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Written By Joel Kranc

Updated November 15, 2023

Home insurance in Cambridge 

Cambridge, located about an hour and a half southwest of Toronto, is a city located in the Regional Municipality of Waterloo. It is part of the Kitchener-Waterloo area, home to an established tech sector and university population.

Buying home insurance in Cambridge is similar to other parts of the province. Your home is likely your most valuable asset and stores most of the things you own, which is why home insurance is so important.

Home insurance in Cambridge is not mandatory. However, most financial lenders will only provide a mortgage if you have it.

Below are the types of home insurance you can get in Cambridge, including the most common and additional coverages.


Types of home insurance in Cambridge

These are the most common types of home insurance coverage in Cambridge.

Homeowners have choices regarding home insurance coverage and, depending on their individual insurance needs, can choose from these three options. Each insurance provider may market their products under different names, but these are the basic types of home insurance policies.

  • Basic – This is the least expensive plan homeowners can select. It will protect you against perils named in their policy, such as fire and theft. Basic home insurance is a bare-bones package with the least coverage.
  • Broad – Protects your home's structure against all perils and protection for contents against some perils of your choice.
  • Comprehensive – The greatest amount of coverage available. It protects your home's structure and its contents against all perils.

Home insurance coverage

  • Property and building – This coverage protects your home's structure and the property itself. Protected incidents include fire, theft, and water damage. It's best to consult your insurance provider if you have other structures like garages or sheds that you want to insure.
  • Contents and personal property – Contents and personal property coverage protect the belongings in your home, such as furniture, clothing and sports equipment, against theft and vandalism. If you have valuable items, such as fine art and jewelry, you may want to purchase additional coverage by including add-ons or riders. Talk to your insurance professional about additional item coverage.
  • Additional living expenses – If an insurable event temporarily displaces you due to an evacuation or unlivable conditions in your home, this protection covers your temporary housing costs. For example, if damage to your home forces you to spend a week at a hotel, additional living expenses protection will cover the room and food costs up to a certain amount. Insurance companies sometimes reimburse expenses like commuting costs, but you'll need to discuss your protection details with your insurer.

Liability coverage

  • Personal liability – This coverage can help you pay legal bills if someone has the misfortune of injuring themselves on your property. It is important because the costs of a lawsuit can total thousands of dollars if you are not protected.
    • Coverage amount: $100,000 included in basic coverage
    • Recommended coverage amount: $1,000,000 (but can go as high as $5,000,000) 
  • Voluntary medical payments –  Suppose an injury on your property requires someone to seek medical attention, but you are not legally liable for the damage. This insurance will cover medical expenses for one year from the accident date.
    • Coverage amount: $5,000-$10,000 with no deductible
  • Voluntary property damage – Accidents happen, sometimes on someone else's property. This will help you pay for any unintentional direct loss or damage you cause on someone else's property. It also covers accidental loss or damage to someone else's property by a minor (12 years or under) in your care.
    • Coverage amount: $1,000 (but can vary between insurance providers and go as high as $6,000)


Add-ons to home insurance coverage in Cambridge

Much of the insurance mentioned above will cover many of your home insurance needs in Cambridge. However, severe weather is becoming more common, forcing homeowners to rethink their coverage. You can buy the following add-ons (known as 'riders') for greater protection.

  • Overland water – Ontario, and indeed Cambridge, is no stranger to flooding and overland water issues. There is also the threat of melting snow in the springtime. This add-on helps protect against damage from this type of overflowing water.
  • Sewer back-up – In cases where the main sewer backs up or water from downspouts, septic tanks, drains, and eaves troughs cause damage, this add-on will protect you.
  • Earthquake – Covers losses or damage caused by an earthquake. Neither Ontario nor Cambridge is not known for their earthquakes. However, this coverage makes more sense for people living on the West Coast, where there is a potential for earthquakes to cause structural damage to your home.
  • Mass evacuation – Weather, forest fires, chemical spills, or other significant events can create so much damage that they precipitate a mass evacuation. It comes with expenses for temporary housing, commuting and even everyday necessities like food. It is best to talk to your provider about how much coverage you can get during your temporary displacement.
  • Identity theft – Covers the cost of replacing important documents, such as your passport.
  • Lock replacement – This add-on provides coverage if you need to replace the locks on your house.

