Buying a new home in Cambridge can be daunting, but applying for a home insurance policy can bring you peace of mind. While home insurance in Cambridge isn’t necessary, it can provide financial assistance in case of specific perils.
If you’re a Cambridge, Ontario, resident seeking affordable home insurance, you’re in luck. Protecting your home and belongings is essential, and Cambridge offers various options for obtaining cost-effective insurance coverage.
Let’s explore the options and resources available to secure affordable home insurance in this welcoming city and how MyChoice can help.
Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Cambridge?
Cambridge homeowners face various risks impacting their properties and necessitating appropriate home insurance coverage. Some of these risks include the following:
Severe Event Probability in Cambridge
On February 16, 2018, fast snowmelt and ice flows on the Grand River impacted Cambridge with flood warnings, forcing local evacuations and road closures.
Below are the MyChoice severe event probability scores for Cambridge, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
How Much Does Home Insurance in Cambridge Usually Cost?
Home insurance in Cambridge usually costs about $707 monthly.
However, calculating an average price for home insurance in Cambridge isn’t always straightforward due to the numerous variables involved in determining rates. Insurance companies consider the type of coverage you apply for, your property’s location, details, and additional homeowner information.
Each specific component impacts your overall rate. Consequently, even homeowners with similar properties residing in the same neighborhood and sharing many personal details on their applications will likely obtain different rates.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Cambridge Affect Your Home Insurance?
Yes, where you live in Cambridge can impact your home insurance rates. Insurance providers consider the location as a factor in determining home insurance rates and coverage. Other factors that may affect your home insurance include the following:
Postal Codes With the Most Expensive Home Insurance in Cambridge
N1T is the most expensive postal code in Cambridge when it comes to home insurance premiums.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N1T | $974 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Cambridge
People living in the below postal code areas enjoy some of the cheapest home insurance rates in the city.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N3C, N3H | $679 |
Quote data from MyChoice.ca, January 2025
Housing Data in Cambridge
Below is some information regarding the population and housing in Cambridge according to the 2021 Census of Population.
Homeownership Rate by Age in Cambridge
Almost 3 in 4 young adults (25-39) own a house in Cambridge, which underscores the city’s attractiveness as a household among younger generations.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 20.4% |
| 25 to 39 | 59.3% |
| 40 to 54 | 74.1% |
| 55 to 74 | 73.4% |
| 75 and over | 67.8% |
Average Home Price in Cambridge by Dwelling Type
Below are the average values of homes in Cambridge, categorized by dwelling type:
| Type of Dwelling | Average Value |
|---|---|
| Detached | $805,000 |
| Semi-Detached | $660,750 |
| Freehold Townhouse | $692,000 |
Cambridge Population Growth
Cambridge’s population increased 6.58% between 2016 and 2021, making it one of the fastest-growing cities in the province.
What Is Not Included in a Typical Home Insurance Policy?
Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.
Here are the most common home insurance exclusions:
This is by no means an exclusive list of risks typically excluded from a home insurance policy in Cambridge. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.
Why Do I Need Home Insurance in Cambridge?
While it isn’t necessary, getting home insurance in Cambridge is beneficial under the following circumstances:
- In case of a natural disaster (severe storms, floods, and winter conditions)
- In case of property damage (fire, vandalism, or accident)
- In case someone is injured on your property
- For mortgage requirements
- For peace of mind
How You Can Get Cheap Home Insurance in Cambridge
If you’re trying to save money on your coverage in Cambridge, our province page offers a lit of practical tips to make your life easier.