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Written by Nolan Wilson Updated on April 17, 2025 min read

Markham's best home insurance rates and coverage

Protect your family and property with proper home insurance in Markham. The right policy can help you sleep better at night, knowing you’re covered.

With home insurance claims on the rise, Markham homeowners need to have proper coverage. What happens if your home is broken into, and your stuff is stolen? Or what would you do if your home were damaged by fire, flood, or a large storm? Having a good home insurance policy in Markham protects your financial well-being in these and many other situations.

ThinkInsure will help you find the best policy for your needs at cheaper rates. Compare quotes from the top insurers in Canada and find the lowest premiums for home insurance in Markham. Get started online or speak to our home insurance advisors over the phone to find additional savings.

Top things to know about home insurance coverage in Markham

Markham homeowners can expect to pay about $1,571 annually for home and property insurance.
Unionville and Southwest Markham are the most affordable neighbourhoods for home insurance.
Depending on coverage needs, home insurance premiums range between $546 to $3,026 in Markham.

How to get home insurance quotes in Markham

Markham residents can compare home insurance quotes from Canada's top providers in just a couple of minutes. Saving is as simple as following these steps:

1) Start your quote

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2) Enter your home details

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3) Compare best rates

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Choose your policy

Select the lowest home insurance rate and get insured.

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About home insurance in Markham

Whether you live in Markham or anywhere else in the province, you follow the same rules for home insurance. Ontario home insurance regulations are set by the FSRAO for the entire province.

Coverage is not legally required, but it's highly recommended. If you have a mortgage, you’ll need to show proof of insurance as a condition of your loan.

Markham homeowners can choose from basic to comprehensive plans with the opportunity to add customized coverage in many ways. The same rules and coverage options also apply to condo insurance and renters insurance.

How much does home insurance cost in Markham?

Home insurance premiums are set on a home-by-home basis, so you could pay anywhere from $546 to $3,026 or more, depending on your home type, size, and plan choice. The average cost of home insurance in Markham is $1,571 per year. This is $131 per month. This is comparable to Toronto home insurance and other cities in the GTA.

Review home insurance options to find the best plan for your specific situation. Comparing quotes online or with a ThinkInsure advisor is a great way to save time and money.

Latest home insurance quotes in Markham

2024/10/16

Homeowner from MARKHAM, ON
Building Type: Semi Detached
CAA	$1,125
Wawanesa	$1,173
Intact	$1,292
Unica	$1,408
Savings from top 4 lowest quotes	$283

2024/08/03

Homeowner from MARKHAM, ON
Building Type: Semi Detached
Wawanesa	$2,162
CAA	$2,344
Unica	$3,093
Intact	$3,604
Savings from top 4 lowest quotes	$1,442

2024/06/14

Homeowner from MARKHAM, ON
Building Type: Detached
Wawanesa	$2,961
CAA	$3,325
Unica	$3,719
Economical	$3,962
Savings from top 4 lowest quotes	$1,001

Homeowner from MARKHAM, ON
Building Type:
Savings from top 4 lowest quotes	$1,001

Markham home insurance premiums compared to nearby cities

Based on our customer quote data, Markham residents pay more for home insurance than other cities. Here’s how they compare:

City	Avg annual premium (2024-25)	Monthly rate
Markham	$1,571	$131
Richmond Hill	$1,426	$119
Toronto	$1,457	$121
Ajax	$1,260	$105
Oshawa	$1,417	$118
Pickering	$1,351	$113
Newmarket	$1,062	$89

Markham home insurance prices compared to other cities

Similar to vehicle coverage, Markham also has some of the most expensive home insurance premiums in the province. Rates are higher than the provincial average and more than most cities. The map below illustrates how costs vary compared to the City of Markham:

Average Markham home insurance rate compared to other Ontario cities info graphic

House insurance premiums by Markham postal code

Where you live in the city of Markham affects how much you pay for insurance. Our customer quote data shows Unionville and Southwest Markham are the most affordable. Here’s how premiums compare based on postal code:

Area in the City of Markham	Postal codes	Annual premium	Monthly payment
Central Markham	L3P	$2,043	$170
Southwest Markham	L3R	$1,232	$103
Southeast Markham	L3S	$2,605	$217
East Markham	L6B	$1,542	$129
Northwest Markham	L6C	$1,749	$146
Northeast Markham	L6E	$1,561	$130
Locust Hill	L0H	$1,518	$127
Thornhill	L3T	$1,671	$139
Unionville	L6G	$1,129	$94

Markham home insurance premiums by dwelling

Your home type can affect your monthly payment. Here’s how your dwelling type can impact how much you pay for homeowners insurance:

Dwelling type	Avg annual premium (2024-25)	Monthly payment
Detached	$1,838	$153
Semi	$1,567	$131
Duplex	$1,129	$94

How do home insurance claims affect rates in Markham?

Even a single claim can have a drastic impact on your monthly payments. The information below illustrates how getting a claim can affect your premiums.

Number of claims	Avg annual premium (2024-25)	Monthly payment
Clean record	$1,571	$131
1 claim	$2,238	$187

What affects Markham home insurance premiums?

