About Home Insurance and Living In Hamilton
Located in the Golden Horseshoe along Lake Ontario, Hamilton is one of the largest metropolitan regions in the province. The city has a population of over 536,000 and a CMA of about 750,000.
The city is known for its unique combination of industrial companies, post-secondary institutions, and historical sites. People love how the Niagara Escarpment runs through the city. This has created walking trails, waterfalls, conservation areas and scenery. The result is a diverse cityscape and unique neighborhoods
Hamilton is an ideal location for commuters. You are on the cusp of the GTA, and directly in the middle between Toronto and Niagara, a reason why many people chose to live in the area. Housing prices also tend to be more affordable than other cities in the GTA.Hamilton is an ideal location for commuters. You are on the cusp of the GTA, and directly in the middle between Toronto and Niagara, a reason why many people chose to live in the area. Housing prices, including how much it is for insurance, also tend to be more affordable than other cities in the GTA.
Comparatively, rates are more affordable than other large cities in the province. But it’s still important to consider the local risks that exist in the city. The risks of floods, extreme winter weather and storms, and even earthquakes have been known to occur in the region. These factors as well as your dwelling type can all impact your premiums.
Whether you live in live close to the escarpment, near the university, on the upper or lower side of the mountain, we can help you find the right insurance for your home for a great rate.
Here is a breakdown of the number and types of dwellings in the region :
|Type Of Dwelling
|Number of Private dwellings
||Single detached houses
|Apartment buildings 5+ stories
|Apartment buildings with less than 5 stories
Hamilton Home Expenses And Insurance
Housing prices are on the rise, something that is affecting insurance. More expensive homes naturally cost more to insure. Here are some of the estimated expenses and some information about owning a property in the city.
|Average Home Cost
||$722,000 (Feb 2020)
||Property Taxes on $500K House
|Residential Property Tax (2020)
|Average Household Income