What is not covered by Cambridge home insurance 

Home insurance in Cambridge can only go so far. You may need to add coverage for non-named perils that can damage your home and possessions. Some things you can purchase as add-ons, while others you can’t purchase at all. Here’s what they are: 

  • Flooding – This is not available with standard coverage, only as an add-on. Flood insurance covers water damages from sewer back-up or overland flooding. Some types of water damage, such as the ones caused by a tsunami or groundwater seepage, may not have any coverage. Some areas might not be eligible for flood insurance. Talk to your insurance provider about the coverage available in your area for water damage. 
  • Earthquake or landslide – This is generally not part of insurance packages – even the most comprehensive ones. You can, however, get this coverage as an add-on, so ask your insurer about it – especially if you live in an earthquake-prone area. 
  • Mold – Mold is an occurrence you have some control over and can likely prevent if you take the proper home maintenance measures. For instance, if you realize that the air in your home is humid enough to cause mold or you have known water issues that can cause mold, you can fix them before the problem gets out of hand. That’s why home insurance does not cover mold. It’s on you to deal with it. 
  • Pest infestation – Though pest infestations, such as mice, bedbugs, cockroaches, and termites, can sometimes come out of nowhere, taking care of them is your responsibility as part of general upkeep. So, any damage an infestation ends up causing is unlikely to be covered. Your best bet is to address the problem as soon as you notice it. 
  • Purposeful damage – It goes without saying that you will not be covered if you purposely damage your property or its contents and file a claim for it. This is considered insurance fraud.
  • Intentional injuries to guests – Any intentional damage or harm to other people is not only unlawful, but it is undoubtedly not a coverable event for insurance purposes.
  • Rentals – If you decide to rent out your property (or a piece of it) to someone else, consult your insurer, as you must purchase landlord insurance. 

How much insurance coverage do I need for my home in Cambridge? 

Each homeowner in Cambridge has different insurance needs. Therefore, there is no one-size-fits-all coverage to satisfy your needs. Much of your insurance will depend on the home you live in, if it has upgraded systems, if it is in a high or low-crime neighbourhood, if it is a high-claims area, if it is near a fire station, and so on.

Also, the contents of your home are unique. Depending on whether you have heirlooms or items of value, your needs will differ from your neighbour’s. Be sure to talk to your agent or insurance professional about your insurance needs and the coverage that suits you.

Recent home insurance quotes in Cambridge

Recent Home Insurance Quote from Cambridge, ON
Semi-detached 1,020 sq ft
February 24, 2024
Cheapest Quote
$ 64 / month
$768 / year
Average Quote
$ 148 / month
$1,776 / year
Savings
$ 84 / month
$1,008 / year
or
57.00 %
Recent Home Insurance Quote from Cambridge, ON
Detached 2,930 sq ft
February 24, 2024
Cheapest Quote
$ 217 / month
$2,604 / year
Average Quote
$ 343 / month
$4,116 / year
Savings
$ 126 / month
$1,512 / year
or
37.00 %
Recent Home Insurance Quote from Cambridge, ON
Townhouse 1,599 sq ft
February 24, 2024
Cheapest Quote
$ 127 / month
$1,524 / year
Average Quote
$ 186 / month
$2,232 / year
Savings
$ 59 / month
$708 / year
or
32.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

Factors that affect your Cambridge home insurance 

There are many factors insurers consider when determining your premium. Here’s what they are: 