Brick houses and other homes in neighbourhood

An extensive list of things could impact the average home insurance cost in Markham. Some of the most common factors include:

Your location (neighbourhood and postal code)
Home size and age
Local threats (crime rate, cost of claims, weather)
Home replacement cost
Proximity to a fire hydrant or fire station
Insurance deductible
Type of policy (basic, broad, comprehensive)
Additional coverage added to your plan (Insurance endorsements)
Home systems (roof, electrical, plumbing, heating)
Liabilities (pool, pets, trampoline, etc.)

Ways to get cheap home insurance in Markham

Insurance is one of the many expenses to cover to run your household. Reducing how much you pay can help you keep more money in your pocket. Here are some steps Markham residents can take to get cheaper home insurance:

Comparison shop to find the best rates before renewing your policy
Combine your home and Markham car insurance
Buy in a neighbourhood with fewer threats (lower crime rate, etc.)
Install a monitored home security system
Upgrade and renovate
Avoid over-insuring
Increase your deductible if you can do so
Pay annually instead of monthly
Inquire about discounts
Stop smoking

5-star home insurance in Markham

Rated 4.7 out of 5 stars in 1463 Google reviews

We’ve helped thousands of Markham homeowners find the right home insurance for their needs.

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

Markham home insurance FAQs

What are the types of house insurance in Markham?

There are four main types of home insurance plans to consider in Markham. Each one affects how much you will pay, and the type of coverage included. They are:

Comprehensive home insurance: You have coverage for most perils. Only those specifically excluded are not covered. This is the most expensive coverage option. Learn more about comprehensive home insurance.
Broad: You are covered for most perils, but there are more exclusions than in the comprehensive plan. Get more information about Broad form home insurance.
Basic (named perils) home insurance: You receive basic protection. You are only covered for what is listed in your plan. This is the most affordable plan, but it offers the least protection. Learn more about basic home insurance.
No frills: This policy is for nonstandard homes, intended for homes not typically covered under other policies.

You also have the option to add endorsements to your plan to customize your level of protection. Some of the common endorsements you can add include:

Extra water protection: You can get Overland flooding and sewer backup to ensure you’re covered for all situations.
Increased plan limits: If you want to add more protection
Home business: Operating a business in your house
Home sharing: If you operate an Airbnb.
Identity theft insurance: Fraud is on the rise. Get extra protection and assistance if you’re targeted.
Jewellery insurance: Extra protection for your valuables.

What does home insurance in Markham cover?

Home insurance provides you with a variety of protection for Markham properties. If you experience damage to your property, you will be financially compensated based on your plan type. You also have liability protection if you are accused of negligence, or property damage, or are liable for someone getting injured on your property. Here are some of the things covered:

Personal contents (clothing, furniture, electronics, etc.)
Dwelling structures (house, garage, shed, pergola, fence, etc.)
Fire and smoke damage
Weather events (storms, lightning, hail, wind)
Fall objects
Theft and vandalism

Are all Markham home insurance policies the same?

No. Each policy is unique for a couple of reasons. First, insurers offer unique plans. They offer different types of coverage, limits, inclusions, and exclusions. Also, each Markham resident has unique home insurance requirements. You can customize your plan by adding endorsements. This is a reason it is not advisable to buy policies based on price alone. Always consider a policy's protection and overall value when choosing between options.

Who is the best insurance company in Markham?

There is not one home insurance company that is the best in Markham. Many excellent home insurance providers provide good coverage and prices. They may offer different products, services, and insurance packages. Some are specialists, and others are generalists. Focus on seeking a provider that best meets your specific plan needs.

ThinkInsure works with the top home insurance companies, including CAA, Aviva, Intact, Wawanesa, Economical, Travelers, Gore Mutual, Pembridge, SGI Canada, and many more. Call us to get a quote, or compare your options online.

Living in Markham and home insurance

Markham is a popular location for commuters. People choose to live here and commute. With more than 330,000 residents, it’s the fourth-largest city in the GTA. It has become a technology hub and the home to several head offices of large companies, including Oracle, Huawei, and IBM.

The city is an amalgamation of many smaller communities and new modern neighbourhoods. It’s become an eclectic blend of neighbourhoods and housing options. You can find it whether you are looking for a new build, condo, or something with character.

Here is a breakdown of the number and types of dwellings in the region:

Type of dwelling	Percentage
Number of private dwellings	106,131
Single-detached houses	59.30%
Apartment buildings 5+ stories	13.40%
Apartment buildings with less than 5 stories	1.60%
Duplex	5.72%
Other dwellings	27.30%

Source: Statistics Canada

Save more on your Markham home insurance today!

Getting the most affordable home insurance is only a quote away for Markham homeowners. Compare quotes online anytime with us. A few minutes of your time can add up to big savings. Speak with our broker on the phone to find even more ways to lower your home insurance premiums in Markham.

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Sources

* Based on the difference between the average lowest home insurance premium and the average premium in Markham for quotes completed from January 1, 2024, to March 5, 2025.

** Home insurance property quotes collected from the City of Markham ThinkInsure customers from January 1, 2024, to March 5, 2025.

Nolan Wilson

Content Marketing Manager

Nolan is a content marketing manager and writer at ThinkInsure. He has 15+ years of experience in the insurance industry, working with brokerages and direct insurers to create compelling insurance content, specializing in auto, home, and commercial.

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