Written by
Nolan Wilson
Updated on April 17, 2025
6 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.
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
Enter some info to get started.
2) Enter your home details
Tell us about your home.
3) Compare best rates
See prices from the leading insurers.
Choose your policy
Select the lowest home insurance rate and get insured.
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
2025/04/30
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:
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?
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 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
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
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:
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.)
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.
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:
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.
* 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 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.
Insurance Blog And News
Read our insurance blog to get helpful tips, information and news.
This guide explains what loss assessment coverage includes and excludes for condos in Ontario. Get a real-life example of how this coverage can protect you.
Buying your first home? This guide walks you through the Home Buyers' Plan (HBP) step-by-step. Learn about eligibility requirements, withdrawal limits, and repayment options to help you buy your first home.
Learn how the First-Home Savings Account (FHSA) in Ontario can help you save for your first home with tax-free advantages. Here you’ll learn about eligibility, contribution limits, and withdrawal rules.
