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The Best Home Insurance in Niagara Falls

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Written By Joel Kranc

Contributing writer

Updated

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.

What is not covered by Niagara Falls home insurance

Home insurance in Niagara Falls is an important part of protecting your most valuable assets. While some things you can purchase as add-ons, there are others you can’t purchase at all. Here’s what they are:

  • Flooding – Flooding is not generally covered in standard Niagara Falls home insurance policies, whether it's due to sewer back-up or overland flooding. You can purchase overland flooding insurance as an endorsement. However, if you live in a flood plain, your insurer might restrict how much coverage you can access.
  • Earthquake or landslide – Neither earthquakes nor landslides are covered by regular insurance, including comprehensive insurance. However, you can get this coverage as an add-on, though these perils are less of a concern in Southern Ontario.
  • Mould – Mould is an event you can often control with the right preventative maintenance and diligence. For instance, if you realize that the air in your home is humid enough to cause mould or there are known water issues in your home, you can take the necessary steps to resolve the issue. That’s why home insurance does not cover mould. It's an expense you’ll have to deal with on your own.
  • Pest infestation – Your responsibility is to keep your home clean and free of bugs, termites, or other pests. 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 – If you purposely damage your own property or its contents and file a claim for it, you will not be covered. This is, in fact, considered to be insurance fraud, so don’t do it.
  • Intentional injuries to guests – If you intentionally hurt a guest in your home, your liability coverage will not protect you.
  • Rental – If you decide to rent out your property (or a piece of it) to someone else, be sure to consult with your insurer, as you may need to purchase more coverage in the form of landlord insurance.

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.

Recent home insurance quotes in Niagara Falls

Recent Home Insurance Quote from Niagara Falls, ON
Detached 3,016 sq ft
June 14, 2024
Cheapest Quote
$ 166 / month
$1,992 / year
Average Quote
$ 244 / month
$2,928 / year
Savings
$ 78 / month
$936 / year
or
32.00 %
Recent Home Insurance Quote from Niagara Falls, ON
Detached 993 sq ft
June 14, 2024
Cheapest Quote
$ 123 / month
$1,476 / year
Average Quote
$ 155 / month
$1,860 / year
Savings
$ 32 / month
$384 / year
or
21.00 %
Recent Home Insurance Quote from Niagara Falls, ON
Townhouse 1,312 sq ft
June 14, 2024
Cheapest Quote
$ 59 / month
$708 / year
Average Quote
$ 91 / month
$1,092 / year
Savings
$ 32 / month
$384 / year
or
36.00 %
Home insurance quotes are compared from Apollo Insurance, CAA, Economical Insurance, Pembridge, Square One Insurance, and SGI

Factors that affect your Niagara Falls home insurance premium

Niagara Falls insurance providers consider many factors when considering your premiums. Here’s what they are:

  • Replacement cost: Each home in Niagara Falls is unique, with different materials, finishings, and build quality. The cost to rebuild would therefore differ.  So, if your home is big, expensive to build and has lots of contents, it will cost more to insure than a home that is of lesser value.
  • Location: Your neighbourhood matters as well. It comes with its own history and unique circumstances, all of which will affect your premium. The more claims that happen within an insurance territory, the more premiums for those living there increase.
  • Your personal history: Niagara Falls insurance companies will also look at your personal claims history as a measure of your riskiness. 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: The closer you live to a fire hydrant or a fire station, the lower your premium will be. If you live in an urban area, this shouldn’t be a problem since fire hydrants are everywhere, but more of a concern for rural areas.
  • Piping: Older pipes – galvanized or made of lead – have a higher likelihood of leakage or cracking. Many homes in Niagara Falls may still have old pipes, which may increase your premium. If you have the option, go for copper or plastic plumbing, as it’ll be less of a headache down the road.
  • Electrical wiring: If your home has aluminum or knob-and-tube wiring, it’s a fire risk. 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.
  • Roof age: An older roof can't withstand melting snow or wind as well as a new one. That's why it’s important to make sure your roof has been renovated within the last 20 years to prevent roof-related damage and avoid higher premiums. If an insurable peril damages your roof, insurers may cover only 25% of the replacement cost for roofs old enough to need repairs or replacement.
  • Swimming pool: Swimming pools create a higher risk of a liability suit due to a higher chance of injury to your guests. This can increase your premium.
  • Wood stove: Wood stoves have a high chance of causing a house fire, which is why homes with one are surcharged. Your insurer may also want to inspect it for safety. If you plan to install a wood stove, be sure to notify your provider.
  • Alarms: Fire and security alarms will factor into your premium. If they also happen to be monitored by an outside service, your premium will be even lower.

