Get the Best Home Insurance in Cambridge

Jump straight to:

• Home insurance in Cambridge
• Types of home insurance in Cambridge
• Add-ons to home insurance coverage in Cambridge
• What is not covered by Cambridge home insurance
• How much insurance coverage do I need for my home in Cambridge?
• Recent home insurance quotes in CambridgeWhat's the average cost of home insurance in Cambridge?
• Home insurance in Ontario comparison
• How RATESDOTCA finds the best home insurance in Cambridge
• Which companies offer home insurance quotes in Cambridge?
• How to get the cheapest home insurance in Cambridge
• How to get your Cambridge home insurance
• What risks do homeowners face in Cambridge?
• Frequently asked questions about Cambridge home insurance

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. 

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. 

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. 

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.