Average Cost of Home Insurance in Barrie [2022]



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As a homeowner in Barrie, having proper coverage on your home is an essential factor that should be considered. Barrie home insurance provides coverage for you and your possessions.

For many homeowners in Barrie, the home is the most valuable asset that requires proper protection. Hence, it is important to protect your home against disasters and perils that could have a financial impact on your quality of life, as well as the value of the home.

Although Barrie home insurance is not mandatory unlike auto insurance, it is recommended for home and property owners to insure their investments against unforeseen circumstances. If you have a mortgage, however, the lender will require you to have a home insurance policy to protect your investment against any loss or damage.

Regardless of mortgage or not, it is recommended for homeowners to purchase insurance coverage on their homes. Home insurance is an insurance package and coverage that protects your home, family, and personal possessions against loss or damage caused by insured perils, such as fire, theft, vandalism, windstorm, and more.

A major disaster or peril can occur at any time, which could leave a financial burden on the homeowner. With home insurance in Barrie, financial protection and coverage are provided for the repair or replacement of your home, possessions, and personal liability.

This page will provide you with detailed information and an idea of how home insurance works in Barrie, how premiums are calculated, and how you can save money on your premiums.

About Barrie

Barrie is a Canadian city located on the western part of Lake Simcoe and the shores of Kempenfelt Bay in central Ontario. The city of Barrie lies within the Greater Golden Horseshoe in the northern region of Ontario.

As one of the fastest-growing cities in Canada, Barrie enjoys its close proximity to Toronto city and other metropolitan areas. The city of Barrie has a low unemployment rate and a strong economy, which makes several people from all walks of life attracted to the city.

Residents of Barrie enjoy relatively affordable housing, especially for those who work in the provincial capital. According to the 2016 census data, the city of Barrie has a population census figure of 141,434 which makes it the 34th largest city in Canada in terms of population.

The city has a number of tourist attractions including festivals, waterfront, beach resorts, galleries, museums, libraries, theatres,  and concerts. The economy of the city is diverse, which includes healthcare, manufacturing, information technology, and education.

Living in Barrie

The city of Barrie occupies the 34th largest city in Canada, with its Census Metropolitan Area being the 21st largest CMA in Canada. The significant growth of the city makes it a bedroom community for Toronto.

The city of Barrie has a total land area of 99 square kilometers, and a metropolitan land area of 898 square kilometers.

The cost of living in Barrie is about 19 percent cheaper than in Toronto. Consumer prices including rent in Barrie are about 23 percent lower than in Toronto, while rent prices in the city are 38 percent lower than in Toronto. Generally, a family of four has an estimated monthly cost of $4,879 while a single person in the city has an estimated monthly cost of $2,421.

Barrie Home Insurance

There is so much more to having home insurance than protecting your building. Home insurance in Barrie offers coverage for your home, personal possessions, and personal liability.

Barrie is known for heavy thunderstorm activity, especially in the late spring and summer months, as a result of its location within a convergence of breezes from Georgia Bay, Lake Ontario, and Lake Erie.

To protect your home against perils that could lead to losses and damages, the homeowner is expected to purchase a home insurance policy from an accredited insurance provider. The homeowner or policyholder pays a periodic premium (annually or monthly), while the insurance company provides financial protection to the homeowner in the event of an insured loss.

The insurance provider will indemnify or compensate you for any loss or damage, either for the cost of repair or the replacement value.

Home insurance in Barrie is offered by independent insurance companies, brokers, and agencies. These insurers charge rates that vary widely in hundreds and thousands of dollars. The rates are calculated on a number of factors that include the type of the home, the location, the amount of deductible, among others.

These home insurance providers have their rates and services reviewed and regulated by the Financial Services Regulatory Authority of Ontario (FSRA), the Insurance Bureau of Canada (IBC), and the Registered Insurance Brokers of Ontario (RIBO).

Cost of Home Insurance in Barrie

Averagely, homeowners in Barrie can expect to pay between $900 and $1500 for home insurance premiums.