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.

Home insurance in Ontario comparison
City Avg. 2022 annual premium % difference compared to Niagara Falls
Ontario $1,487 +13.7%
Niagara Falls $1,308 -
Lasalle $2,411 +84.3%
Windsor $2,139.47 +63.5%
Hearst $2,046 +56.4%
Keewatin $2,033 +55.4%
Fort Francis $2,023 +54.6%

How RATESDOTCA finds the best home insurance in Niagara Falls

RATESDOTCA works with home insurance companies and brokers in Niagara Falls to provide a broad selection of quotes from the area’s top providers. We quickly collect your information and use it to generate the best offers from each of our partners. Our service is fast, easy and free to use.

By comparing Niagara Falls home insurance quotes from several insurance providers in a single place, you can instantly assess the market and find the best policy to protect your property.

Which companies offer home insurance quotes in Niagara Falls?

Company Company type Phone number Address
Allstate Insurance: Niagara Agency Insurance agency 289-302-0119 3969 Montrose Rd Unit 2, Niagara Falls, ON L2H 3A1
Billyard Insurance Group Insurance broker 905-325-0555 6710 Drummond Rd Unit 8, Niagara Falls, ON L2G 4P1
InsuranceHotline.com Quotes comparison 1-855-821-7312 225 King St W, Suite 1000 Toronto M5V 3M2
LowestRates.ca Quotes comparison 1-855-487-6911 1910 Yonge St. Suite 401, Toronto, ON M4S 3B2
Olsen-Sottile Insurance Brokers Insurance broker 905-357-2140 4307 Queen St, Niagara Falls, ON L2E 2K9
RATESDOTCA Quotes comparison 1-844-726-0907 225 King St W, Suite 1000 Toronto M5V 3M2
Scoop Insurance Insurance broker 1-866-456-6620 22-300 Lincoln St, Welland, ON L3B 4N4
Thompson Insurance Brokers Insurance broker 905-354-6868 4025 Dorchester Rd c7, Niagara Falls, ON L2E 1A3
Verge Insurance Group Insurance broker 905-688-9170 131 Ontario St, St. Catharines, ON L2R 6W2
Youngs Insurance Brokers Insurance broker 905-374-7000 5681 Regional Rd 57, Niagara Falls, ON L2J 1A1

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.

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What risks do Niagara Falls homeowners face?

Canada is geographically diverse, and homeowners' risks vary. Residents of Niagara Falls face certain risks that contribute to the cost of a policy.

Some risk factors that Niagara Falls homeowners should look out for include:

  • Freezing temperatures. If you live in Canada, you know the damage freezing temperatures can do. It can cause extensive damage to pipes, causing them to freeze and burst.
  • Flooding and water damage. Niagara Falls and the surrounding area are no stranger to flash flooding and heavy rains. 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 down into the rest of your home, causing stains, structural damage, leakage around electrical fixtures and black mould. 

Typical home insurance in Niagara Falls will cover your personal belongings (appliances, home furnishings and some electronics) and protect you from personal liability if you're sued by someone injured 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 certain perils that standard Niagara Falls 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. 
  • Certain water damage, such as sewer backup and flooding from overland water. 
  • Certain weather issues in winter include 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.

Frequently asked questions about home insurance in Niagara Falls

Have more questions about home insurance in Niagara Falls? We'll answer some of them here.

