Quote data from MyChoice.ca, January 2025
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:
Severe Event Probability in Stratford
On January 26, 1978, Stratford and southwestern Ontario were blasted by a snowstorm that dropped more than 30 cm in 36 hours, closing roads and causing accidents.
Below are the MyChoice severe event probability scores for Stratford, 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 Stratford Usually Cost?
Home insurance in Stratford costs around $1,105 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, January 2025
Postal Codes With the Most Expensive Home Insurance in Stratford
The N5A postal code region has above-average home insurance rates in Stratford.
| Postal Code | Average Annual Home Insurance Premium |
|---|---|
| N5A | $1,119 |
Quote data from MyChoice.ca, January 2025
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 Code | Average Annual Home Insurance Premium |
|---|---|
| N4Z | $1,077 |
Quote data from MyChoice.ca, January 2025
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:
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 Group | Homeownership Rate |
|---|---|
| 15 to 24 | 21.4% |
| 25 to 39 | 52.3% |
| 40 to 54 | 67.4% |
| 55 to 74 | 72.9% |
| 75 and over | 68.2% |
Average Home Price in Stratford by Dwelling Type
Below are the average values of homes in Stratford, categorized by dwelling type:
| Type of Dwelling | Average 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:
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:
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.