Home insurance premiums in Barrie vary between the different home insurance providers. Insurance companies determine the premiums paid by their clients using several factors, including the size and type of the home, the replacement value, the insurance claim history of the homeowner, and more.

The FSRA usually recommends that homeowners in Ontario should compare home insurance rates from at least three different insurers to get the best and affordable rates.

Square One offers some of the cheapest and most comprehensive home insurance policies.

Barrie Home Insurance Policy Types

All Risk or Comprehensive Home Insurance Policy 

The comprehensive home insurance policy encompasses all policy coverages, including the structure or building (the home) as well as personal possessions. This policy covers all insured perils, except for those perils that are specifically excluded from the purchased policy such as uninsurable perils and endorsements.

Basic or Named Perils Home Insurance Policy 

The named home insurance policy is the most affordable policy with minimal coverage. This policy protects your home against insured perils that are specifically outlined or chosen in the purchased home insurance policy. Homeowners can choose insured perils that they want the policy to protect, such as theft, fire, window breakage, etc.

Broad Home Insurance Policy

The broad home insurance policy embraces both the named perils policy and the comprehensive policy. Under this home insurance policy, your home (the structure) is insured with the comprehensive policy, while the named-perils policy covers your possessions and contents.

No Frills Home Insurance Policy

The no-frills home insurance policy provides coverage to buildings and properties that do not meet up with the standard home insurance, such as homes with structural issues.

What Does Home Insurance Cover?

Dwelling Coverage

Barrie home insurance provides coverage for your home or structure against insured perils such as fire, theft, vandalism, explosion, and more, either for repair or replacement. The insurer calculates the replacement value of the home using several factors including the quality of materials used in the construction of the building.

Personal Possessions Coverage

Barrie home insurance provides coverage for the contents of your home, such as personal belongings (such as electronics, furniture, clothing, etc.) against insured perils.

Personal Liability Coverage

Home insurance in Barrie provides coverage for you against financial liability for the property damage or bodily injury to another person and unintentionally caused by you.

Living Expenses 

Home insurance providers will cover the cost of your living expenses, for the period that you have to stay away from home as a result of repairs being done to your home after an insured peril.

What Is Not Covered in Home Insurance?

Also known as uninsured perils, these are some natural disasters that insurance companies can not take responsibility for. Also, some risks are likely to occur in the home, which is perceived to be the responsibility of the homeowner.

These uninsured perils can be protected under optional coverage which is not offered by all home insurance providers. These optional coverages, known as Endorsements, offer extra protection to the home and the homeowner against uninsured perils.

The following are some of the uninsured perils:

  • Damages from flooding or overland water.
  • Sewage break up.
  • Losses caused by the criminal acts of the homeowner.
  • Damages from earthquake, avalanche, landslides, and other earth movements.
  • Identity theft.
  • Lock replacement.
  • Damage to illegally acquired property.
  • Damage caused by freezing of indoor plumbing.

How Barrie Home Insurance Premiums are Calculated

The following are some of the factors that determine how premiums are calculated in Barrie.

  • The type and size of the home.
  • The location of the home including the claim record and crime rate of the neighborhood.
  • The internal fixtures and fittings, including electrical, plumbing,  and heating systems of the home.
  • The replacement value of the home.
  • The amount of deductible.
  • The type of policy and optional coverage.
  • The distance of the home from fire hydrants.
  • The insurance claim history of the homeowner.

How To Save on Home Insurance Premiums

  • Shop around and compare home insurance rates from different home insurance providers.
  • Ask for discounts from your insurer. Some home insurance providers offer discounts to people such as Alumni, Seniors, etc.
  • Pay your home insurance premiums annually to cut off administrative fees that comes with monthly premium payments.
  • Bundle your home and auto insurance policies with the same insurer.
  • Install smoke detectors and fire alarm and other home safety equipments.

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Odeyemi O.


Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

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Kareena Maya

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Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.