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Written By Joel Kranc

Updated November 15, 2023

Home insurance in Newmarket 

Newmarket is a quaint town of about 90,000 people within the Regional Municipality of York just outside Toronto. It is part of the Greater Toronto Area in the Golden Horseshoe region. 

The housing market is expected to grow in the near future thanks in part to government initiatives. The federal government is providing over $26.4 million in funding through the National Housing Co-Investment Fund (NHCF) and the third round of the Rapid Housing Initiative (RHI), and The Regional Municipality of York is providing over $16 million to the projects to help build 141 homes in York Region — and with it, increased demand for home insurance.

Like anywhere, homeowners in the region will want to protect what is likely their most valuable asset. That is why you'll want to purchase home insurance for your property. 

Home insurance in Ontario, and therefore Newmarket, is optional. Still, most lenders will only provide a mortgage if you take out home insurance coverage first. Below are the types of home insurance you can get in Newmarket, including the most common and additional coverages. 


Types of home insurance in Newmarket

These are the most common types of home insurance coverage in Newmarket. 

Homeowners can choose between one of three insurance package types depending on their needs and budgets. Insurance providers may market each differently, but they're generally described as outlined here: 

  • Basic – This protects Newmarket homeowners from named perils in their policy, such as theft and vandalism. As its name suggests, this coverage policy offers the most basic form of coverage for Newmarket homeowners and, as a result, tends to be the least expensive. It is sometimes called a 'named perils' policy. 
  • Broad – A Broad homeowners insurance policy protects the home against all named perils and protection for some contents. It is sometimes called a 'standard' policy. 
  • Comprehensive – This offers the most protection and is generally the most expensive policy for homeowners. It protects the home, as well as its contents, against all perils. It is often referred to as an 'all perils' policy. 

Home coverage

  • Property and building – Homeowners in Newmarket who opt for property and building coverage will have the structure(s) on their property and the property itself protected from perils. The number of perils you're protected from depends on how much insurance you buy. Typical protected incidents include fire, theft and water damage, vandalism, and theft. Not all structures on the property are necessarily covered under the property and building part of your policy, so it is best to consult your insurer if anything is unclear. 
  • Contents and personal property – Contents and personal property coverage protects your possessions, such as home furnishings, clothes, and sports equipment, against theft and vandalism. More expensive or valuable items, like fine art and jewelry, are usually not protected under general policies and require an add-on or rider to be protected. It's best to discuss this with your Newmarket home insurance provider to see what protection is available. 
  • Additional living expenses – Temporary displacement can occur due to wildfires, chemical spills or other emergencies. This protection covers your temporary housing costs. If damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the cost of the room and food up to a certain amount. 

Liability coverage

  • Personal liability – Accidents happen, and personal liability insurance can help with legal expenses if someone injures themselves on your property. Without it, you could be on the hook for thousands of dollars of legal and other fees. 
    • Coverage amount: $100,000 included in basic coverage
    • Recommended coverage amount: $1,000,000 (but can go as high as $5,000,000) 
  • Voluntary medical payments – If someone is injured on your property, but you are not found legally liable for the injury, this insurance will cover medical expenses for one year from the date of the accident. 
    • Coverage amount: $5,000-$10,000 with no deductible
  • Voluntary property damage – In cases where you cause unintentional damage to someone else's property, this coverage will help you pay for any unintentional direct loss or damage. It also covers accidental loss or damage to someone else's property by a minor (12 years or under) in your care. 
    • Coverage amount: $1,000 (but can vary between insurance providers and go as high as $6,000)


Add-ons to home insurance coverage in Newmarket 

Add-ons — called riders or endorsements officially — are changes and additions you can make to your homeowners' policy to fill gaps in your Newmarket home insurance policy. 

You can buy the following add-ons for greater protection. 

