Home Insurance Cambridge
Cambridge has so many great neighbourhoods with their own unique beauty. Some include: East Galt, Silver Heights, Preston Centre and St Andrews.
Home Insurance in Cambridge, Ontario
The entire Waterloo region has experienced great real-estate growth just like the Greater Toronto Areas. Families who didn’t want to purchase a condo began looking at Cambridge to secure a townhouse or fully detached for a similar price to a downtown condo. Because of this, more and more people began buying up the GTA, Cambridge, Kitchener, Waterloo etc. making it much more expensive than before. According to Remax, the average price in 2007 was around $252,000 and rose 81% to $457,000 in 2017! It was the third highest increase right after the GTA and Hamilton-Burlington.
What Does High Home Prices Mean for Home Insurance Rates?
Well, lucky for those early home buyers, your homes resale price has little to do with your home insurance cost! When calculating the insurance cost for your Cambridge home, insurance companies want to know how much it would cost to put you back to the position you would be prior to the loss. This is called “The Replacement Cost” of your home.
Assume your house burned right down to the ground (No human or pet was injured). What would be the cost to build that same house up? How much would the construction materials cost, the labour etc. Your house may have a resale cost of $700,000, but the actual house on top of the land costs about $300,000 to replace.
This is great news, last thing we would want is for our home insurance rates to increase as fast as the real estate market did. It would bankrupt us all.
How to get the lowest Homeowner’s Insurance rates in Cambridge?
Always remember, price is very important when it comes to home insurance, but it is not “the most important” factor when shopping for coverage. Most insurance companies will have similar rates if you are comparing the house insurance coverages correctly. The best way to shop for these rates is by selecting an insurance broker and having him/her compare the coverages or by doing the research yourself.
Always be transparent with the insurance company. They need to know the accurate details of your house to get an accurate price and correct coverage. If you have custom finishings in your kitchen, mention it so that is included in your coverage. Have a finished basement? Include that information as well.
Due to all the recent whether related claims and general losses in Canada, home insurance companies have become more strict with their underwriting. This means they are more “picky” with which risks they choose to insure and may deny to offer certain coverages for some areas.
This is where a Cambridge insurance broker can help. Ambroziak & Rao has been insuring Cambridge homes for the last decade. We deal with Canada’s largest insurance companies and know which coverage is best suited. We provide you with free competitive quotes and make sure you have the right coverage for your property and contents all at a great price.
If you would like to speak to one of our brokers, call (416) 803-2113 and see how much you can save or email email@example.com and someone will promptly reply. You may also fill in the form below. We look forward to speaking with you!