Get Cheap Home Insurance in Cambridge

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How home insurance in Cambridge works

Homs insurance in Cambridge, Ontario works very much the same way as elsewhere in Ontario (and the rest of the country, for that matter). Home insurance is not mandatory but it’s something you need to consider seriously to protect your most valuable assets. Also, most mortgage providers will require it to secure a mortgage. Not having home insurance in Cambridge would put more risk on your mortgage provider if something should happen to your home that requires major repairs or renovations.

The good news is that finding the right home insurance that meets all your needs is simple. Sites like InsuranceHotline.com allow you to input a few basic bits of information about your home, your neighbourhood, and your coverage goals, and InsuranceHotline.com will have quotes for you from a variety of brokers and agencies – all with the cheapest rates available.

Homeowners or future homeowners looking for home insurance in Cambridge need to consider the type of policy and protection they want. Regardless of policy type, most cover the following:

  • Contents: As its name suggest, this covers the items within the home so long as they are damaged by a covered peril. Expensive items such as specialty sports equipment, jewelry, fine art or a wine collection may require additional protection in the form of a ‘rider' or ‘endorsement,’ which can be added to the policy.
     
  • Property: This protects the physical structure of your home and surrounding buildings, such as the garage, if they’re damaged by a covered peril.
     
  • Liability: Homeowners are protected from lawsuits if they’re sued by someone who is injured while visiting the home; also, protects the homeowner if they unintentionally damage someone else’s property.
     
  • Additional living expenses: In extreme cases, like an evacuation, this will provide coverage for expenses the homeowner assumes after being forced to leave the home due to a covered peril. It may cover the expense of living in a hotel, for example, or provide food costs, while displaced from your home. Sometimes commuting costs can be covered if you must move far from your home. Talk to your Cambridge insurance provider to make sure you understand the nuances of your policy.

There are generally three types of home insurance policies:

  • Basic: Sometimes referred to as a ‘named perils’ policy because it only offers protection against perils that are named in the policy. This is the cheapest coverage available and only offers the minimum coverage of any Cambridge home insurance policy.
     
  • Broad: Also known as a ‘standard’ policy, it insures the home against all risks and insures personal property against named perils. It generally protects the structure of your home and not the contents unless specifically named in the policy.
     
  • Comprehensive: This is often called ‘all perils’ policy because it protects the home and its contents against all perils except any name as exclusions. It is the most expensive form of Cambridge home insurance but offers the most protection.

Additional home insurance coverage

Everyone’s home insurance needs are different. Location, type of home, and the contents within the home can change the types of policies people choose. Because of that, Cambridge residents may consider additional coverage or add-ons to make their policies more robust. They may also sometimes be called ‘endorsements.’ Some of the most popular include:

  • Earthquake: Covers the home and its contents in the aftermath of an earthquake. An earthquake endorsement also protects against damage from landslides, snowslides and volcanic eruptions — none of which are relevant to Cambridge homeowners.
     
  • Home-based business: Home-based businesses can add risks to your home that require additional coverages. This add-on will enhance the property limits and perils covered in a policy so that the homeowner can have adequate property and liability coverage.
  • Identity theft: Covers the cost of replacing stolen personal documents such as a driver's licence and passport. It may also cover wages lost while away from work to replace documents.
     
  • Overland water: This covers the cost of damage from water that overflows from a nearby waterway, such as a lake or river.
     
  • Sewer backup: Protects the home against damage from water that enters the home through an overflowing drain or toilet. In 2022, warnings from the Grand River Conservation Authority about the Speed River in Cambridge.

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How much is the average home insurance in Cambridge?

The average home insurance rate for Cambridge (part of the larger Kitchener and Waterloo municipal region) was $1,081.40 in 2022. This is nearly 38% cheaper than the Ontario average of $1,487, and even lower compared to the most expensive cities in the province for home insurance.

Cambridge home insurance rate by postal codes

The Cambridge area is relatively small by Ontario standards and has little deviation between costs of insurance within the same area.

As one can see from the table, there is only about a $150 difference from the most expensive to the least expensive premiums. Of course, all homeowners have different situations making their premiums unique to them.

However, there are areas of more congestion within Cambridge, have two highways running through it, as well as homes being closer to the river than others (which could lead to flooding).

Postal codePremium
N1T$1,148
N1R$1,104
N1S$1,104
N3E$1,104
N1P$1,050
N3C$1,050
N3H$1,050

Source: Home Insuramap

Comparing Cambridge home insurance against other cities in Ontario

Cambridge average home insurance is 123% cheaper than the most expensive insurance premiums in the province – the town of Lasalle. Compared to the provincial average of $1,487, Cambridge is more expensive by just over 27%.

Toronto, which is the largest city in the province has cheaper rates than Cambridge, mainly due to the competition of insurance companies vying for business and offering lower rates. That is why as the cities get larger or are closer to the GTA (for example, Guelph and Stratford), they become cheaper to acquire home insurance.

Cambridge is a relatively low crime area with few natural disasters, and is part of the Kitchener area, where competition is higher, and so rates are still relatively low and only about $13 per month more than in Toronto, for example.

CityAverage 2022 annual premiumPercentage difference compared to Cambridge
Lasalle$2,411+123%
Hearst$2,046+89%
Elliot Late$2,005+85%
Cambridge$1,081.40----
Guelph$1,098.22+1.5%
Stratford$1,071.50-0.91%
Toronto$1,068-1.2%

Factors that determine your Cambridge home insurance premium

Finding cheap Cambridge home insurance depends on several factors, including the location, construction details and the home’s age.

