4.9
4.9/5
50+ Ratings on Google!

Niagara Falls Home Insurance

3 minutes can save you hundreds. Enter your postal code below and join thousands of Canadians saving on home insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

How to Compare Home Insurance Quotes with MyChoice

Comparing home insurance quotes with MyChoice is as simple as it gets:

Share Your Home Insurance Needs

Tell us what you want out of your home insurance.

Shop for the Best Deals​

Compare home insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

Recent Quotes From Our Users

Monthly PremiumsDate & TimeQuote TypeAgeGenderPostal Code
$106.58May 21, 2024, 07:11 AMAuto69FemaleL2R6P9
$46.95May 21, 2024, 10:07 AMHome44FemaleL6Y0E8
$24.71May 21, 2024, 12:42 AMTenant25FemaleK8N3P9

How MyChoice Works

0

Canadians

have compared rates and saved money over the last 24 hours
Leah D
Leah D
July 19, 2023
I was able to get a tenant insurance quote and a car insurance quote for my Jeep on the same day, in the same place, super fast and convenient, less than 10 mins! Would use again and would absolutely recommend
Imaan Pirani
Imaan Pirani
July 13, 2023
Got a great quote for my Camry and to my surprise was able to purchase online... They passed all my information to the companies website automatically and it made the process a breeze!” Highly recommend
David Ifejika
David Ifejika
July 13, 2023
I was shopping around for car insurance and a friend suggested that I try MyChoice to help find the least expensive insurance for my partner and I. It was very reliable, straightforward and user friendly. It made finding new car insurance easy!”
Ty Warner
Ty Warner
July 12, 2023
I was able to bundle my home and auto insurance with My Choice. Getting a quote for both was pretty quick, once I had done my auto portion I had the option to easily check my home insurance too so that was ideal!
John Doyle
John Doyle
July 7, 2023
Recently closed on a place in Markham and was able to get a great home insurance quote in minutes with MyChoice. Purchased online through square one right on closing day!
Tim Borgstädt
Tim Borgstädt
July 4, 2023
I don’t always shop around when it comes to my insurance but I’m glad I did this time, My Choice had a good range of options and I was able to chat to a broker once I found a quote that I liked!
Hao Sheng
Hao Sheng
June 30, 2023
I got a great quote from mychoice. Would definitely recommend everyone to start a quote. I got a much cheaper rate from CAA than my TD
Leo Brasil
Leo Brasil
June 19, 2023
Great experience getting an online quote, quick and easy. All things considered, it looks like I'm going to save around $80 a month on my car insurance!
Mark Whiteley
Mark Whiteley
June 19, 2023
I was shopping around for home/auto insurance because my rates seemed to skyrocket on renewal. MyChoice allowed me to easily search for the most competitive rate, and next thing I know I'm saving $400 a year. Strongly recommend it!
Secure. No Spam. No Fees.
Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on May 22, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated May 22, 2024

Visit author page

5 minute read

Article Contents

What Risks Affect Niagara Falls Homeowners?

If you’re a Niagara Falls homeowner, you’ll need to be more vigilant against certain risks that may damage or destroy your home and belongings. These are some of the most common risks faced by Niagara Falls homeowners which may affect the amount of coverage you’ll want from a policy:

Very cold winters

Winter can damage both the exterior and interior of your home, with common winter-caused problems being frozen pipes, sidewalk cracks, and leaky roofs. Niagara Falls residents should also be wary about melting snow trickling into their homes and causing water damage.

Crime rates

According to the 2021 Canada Crime Severity Index, the rates for both violent and non-violent crimes have gone up in the Niagara region. Niagara Falls homeowners can protect their property from intruders by installing security systems, changing to stronger locks, and putting up strong fencing.

Flooding

Flooding is a major concern for many Canadian homeowners, but Niagara Falls homeowners should be especially vigilant because of the numerous surrounding waterways. Because of rain and melting snowfall, the Niagara Peninsula Conservation Authority periodically issues flood watches to warn residents of riverbank floods.

How Much Does Home Insurance in Niagara Falls Usually Cost?

The average cost of home insurance in Niagara Falls is around $1,335 annually. Note that your own quotes may be affected by different factors like your neighbourhood’s claim history, discounts received for bundling with auto insurance, and the age and size of your home.

For example, if your neighbourhood has well-maintained roads or has fire hydrants nearby, your quotes may be lower. On the other hand, if you live in a neighbourhood where more insurance claims have been filed or there’s greater exposure to certain risks, your premiums may be higher.

Postal Codes With the Most Expensive Home Insurance in Niagara Falls

L2E and L2G postal codes have above-average home insurance rates in Niagara Falls.

Postal CodeAverage Annual Home Insurance Premium
L2E$1,415
L2G$1,356

Postal Codes With the Least Expensive Home Insurance in Niagara Falls

Households in the L2J postal code have some of the cheapest home insurance rates in Niagara Falls.

Postal CodeAverage Annual Home Insurance Premium
L2J$1,269

Housing Data in Niagara Falls

Wondering about the average age and condition of homes in Niagara Falls, or how many rent their homes instead of owning them? Here’s a quick overview of Niagara Falls housing data according to the 2021 Census of Population:

Type of Occupied Dwelling

Nearly two-thirds of Niagara Falls’ occupied dwellings are single-detached houses (66.1%). Only 13.2% of occupied dwellings in Niagara Falls are apartments in buildings that have fewer than five storeys.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most Niagara Falls residents own their private residences (70.4% of a 25% sample data set), while only 29.6% declared that they were renting their homes. 92.1% of Niagara Falls residents surveyed live in occupied dwellings that are not condominiums, compared to just 7.9% of residents living in condominiums in Niagara Falls.