  • Overland water – Flooding is a problem in many parts of Ontario, including Newmarket. There is also the threat of melting snow in the springtime. This add-on helps protect against damage from this type of overflowing water.
  • Sewer back-up – In cases where the main sewer backs up or water from downspouts, septic tanks, drains, and eaves troughs cause damage, this add-on will protect you. 
  • Earthquake – Covers losses or damage caused by an earthquake. Newmarket is not known for its earthquakes, which is why this is more prevalent for homeowners on the West Coast of Canada, where it is more likely to occur. 
  • Mass evacuation – Forest fires, chemical spills, or severe weather can create so much damage that it causes the need for a mass evacuation from your home. During this temporary displacement, you'll need shelter, food, etc., which this add-on is meant to help you with. In some cases, insurance providers will also assist with commuting costs if you are far from your workplace. However, it is best to talk to your Newmarket insurance provider about how much coverage you can get during your temporary displacement. 
  • Identity theft – Covers the cost of replacing important documents, such as your passport. 
  • Lock replacement – This add-on provides coverage if you need to replace the locks on your house

What is not covered under your Newmarket home insurance 

Home insurance isn't a get-out-of-jail-free card. There are things that you won't find coverage if it is a homeowner issue, for example. Some things you can purchase as add-ons, while others you can't purchase at all. Here's what some standard exclusions are: 

  • Flooding – Flood damage is generally not part of your ordinary Newmarket home insurance package, whether due to sewer back-up or overland flooding. Some types of water damage, such as the ones caused by a tsunami or groundwater seepage, may not have any coverage. It's best to consult with your insurer about what add-ons you can acquire and how it will affect your premiums. 
  • Earthquake or landslide – Neither earthquakes nor landslides are covered by regular insurance, including comprehensive coverage. You can, however, get this coverage as an add-on, so ask your insurer about it – especially if you live in an earthquake-prone area. 
  • Mould – Proper maintenance and observation of your home can help prevent things like mould before they start or get out of hand. For instance, if you realize that the air in your home is humid enough to cause mould, you can take the necessary steps to resolve the issue. That's why home insurance does not cover mould. It's on you to deal with it. 
  • Pest infestation – Things that are considered general upkeep are the responsibility of the homeowner and not your insurance provider. And although pest infestations, such as mice, bedbugs, cockroaches, and termites, can sometimes come out of nowhere, taking care of them is your responsibility. That's why your Newmarket home insurance policy does not cover it. Stay on top of your home's needs and keep things as clean as possible to avoid pest problems. 
  • Purposeful damage – If you like, you can intentionally damage your property, but don't expect home insurance to cover it. Claims that stem from intentional damage are considered fraudulent, so don't do it. 
  • Intentional injuries to guests – If you intentionally hurt a guest in your own home, your liability coverage will not protect you. And no, there isn't an add-on for this, either. So, don't purposely hurt your guests. It's also not very nice. 
  • Rental – If you decide to rent out your property (or a piece of it) to someone else, consult your insurer, as you may need more coverage. 

How much insurance coverage do I need for my home in Newmarket? 

Home insurance coverage is personal and different for everyone. If you live in a higher-risk neighbourhood with more exposure to certain hazards — like flooding or wildfires — you may need more insurance than someone living in a less risky area. The same goes for people with more expensive homes with a high replacement cost and more home furnishings to insure. 

Talk to your broker or agent about how much coverage suits your situation. 

Recent home insurance quotes in Newmarket

Recent Home Insurance Quote from Newmarket, ON
Detached 2,270 sq ft
February 24, 2024
Cheapest Quote
$ 76 / month
$912 / year
Average Quote
$ 116 / month
$1,392 / year
Savings
$ 40 / month
$480 / year
or
34.00 %
Recent Home Insurance Quote from Newmarket, ON
Townhouse 1,300 sq ft
February 24, 2024
Cheapest Quote
$ 78 / month
$936 / year
Average Quote
$ 171 / month
$2,052 / year
Savings
$ 93 / month
$1,116 / year
or
54.00 %
Recent Home Insurance Quote from Newmarket, ON
Detached 3,402 sq ft
February 24, 2024
Cheapest Quote
$ 87 / month
$1,044 / year
Average Quote
$ 197 / month
$2,364 / year
Savings
$ 111 / month
$1,332 / year
or
56.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

Factors that affect your Newmarket home insurance 

There are several essential factors insurers always consider when determining your specific premium. Here’s what they are:

