The Best Home Insurance Quotes in Newmarket

What risks do homeowners face in Newmarket?

One of the biggest risks Newmarket homeowners face in 2025 is severe weather, as is the case for most of southern Ontario.

In fact, summer floods cost Ontario $1 billion in insured losses that year, according to the Insurance Bureau of Canada (IBC). Most of these floods occurred in the GTA and parts of southern Ontario. That said, Newmarket is relatively safe when it comes to flooding, with the most recent instance of it having affected the Tom Taylor Trail, which does not have any homes.

Overall, home insurance premiums are increasing across the province, and severe weather is one of the biggest reasons. According to Applied Rating Index, personal property lines in Ontario saw a 5.7% increase in premium rate change year over year in Q1 2025. Throughout 2024, the rate change fluctuated between 13% and 9%. For context, this percentage used to hover around 1% in the early 2020s.

‘Flooding plays a significant role in influencing premiums, especially in areas with higher water-related risks,’ says Rates.ca insurance expert Daniel Ivans. ‘Some data we're working on shows that in regions prone to flooding, water coverage costs make up 10% of the premiums.’

How did we get these numbers? Check out our Home Insuramap methodology.

Why are Newmarket homeowners paying less than most other GTA cities?

Newmarket's home insurance premiums in 2025 are somewhat on the higher end in the GTA, though in Ontario overall, they are a good deal below the average. Burlington, Ottawa, Mississauga, Toronto and over 100 other cities have higher home insurance premiums than Newmarket. That said, plenty of places in Ontario have far lower premiums, including Ajax, Makham, Milton and Richmond Hill.

Here are the factors that are likely playing a role in this:

• Higher crime rates: According to Canada’s Crime Severity Index (CSI) report, York Region, which Newmarket shares with Vaughan, Markham and Richmond Hill, has some of the lowest CSI ratings in the province (for both violent and non-violent crimes). That said, Durham and Halton regions have even lower CSIs, both of which have cities with far cheaper estimated home insurance premiums. Fewer crimes, especially break-ins, theft and vandalism, usually result in cheaper home insurance premiums. That said, Newmarket's York Region counterparts, such as Vaughan, Markham and Richmond Hill, all have cheaper premiums too, so crime rates are only half the story.
• Higher population density: While Newmarket's population is relatively low, sitting at 87,942, its population density is surprisingly high, with 2,284 people living per square kilometre, which is almost half the amount you'd find in Toronto. Population-wise, however, Toronto has 3 million people living in it. For another point of comparison, Whitby's population is 138,501, with only 944 people per square kilometre. The denser the population, the higher the likelihood of crimes being committed and claims being filed there. Newmarket is a small city, but it is densely populated, which is likely why its premiums are slightly on the higher end in the GTA.
• More claims: More people living in your area means more people filing claims. High number of claims signals to insurers that your area has more risks associated with it.

The takeaway: In combination with weather-related damage, these factors can all add up to higher premiums. However, it’s worth noting that your FSA could play an even bigger role in determining your premium than the actual city. More on that below.

Choosing the right home insurance policy in Newmarket

If you own a home in Newmarket, you’re not required to have it insured. At least, not by law. That said, most lenders in Ontario won’t provide a mortgage unless your home is covered by insurance. That's why most homeowners still need a policy. It's also worth buying it even if you already own your home, since it's likely still the biggest asset in your possession.

The question is, what kind of policy do you need? And more importantly, what kind of protections actually exist for your home? We dive into all of that below, where you can find a full breakdown of what a home insurance policy can offer:

Types of home insurance in Newmarket

There are three major home insurance types, which differ mainly by the amount of coverage they offer and by price. As you might expect, more coverage means higher costs – and vice versa.

• Named perils: 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 'basic' policy.
• Broad form: 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.

Who gets covered

• Spouse and relatives: Your policy should cover your spouse and anyone related to either them or you, provided they reside in your home.
• Dependents: Home insurance should protect any dependents under the age of 21 who are students. They may be living in your primary home or temporarily away from it (e.g., college dormitory).

What gets covered

• Property and dwelling: 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. 

Standard home insurance coverage in Newmarket

Whether you opt for a named perils, broad form or comprehensive home insurance policy, it should cover the following:

Additional Living Expenses (ALE) coverage

Temporary displacement can occur due to wildfires, chemical spills or other emergencies. Additional Living Expenses (ALE) coverage 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.

Here’s what ALE covers:

• Out-of-pocket expenses: If forced to temporarily move out, your insurance could cover expenses like accommodation, food, moving, laundry, transit, pet boarding and storage.
• Fair rental value: If you’re renting out a part of your home (such as a room or a basement) and your tenant is forced to move out due to a covered incident, your insurance could cover the loss of your rental income.
• Prohibited access: If your home becomes inaccessible due to an unexpected incident, such as a government-mandated evacuation order or a threat to your life, your insurance could cover you.

