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:
There are generally three types of home insurance policies:
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:
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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.
Hamilton is an industrial yet rapidly gentrifying city. Because of its relative affordability compared to Toronto, many commuters move out to Hamilton to be able to buy homes. The homes, as a result, are mixed from lower-income neighbourhoods to more affluent neighbourhoods, which can be reflected in the various home insurance rates in the city.
|Postal code||Avg. 2022 premium|
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.
|City||Average 2022 premium||Difference from Hamilton average (%)|
Finding cheap Hamilton home insurance depends on several factors, including the location, construction details and the home’s age.
Hamilton home insurance rates can fluctuate based on risk factors such as your home’s age, location and basic construction.
More specifically, Hamilton home insurance companies will want to look at the following when providing you a quote:
|Company name||Company type||Phone||Address|
|Acumen Insurance Group||Insurance broker||905-525-3000||845 Upper James St suite 222, Hamilton, ON L9C 3A3|
|Allstate Insurance||Insurance agency||289-769-1002||1508 Upper James St #226, Hamilton, ON L9B 1K3|
|ALFA Insurance Brokers||Insurance agency||905-548-9566||1508 Upper James St #226, Hamilton, ON L9B 1K3|
|Broker Link||Insurance agency||905-548-6886||78 Queenston Rd, Hamilton, ON L8K 6R6|
|Co-operators||Insurance agency||905-575-3666||54 Rymal Rd E, Hamilton, ON L9B 1C1|
|InsuranceHotline.com||Quotes comparison||1-855-821-7312||360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7|
|LowestRates.ca||Quotes comparison||1-855-487-6911||1910 Yonge St. Suite 401, Toronto, ON M4S 3B|
|Mitchell & Abbott Group Insurance Brokers||Insurance broker||905-385-63-83||2000 Garth St, Hamilton, ON L9B 0C1|
|RATESDOTCA||Quotes comparison||1-844-726-0907||360 Adelaide St. W. Suite 100, Toronto, ON M5V 1R7|
|Scoop Insurance||Insurance broker||1-866-456-6620||300 Lincoln St. Unit 22, Welland, ON L3B 4N4|
InsuranceHotline.com is the easiest and fastest way to find cheap Hamilton home insurance. We can:
Saving on home insurance in Hamilton begins with using comparison sites like InsuranceHotline.com. We work with home insurance providers in Hamilton to find your best quotes. By comparing Hamilton home insurance quotes from several insurance providers in a single place, you can instantly assess the market and find the best policy to protect your home.
Buy home and auto coverage from the same provider
Other ways to save on Hamilton home insurance are to bundle your home insurance policy with your other auto insurance, for example. Agencies will give cheaper rates to customers who use them for more than one service.
Increase your deductibles
Increasing the deductible can also help save on upfront costs (however it means you pay out-of-pocket for some of your damaged property should a claim be made). 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).
Hamilton homeowners are as vulnerable to flooding as other Canadians, 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 Hamilton.
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.
Crime can also play into what risks homeowners face. The most recent Statistics Canada stats show that there were 2,639 property crimes per 100,000 population reported by police in Hamilton in 2018, which was higher than the Ontario (2,621).
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.
If you decide to make a home insurance claim in Hamilton, contact your insurance agent, broker or company as soon as possible. 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.
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.