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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$84.22Jul 24, 2024, 04:44 PMAuto63FemaleM1J2C8
$43.53Jul 24, 2024, 06:04 PMHome47MaleL7P1Y9
$29.37Jul 24, 2024, 09:54 AMTenant41MaleN8W5N7

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

Updated on May 31, 2024

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

Updated May 31, 2024

Visit author page

4 minute read

Article Contents

Quick Facts About Home Insurance in Cambridge

  • Cambridge home insurance is LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Cambridge is around $694.

Buying a new home in Cambridge can be daunting, but applying for a home insurance policy can bring you peace of mind. While home insurance in Cambridge isn’t necessary, it can provide financial assistance in case of specific perils.

If you’re a Cambridge, Ontario, resident seeking affordable home insurance, you’re in luck. Protecting your home and belongings is essential, and Cambridge offers various options for obtaining cost-effective insurance coverage.

Let’s explore the options and resources available to secure affordable home insurance in this welcoming city and how MyChoice can help.

What Risks Affect Homeowners in Cambridge?

Cambridge homeowners face various risks impacting their properties and necessitating appropriate home insurance coverage. Some of these risks include the following:

Changing weather conditions

Cambridge is susceptible to extreme weather conditions, including thunderstorms, heavy rainfall, snowstorms, and strong winds. These weather events can lead to property damage, roof leaks, basement flooding, and other issues.

Freezing temperatures

Cold winters in Cambridge can lead to freezing temperatures, which pose risks such as frozen pipes, ice dams, and subsequent water damage when pipes burst, or ice accumulates on roofs.

Theft and vandalism

While Cambridge is generally a safe community, theft and vandalism can still occur. Homeowners may experience break-ins, property damage, or stolen belongings, emphasizing the importance of insurance coverage for personal property and liability.

Liability risks

Cambridge homeowners face potential liability risks if someone gets injured on their property. Slip and fall accidents, dog bites, or other incidents may result in legal claims that cost more than you can afford without insurance.

How Much Does Home Insurance in Cambridge Usually Cost?

Home insurance in Cambridge usually costs about $694 monthly.

However, calculating an average price for home insurance in Cambridge isn’t always straightforward due to the numerous variables involved in determining rates. Insurance companies consider the type of coverage you apply for, your property’s location, details, and additional homeowner information. 

Each specific component impacts your overall rate. Consequently, even homeowners with similar properties residing in the same neighborhood and sharing many personal details on their applications will likely obtain different rates.

Does Where You Live in Cambridge Affect Your Home Insurance?

Yes, where you live in Cambridge can impact your home insurance rates. Insurance providers consider the location as a factor in determining home insurance rates and coverage. Other factors that may affect your home insurance include the following:

Proximity to risks

Certain areas in Cambridge are more susceptible to risks like floods, fires, high crime rates, and other environmental factors.

Fire protection services

The closer your home is to fire stations, and the better access you have to fire protection infrastructure can significantly lower your insurance rates.

Property values

Real estate values vary in different Cambridge neighbourhoods. Among the most expensive homes are in Castle and Newnham, where insurance rates are highest.

Building codes and regulations

Different regions within Cambridge may have specific building codes and regulations. Compliance with these codes can impact insurance rates. For example, homes built to newer building codes may be viewed as lower risk, potentially resulting in lower premiums.

Postal Codes With the Most Expensive Home Insurance in Cambridge

N1T is the most expensive postal code in Cambridge when it comes to home insurance premiums.

Postal CodeAverage Annual
Home Insurance Premium
N1T$956

Postal Codes With the Least Expensive Home Insurance in Cambridge

People living in the below postal code areas enjoy some of the cheapest home insurance rates in the city.

Postal CodeAverage Annual
Home Insurance Premium
N3C, N3H$667

Housing Data in Cambridge

Below is some information regarding the population and housing in Cambridge according to the 2021 Census of Population.

Type of Occupied Dwelling

Roughly 56.8% of people in Cambridge lived in a single-detached house, whereas only 14% occupied apartments in a less than five-story building. 12.3% of people lived in row houses.

Owner vs Renter Statistics

68.9% of Cambridge homes were owned, whereas 31.1% were rented.

Private Dwellings By Period Of Construction

About 22.7% of occupied Cambridge homes were built before the 1960s, whereas the largest population of homes was built between 1961 and 1980. Only 5.5% of homes were built between 2016 and 2021.

Major Or Minor Repairs Needed

Impressively, a whopping 94.8% of Cambridge homes needed Only regular maintenance and minor repairs, whereas 5.2% required major repairs.

Homeownership Rate by Age in Cambridge

Almost 3 in 4 young adults (25-39) own a house in Cambridge, which underscores the city’s attractiveness as a household among younger generations.

Age GroupHomeownership Rate
15 to 2420.4%
25 to 3959.3%
40 to 5474.1%
55 to 7473.4%
75 and over67.8%

Average Home Price in Cambridge by Dwelling Type

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

Type of DwellingAverage Value
Detached$805,000
Semi-Detached$660,750
Freehold Townhouse$692,000

Cambridge Population Growth

Cambridge’s population increased 6.58% between 2016 and 2021, making it one of the fastest-growing cities in the province.

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 Cambridge. 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 Cambridge?

While it isn’t necessary, getting home insurance in Cambridge is beneficial under the following circumstances:

  • In case of a natural disaster (severe storms, floods, and winter conditions)
  • In case of property damage (fire, vandalism, or accident)
  • In case someone is injured on your property
  • For mortgage requirements
  • For peace of mind

How You Can Get Cheap Home Insurance in Cambridge

If you’re trying to save money on your coverage in Cambridge, our province page offers a lit of practical tips to make your life easier.

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. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Cambridge, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Cambridge, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Cambridge, Housing Statistics. Data Published March 29, 2023.

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

6. CREA, Ontario, Cambridge, Median Price of Homes by Dwelling Type, 2024.

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

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