Get Cheap Home Insurance in Niagara Falls

How home insurance in Niagara Falls works

Located on the western bank of the Niagara River in the Golden Horseshoe region of Ontario, Niagara Falls has been a major tourist destination for over a hundred years – with the main attraction being the waterfalls themselves. It also helps that the city sits right next to the US-Canada border, allowing tourists to flow in and out freely. Speaking of which – yes, the US does have its own Niagara Falls city, located right across the border in the New York state, but that’s not the city we’ll be talking about here.

According to the 2021 Canadian census, the population of Niagara Falls, Ontario, is 94,415 – about 30% smaller than its immediate neighbour, the city of St. Catharines, which has the population of 136,803.

Despite attracting so many tourists, home insurance in Niagara Falls remains relatively cheap (more on that below), which is likely due to its relatively mild climate and Niagara Region’s relatively low crime severity index. Real estate prices are also relatively affordable – by Ontario standards – making it a good place to settle down.

So, if you’re planning to take out a mortgage for a home in Niagara Falls, you might want to look into home insurance first. Though it’s technically not mandatory in Ontario, most mortgage lenders won’t work with you unless you have one. With that in mind, here’s what you need to know about home insurance in Niagara Falls:
 

Types of home insurance in Niagara Falls

There are four major home insurance types, which differ mainly by the amount of coverage they offer, and by price. As you might expect, more coverage means higher costs – and vice versa.
 

• Basic: Also known as ‘named perils,’ this is the cheapest coverage type you can get, and as such, it’s incredibly limited. It protects your property and its contents only against the perils listed in the policy. If a peril is not listed, then you’re most likely not covered for it.
• Broad: This is a very middle-of-the-road of coverage. With it, you get comprehensive coverage for your property, which protects it from all perils other than the ones listed in the policy. In this case, a peril is not listed, then the property is protected from it. Be aware that when it comes to your possessions, they are only protected from the perils named in the policy, same as under the basic coverage.
• Comprehensive: Also known as ‘all perils,’ this is your full coverage. It protects both your property and possessions from all perils, aside from a few named exclusions. If a certain peril such as overland flooding is named as an exclusion, then you’re not covered for it. This is the most expensive type of home insurance you can purchase in Niagara Falls. Even so, it does not include everything.
• No-frills: This coverage is even more stripped-down than the basic one and is meant for special cases only. If your home is old, for instance, and very likely to suffer damage due to old plumbing or poor structural integrity, then it may not qualify for regular insurance, such as basic, broad or comprehensive. No-frills coverage offers protection for such homes. It is especially useful when you’re required to purchase insurance for mortgage purposes. It should be temporary, however, until you fix the issues that disqualify your home from proper coverage.

What gets covered

Regardless of whether you go with basic, broad or comprehensive coverage, it must cover these four things:
 

• Property: This includes all the structures on your property, such as the home itself as well as outbuildings and backyard decor. The covered perils will depend on your policy – whether it’s basic, broad or comprehensive. Consult with your insurer to make sure every building on your property is covered.
• Contents: This entails your personal belongings, such as furniture, electronics, clothing and similar items. Note that some possessions may be too expensive to be covered by regular insurance, even if you buy a comprehensive policy. Items like pricy artwork, jewelry and collectibles may require policy add-ons to be fully protected. Do an inventory of everything you own and consult with your insurer to see if all your items are covered.
• Additional living expenses (or ALE): Should you become temporarily displaced due to an insurable peril, this will cover the cost of your living expenses. For instance, if you’re forced to live in a hotel, your insurer may pay for your room, travel and groceries for the duration of your displacement (or up to a certain amount). This also includes your displacement due to a mandatory evacuation order. In 2023, for instance, close to 200,000 Canadians were displaced as a result of wildfires.

Liability coverage

Your liability coverage should encompass the following:
 

• Personal liability: This will protect you if someone gets accidentally injured on your property. The coverage amount ranges from $100,000 to $5,000,000, depending on how much you’re willing to pay.
• Medical payments: If you unintentionally injure someone on your property, this will pay for the medical expenses for up to a year – from the date of the injury. Your coverage can be as low as $1,000 or as high as $10,000.
• Property damage: If you (or a minor in your care under the age of 12) cause unintentional loss or damage to someone’s property (such as your neighbour’s), then this will cover the costs. The coverage can be between $500 and $6,000.