  • Replacement cost: Insurers will look at the cost to rebuild your home. They may look at its square footage, construction quality, building materials and contents, which will all affect your premium. For example, a larger, newer home with many furnishings will cost more to insure than a smaller, sparser home. 
  • Location: It’s the old adage about real estate: location matters. Your home’s location comes with its own history and unique circumstances, all of which will affect your premium. If your neighbourhood has a high rate of claims —whether due to crime, fire, or flooding — the riskier it is for insurance companies to insure your home. More risk translates into higher insurance premiums. 
  • Your personal history: If you have a claims history, it will also play a role in determining your premium. That’s because the insurance provider will see you as a higher risk. The more claims you’ve filed in the past, the higher the likelihood of you filing claims in the future, which leads to higher premiums. The nature of your claims also matters, as more expensive claims can raise your premium. 
  • Fire hydrant proximity: Your premium will benefit from living near a fire hydrant or a fire station. The sooner fire crews can extinguish a blaze, the less damage it will receive, minimizing replacement costs. If you live in an urban area, this shouldn’t be a problem since fire hydrants are ubiquitous. It is more of a concern for rural areas with less infrastructure.
  • Piping: Older pipes – galvanized or lead – have a higher likelihood of leakage or cracking. Many homes in Cambridge may still have old lines, which could increase your premium. If you have the option, purchase a home or renovate your home with copper or plastic plumbing. It could last longer and prevent damage and higher insurance premiums. 
  • Electrical wiring: If your home has aluminum or knob-and-tube wiring, it’s at risk of fire damage. Before insuring you, your provider may either request a guarantee that your home doesn’t have this type of wiring, inspect it for safety or ask you to remove it. Other things that can raise your premiums include having fuses instead of breakers and having less than a 100-amp service. In both cases, your home is more likely to catch fire. 
  • Roof age: Well-maintained roofs can save you from severe damage and higher insurance premiums. Make sure your roof has been renovated within the last 20 years to prevent roof-related damage. Some Cambridge insurers may cover only 25% of the replacement cost for roofs that are old enough to need repairs or replacement
  • Swimming pool: Swimming pools put you at risk of a lawsuit since they increase the likelihood of injuries. Liability claims will increase your premiums.  
  • Alarms: Fire and security alarms will factor into your premium, as they both mitigate potential losses. If an outside service monitors them, your premium will be even lower. 

What's the average cost of home insurance in Cambridge? 

Cambridge is part of a larger municipal area that includes Kitchener and Waterloo. The average price for home insurance in 2022 was $1,081.40 per year — far cheaper than the provincial average by 27% and even lower compared to the most expensive cities in the province for home insurance. 

The chart below compares Cambridge to other regions. It shows that rural areas and smaller cities pay much more for home insurance due to several factors. Crime rates outside of the GTA tend to be higher, and these regions are also more prone to tornadoes, forest fires, and flooding.

Home insurance in Ontario comparison

City Avg. 2022 annual premium % difference compared to Cambridge
Cambridge $1,081.40 -
Ontario $1,487 +27.3%
Lasalle $2,411 +122.9%
Windsor
$2,139.47 +97.8%
Hearst $2,046 +89.1%
Keewatin $2,033 +88%
Fort Francis $2,023 +87%

How RATESDOTCA finds the best home insurance in Cambridge

RATESDOTCA works with home insurance companies and brokers in Cambridge to provide you with a broad selection of quotes. We quickly collect your information and use it to generate the best offers from each of our partners. Our service is fast, easy and free to use.

By comparing Cambridge 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 property.

Which companies offer home insurance quotes in Cambridge?

Company Company type Phone number Address
ALIGNED Insurance Inc. Insurance broker 1-866-287-0448 380 Jamieson Pkwy #11, Cambridge, ON N3C 4N4
Billyard Insurance Group Insurance broker 1-519-747-7766 366 Hespeler Rd Unit 13, Cambridge, ON N1R 6J6
Conestoga Insurance Brokers Home insurance agency 1-519-653-1134 731 King St E, Cambridge, ON N3H 3N8
Gore Mutual Insurance Co. Insurance agency 1-519-623-1910 252 Dundas St N, Cambridge, ON N1R 5T3
InsuranceHotline.com  Quotes comparison 1-855-821-7312 225 King St W, Suite 1000 Toronto M5V 3M2
Josslin Insurance Insurance broker 1-519-621-9121 26 Colborne St, Cambridge, ON N1R 1R2
LowestRates.ca Quotes comparison 1-855-487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
RATESDOTCA Quotes comparison 1-844-726-0907 225 King St W, Suite 1000 Toronto M5V 3M2
Rock Insurance brokers Insurance agency 1-866-621-6550 14 George St N, Cambridge, ON N1S 2M8
Scoop Insurance Insurance broker 1-866-456-6620 22-300 Lincoln St, Welland, ON L3B 4N4