  • Replacement cost: How much would it cost to replace your home fully? Its square footage, construction quality, building materials and contents will all affect your premium. So, if your home is big, expensive to build and has lots of contents, it will cost more to insure.
  • Location: Location matters for many reasons. High crime areas, for example, will be considered high risk for Newmarket home insurance companies and, as a result, will lead to higher premiums. On the other hand, if your home is located near a fire hydrant or fire station, your home insurance may be reduced as the risk of fire damage is diminished.
  • Your personal history: A history of filing claims can also indicate risk to Newmarket home insurance providers, leading to higher premiums. The logic is that the more claims you’ve filed in the past, the higher the likelihood of you filing claims in the future. The nature of your claims also matters, as more expensive claims can raise your premium.
  • Piping: Older pipes – galvanized or made of lead – have a higher likelihood of leakage or cracking. Many older homes in Newmarket may still have old pipes, which could increase premiums. If you have the option, go for copper or plastic plumbing, as it’ll be less of a headache.
  • Electrical wiring: If your home has aluminum or knob-and-tube wiring, it’s at risk of fire damage. Before insuring you, your provider may either request a guarantee that your home doesn’t have this type of wiring, inspect it for safety or ask you to remove it. Other things that can raise your premiums include having fuses instead of breakers and having less than a 100-amp service. In both cases, your home is more likely to catch fire.
  • Roof age: Older roofs can be a hazard for homeowners, allowing leaks and damage to occur. That’s why inspecting your roof annually and replacing it every 20 years is best. Some insurers may cover only 25% of the replacement cost for roofs that are old enough to need repairs or replacement.
  • Swimming pool: Swimming pools create a higher risk of liability lawsuits due to a higher chance of injury to your guests. This can increase your premium.
  • Wood stove: Homes with wood stoves are at an elevated risk of house fires, leading to higher premiums. Your insurer may also want to inspect it for safety. If you plan to install a wood stove or already have one, notify your provider.
  • Alarms: Fire and security alarms will factor into your premium. If an outside service monitors them, your premium will be lower.

How much does Newmarket home insurance cost on average? 

According to the RATESDOTCA Insuramap data, the average home insurance in Newmarket is $1,286.60 per year. This is roughly 15% below the provincial average of $1,427 annually.

Considering this against Lasalle, the town with the highest average insurance in Ontario, with a rate of $2,411, Newmarket is comparatively cheap: Newmarket's average is nearly 88% lower.

Home insurance rates across the province reflect various factors, including location, square footage, crime rates, claims histories, weather, and age of the home, to name a few.

City Avg. 2022 annual premium % difference compared to Newmarket
Ontario $1,487 +15.6%
Newmarket $1,286.60 NA
Lasalle $2,411 +87.4%
Windsor $2,139.47 +66.3%
Hearst $2,046 +59%
Keewatin $2,033 +58%
Fort Francis $2,023 +57.2%

How RATESDOTCA finds the best home insurance in Newmarket

RATESDOTCA works with home insurance companies and brokers in Newmarket to provide a broad selection of quotes. We quickly collect your information and use it to generate the best offers from each partner. Our service is fast, easy and free to use. 

By comparing Newmarket home insurance quotes from several insurance providers in a single place, you can instantly assess the market and find the best policy to protect your property. 

Which companies offer home insurance quotes in Newmarket?

Company Company type Phone number Address
All-Risks Insurance Brokers Ltd. Insurance broker 289-366-3999 16600 Bayview Ave #303, Newmarket, ON L3X 1Z9
Benson Kearley IFC Insurance broker 905-898-3815 17705 Leslie St #101, Newmarket, ON L3Y 3E3
Billyard Insurance Group Insurance broker 1-888-228-0202 390 Davis Dr #102, Newmarket, ON L3Y 2N9
Greensides and Breen Insurance Insurance agency 905-895-4221 330 Eagle St, Newmarket, ON L3Y 1K1
ICD Insurance Brokers Ltd. Insurance broker 905-830-9000 569 Steven Ct Unit 5, Newmarket, ON L3Y 6Z3
InsuranceHotline.com Quotes comparison 1-855-821-7312 225 King St W, Suite 1000 Toronto M5V 3M2
LowestRates.ca Quotes comparison 1-855-487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
RATESDOTCA Quotes comparison 1-844-726-0907 225 King St W, Suite 1000 Toronto M5V 3M2
Scoop Insurance Insurance broker 1-866-456-6620 22-300 Lincoln St, Welland, ON L3B 4N4
Zoobla Financial Insurance broker 905-836-4185 17665 Leslie St Unit # 27, Newmarket, ON L3Y 3E3

