Just because home insurance in Chatham isn’t legally required, it doesn’t mean that you should do without it. A policy can protect you if a peril (e.g., flood, fire, theft, vandalism) damages your property or personal belongings. It can also cover you in the unfortunate event that someone gets injured on your property.
Home insurance policies have varying levels of coverage depending on your budget and needs. Learn more about how home insurance in Chatham works, what’s included in a standard policy, and how to save on premiums here.
Quote data from MyChoice.ca, January 2025
What Risks Affect Chatham Homeowners?
Erosion, floods, and storms are some of the most common risks that Chatham homeowners face. Here’s how each may affect your property and your choice of insurance:
Severe Event Probability in Chatham
Between February 23 and March 2, 1985, a sudden thaw and heavy rain caused the Thames River to flood Chatham, affecting more than a thousand homes.
Below are the MyChoice severe event probability scores for Chatham, 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 Chatham Usually Cost?
Home insurance in Chatham usually costs $1,052/year, slightly less than the provincial average of $1,176/year. However, these are just averages – your insurance rate may be higher or lower depending on several factors. For example, if your house is older, more expensive, or requires significant repairs.
As such, we recommend requesting quotes from different providers to understand how much home insurance in Chatham will cost you. Each insurer has its own criteria for determining premiums, so you may get different rates even for the same house.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Chatham Affect Your Home Insurance?
Yes, where you live in Chatham can affect your home insurance. Insurers calculate your premiums based on how risky you are to insure, and where your property is is one of the biggest contributors to that risk.
Here are some of the ways your home’s location can affect your insurance:
Postal Codes With the Most Expensive Home Insurance in Chatham
People living in the N7L postal code area in Chatham experience some of the most expensive home insurance rates in the city.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N7L | $1,164 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Chatham
N7M postal code area has some of the cheapest home insurance rates in Chatham.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N7M | $1,026 |
Quote data from MyChoice.ca, January 2025
Housing Data in Chatham
Knowing more about the average home in Chatham can help you manage your expectations and plan accordingly. Below are statistics on Chatham housing, based on the 2021 Census of Population:
Homeownership Rate by Age in Chatham
People aged 55 to 74 have the highest homeownership rate in Chatham at 78.7%.
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 28.4% |
| 25 to 39 | 59.4% |
| 40 to 54 | 70.7% |
| 55 to 74 | 78.7% |
| 75 and over | 77.0% |
Average Home Price in Chatham by Dwelling Type
The average price of a single detached house in Chatham is at $460,000, significantly lower than the provincial average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $460,000 |
| Freehold Townhouse | $410,000 |
Chatham Population Growth
The population growth in Chatham was at 2.2% between the years of 2016 to 2021.
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 Chatham. 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 Chatham?
You may end up needing home insurance in Chatham if your home gets damaged unexpectedly. It can protect you from financial loss if you have to:
Another instance where a home insurance policy can help you is if someone gets hurt on your property. The payout can cover any legal or medical fees after an accident or injury.
Additionally, home insurance may help you secure a home loan. While home insurance is not mandatory in Ontario, some lenders may require it before you can take out a mortgage. As having a policy lowers the risk of lending to you, loan providers may even offer better rates or terms.
How You Can Get Cheap Home Insurance in Chatham
Visit our provincial page for practical tips on how to save money on your home insurance in Chatham.