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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

Home insurance in Hamilton isn’t a necessity, and most homeowners don’t like thinking about the added costs. But, properties are simply better off with financial protection through the right home insurance policy.

Home insurance in Hamilton benefits all homeowners, as it protects against unforeseen circumstances like natural disasters, theft, and liabilities. Learn about the different types of home insurance in Hamilton, what coverage you need, and how to get the best rates.

What Risks Affect Homeowners in Hamilton?

Hamilton homeowners are susceptible to the following specific risks:

Storm damage

Hamilton experiences significant yearly rainfall, even during its driest months, making homes vulnerable to water damage.

Tourism

Hamilton is home to dozens of festivals and tourist attractions, bringing in tens of thousands of foreigners that can become disruptive to homeowners. The risk of accidents, vandalism, and theft increases significantly during the festival season.

Icy winters

During the cold winters, Hamilton experiences severe snowfall and icy conditions that can pose environmental risks to your home.

How Much Does Home Insurance in Hamilton Usually Cost?

Insurance costs for properties in Hamilton vary. However, most homeowners and renters can expect annual premiums between $1,164. Generally, these prices are slightly over the average for Ontario home insurance.

However, insurance in some neighborhoods, such as Bartonville, Beasley, Delta East, Hamilton Beach, Rosedale, and Stoney Creek, have rates above the median.

Does Where You Live in Hamilton Affect Your Home Insurance?

Yes, where you live in Hamilton can affect your home insurance. Insurance providers consider various factors related to your location when determining the cost of your home insurance premiums. Here are some aspects of your location that can influence your home insurance:

Location-specific risks

Certain areas in Hamilton may have a higher risk of specific perils, such as flooding, earthquakes, or vandalism. Insurance companies assess the likelihood of these risks and may adjust premiums accordingly. For example, if your home is in a flood-prone area, you may need additional coverage or face higher premiums.

Proximity to emergency services

The distance between your home and fire stations, police stations, and hydrants can impact your insurance rates. Living near these services may result in lower premiums as it reduces response times in case of emergencies.

Crime rates

The crime rate in your neighbourhood can affect your home insurance rates. Areas with higher crime rates may experience more theft or vandalism, which increases the risk for insurance companies. As a result, homeowners in these areas might face higher insurance premiums. Fortunately, Hamilton has average crime rates and is considered a generally safe place to live.

Property value

The value of your home plays a role in determining your insurance costs. Specific neighbourhoods in Hamilton may have higher property values, resulting in higher premiums since the cost to repair or rebuild a more valuable property is typically higher. For instance, luxurious neighbourhoods like Ancaster Heights and Sulphur Springs may have higher rates as homes cost over $1 million.

Postal Codes With the Most Expensive Home Insurance in Hamilton

L8J, L8G, L8N and L8T are some of the most expensive postal codes in Hamilton for home insurance.

Postal CodeAverage Annual
Home Insurance Premium
L8J, L8G$1,376
L8N, L8T$1,336

Postal Codes With the Least Expensive Home Insurance in Hamilton

Below are the cheapest postal codes in Hamilton for home insurance.

Postal CodeAverage Annual
Home Insurance Premium
L8R$1,135
L9B$1,096

 Why Are Hamilton Home Insurance Rates so Expensive?

There are three factors that may be driving up Hamilton home insurance rates. Here’s a quick explanation of why these things make premiums higher in Hamilton:

  • Greater number of older properties: Most homes in Hamilton are quite old, so it’s more likely that they have older systems for heating, plumbing, and electricity. This increases your likelihood of filing a claim for a fire or flood.
  • Higher real estate values: Real estate prices indirectly affect home insurance premiums. As home values go up, so do the cost of rebuilding and the amount of coverage you’ll need from a policy.
  • Housing density: Hamilton is densely populated, and most of its homes are connected houses or apartments with very little space between units. This increases the risk of spreading fires between homes.

Housing Data in Hamilton

Here’s a look at housing data in Hamilton according to the 2021 Census of Population.

Type of Occupied Dwelling

Roughly 56.2% of homes in Hamilton were single-detached houses, while 16.4% were apartments in buildings with over five stories. 12.3% were row houses.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Significantly more people owned their homes (65.7%) than rented them (34.3%).

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

Most Hamilton homes were built before the 1960s (32.8%), followed by homes built between 1961 and 1980 (28.1%). Only 4.9% of homes were built between 2015 and 2021.

Major Repairs or Just Maintenance Needed?

Most Hamilton homeowners keep their properties in excellent shape, with 93.4% requiring only regular maintenance and minor repairs. By comparison, 6.6% of homes needed major repairs.

Homeownership Rate by Age in Hamilton

Below are homeownership rates in Hamilton categorized by different age groups:

Age GroupHomeownership Rate
15 to 2412.5%
25 to 3952.0%
40 to 5468.5%
55 to 7472.6%
75 and over74.4%

Average Home Price in Hamilton by Dwelling Type

The average price for a single detached house in Hamilton is $700,000, below the provincial average of $800,000.

Type of DwellingAverage Value
Detached$700,000
Semi-Detached$662,500
Freehold Townhouse$760,000

Hamilton Population Growth

Hamilton’s population grew by 5.84% between the years of 2016 and 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 Hamilton. 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 Hamilton?

While purchasing a home insurance policy in Hamilton isn’t mandated, doing so is a good idea under the following circumstances: 

  • In case of environmental hazards (floods, severe weather, fires)
  • In case of theft or vandalism
  • In case of a liability occurring on your property
  • For mortgage requirements
  • For peace of mind

How You Can Get Cheap Home Insurance in Hamilton

If you’re trying to save money on home insurance coverage in Hamilton, visit our Ontario page for a list of practical tips.

Sources

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

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

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

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

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

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

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

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