Liability coverage

Your liability coverage should encompass the following:

• 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. The coverage amount can range from $100,000 to $5,000,000, depending on how much you’re willing to pay in premiums.
• 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. Your coverage can be as low as $1,000 or as high as $10,000.
• 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. The coverage can be between $500 and $6,000.

Commonly covered perils

Commonly covered perils in Newmarket – whether you choose basic, broad or comprehensive coverage – will usually include these:

• Fire: No matter what causes the fire, your insurance company will cover the costs of replacing, rebuilding or repairing your property and recovering your belongings.
• Smoke: If smoke damages your property, you'll receive coverage. However, the smoke has to have come from a malfunctioning cooking or heating device, not your fireplace.
• Lightning or electrical current: Should lightning strike your property, it could damage the wiring in your walls as well as break your appliances and electronics. This will pay for repairing or replacing whatever ends up damaged. Any other electrical current could do the same (and is also usually covered).
• Explosion: Should your property get damaged or destroyed by an explosion, you will receive coverage.
• Riot: If a riot that takes place near your property causes damage to it, your insurance will pay for the necessary repairs or replacement.
• Theft and vandalism: If your home happens to get robbed, this will pay for the replacement of the stolen items. The same applies if the home gets vandalized.
• Transportation: If your personal property, such as a laptop, gets damaged while temporarily away from your home, then its repairs or replacement will be covered. This applies to fixtures or fitting that are being repaired or in seasonal storage.
• Water damage: This pays for the damage to your property and belongings caused by water leakage from indoor plumbing, heating, air conditioning, sprinklers and similar appliances inside or outside your house. The tricky part is knowing what’s excluded. Most coverages usually exclude sewer back-up and overland flooding, so be sure to confirm what is and isn’t covered with your insurer.
• Hail and wind: Should wind or hail damage your property or belongings in any way, this will pay for them. This includes damage from flying debris as well as falling trees and branches (if caused specifically by hail or wind).
• Aircraft or vehicle impact: If an aircraft or another moving vehicle hits your property and damages or destroys it, you will get coverage. 
• Window breakage: This coverage applies only to homes that are occupied. If your home is vacant (meaning it's unoccupied for more than a month), then this coverage could be void. You'd need vacant home insurance to rectify that.
• Falling objects: This protects your property and belongings from falling objects, including space debris and space craft. There are exceptions, however, such as objects moved by landslides or snowslides. Confirm with your provider what is and isn’t covered.

Add-ons to home insurance coverage in Newmarket

You can enhance your standard home insurance in Newmarket with additional coverage – commonly known as ‘add-ons,’ ‘riders’ or ‘endorsements.’ Here’s what usually gets sold in addition to the standard coverage (varies from insurer to insurer):

• 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. Get more tips on flood insurance here.
• 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.
• Personal valuables: If you own expensive things like jewelry, collectibles and artwork, then you may need extra coverage for them. Do an inventory of all your possessions and assign monetary value to them. Then talk to your provider to find out if you need extra coverage.
• Home sharing: If you’re looking to rent out your property, this will provide you with the additional property and liability coverage you need to stay protected.
• Personal umbrella: If you’re worried that your standard liability coverage isn’t enough (e.g., if your lawsuit costs you more than expected), this add-on can make up the difference.

What is not covered under your Newmarket home insurance

Unfortunately, your home insurance can’t protect you from every existing danger in Newmarket. Certain perils are always excluded – usually because they are both predictable and preventable. Here’s what they are:

• Absence from the home: Damage that takes place while you’re away from the home for an extended period of time.
• Alterations: A homeowner will only be protected against damage to a property that occurs during an alteration to it if they have received written permission from the insurance provider to undertake the alteration. However, common repairs such as painting or fixing a broken railing are not subject to this exclusion.
• Bylaw enforcement: You are not likely to be covered for costs stemming from the application or enforcement of a bylaw.
• Damage from renters: Most insurance providers require specific coverage for landlords. A standard home insurance policy is unlikely to protect you if a renter damages the property.
• Mold: Proper maintenance and observation of your home can help prevent things like mold before they start or get out of hand. For instance, if you realize that the air in your home is humid enough to cause mold, you can take the necessary steps to resolve the issue. That's why home insurance does not cover mold. It's on you to deal with it.
• Pest infestations: 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.
• Volatile substance: If you have more than one gallon of a volatile substance on your property and a fire or explosion takes place, you may be denied coverage. This is likely to include gasoline.
• 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.
• Existing damage: You’re unlikely to be covered for damage that began before you held the policy.