Get Cheap Home Insurance in Hamilton

How home insurance in Hamilton works

Although home insurance is not mandatory by law, most lenders will require it to secure a mortgage. It’s important to lenders that you have certain types of home insurance coverage because, although you are the insured, any loss or damage to the property will affect the property's fair market value if not repaired.

At closing, proof of home insurance is provided to your lawyer. Inadequate insurance, or the lack of it, can cause headaches and delay closing until your lender is satisfied.

Getting the insurance coverage you need is simple with InsuranceHotline.com. Just provide 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.

Those looking for home insurance quotes in Hamilton should first consider what protection a policy offers. Regardless of policy type, most cover the following:

• Contents: Protects the homeowner’s belongings if they’re 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' added to the policy.
  
• Property: Protects the home and surrounding buildings, such as the garage, if they’re damaged by a covered peril.
  
• Liability: Protects the homeowner 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: Provides coverage for expenses the homeowner assumes after being forced to leave the home due to a covered peril. For example, it covers the cost of a hotel stay and food while away from the home.

There are generally three types of home insurance policies:

• Basic: Sometimes referred to as a ‘named perils’ policy because it offers protection against perils that are named in the policy. This is the most minimal coverage available.
  
• Broad: Also known as a ‘standard’ policy, it insures the home against all risks and insures personal property against named perils.
  
• Comprehensive: This is often called ‘all perils’ policy because it protects the home and its contents against all perils except any name as exclusions.

Additional coverage

Since no single policy provides coverage for every peril, many homeowners prefer to add coverage for more protection than policies provide out-of-the-box. These are considered optional coverage or add-ons. They may also sometimes be called ‘endorsements.’ Some of the most popular include:

• Earthquake: Covers the home and its contents following damage from earth movement. An earthquake endorsement also protects against damage from landslides, snowslides and volcanic eruptions — none of which are relevant to Hamilton homeowners.
  
• Home-based business: Enhances the property limits and perils covered in a policy so that the homeowner with a home-based business can have adequate property and liability coverage. A computer floater can be added to the policy when only a computer needs to be protected.

• 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. Insurance providers distinguish different types of flooding, one of which is overland flooding.
  
• Sewer backup: Protects the home against damage from water that enters the home through an overflowing drain or toilet. Many Hamilton homeowners may have experienced this type of flooding in 2013 and again in 2022.

How much is home insurance on average in Hamilton?

Hamilton is close to the GTA, with the QEW and other 400-series highways running through it. The city is relatively congested with lots of industry surrounding it. However, it is still a medium-sized city with a lower risk profile than larger cities in the province

The average home insurance premium in Hamilton is $1,551 per year, which is slightly higher than the provincial premium average of $1,487.

Compared to other cities in Ontario, Hamilton falls in the middle range of insurance premiums. To illustrate, the town of LaSalle has the most expensive average premium at $2,411 per year, while Stouffville has the lowest at $1,104.

Compare Hamilton home insurance against other cities in Ontario

Hamilton is a relatively inexpensive place for home insurance compared to other areas within Ontario. The highest premium for insurance in Ontario comes at $2,411 — 55% higher than it is to insure a home in Hamilton ($1,551 per year).

Hamilton home insurance will fluctuate depending on the home you are insuring, its contents, threat of risks and location. It’s best to check rate comparison sites like InsuranceHotline.com for Hamilton insurance quotes to see what works best in your neighbourhood and your home.

Top Hamilton home insurance companies

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