Insurance providers are interested in reducing their risk. As a result, Cambridge home insurance rates can fluctuate based on risk factors such as your home’s age, location and basic construction.

More specifically, Cambridge home insurance companies will want to look at the following when providing you a quote:

  1. Condition of roof: A solid, well-maintained roof will lower damage risks and could reduce premiums. Preventing leaks or other water damage, for example, reduces your need to make claims and can keep rates down.
     
  2. Construction: Modern homes with up-to-date construction materials, and electrical systems, have a lower risk of breaking down.
     
  3. Past renovations: These could indicate problems with the house, which insurers will want to know about.
     
  4. Claims history: Cambridge insurance providers will look at past claims as a potential risk for the future.
     
  5. Credit score: Generally speaking, most Cambridge insurance providers will view someone with a good credit score as a low-risk client. Lower risk means potentially cheaper insurance rates.
     
  6. Special uses: Running a business out of your home could add to risk factors.
     
  7. Pool and other accessory dwellings: A shed, back deck or laneway suite, for example, could add risks to your home for which you would likely have to pay a higher premium.

Top Cambridge home insurance companies

Company nameCompany typePhoneAddress
Allstate Insurance: Cambridge AgencyInsurance agency1-226-781-432075 Pinebush Rd Units 800 - 810, Cambridge, ON N1R 8R5
Billyard Insurance Group: CambridgeInsurance broker1-519-747-7766366 Hespeler Rd Unit 13, Cambridge, ON N1R 6J6
Conestoga Insurance BrokersInsurance agency1-519-653-1134731 King St E, Cambridge, ON N3H 3N8
Gore Mutual InsuranceInsurance agency1-519-623-1910252 Dundas St N, Cambridge, ON N1R 5T3
InsuranceHotline.comQuotes comparison1-855-821-7312225 King Street West, Toronto, ON
LowestRates.caQuotes comparison1-855-487-69111910 Yonge St. Suite 401, Toronto, ON M4S 3B2
RATESDOTCAQuotes comparison1-844-726-0907225 King Street West, Toronto, ON
Regal Insurance BrokersInsurance broker1-519-624-2150159 Main St, Cambridge, ON N1R 1W5
Rock Insurance BrokersInsurance agency1-866-621-655014 George St N, Cambridge, ON N1S 2M8
Scoop InsuranceInsurance company1-866-456-6620300 Lincoln St. Unit 22, Welland, ON L3B 4N4

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Frequently asked questions about home insurance in Cambridge

How can I find the cheapest home insurance quote in Cambridge?

Compare quotes

One of the best ways to save money on Cambridge home insurance is by searching comparison sites like InsuranceHotline.com. We work with home insurance providers in Cambridge to find your best quotes. With a few bits of information about your home, location and insurance needs, we will connect you with the top providers in the area and compare the cheapest rates. It’s quick, simple and won’t cost you a cent.

Bundling

Another way to save on Cambridge home insurance is by bundling other insurance services with one provider. By taking auto and home insurance from one provider, you can achieve savings through discounts and loyalty rewards. Talk to your provider about how much you can save and what bundling packages they offer.

Increase your deductibles 

Increasing the deductible can also help save on upfront costs. What this means is that your premiums are reduced, but if you make a claim to your insurance provider, you will be on the hook for more out-of-pocket costs before your claim kicks in. It’s a trade-off that allows you to save money immediately on your premiums. If the cost of repairs is close to the amount of your deductible, it’s better to not file a claim at all as it may increase your premiums.

Consider getting an alarm system

Installing a high-level safety and security system in your home could also help reduce the cost of insurance as risks are lowered with greater security (and safety features).

What kind of risks do Cambridge homeowners face? 

Like many cities in Ontario (and Canada for that matter), Cambridge is vulnerable to flooding, melting snow and other water-related problems particularly as severe weather becomes more common across the country.

Residents with homes near Lake Ontario or any of the tributaries that feed into it should ensure their homes are protected in the event of flooding, even though there is not a long history of flooding in Cambridge.

For optimal protection, consider getting a comprehensive home insurance policy with additional coverage for flooding.

If you're using our free online quote tool to compare rates from the best providers in Canada, consider opting for a 'water protection package,' which is how some insurance carriers describe one of their flood protection options. A package is most likely to offer protection that's most relevant to your area.

Do I need to update my Cambridge home insurance provider if I am running a short-term rental on Airbnb or Vrbo?

Yes. If you plan on renting out your primary home on a short-term basis, you should talk to your primary home insurance provider before you do since your home insurance policy probably doesn't cover any damage inflicted by Airbnb or Vrbo guests. Even worse, renting out your house without giving your insurer a heads-up may even void your policy — which will negatively affect your chances of getting insurance from another company.

Home-sharing apps offer some insurance for hosts, and a select number of insurance companies offer endorsements you can add to your base policy that will enable you to rent out your home for short-term stays with peace of mind.

 

How can I file a home insurance claim in Cambridge?

If you decide to make a home insurance claim in Cambridge, you’ll want to contact your insurance agent, broker or company immediately. Most insurance companies have time limits within which you must submit your claim. The limit usually varies from 90 days to 12 months from the date of the loss or event. Check your policy’s terms and conditions for the time limit.

Most providers allow you to start the process with online tools and/or customer service agents.

Also, keep a record of all damaged items by taking photos and or receipts of items, if you have them. This will help the insurance company with their investigation and provide evidence of your lost belongings to them.