How to get the cheapest home insurance in Newmarket 

Getting cheap home insurance in Newmarket is possible if you know where and how to look. Here are some steps you can take to stretch your insurance dollars:

  • Comparison shop – RATESDOTCA gives you fast and easy access to the cheapest Newmarket home insurance rates from the top home insurance providers in the area. All you must do is provide us with information on the home you want to insure and a few other details. You’ll have a list of cheap insurance rate quotes to compare in just a few minutes.
  • Bundling – Using multiple insurance products from one provider can also save you money. By bundling home, life and auto insurance, for example, you will qualify for discounts from your provider. They appreciate your loyalty and will provide savings for your business.
  • Installing a security system – The safer your home, the less susceptible it is to home theft or vandalism. Your home insurance provider assesses your rates based on risk. Reduced risk means fewer claims and, therefore, lower rates.
  • Increasing your deductible – Deductibles, the amount you pay out-of-pocket before your insurance benefits kick in, are another risk factor your Newmarket home insurance provider looks at when calculating your premiums. The higher your deductible, the less risk it is for your provider.
  • Upgrades – Renovating your home and upgrading old plumbing or wiring will take out potential risks of flooding or fires, for example. Home insurance providers look at that reduced risk and provide cheaper rates as a reward for your efforts.
  • Ask for discounts – Many Newmarket home insurance providers will offer discounts to clients who are members of school alumni associations, unions or other organizations. Talk to your provider to see if you qualify for these discounts.
  • Improve your credit score – A good credit score indicates to Newmarket home insurance providers that you are a good risk. Stay on top of bills and payments, and you will likely be able to save on insurance premiums.

How to get your Newmarket home insurance quotes on RATESDOTCA

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What risks do homeowners face in Newmarket? 

Diverse regions in Canada mean there are a variety of risks that homeowners can face. Every region has its risks, but the severity depends on climate, regional geography, population density, and more. This contributes to the cost of a policy and means that rates vary a lot by region.  

Some risk factors that Newmarket homeowners should look out for include: 

  • Freezing temperatures. In a Canadian winter, the cold can damage the pipes, causing them to freeze and burst.  
  • Flooding and water damage. Flooding is no stranger to the York Region and Newmarket. This past summer saw areas of the region deal with flash flooding and pooling. Also, heavy snowfall can do damage to roofs and other structures. Snow thawing can be equally threatening, especially to homes with basements.  
  • Sewage pipe backup. A home's pipes can get clogged or backed up if the main sewer lines become clogged. This can do significant damage to a home.  
  • Attic rain. Hot and cold weather can cause freezing in the winter and melting in the spring. All that moisture can cause stains at best and, at worst, structural damage, leakage around electrical fixtures and black mould.

Typical home insurance in Newmarket will cover your personal belongings (appliances, home furnishings and some electronics) and protect you from personal liability if you're sued by someone injured on your property.  

Certain perils are also covered by standard insurance policies, including:  

  • Fire  
  • Lightning  
  • Water damage  
  • Wind  
  • Aircraft or vehicle impact  
  • Explosion  
  • Smoke (caused by cooking devices or heaters, but not fireplaces)  
  • Theft and vandalism (such as broken windows)  
  • Falling objects (except if caused by an earthquake, landslide or snowslide)  

There are certain perils that standard Newmarket home insurance policies won't cover. In these cases, add-on protection may be available at an extra charge. Non-standard coverage you can purchase include:  

  • Insurance for renting all or part of your property to long or short-term tenants or guests.  
  • Liability for clients or customers visiting a home-based business.  
  • Natural disasters, such as earthquakes and landslides.  
  • Certain types of water damage include sewer backup and overland water flooding.  
  • Certain weather-related perils in winter include damage to the outside of your home caused by freezing and water damage (due to frozen or burst pipes).  

