including flooding and ice storm that strongly impacted among others the whole Greater Toronto Area and nearby cites and towns. These were very significant natural occurrences that impacted people’s homes and, as consequence, home insurance.

Important note about flooding risk – typically overland flooding (e.g. due to strong rains or raised water level in rivers) is not covered by home insurance. Thus emergency government program(s) would be the only way to somewhat compensate financial impact of the flooding. flooding can be caused not only through a strong rain and storm but also through melting snow.

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How Can You Save on Home Insurance in Markham?

  • Stop smoking: Some insurers increase their premiums for the homes with smokers since this means an increased risk of fire
  • Neighbourhood: For your personal safety and possible lower premiums, live in a low-crime, safe neighbourhood.
  • Bicycle: Insuring your bike for theft? Your home insurance might be covering it already. Check your policy.
  • Benchmark your costs: Use price comparison tools to know how much other companies are charging for similar policies, and check with your peer group to see if these comparisons are similar within your demographic.
  • New Home: Some insurers offer a new home discount. Check with your insurer to see if they offer this discount too (e.g. BCAA and Wawanesa)
  • Business Insurance: If you work from home but do not have significant assets in the residence, home vs. business insurance may be the better option.
  • Leverage inflation: Many insurers increase your dwelling limit every year by considering the inflation of the house rebuilding costs. Follow up to ensure this adjustment is in line with reality and that you are not overpaying.
  • Monitoring: Is there other security like a doorman or security guard on the premises? This may mean an additional discount.
  • Plumbing insulation: Insulate your pipes to prevent them from freezing in the winter. This may reduce or even avoid insurance claims.
  • Interested in more saving tips for Home Insurance in Markham? Get an insurance quote below and connect with an experienced insurance professional to get more tips

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