Importance of Home Insurance in Cambridge ON
Cambridge is a thriving city with a strong arts community, a sustainable business climate, and a connection to the country's Technology Triangle that attracts young professionals and families to the area each year. With a population of 134,495 living in a 113-kilometer area, there are a lot of people who would benefit from home insurance in Cambridge ON.
Cambridge has a total of 51,270 households, with nearly 69% of those owned by the residents. Only 24% of existing homes in Cambridge have been built since 2001, while 28% of homes were built before 1960. Homes in the area have an average value of $690,000. The age and high appraisal value of existing homes underscore the need for home insurance to protect these valuable assets.
Cambridge is known as a great place to live, and its crime rate is well below the national average. However, its property crime rate is above the average for the rest of Ontario. This includes crimes such as vandalism and theft. The area also experiences an above-average number of rainy days for seven months each year, as well as snow and freezing temperatures for more than five months annually.
Expensive properties, older homes, property crimes and severe weather are important factors in the decision to acquire home insurance in Cambridge ON. Consider protecting your home, which is likely your most expensive asset, and ensure your financial stability in the event of an unforeseen disaster.
Learn About Home Insurance Options
Homeowners insurance policies are highly customizable. While the basic policies all offer specific types of coverage, you can add options to afford a higher level of protection depending on your individual needs.
Protection For Your Dwelling
Protection for your home's structure is one of your homeowners policy's basic coverages. This type of protection extends to the building's roof, walls, and foundation. It may also cover additional attached structures, such as decks and garages.
Protection For Other Structures
Most home insurance policies provide coverage for other structures on your property, such as fences, tool sheds, and detached garages.
Personal Property Coverage
In addition to the structures on your property, the possessions within your dwelling are covered by most policies for home insurance in Cambridge, ON. Furniture, electronics, artwork, jewelry, clothing, and other items are likely protected from damage or destruction by a peril that is covered by your policy. In addition, you can buy extended coverage for more expensive items that exceed your policy limits.
Liability Coverage
Liability policies provide protection when someone is injured on your property, covering their medical costs and any legal expenses if you are sued for damages. A personal umbrella policy may also be used to increase your coverage beyond your policy's initial limits.
Additional Insurance Options
It's important to note that not every hazard is a covered event under your home insurance policy. Your insurance broker can help you to find additional insurance options to add to your policy to ensure protection against perils that are not already covered.
If you live in an area prone to flooding, you should consider flood insurance. If you own expensive pieces of artwork, jewelry, musical equipment, or other items of high value, you should consider policy endorsements to extend your limits for high-dollar items.