Average Cost of Home Insurance in Pickering [2022]



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Wondering what home insurance costs in Pickering, Ontario? That’s what this review is all about!

A home is a significant investment requiring proper protection. When it comes to the safety and security of lives and property, it is advised that you don’t leave any stone unturned. You must dot the I’s and cross the T’s. That means all necessary steps must be taken to reduce risks.

Safety of lives and properties cut across several aspects, including life insurance, business insurance, car insurance, and home insurance.

Some homeowners in Pickering and across Canada might be skeptical about purchasing an insurance policy for their home, possibly as a result of not having the proper information or just because it is not a legal requirement.

Let’s face it, every city and region, including Pickering, has its share of natural disasters, and you cannot predict what will happen to your home. Most home-wrecking disasters leave the homeowner in a financially devastating situation due to the cost of repairing and replacing the lost or damaged properties.

With proper home insurance that safeguards your home and family from risks, you can conveniently transfer risks to your insurance provider. Insurance companies offer a wide range of solutions and services that can help homeowners to recover from an insured peril.

Thinking of buying a new home in Pickering or buying home insurance coverage for your home? Here’s a review of how home insurance works in Pickering. In this review, we’ll also take a critical look at factors that determine premiums paid by homeowners in Pickering.

About Pickering

Pickering is a Canadian city located east of Toronto in the Durham Region and southern part of the Ontario province.

Incorporated as a city in 2000, Pickering has a population of 91,771 residents (according to the 2016 census data), making it the 61st largest municipality in Canada by population.

The current 2020 estimated population of Pickering is put at 98,578.

Living in Pickering

Pickering is famous for its tourist attractions, including the North Yorkshire Moors Railway. The city is a safe place to live, work, and raise a family, with many recreational events suitable for adults and children.

Its proximity to Toronto makes it an ideal location for many people to enjoy the characteristics of a large city with a small-town feel. The movement from and to the town can be done with ease through Highways 401, 7, and 407, including other rail and air channels.

Quick Facts about Pickering

  • Pickering has a total land area of 231.59 square kilometers or 23,159 hectares.
  • 46% of Pickering residents aged 24-64 years have a post-secondary degree or diploma.
  • Pickering total population (2016 census): 91,771
  • Pickering population (2020 estimate): 98,578
  • Total number of households: 33,672
  • Total number of dwellings owned: 29,481
  • Total number of dwellings rented: 4,191
  • Total number of occupied dwellings: 33,672
  • Average annual household income: $119,411 – $128,543

Source: City of Pickering

Housing Stats on Pickering

  • Pickering is the 14th fastest growing city out of the 23 GTA cities in Ontario.
  • Pickering is the 19th most expensive city in the GTA.
  • Pickering is the second fastest-selling city in the GTA.
  • Pickering has the 7th highest turnover in the GTA.
  • Pickering average house price: $810,264.
  • Median house price: $752,000.

Source: Zolo’s Housing Market Report

Overview of Pickering Home Insurance

Pickering is a city in the Greater Toronto Area, and as a result, has its share of the unfriendly natural occurrences associated with the GTA and nearby cities.

Regardless of any peril that you may encounter, whether natural or human-made, the proper home insurance coverage will ensure that your home, family, and personal belongings are covered from losses or damages.

Home insurance in Pickering also protects the homeowner from personal liability that may arise from unintentional property damage or bodily injury sustained by others on your property.

Therefore, the benefits of having home insurance coverage far outweigh the price paid as premiums by policyholders.

A custom-tailored homeowners insurance policy in relation to your coverage needs will guarantee peace of mind, knowing that in the event of any loss or damage to your home and its contents from an insured peril, the insurance provider will bear the cost of recovery, replacement, or rebuild of the lost or damaged properties.

Should I Get Home Insurance Coverage?

Homeowners’ insurance coverage safeguards you and your family, as well as your home and its contents, from loss, theft, or damage. Home insurance is a contract between an insurance provider (insurer) and a homeowner (policyholder or insured).