Insurance companies don't cover the following scenarios under any circumstance:  

  • Injuries or damage caused either intentionally or by illegal activity.  
  • Damage caused because basic measures of protection and maintenance weren't taken.  
  • Damage from insects and rodents. 

Frequently asked questions about home insurance in Newmarket 

Have more questions about Newmarket home insurance? We'll answer them here.  

Do high Newmarket real estate prices affect the cost of home insurance? 

Newmarket home insurance providers do not consider real estate prices in the area. Insurance companies are more concerned with the risks they face and the home's replacement value. 

Which company offers the cheapest Newmarket home insurance?

Home insurance is as unique as each homeowner. Homes, locations, insurance needs, and risk factors can vary from street to street and person to person. 

That's why it's best to comparison shop on sites like RATESDOTCA, where you can receive estimates for the cheapest rates from the top providers in Newmarket. It's free, fast and easy to use. 

How do I save on Newmarket home insurance?

If you want to save on Newmarket home insurance, you can start by comparison shopping on sites like RATESDOTCA. RATESDOTCA will collect your information and use it to generate the top offers from each partner. It is fast, reliable, and free to use. 

Other methods can save you money, too. Consider bundling your insurance (home and auto, for example) under one provider. Some insurance companies offer discounts to members of certain alumni associations or unions. Increasing your deductible, the money you pay out-of-pocket before you receive benefits, and enhancing your credit score can also help you obtain a better premium on your Newmarket home insurance policy. 

If you still need to update your alarm or electrical and plumbing systems, doing so can help reduce your premiums since you're reducing the likelihood of needing to file a claim. 

How do Newmarket home insurance claims work? 

Your insurance settlement is drawn from the insurance pool. The premiums you and your insurer's other clients pay each month fund the pool. However, you likely have to pay a deductible before the insurer covers those costs. This preset amount comes out of your pocket. Most home insurance deductibles range from $500 to $2,000. They are decided when you sign your contract with the insurance company. So, this charge shouldn't come as a surprise when making a claim. 

Here's how to start a claim: 

  • Call your insurer immediately (or as soon as possible) after the incident. Most providers have a 24-hour claims service. 
  • Deliver as much information to your insurer as you can and be detailed. Photos help, so be sure to produce some. 
  • If your home is uninhabitable, talk to your provider about the expenses you may be eligible for and how long the eligibility will last. For this to work, keep all your receipts and invoices generated during your time away. 
  • A claims adjuster will contact you to gather all the facts regarding your loss and let you know the next steps. 
  • Your provider will ask you to complete a proof of loss form. Be as truthful as possible; otherwise, your claim may become void. 

When you buy insurance, make sure you know what it covers. This will reduce the number of curveballs thrown your way when a real-life setback happens. Your settlement amount is contingent on your policy's limits. 

Is fire covered under my Newmarket home insurance policy?

Fire is a peril that is generally covered under standard home insurance policies. You can also increase your coverage if you have high-value items like jewelry or fine art in your home. 

How can I get vacant home insurance in Newmarket? 

Two potential routes to purchase vacant home insurance in Newmarket include: 

  • Buying a new policy 
  • Adding an endorsement (optional coverage) to an existing policy, thereby increasing your current coverage 

A new policy might be your best route if you know your property will be vacant for an extended period – say a year or more. However, an endorsement added to an existing policy may be enough for your vacant property if the property is empty for a short time, say between renters or temporary vacancies. 

If you will be away from home for 30 days and change, your home is considered unoccupied, not vacant. Give your insurance provider or broker a heads-up before you leave; they may be able to extend your coverage to match your timetable. In return, they may also request that someone you trust checks in on the property while you're away. 

*Shoppers in Ontario who obtained a home insurance quote on RATESDOTCA from January to December 2022 saved an average amount of $500. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

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