The Best Home Insurance in Niagara Falls

Home insurance in Niagara Falls

Niagara Falls, located in southern Ontario on the United States border, is a mecca for tourists, selfie-takers and honeymooners. That means it is also a place for many people to live and work serving those industries. Being along the Great Lakes, Niagara Falls also has its share of severe weather to contend with.

Home insurance is not mandatory in Ontario but is required from lenders offering mortgages to customers. Even if lenders didn’t require it, it makes ultimate sense to purchase home insurance for your property and protect yourself from liabilities and expensive damage, theft or vandalism.

Types of home insurance in Niagara Falls

There are three basic types of home insurance you can purchase. Insurance providers may market each differently, but they’re generally described as outlined here and are the most common types to choose from:

• Basic –The basic package protects Niagara Falls homeowners from named perils in their policy. This can mean things like fire, theft and vandalism. However, this package offers the least amount of coverage available and, as a result, tends to be the least expensive. It is sometimes called a ‘named perils’ policy.
• Broad – Broad home insurance policies protect homeowners in Niagara Falls from named perils and named perils for contents within the home. It is sometimes referred to as a ‘standard’ policy.
• Comprehensive – The greatest amount of coverage available; this protects the home against all perils to the home and its contents. It is often referred to as an ‘all perils’ policy. Because it is a comprehensive package, it is usually the most expensive policy to get.

Property coverage

Home insurance offers protection for your home's structure and its contents. Here's what that entails:

• Property and building – This coverage protects Niagara Falls homeowners from damage to both the structure(s) on their property and the property itself. Protected incidents can include fire, theft and water damage, among others. Not all structures on your property may be covered under this policy, like a shed or guest house. It’s important to consult your insurer if anything is unclear.
• Contents and personal property Contents and personal property coverage protects your possessions, such as furniture, clothing and sports equipment, against theft and vandalism – essentially all the contents within your home. Some more expensive items, like fine art and expensive jewelry, may not be protected under a standard policy. Excluded items can be protected with additional coverage or add-ons.
• Additional living expenses – Certain weather events or man-made disasters can leave you displaced from 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 cost of the room and food up to a certain amount. Check with your provider to see how much is covered and if it is capped after a certain point.

Liability coverage

Not everyone's aware that home insurance also protects your liability in some scenarios. Here's what that entails:

• Personal liability – Accidents happen, and if someone is hurt unintentionally or there is third-party damage while on your property, this coverage provides protection against liability. The default on most home insurance plans for personal liability is usually $100,000 for Niagara Falls homeowners, but it is recommended homeowners have coverage for as high as $1,000,000. Depending on your policy, this can go as high as $5,000,000.
• Voluntary medical payments – Medical payments can reach very high levels if you unintentionally injure someone or someone accidentally injures themselves on your property. This coverage will pay for the medical expenses for up to one year from the date of the accident. Insurers in Ontario offer coverage for Voluntary Medical Payments that typically range between $5,000 – $10,000, and there is no deductible.
• Voluntary property damage – Unintentional damage or loss that you cause to someone’s property can also hit your wallet hard. This will cover that and also covers unintentional loss or damage to someone else’s property by a minor (12 years or under) in your care. Most insurance companies in Ontario set their limits for Voluntary Property Damage at $1,000; however, this will vary according to insurer and policy and often goes as high as $6,000.

Add-ons to home insurance coverage in Niagara Falls

Niagara Falls Homeowners may want additional protection beyond what standard insurance policies offer. To do so, you may want to consider talking to your insurance provider about so-called add-ons, officially known as 'endorsements' or 'riders.'

These are some of the most common home insurance add-ons that you can add to your home insurance policy:

• Overland water – Although not every carrier offers this add-on, if your insurer does, it covers property damage from overflowing water from nearby rivers, streams, lakes and thawing snow.
• Sewer back-up – Protects your home when a main sewer backs up and causes damage.
• Earthquake – Niagara Falls is not known for its earthquakes, so your home insurer may not provide protection for it. People on the West Coast, where earthquakes are more common, may want to consider this protection.
• Mass evacuation – Evacuations are rare and only occur in the most extreme situations like wildfires or government orders. This add-on pays for some of the expenses you incur while being away from your home.
• 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.

How much insurance coverage do I need for my Niagara Falls home?

The amount of home insurance coverage you need in Niagara Falls is a personal choice that will depend on your circumstances and requirements. If you live in an area prone to some perils — like floods, forest fires, or tornadoes — you may need more insurance than someone living in a less risky area.

The size of your home, how much it costs to rebuild it, and its contents will also determine how much home insurance in Niagara Falls you will need. Talk to your broker or agent about how much coverage is right for your situation.

How much does Niagara Falls home insurance cost on average?

Home insurance in Niagara Falls is on the middle to lower end of the spectrum in Ontario. At an average annual rate of $1,308, the price is 13.7% below the provincial average of $1,487.

The most expensive city in Ontario for home insurance is Lasalle, with an annual average of $2,411. That’s more than 84% higher than people in Niagara Falls pay.

Home insurance rates reflect various factors, including location, crime rates, weather, age of the home and so on. In Niagara Falls, the 2022 crime severity index score of 54.7 decreased from its 2021 index score of 56.2, and it's below the 2022 Municipal Benchmarking Network Canada median of 71.3, which is one reason the rates may fall so much lower than the provincial average.

How to get the cheapest Niagara Falls home insurance

The ability to get cheap home insurance in Niagara Falls shouldn’t be daunting. It can be quite easy, and with a little investigation, you can save a whole lot. Here are some examples of how you can do that:

• Comparison shop – It all starts with seeing what’s out there and comparing quotes. Sites like RATESDOTCA can quickly compare the cheapest rates from the top providers in your area. It’s free, simple, and fast.
  
• Bundle services – Niagara Falls home insurance providers want your business and will offer deals to you. That’s why the more services you bundle, like home and auto, 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 – Because Niagara Falls home insurance providers measure risk, an outdated alarm or no alarm can be a concern for them. 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 present to your Niagara Falls 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 you will be rewarded for your efforts. Renovating, however, can also add costs to your insurance if you make expensive additions requiring even more insurance.
  
• Apply for discount – Niagara Falls home insurance companies will offer discounts to members of certain associations, seniors or unions.  Reviewing your policy annually is good practice and also a good time to ask your provider about discounts you are eligible for.
  
• Get rewarded for your loyalty – Being a long-time customer to one service provider can come with benefits. Stay claims free, and the discounts can be even higher. Ask your Niagara Falls home insurance provider about loyalty discounts.
  
• Keep your credit score high – Home insurance companies in Niagara Falls 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.