Private Dwellings by Period of Construction: New or Older Homes?

Nearly a third of private dwellings in Niagara Falls (30.9%) were built in 1960 or earlier, while 29.9% were constructed from 1961 to 1980. Newer homes are fewer in this city, with just 6.9% of homes constructed from 2016 to 2021.

Major Repairs or Just Maintenance Needed?

Most Niagara Falls homes are in good shape, with 94.6% of homes needing only regular maintenance and minor repairs. Just 5.4% of occupied Niagara Falls private dwellings need major repairs.

Homeownership Rate by Age in Niagara Falls

Homeownership in Niagara Falls falls within the average range in relation to other cities with real estate at a similar price point, naturally, homeownership rates increase with older residents. In Niagara Falls the highest rate occurs with the oldest age group of 75 and over, at 76.9% and the lowest rate occurs at the youngest age group of 15 to 24 at 23.7%.

Age GroupHomeownership Rate
15 to 2423.7%
25 to 3953.9%
40 to 5471.2%
55 to 7476.6%
75 and over76.9%

Average Home Price in Niagara Falls by Dwelling Type

Below are the average values of homes in Niagara Falls, categorized by dwelling type:

Type of DwellingAverage Value
Detached$639,000
Semi-Detached$539,500
Freehold Townhouse$632,500

Niagara Falls Population Growth

Niagara Falls’ population increased steadily from 88,071 to 94,415 people between 2016 and 2021, indicating a growth rate of roughly 7.2% over the specified five years.

What Is Not Included in a Typical Home Insurance Policy?

Even if you’ve opted for a highly comprehensive home insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by home insurers.

Here are the most common home insurance exclusions:

Criminal activities

If your home was damaged due to criminal activity, it won’t be covered by your insurance policy.

Damage from tenants

Generally, home insurance companies require specific coverage for homeowners/landlords who plan to rent out their properties. A standard home insurance policy won’t include coverage if you rent your home out and the tenant causes damage.

Earthquakes

Most policies exclude this risk, but you can cover earthquake losses and damage as an add-on to a standard policy.

Failure to maintain your home

Damage or losses caused by poor home upkeep (e.g., clogged storm drains, broken bannisters) won’t be covered, as your insurer deems it your responsibility to manage wear and tear.

Flood damage

Flooding is typically not covered by a standard policy, but it may be included as an add-on.

Home business activities

Home businesses will need separate home-based business insurance to cover home or equipment damage.

Insect damage

Because this is considered a preventable risk, most insurers don’t cover insect damage.

Mortgage or property taxes

These are separate expenses handled by policy owners as they’re unrelated to your home insurance policy.

Mould

Mould caused by poor home maintenance is typically excluded by home insurance policies. Note that this is separate from mould caused by an insured peril, which will be covered by your policy.

Vacant dwelling risks

Many insurers may void your insurance if you leave your home vacant for a prolonged period.

This is by no means an exclusive list of risks typically excluded from a home insurance policy in Niagara Falls. Talk to your home insurance provider to see what’s covered by your policy in case of loss or damage.

Why Do I Need Home Insurance in Niagara Falls?

You don’t really “need” home insurance in Niagara Falls, but it’s still highly recommended for homeowners because of the protection it affords. Natural disasters or unpredictable situations like break-ins or fires can result in damage or even total destruction, resulting in huge expenses you may not be able to handle. Here’s how home insurance can help:

Protection for your house and possessions

Both your home and personal belongings have financial and sentimental value, but they can be damaged or lost at any time by unpredictable causes. A home insurance policy financially prepares you for perils like hail storms and flooding so you’re not worrying over hefty bills.

Protection for additional structures

Apart from your main house, your home may also have attached structures such as a tool shed or garden gazebo. A home insurance policy can also cover these structures from included risks so you won’t be out of pocket if they need repairs or replacement.

Mortgage conditions

If you took out a mortgage, your Niagara Falls bank or lending institution may have required you to get home insurance before you receive your loan. This is because your lender now has a financial interest in protecting your house and its attached structures from risks, and home insurance is seen as an assurance that these will be covered in the case of unforeseen events.

How You Can Get Cheap Home Insurance in Niagara Falls

If you’re trying to save money on your preferred home insurance coverage in Niagara Falls, visit our Ontario page for practical tips.

Sources

1. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

2. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Niagara Falls, Home Insurance Quotes Collected, 2024.

3. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Niagara Falls, Home Insurance Quotes Collected, 2024.

4. Statistics Canada, 2021, Census of Population, Ontario, Niagara Falls, Housing Statistics. Data Published March 29, 2023.

5. Statistics Canada, 2021, Census of Population, Ontario, Niagara Falls, Homeownership Rate by Age. Data Published December 16, 2022.

6. CREA, Ontario, Niagara Falls, Median Price of Homes by Dwelling Type, 2024.

7. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Niagara Falls, Population Statistics. Data Published December 16, 2022.

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

Learn about the intricacies of sump pumps, their operational mechanisms, and how installing them can affect your home insurance.
Ever wondered if your furnace is covered by your home insurance policy? Read our article to learn the intricacies of furnace maintenance in Canada.
Learn about the nuances of renters’ insurance with roommates and whether roommates can share one renters’ insurance policy.

Even More Ways To Save