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Affordable Home Insurance in Waterloo

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Monthly PremiumsDate & TimeQuote TypeAgeGenderCity
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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on January 14, 2025

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

Updated January 14, 2025

Visit author page

4 minute read

✓ Expert Reviewed By Michelle Bragg, Licensed Insurance Broker
Article Contents

Quick Facts About Home Insurance in Waterloo

  • Waterloo home insurance is MORE expensive than the Ontario average.
  • The average annual cost of home insurance in Waterloo is around $1,278.

Quote data from MyChoice.ca, January 2025

What Risks Affect Homeowners in Waterloo?

If you live in Waterloo, getting insurance can protect you against the following location-specific risks:

Flooding

Waterloo experiences rain storms during the spring and summer and relatively harsh winters. As the snow melts, it can cause flooding and damage to home foundations.

Fires

As temperatures rise, forest fire dangers in the Waterloo area become increasingly difficult to control. People living in rural Waterloo townships are more at risk of quick-spreading fires.

Sewer backup

Another consequence of frequent Waterloo flooding is sewer backup. With special coverage, you can mitigate the financial impact of this particular risk.

Severe Event Probability in Waterloo

On February 16, 2018, ice jams and unusually warm temperatures led to rising waters along the Grand River in Waterloo Region, damaging numerous houses.

Below are the MyChoice severe event probability scores for Waterloo, 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. 

Flood Probability:

4/10

Crime Probability:

1/10

Wildfire Probability:

2/10

Tornado Probability:

5/10

Hurricane Probability:

1/10

Snowstorm Probability:

4/10

How Much Does Home Insurance in Waterloo Usually Cost?

Home insurance in Waterloo usually costs around $1,278 annually. However, prices fluctuate depending on where in Waterloo you live and what coverage you need. 

Quote data from MyChoice.ca, January 2025

Does Where You Live in Waterloo Affect Your Home Insurance?

Yes, where you live in Waterloo can affect your home insurance in the following ways:

Proximity to emergency services

Because Waterloo is occasionally prone to flooding and fires, how close you are to emergency services like firehouses and police stations can impact your home insurance rates. The farther you are from these services, the higher your insurance rates.

Neighbourhoods

Luxurious Waterloo neighbourhoods with more expensive homes will likely be subject to higher insurance rates. If you live in areas like Hidden Valley, expect your rates to be higher.

Crime rates

The higher the crime rate in your area, the more prone your property will be to perils like theft and vandalism. Waterloo’s crime rate is 34% higher than Ontario, so your rates may be higher.

Access to emergency equipment

If you live in a fire-prone area in Waterloo, the number of fire hydrants in your area can impact insurance rates. Lesser fire hydrants in your neighborhood often result in higher rates.

Postal Codes With the Most Expensive Home Insurance in Waterloo

N2L and N2V postal codes have above-average home insurance rates in Waterloo.

Postal CodeAverage Annual Home Insurance Premium
N2L$1,339
N2V$1,381

Quote data from MyChoice.ca, January 2025

Postal Codes With the Least Expensive Home Insurance in Waterloo

Whereas the N2J postal code has some of the cheapest home insurance rates in Waterloo.

Postal CodeAverage Annual Home Insurance Premium
N2J$1,187

Quote data from MyChoice.ca, January 2025

Housing Data in Waterloo

Learn more about the housing landscape in Waterloo with this data from the 2021 Census of Population.

Type of Occupied Dwelling

Most Waterloo properties are single-detached houses (49.2%), while 22% are apartments in buildings with over five stories. 11.4% of Waterloo properties are row houses.

Owner vs Renter Stats/Condo vs Non-Condo Owners

Most people in Waterloo own their properties (61.3%), while 38.7% of people rent them.

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

Most Waterloo homes were built between 1961 and 1980 (23.3%), with only 9.6% of homes built before the 1960s. By comparison, only 11.1% of homes were built between 2016 and 2021.

Major Repairs or Just Maintenance Needed?

96.3% of Waterloo homes are well-maintained, requiring only minimal yearly repairs. On the other hand, 3.7% require major replacements and rebuilding.

Homeownership Rate by Age in Waterloo

Homeownership in Waterloo is less than 50% for residents aged between 15 to 39, with only 41.8% of residents aged between 25 to 39 being a homeowner. This average increases to around 75% for all residents aged between 40 to 75+. Highlighting a strong rental market for the younger residents of the city.

Age GroupHomeownership Rate
15 to 2410.8%
25 to 3941.8%
40 to 5473.8%
55 to 7479.7%
75 and over72.4%

Average Home Price in Waterloo by Dwelling Type

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

Type of DwellingAverage Value
Detached$955,000
Semi-Detached$645,000
Freehold Townhouse$647,950

Waterloo Population Growth

Waterloo’s population increased quite rapidly from 104,986 to 121,436 people between 2016 and 2021. This indicates a growth rate of roughly 15.6% over the course of the five years, underscoring Waterloo’s appeal for newcomers to the city.

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 Waterloo. 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 Waterloo?

Purchasing a property in Waterloo is expensive, so while you don’t need home insurance, protecting it with the right policy is a significant financial advantage. Here are a few reasons getting home insurance for your Waterloo home is a good idea:

  • You get financial protection if your home is impacted by natural disasters, vandalism, and theft.
  • You get financial protection if someone gets injured in your home and files a lawsuit against you.
  • If your home becomes uninhabitable, you get financial assistance for temporary accommodations, meals, and other necessities.
  • You can satisfy mortgage requirements.
  • You get peace of mind.

How Can I Get Cheap Home Insurance in Waterloo?

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

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

Sources

1. Public Safety Canada, 1950-2024, Ontario, Waterloo, Canadian Disaster Database, 2024.

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

3. Mychoice.ca Internal Data, Most Expensive Postal Codes, Ontario, Waterloo, Home Insurance Quotes Collected, 2024.

4. Mychoice.ca Internal Data, Least Expensive Postal Codes, Ontario, Waterloo, Home Insurance Quotes Collected, 2024.

5. Statistics Canada, 2021, Census of Population, Ontario, Waterloo, Housing Statistics. Data Published March 29, 2023.

6. Statistics Canada, 2021, Census of Population, Ontario, Waterloo, Homeownership Rate by Age. Data Published December 16, 2022.

7. CREA, Ontario, Waterloo, Median Price of Homes by Dwelling Type, 2024.

8. Statistics Canada, 2001-2021, Census of Population Statistics, Ontario, Waterloo, Population Statistics. Data Published December 16, 2022.

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