Commonly covered perils

Here are some of the most commonly covered perils by home insurers in Niagara Falls:
 

• Fire: Should your home or possessions catch fire, this will pay for replacing, rebuilding or repairing whatever ends up damaged or lost. But since losing your home in a fire is incredibly inconvenient (and dangerous), see these tips on how to avoid home fires.
• Water damage: Most policies don’t fully cover what some might see as ‘water damage.’ What they do cover is damage to your home or possessions, if caused by water from indoor plumbing, heating, air conditioning, sprinkler or a similar indoor or outdoor appliance. Damage from sewer back-up or overland flooding is normally not covered. Talk to your insurance agent or broker to make sure you know what’s covered.
• Lightning: If lightning were to strike your home and damage some of your appliances or electronics, this will pay for their replacement or repairs.
• Theft and vandalism: If your home gets robbed or vandalized, your insurance will pay to rebuild, repair or replace whatever has been damaged or stolen. If you want to protect your home from theft altogether, consider taking these steps.
• Hail and wind: Severe wind or hail can damage both your home and possessions. Your insurance will cover the cost of repairing, rebuilding or replacing whatever ends up damaged or lost. It will also cover the damage caused by flying debris or falling trees, if caused by wind or hail.
• Falling objects: If an object falls from the sky, such as a spacecraft, onto your property and damages either the home itself or your possessions, this will pay for the necessary replacements and/or repairs. Note that objects moved by landslides or snowslides are usually not considered to be ‘falling objects.’ Consult with your insurer to make sure.

How much is home insurance on average in Niagara Falls?

According to the 2022 RATESDOTCA Insuramap data, the average premium in Niagara Falls is $1,325 per year, or about $110 per month. This is roughly 8% below Ontario’s annual average premium of $1,427, making Niagara Falls one of the more affordable places for home insurance. It is a little pricier than St. Catharine’s annual average of $1,263, but not by much.

According to the Niagara Regional Police’s crime map, there are very few property-related crimes being committed in the city. Overall, crime has been in decline in the last few years, so while it is a factor, it isn’t the biggest one.

Niagara Falls does occasionally endure floods and severe weather, including winter storms and heavy rain, which may add to the premiums – but nothing that makes insuring a home too risky.

Note that the above estimated averages are all based on the profile of a 45-year-old homeowner, who has been insured for at least 10 years and lives in a 2,500 sq ft house with brick veneer, wood frame construction, natural gas heat, a roof that is 10 to 15 years old and has the maximum available coverage for water protection. This means that your own premium will depend heavily on a variety of factors, so take these averages with a grain of salt.

Niagara Falls home insurance rates by postal code

The cheapest average home insurance in Niagara Falls is $1,274 per year, according to the 2022 RATESDOTCA Insuramap data. This rate can be found in neighbourhoods with postal codes starting with L2J – likely due to it being located in the southwestern corner of the city, away from the waterfalls themselves and other tourist destinations. The second cheapest is $1,315 per year, and it’s associated with the postal codes starting with L2H – which are also far away from the more touristy parts of the city.

Postal codes starting with L2G and L2E have higher rates – $1,357 and $1,354 per year, respectively – with both neighbourhoods sitting amidst all the tourist attractions. It’s possible that the combination of slightly higher crime rates and higher likelihood of flooding is leading to more expensive premiums there. Even so, those premiums are not significantly above the city average and are all below Ontario’s average of $1,427, making Niagara Falls’ home insurance affordable across the board.

Comparing Niagara Falls home insurance against other cities in Ontario

When compared to other cities in Ontario, Niagara Falls is on the lower end in terms of home insurance prices. For comparison, in 2022, LaSalle had the most expensive average annual premiums, according to the RATESDOTCA Insuramap – at $2,411, which is 82.0% above Niagara Falls’ average. Ajax, on the other hand, had the cheapest annual average that year – at $1,068, which is 19.4% below Niagara Falls’. But no matter how you slice, Niagara Falls’ premiums are in a good place when it comes to affordability.

Top Niagara Falls home insurance companies