Do high Niagara Falls real estate prices affect the cost of home insurance?

Niagara Falls home insurance providers do not consider real estate prices in the area. Insurance companies are more concerned with the risks they face by homeowners and their homes and the home's replacement value.

Which company offers the cheapest Niagara Falls home insurance?

Home insurance in Niagara Falls is determined on a case-by-case basis. As a result, each person’s needs will dictate the price, rather than one company offering the best overall price.

That's why it's best to comparison shop on sites like RATESDOTCA, where you can receive estimates for the cheapest rates from the top providers in the time it applies for a single quote. It’s that easy.

How do I save on Niagara Falls home insurance?

One of the best ways to save on Niagara Falls home insurance is by comparison shopping on sites like RATESDOTCA.

RATESDOTCA will collect your information and use it to generate the top offers from each partner. It is fast, reliable, and free to use.

Other methods include bundling your insurance (home and auto, for example) under one provider. Some insurance companies offer discounts to members of certain alumni associations, seniors or unions. Increasing your deductible and enhancing your credit score can also help you receive a better Niagara Falls home insurance policy premium.

Updating things like your home alarm systems or old wiring and pipes can help reduce your premiums since you're reducing the likelihood of needing to file a claim.

How do Niagara Falls home insurance claims work?

Your Niagara Falls insurance uses pooled insurance premiums to pay for the costs associated with your claim. However, before the insurer covers those costs, you'll have to pay a deductible – a preset amount that comes out of your pocket before you receive a settlement. Most home insurance deductibles range from $500 to $2,000 and are decided when you sign off on your contract with the insurance company. So, this charge shouldn't come as a surprise when making a claim.

Here's how to start a claim:

  • Call your insurer immediately (or as soon as possible) after the incident. Most providers have a 24-hour claims service.
  • Deliver as much information to your insurer as you can and be detailed. Photos help, so be sure to produce some.
  • If your home is uninhabitable, talk to your provider about the expenses you may be eligible for and how long the eligibility will last. For this to work, keep all your receipts and invoices generated during your time away.
  • A claims adjuster will contact you to gather all the facts regarding your loss and let you know the next steps.
  • Your provider will ask you to complete a proof of loss form. Be as truthful as possible; otherwise, your claim may become void.

When you buy insurance, make sure you know what it covers. This will reduce the number of curveballs thrown your way when a real-life setback happens.

Is fire covered under my Niagara Falls home insurance policy?

Fire is one of the perils that is generally covered under all standard home insurance policies. You can also increase your coverage if you have high-value items in your home, such as jewelry or fine art.

How can I get vacant home insurance in Niagara Falls?

Two potential routes to purchase vacant home insurance in Niagara Falls include:

  • Buying a new policy
  • Adding an endorsement (optional coverage) to an existing policy, thereby increasing your current coverage

A new policy might be your best route if you know your property will be vacant for an extended period – say a year or more. However, an endorsement added to an existing policy may be enough for your vacant property if the property is empty for a short time, say between renters or temporary vacancies.

If you're going to be away from home for 30 days or more, your home is considered unoccupied, not vacant. Talk to your insurance provider before you leave; they may be able to extend your coverage to match your schedule. In return, they may also request that someone you trust checks in on the property while you're away.

*Shoppers in Ontario who obtained a home insurance quote on RATESDOTCA from January to December 2023 saved an average amount of $360. The average savings amount represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by RATESDOTCA. Excludes tenant and condo insurance.

Joel Kranc ,
Writer

Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.

He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.

He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."

Education
  • Master's of Political Science, University of Toronto
Featured in
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  • Institutional Investor
  • Plan Sponsor Magazine
  • Global Finance Magazine
  • Infrastructure Investor
  • Private Equity Investor
  • The Globe and Mail
  • Fund Directions Newsletter
  • BenefitsPRO
  • HR Professional
  • Advisor's Edge
  • Institutional Investor
  • Employee Benefit Advisor
  • Investing in Infrastructure Magazine (i3)

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