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Affordable Home Insurance in Stratford

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 12, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated November 12, 2024

Visit author page

5 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

Quick Facts About Home Insurance in Stratford

  • Stratford home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Stratford is around $1,091.

Quote data from MyChoice.ca, October 2024

What Risks Affect Homeowners in Stratford?

Many things can cause home damage. Here are common risks to watch out for as a homeowner in Stratford:

Crime

While crime levels differ from city to city, there’s always a risk of your home being damaged in criminal acts like vandalism and theft. In fact, Ontario has the highest crime rate in Canada, with a Crime Severity Index of 88.3. 

Flooding

Flooding in Ontario is extremely common because so many things can cause it. Some common flood causes include snow melts, heavy rains, and ice jams. Worse still, flash floods can happen with little to no warning. These frequent, sudden floods make flooding the costliest cause of property damage in the province. Authorities in Stratford may issue rainfall warnings in some cases, which means you’ll need to be more vigilant of flooding during these periods.

Fire

On average, Ontario experiences around 1,000 major forest burns each year. These fires can damage homes and force people to evacuate in extreme cases. Fire departments across the province often issue fire bans that restrict the use of fire pits and other similar items to avoid house fires. Since 2023 has seen many wildfires in Canada, some municipalities in the area have enacted burn bans.

On-property accidents

Accidents can happen anytime and anywhere, regardless of how safe your home is. People may hold you liable for slips and falls that happened on your property, which is where home insurance comes in. Home insurance policies can cover numerous costs related to a slip and fall lawsuit.

How Much Does Home Insurance in Stratford Usually Cost?

Home insurance in Stratford costs around $1,091 annually. Home insurance premiums are affected by factors like your home’s age, roofing type, proximity to fire hydrants, and more.

Using your home as a place of business may also influence your home insurance rates. Using your home for business means more people coming in and out of your property, increasing your liability and risk of losing belongings.

Quote data from MyChoice.ca, October 2024

Postal Codes With the Most Expensive Home Insurance in Stratford

The N5A postal code region has above-average home insurance rates in Stratford.

Postal CodeAverage Annual Home Insurance Premium
N5A$1,105

Quote data from MyChoice.ca, October 2024

Postal Codes With the Least Expensive Home Insurance in Stratford

The N4Z postal codes have some of the cheapest home insurance rates in Stratford.

Postal CodeAverage Annual Home Insurance Premium
N4Z$1,064

Quote data from MyChoice.ca, October 2024

Housing Data in Stratford

Stratford is known for its arts and culture. From its annual Stratford Festival to art galleries and performing centres, the city’s residents are spoiled for choice regarding cultural experiences. Stratford also has the Chocolate Trail, a sweet journey where you’ll explore its best bakeries and confectionaries.

The vibrant arts and culinary scene in Stratford makes it an excellent place to visit, but is Stratford a great place to live in? The answer is yes. MacLean’s Magazine named Stratford the third-best place to live in Ontario. The magazine cited its lively community, robust public transit, and easily accessible healthcare facilities as reasons why Stratford is an amazing home for its residents.

Thinking about moving to Stratford? You can learn a lot about the city by examining its housing landscape. Here’s a look at Stratford’s residential statistics from the 2021 Census of Population:

Type of Occupied Dwelling

Out of Stratford’s 14,740 households, around half (52.9%) of them live in single-detached houses, making them the city’s most popular dwelling type. Low-rise apartments are the second-most-popular type of dwelling with a 20% share or 2,950 households. Semi-detached houses take the third spot at 1,530 or a 10.4% share.

Owner vs Renter Stats/Condo vs Non-Condo Owners

From the 25% sample data taken by the census, nearly two-thirds (65.8%) of Stratford households own their homes, while the other third (34.2%) live in rentals. Condominium residents are very uncommon in Stratford, with only 7.1% of households living in condos. The remaining 92.9% live in non-condo properties.

Private Dwellings by Period of Construction: New or Older Homes?

Most Stratford homes tend to be old since homes built before 1960 have a 37.9% share of residents, while homes built from 1961 to 1980 have a 26.6% share. Meanwhile, homes built in the following decades and five-year periods are in the comparative minority.

Major Repairs or Just Maintenance Needed?

Stratford homes may be old, but they’re incredibly well-maintained since 94.4% of total households said their homes only needed minor repairs. Contrast this with the 5.6% of households that said their homes needed major repairs.

Homeownership Rate by Age in Stratford

Homeownership in Stratford is quite strong among individuals aged 25 to 39, with approximately half of all residents owning their home. Naturally, this number increases along with residents’ age, with roughly 69% of residents aged 40+ owing their home in Stratford.

Age GroupHomeownership Rate
15 to 2421.4%
25 to 3952.3%
40 to 5467.4%
55 to 7472.9%
75 and over68.2%

Average Home Price in Stratford by Dwelling Type

Below are the average values of homes in Stratford, categorized by dwelling type:

Type of DwellingAverage Value
Detached$620,000
Semi-Detached$537,500
Freehold Townhouse$460,000

Stratford Population Growth

Stratford’s population increased steadily from 31,470 to 33,232 people between 2016 and 2021, which indicates a growth rate of roughly 5.6% across the five years.

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:

Criminal activities:

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Stratford. 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 Stratford?

Home insurance isn’t legally required in Stratford. That said, having a policy is still a good idea. Home insurance protects you from unforeseen events that cause costly damages. Instead of paying to fix it out of pocket, your policy can lighten the financial load. Here’s a quick look at the reasons why you should get home insurance in Stratford:

Liability protection

Accidents happen; when you do, you want to be protected. Unforeseen events can damage your property or get somebody injured on your property. Home insurance policies foot the liability costs of these incidents, meaning you don’t have to shell out as much for legal fees, medical expenses, and other costs you must pay.

Coverage for loss or damage

Your home is at risk of suffering expensive damage or loss due to natural disasters or other perils like theft and vandalism. A home insurance policy can keep you from becoming house-poor if you need to rebuild your home or find a new one. It can even cover the cost of temporary housing as your home is repaired.

Mortgage terms

Lenders and financial institutions like banks may require you to get a home insurance policy as a condition for getting a mortgage loan.

How You Can Get Cheap Home Insurance in Stratford

If you’re trying to save money on your preferred home insurance coverage in Stratford, visit our Ontario page for practical tips.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Statistics Canada, 2021, Census of Population, Ontario, Stratford, Housing Statistics. Data Published March 29, 2023.

3. Statistics Canada, 2021, Census of Population, Ontario, Stratford, Homeownership Rate by Age. Data Published December 16, 2022.

4. CREA, Ontario, Stratford, Median Price of Homes by Dwelling Type, 2024.

5. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Stratford, Population Statistics. Data Published December 16, 2022.

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