Quote data from MyChoice.ca, February 2025
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:
Severe Event Probability in Niagara Falls
On January 28, 1977, a powerful blizzard engulfed the Niagara Peninsula, including Niagara Falls, burying vehicles and stranding residents behind huge drifts.
Below are the MyChoice severe event probability scores for Niagara Falls, based on the historical data from the Canadian Disaster Database collected since 1950. The percentages reflect the likelihood of a major event in question occurring at least once in the region in the next decade – relative to other regions and events.
How Much Does Home Insurance in Niagara Falls Usually Cost?
The average cost of home insurance in Niagara Falls is around $1,395 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.
Quote data from MyChoice.ca, February 2025
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 Code | Average Annual Home Insurance Premium |
|---|---|
| L2E | $1,479 |
| L2G | $1,417 |
Quote data from MyChoice.ca, February 2025
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 Code | Average Annual Home Insurance Premium |
|---|---|
| L2J | $1,326 |
Quote data from MyChoice.ca, February 2025
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:
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 Group | Homeownership Rate |
|---|---|
| 15 to 24 | 23.7% |
| 25 to 39 | 53.9% |
| 40 to 54 | 71.2% |
| 55 to 74 | 76.6% |
| 75 and over | 76.9% |
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 Dwelling | Average 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:
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:
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.