Home insurance in Hamilton isn’t a necessity, and most homeowners don’t like thinking about the added costs. But, properties are simply better off with financial protection through the right home insurance policy.
Home insurance in Hamilton benefits all homeowners, as it protects against unforeseen circumstances like natural disasters, theft, and liabilities. Learn about the different types of home insurance in Hamilton, what coverage you need, and how to get the best rates.
Quote data from MyChoice.ca, January 2025
What Risks Affect Homeowners in Hamilton?
Hamilton homeowners are susceptible to the following specific risks:
Severe Event Probability in Hamilton
On January 10, 2020, a strong winter system brought rain turning to freezing rain in Hamilton, causing sewer backups, downed power lines, and traffic disruptions.
Below are the MyChoice severe event probability scores for Hamilton, 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 Hamilton Usually Cost?
Insurance costs for properties in Hamilton vary. However, most homeowners and renters can expect annual premiums between $1,185. Generally, these prices are slightly over the average for Ontario home insurance.
However, insurance in some neighborhoods, such as Bartonville, Beasley, Delta East, Hamilton Beach, Rosedale, and Stoney Creek, have rates above the median.
Quote data from MyChoice.ca, January 2025
Does Where You Live in Hamilton Affect Your Home Insurance?
Yes, where you live in Hamilton can affect your home insurance. Insurance providers consider various factors related to your location when determining the cost of your home insurance premiums. Here are some aspects of your location that can influence your home insurance:
Postal Codes With the Most Expensive Home Insurance in Hamilton
L8J, L8G, L8N and L8T are some of the most expensive postal codes in Hamilton for home insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L8J, L8G | $1,401 |
| L8N, L8T | $1,361 |
Quote data from MyChoice.ca, January 2025
Postal Codes With the Least Expensive Home Insurance in Hamilton
Below are the cheapest postal codes in Hamilton for home insurance.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| L8R | $1,156 |
| L9B | $1,116 |
Quote data from MyChoice.ca, January 2025
Why Are Hamilton Home Insurance Rates so Expensive?
There are three factors that may be driving up Hamilton home insurance rates. Here’s a quick explanation of why these things make premiums higher in Hamilton:
- Greater number of older properties: Most homes in Hamilton are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
- Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
- Housing density: Hamilton is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.
Housing Data in Hamilton
Here’s a look at housing data in Hamilton according to the 2021 Census of Population.
Homeownership Rate by Age in Hamilton
Below are homeownership rates in Hamilton categorized by different age groups:
| Age Group | Homeownership Rate |
|---|---|
| 15 to 24 | 12.5% |
| 25 to 39 | 52.0% |
| 40 to 54 | 68.5% |
| 55 to 74 | 72.6% |
| 75 and over | 74.4% |
Average Home Price in Hamilton by Dwelling Type
The average price for a single detached house in Hamilton is $700,000, below the provincial average of $800,000.
| Type of Dwelling | Average Value |
|---|---|
| Detached | $700,000 |
| Semi-Detached | $662,500 |
| Freehold Townhouse | $760,000 |
Hamilton Population Growth
Hamilton’s population grew by 5.84% between the years of 2016 and 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 Hamilton. 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 Hamilton?
While purchasing a home insurance policy in Hamilton isn’t mandated, doing so is a good idea under the following circumstances:
- In case of environmental hazards (floods, severe weather, fires)
- In case of theft or vandalism
- In case of a liability occurring on your property
- For mortgage requirements
- For peace of mind
How You Can Get Cheap Home Insurance in Hamilton
If you’re trying to save money on home insurance coverage in Hamilton, visit our Ontario page for a list of practical tips.