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Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.58May 21, 2024, 07:11 AMAuto69FemaleL2R6P9
$46.95May 21, 2024, 10:07 AMHome44FemaleL6Y0E8
$24.71May 21, 2024, 12:42 AMTenant25FemaleK8N3P9

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

Updated on May 22, 2024

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

Updated May 22, 2024

Visit author page

5 minute read

Article Contents

Just because home insurance in Chatham isn’t legally required, it doesn’t mean that you should do without it. A policy can protect you if a peril (e.g., flood, fire, theft, vandalism) damages your property or personal belongings. It can also cover you in the unfortunate event that someone gets injured on your property.

Home insurance policies have varying levels of coverage depending on your budget and needs. Learn more about how home insurance in Chatham works, what’s included in a standard policy, and how to save on premiums here.

What Risks Affect Chatham Homeowners?

Erosion, floods, and storms are some of the most common risks that Chatham homeowners face. Here’s how each may affect your property and your choice of insurance:

Erosion

Warmer winters result in higher erosion rates. Most erosion is slow, but it can add up and cause serious damage. Barrier beach erosion also increases wave height, which could further threaten coastal communities. Unfortunately, most insurance won’t cover damages to your home caused by erosion or landslides unless it was caused by an earthquake, although some policies may cover damages to retaining walls and other detached structures.

Storms and flooding

In the last 10 years, Chatham has experienced several hurricanes in the last 10 years. This means local homeowners have had to grapple with damage from both flooding and strong winds. While coverage for the former typically isn’t included in most standard home insurance policies, we highly recommend getting it as an add-on, especially considering that Chatham is located near lakes and waterways.

How Much Does Home Insurance in Chatham Usually Cost?

Home insurance in Chatham usually costs $1,033/year, slightly less than the provincial average of $1,155/year. However, these are just averages – your insurance rate may be higher or lower depending on several factors. For example, if your house is older, more expensive, or requires significant repairs.

As such, we recommend requesting quotes from different providers to understand how much home insurance in Chatham will cost you. Each insurer has its own criteria for determining premiums, so you may get different rates even for the same house.

Does Where You Live in Chatham Affect Your Home Insurance?

Yes, where you live in Chatham can affect your home insurance. Insurers calculate your premiums based on how risky you are to insure, and where your property is is one of the biggest contributors to that risk.

Here are some of the ways your home’s location can affect your insurance:

Property crime rates

Most crimes in the county are property crimes. If you live in an area with higher reports of breaking and entering, insurance providers may consider you higher risk to insure.

Vulnerability to natural disasters

Homeowners who live near lakes and rivers are most at risk of flooding and erosion. This includes the Lake Erie coastline and downtown Chatham along the Thames River. Additionally, Zuzek Inc. estimates that almost 4 km of the Talbot Trail is threatened by erosion.

Postal Codes With the Most Expensive Home Insurance in Chatham

People living in the N7L postal code area in Chatham experience some of the most expensive home insurance rates in the city.

Postal CodeAverage Annual
Home Insurance Premium
N7L$1143

Postal Codes With the Least Expensive Home Insurance in Chatham

N7M postal code area has some of the cheapest home insurance rates in Chatham.

Postal CodeAverage Annual
Home Insurance Premium
N7M$1007

Housing Data in Chatham

Knowing more about the average home in Chatham can help you manage your expectations and plan accordingly. Below are statistics on Chatham housing, based on the 2021 Census of Population:

Type of Occupied Dwelling

Single-detached homes comprise a majority of occupied dwellings in Chatham at 76%, while apartment buildings with less than five storeys make up another 11.5%. 

Owner vs Renter Stats/Condo vs Non-Condo Owners

72% of all private households in Chatham are owned, while 28% are rented. Meanwhile, of the total occupied private dwellings, a mere 2.9% are condominiums.

Private Dwellings by Period of Construction: New or Older Homes?

Timmins homes are generally older, with a whopping 91.3% built before 2000. Only 2.4% of homes in the city were built from 2016 to 2021.

Major Repairs or Just Maintenance Needed?

In Timmins, almost all homes (92.8%) only require minor repairs or maintenance, while 7.2% are in need of major repairs.

Homeownership Rate by Age in Chatham

People aged 55 to 74 have the highest homeownership rate in Chatham at 78.7%.

Age GroupHomeownership Rate
15 to 2428.4%
25 to 3959.4%
40 to 5470.7%
55 to 7478.7%
75 and over77.0%

Average Home Price in Chatham by Dwelling Type

The average price of a single detached house in Chatham is at $460,000, significantly lower than the provincial average of $800,000.

Type of DwellingAverage Value
Detached$460,000
Freehold Townhouse$410,000

Chatham Population Growth

The population growth in Chatham was at 2.2% between the years of 2016 to 2021.

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 Chatham. 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 Chatham?

You may end up needing home insurance in Chatham if your home gets damaged unexpectedly. It can protect you from financial loss if you have to:

Pay for repairs or rebuilding

If your home is damaged by flooding, snowfall, earthquakes, theft, or vandalism, home insurance can help you restore it without having to pay out of pocket.

Replace lost or damaged belongings

Your home is valuable, but so are the things in it. Policies can reimburse you for the cost of furniture, appliances, clothing, etc. if they are damaged or lost in a covered circumstance.

Rent temporary housing

If your house is so damaged that you can’t live in it, insurance can give you the money you need to rent temporary accommodations, such as a hotel or Airbnb.

Another instance where a home insurance policy can help you is if someone gets hurt on your property. The payout can cover any legal or medical fees after an accident or injury.

Additionally, home insurance may help you secure a home loan. While home insurance is not mandatory in Ontario, some lenders may require it before you can take out a mortgage. As having a policy lowers the risk of lending to you, loan providers may even offer better rates or terms.

How You Can Get Cheap Home Insurance in Chatham

Visit our provincial page for practical tips on how to save money on your home insurance in Chatham.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

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

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

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

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

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

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

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