How to get the cheapest home insurance in Cambridge 

Getting cheap home insurance in Cambridge is easier than you might think. You can start by asking your insurance provider about discounts they have, but with a little investigation, you can save a whole lot more. Here are some examples of how you can do that: 

  • Comparison shop – This is probably the best place to start to find cheap Cambridge home insurance. Sites like RATESDOTCA can quickly compare the cheapest rates from the top providers in your area. It’s free, simple, and fast.  
  • Bundle services – Cambridge home insurance providers will reward you for your loyalty and repeat business. That’s why the more services you bundle from one provider, the more you can save on an entire policy package. Some providers will give you discounts between 20% and 25%.  
  • Update alarm systems – A home without an alarm system or an outdated one can invite theft and increase your risk exposure. Updating your alarm system (or getting one if you don’t have one) to a monitored system reduces the risks of theft or vandalism, which can help you save between 5% and 10% on your policy.  
  • Increase deductibles – Deductibles are the money you will pay out-of-pocket before the insurance company pays you on a claim. The more you agree to pay upfront, the less of a risk you are to your Cambridge insurance company, which can help save you money.  
  • Upgrade your home – Renovating or upgrading old systems, such as piping or out-of-date wiring, can help save you money. As a result, you are reducing the risk of flooding or fires, and your insurer will reward your efforts. However, renovating can also raise your insurance if you make expensive additions requiring even more insurance.  
  • Apply for a discount – Cambridge home insurance companies will offer discounts to some associations or union members. Retirees can also receive discounts. Reviewing your policy annually is good practice and an excellent time to ask your provider about any new discounts you are eligible for. 
  • Get rewarded for your loyalty – Loyalty can come with rewards. Ask your Cambridge home insurance provider about loyalty discounts.  
  • Keep your credit score high – Home insurance companies in Cambridge will lower premiums for people with a good credit score. A lower score identifies you as a responsible customer who pays bills and is likely a minimal risk overall. 

How to get Cambridge home insurance

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What risks do homeowners face in Cambridge? 

Home insurance throughout Canada can have similarities and basic coverage. However, there are still differences in climate, geography, infrastructure, and housing stock, to name just a few, which contribute to the overall risk level of a region. This contributes to the cost of a policy and means that rates vary a lot by region.  

Some risk factors that Cambridge homeowners should look out for include: 

  • Freezing temperatures. Canadian winters can cause extensive damage to pipes, causing them to freeze and burst.  
  • Flooding and water damage. Cambridge sits along the Grand River system and has a history of flooding. Also, heavy snowfall can do damage to roofs and other structures. Snow thawing can be equally threatening, especially to homes with basements.  
  • Sewage pipe backup. A home's pipes can get clogged or backed up if the main sewer lines become clogged. This can do significant damage to a home.  
  • Attic rain. Hot and cold weather can cause freezing in the winter and melting in the spring. The resulting water then trickles into the rest of your home, causing stains, structural damage, leakage around electrical fixtures and black mold.  

Typical home insurance in Cambridge will cover your personal belongings (appliances, home furnishings and some electronics) and protect you from personal liability if you're sued by someone who injured themselves on your property.  

Certain perils are also covered by standard insurance policies, including:  

  • Fire  
  • Lightning  
  • Water damage  
  • Wind  
  • Aircraft or vehicle impact  
  • Explosion  
  • Smoke (caused by cooking devices or heaters, but not fireplaces)  
  • Theft and vandalism (such as broken windows)  
  • Falling objects (except if caused by an earthquake, landslide or snowslide)  

There are some perils that standard Cambridge home insurance policies won't cover. In these cases, add-on protection may be available at an extra charge. Non-standard coverage you can purchase include:  

  • Insurance for renting all or part of your property to long or short-term tenants or guests.  
  • Liability for clients or customers visiting a home-based business.  
  • Natural disasters, such as earthquakes and landslides.  
  • Some water damage, such as sewer backup and flooding from overland water.  
  • Some winter weather issues, such as damage to the outside of your home caused by freezing and water damage due to frozen or burst pipes.  

