Get Cheap Home Insurance in Cambridge

How home insurance in Cambridge works

Homs insurance in Cambridge, Ontario works very much the same way as elsewhere in Ontario (and the rest of the country, for that matter). Home insurance is not mandatory but it’s something you need to consider seriously to protect your most valuable assets. Also, most mortgage providers will require it to secure a mortgage. Not having home insurance in Cambridge would put more risk on your mortgage provider if something should happen to your home that requires major repairs or renovations.

The good news is that finding the right home insurance that meets all your needs is simple. Sites like InsuranceHotline.com allow you to input a few basic bits of information about your home, your neighbourhood, and your coverage goals, and InsuranceHotline.com will have quotes for you from a variety of brokers and agencies – all with the cheapest rates available.

Homeowners or future homeowners looking for home insurance in Cambridge need to consider the type of policy and protection they want. Regardless of policy type, most cover the following:

• Contents: As its name suggest, this covers the items within the home so long as they are damaged by a covered peril. Expensive items such as specialty sports equipment, jewelry, fine art or a wine collection may require additional protection in the form of a ‘rider' or ‘endorsement,’ which can be added to the policy.
   
• Property: This protects the physical structure of your home and surrounding buildings, such as the garage, if they’re damaged by a covered peril.
   
• Liability: Homeowners are protected from lawsuits if they’re sued by someone who is injured while visiting the home; also, protects the homeowner if they unintentionally damage someone else’s property.
   
• Additional living expenses: In extreme cases, like an evacuation, this will provide coverage for expenses the homeowner assumes after being forced to leave the home due to a covered peril. It may cover the expense of living in a hotel, for example, or provide food costs, while displaced from your home. Sometimes commuting costs can be covered if you must move far from your home. Talk to your Cambridge insurance provider to make sure you understand the nuances of your policy.

There are generally three types of home insurance policies:

• Basic: Sometimes referred to as a ‘named perils’ policy because it only offers protection against perils that are named in the policy. This is the cheapest coverage available and only offers the minimum coverage of any Cambridge home insurance policy.
   
• Broad: Also known as a ‘standard’ policy, it insures the home against all risks and insures personal property against named perils. It generally protects the structure of your home and not the contents unless specifically named in the policy.
   
• Comprehensive: This is often called ‘all perils’ policy because it protects the home and its contents against all perils except any name as exclusions. It is the most expensive form of Cambridge home insurance but offers the most protection.

Additional home insurance coverage

Everyone’s home insurance needs are different. Location, type of home, and the contents within the home can change the types of policies people choose. Because of that, Cambridge residents may consider additional coverage or add-ons to make their policies more robust. They may also sometimes be called ‘endorsements.’ Some of the most popular include:

• Earthquake: Covers the home and its contents in the aftermath of an earthquake. An earthquake endorsement also protects against damage from landslides, snowslides and volcanic eruptions — none of which are relevant to Cambridge homeowners.
   
• Home-based business: Home-based businesses can add risks to your home that require additional coverages. This add-on will enhance the property limits and perils covered in a policy so that the homeowner can have adequate property and liability coverage.
• Identity theft: Covers the cost of replacing stolen personal documents such as a driver's licence and passport. It may also cover wages lost while away from work to replace documents.
   
• Overland water: This covers the cost of damage from water that overflows from a nearby waterway, such as a lake or river.
   
• Sewer backup: Protects the home against damage from water that enters the home through an overflowing drain or toilet. In 2022, warnings from the Grand River Conservation Authority about the Speed River in Cambridge.

How much is the average home insurance in Cambridge?

The average home insurance rate for Cambridge (part of the larger Kitchener and Waterloo municipal region) was $1,081.40 in 2022. This is nearly 38% cheaper than the Ontario average of $1,487, and even lower compared to the most expensive cities in the province for home insurance.

Comparing Cambridge home insurance against other cities in Ontario

Cambridge average home insurance is 123% cheaper than the most expensive insurance premiums in the province – the town of Lasalle. Compared to the provincial average of $1,487, Cambridge is more expensive by just over 27%.

Toronto, which is the largest city in the province has cheaper rates than Cambridge, mainly due to the competition of insurance companies vying for business and offering lower rates. That is why as the cities get larger or are closer to the GTA (for example, Guelph and Stratford), they become cheaper to acquire home insurance.

Cambridge is a relatively low crime area with few natural disasters, and is part of the Kitchener area, where competition is higher, and so rates are still relatively low and only about $13 per month more than in Toronto, for example.

Top Cambridge home insurance companies