The policyholder is expected to make periodic payments (monthly or annually) known as a premium to the insurer. In exchange, the insurer will provide coverage for the home and its contents.

Therefore, in the event of any loss or damage to the house, additional structures on the property, or the personal belongings of the homeowner, the insurance provider will indemnify the homeowner for the cost of repair, rebuild, or replacement.

Is Home Insurance Mandatory In Pickering?

Unlike the legally required car insurance for all vehicle owners and drivers, home insurance is not mandatory for homeowners in Pickering and other Canadian cities.

However, homeowners who owe a mortgage on their home are required by lending institutions to insure their investments adequately.

Regardless of mandatory insurance or not, we at Canada Buzz often recommend that homeowners should obtain a proper insurance plan. In the event of an uninsured loss, the financial consequences could be fatal for you and your family.

Do I Need an Insurance Broker in Pickering?

Some homeowners prefer to work with an insurance broker or brokerage firm for their insurance policy. But no, you don’t have to use an insurance broker.

However, when you use the services of a broker, you’ll be presented with several offers of products and rates from different insurance companies in relation to your coverage needs.

Independent insurance companies and brokers provide home insurance in Pickering. The services of these insurers are regulated and continuously reviewed by regulatory bodies, including the Financial Services Regulatory Authority of Ontario (FSRA), Insurance Bureau of Canada (IBC), and the Registered Insurance Brokers of Ontario (RIBO).

Consequently, as a homeowner in Pickering, you should work with a certified, experienced, and knowledgeable insurance broker that understands how home insurance works in Pickering and Ontario.

Average Quotes and Prices of Home Insurance in Pickering

Homeowners in Pickering can expect to pay between $500 and $2000 or more in home insurance premiums annually.

Every home and homeowner is unique with different coverage needs. There is no fixed rate for a home insurance policy in Pickering. The rates charged by insurers vary significantly in hundreds and thousands of dollars.

As insurers calculate risks differently, a lot of factors are considered in determining the premiums paid by homeowners. This includes the size of the house, the quality of construction, the age of the roof and the structure, the insurance claim history of the policyholder, and more.

The FSRA often recommends that homeowners compare rates from different insurance providers by requesting quotes. The best way to get a standard home insurance quote is to provide your insurance broker with all necessary honest information.

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

What Does Home Insurance Cover?

A standard home insurance policy package in Pickering provides coverage for the following:

  • Losses or damages to the home (dwelling) and additional structures on the property.
  • Losses, damages, or theft of personal belongings in the house.
  • Personal liability from unintentional property damage to other people’s property or bodily injury sustained by others on your property or anywhere in the world.
  • Additional living expenses for the period that you have to stay away due to repairs being made to your home after an insured loss.

Examples of Insurable Perils

  • Theft.
  • Fire damage.
  • Aircraft or vehicle impact.
  • Vandalism.
  • Riot.
  • Window breakage.
  • Lightning.
  • Falling objects (except objects propelled by earth movements).
  • Explosion.
  • Electrical current.

How to Find The Best Home Insurance in Pickering

Getting the best home insurance in Pickering has to do with understanding your coverage needs and the types of Home insurance policies available. The following are the home insurance policies available to homeowners in Pickering:

Comprehensive or All-Risk Home Insurance Policy

The Comprehensive policy includes all forms of coverage against insurable perils, except for risks that are expressly excluded from the purchased policy.

Named Perils Home Insurance Policy

The Named Perils policy protects only the home contents that are stated in the purchased policy.

Broad Home Insurance Policy

The Broad policy combines comprehensive and named-perils policies. Only the home is protected with a comprehensive policy, while other home contents are covered with the named-perils policy.

No-Frills Home Insurance Policy

Insurers offer No-frills policies on houses with structural issues, that is, homes that do not meet the home insurance standard.

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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.