Insurance companies don't cover the following scenarios under any circumstance:  

  • Injuries or damage caused either intentionally or by illegal activity.  
  • Damage caused because basic measures of protection and maintenance weren't taken.  
  • Damage from insects and rodents. 

Frequently asked questions about Cambridge home insurance 

Have more questions about home insurance? We'll answer some of them here.

Do high Cambridge real estate prices affect the cost of home insurance? 

The short answer is no. Cambridge home insurance providers do not consider real estate prices in the area. Insurance companies are more concerned with the risks they face and the home's replacement value. 

Which company offers the cheapest Cambridge home insurance?

Home insurance in Cambridge is personal and reflects the individual needs of the particular homeowner. As a result, each person's needs will dictate the price, rather than one company offering the best overall price. 

That's why it's best to comparison shop on sites like RATESDOTCA, where you can receive estimates for the cheapest rates from the top providers in Cambridge. It's that easy. 

How do I save on Cambridge home insurance?

There are many ways to save on Cambridge home insurance. One of the best ways is by comparison shopping on sites like RATESDOTCA. RATESDOTCA will collect your information and use it to generate the top offers from each partner. It is fast, reliable, and free to use. 

Other methods include bundling your insurance (home and auto, for example) under one provider. Some insurance companies offer discounts to members of certain alumni associations or unions. Increasing your deductible and enhancing your credit score can also help you receive a better premium on your Cambridge home insurance policy. 

Updating things like your home alarm systems or old wiring and pipes can help reduce your premiums since you're reducing the likelihood of needing to file a claim. 

How do Cambridge home insurance claims work? 

Your Cambridge insurers use pooled insurance premium payments to pay for the damages and costs associated with your claim. However, you'll have to pay a deductible before the insurer covers those costs. This preset amount comes out of your pocket before any money is paid to you. Most home insurance deductibles range from $500 to $2,000. They are decided when you sign off on your contract with the insurance company. So, this charge shouldn't come as a surprise when making a claim. 

Here's how to start a claim: 

  • Call your insurer immediately (or as soon as possible) after the incident. Most providers have a 24-hour claims service. 
  • Deliver as much information to your insurer as you can and be detailed. Photos help, so be sure to produce some. 
  • If your home is uninhabitable, talk to your provider about the expenses you may be eligible for and how long the eligibility will last. For this to work, keep all your receipts and invoices generated during your time away. 
  • A claims adjuster will contact you to gather all the facts regarding your loss and let you know the next steps. 
  • Your provider will ask you to complete a proof of loss form. Be as truthful as possible; otherwise, your claim may become void. 

When you buy insurance, make sure you know what it covers. This will reduce the number of curveballs thrown your way when a real-life setback happens. Your settlement amount is contingent on your policy's limits. 

Is fire covered under my Cambridge home insurance policy?

Fire is a peril that is generally covered under standard home insurance policies. You can also increase your coverage if you have high-value items like jewelry or fine art in your home. 

How can I get vacant home insurance in Cambridge? 

Two potential routes to purchase vacant home insurance in Cambridge include: 

  • Buying a new policy 
  • Adding an endorsement (optional coverage) to an existing policy, thereby increasing your current coverage 

A new policy might be your best route if you know your property will be vacant for an extended period – say a year or more. However, an endorsement added to an existing policy may be enough for your vacant property if the property is empty for a short time, say between renters or temporary vacancies. 

If you will be away from home for 30 days or more, your home is considered unoccupied, not vacant. Talk to your insurance provider before you leave; they can extend your coverage to match your schedule. In return, they may also request that someone you trust checks in on the property while you're away. 

*Shoppers in Ontario who obtained a home insurance quote on RATESDOTCA from January to December 2022 saved an average amount of $500. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

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