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Affordable Home Insurance in Welland

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Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on November 12, 2024

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

Updated November 12, 2024

Visit author page

4 minute read

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

Quick Facts About Home Insurance in Welland

  • Welland home insurance is slightly LESS expensive than the Ontario average.
  • The average annual cost of home insurance in Welland is around $1,175.

Quote data from MyChoice.ca, November 2024

What Risks Affect Homeowners in Welland?

Welland homeowners are vulnerable to several location-specific risks, such as:

Basement flooding

Spring melt, excessive rainfall, and frozen pipes are huge contributors to overland flooding. Not to mention the fact that Welland is located near Niagara Falls and in between two major lakes. Flood damage isn’t a standard home insurance inclusion, but you can ask your provider to add it to your policy.

Earthquakes

While the Niagara region generally doesn’t experience big earthquakes, it does see frequent, small bursts of seismic activity. If you live in an older or less-maintained home in Welland, it may be vulnerable to earthquake damage. Earthquake coverage is available as an add-on to the standard policy.

Tornadoes

Tornadoes can rip through towns and damage homes severely. Homeowners need to look out for flying debris, felled trees, and water damage entering through openings caused by strong winds. A typical policy can reimburse any additional living expenses you incur if your home is uninhabitable after a tornado, but you’ll need to get comprehensive coverage if you want protection from wind, water, or vehicle damage to your property.

Property crime

There is a moderately high risk of property crime in Welland, at an estimated rate of 2,788 incidents per 100,000 people – higher than the Ontario average of 2,294 incidents per 100,000 population. Theft of household property also comprised 12% of all reports in 2021. Keep in mind that this number doesn’t include other property crimes such as vandalism.

How Much Does Home Insurance in Welland Usually Cost?

While different insurers will provide you with different quotes, home insurance in Welland typically costs $1,175/year. This is slightly cheaper than many other Ontario cities and the provincial average of $1,194/year.

Keep in mind that this is just an average, and your insurance quote may vary based on your assumed risk – that is, how likely you are to file a claim and how much the insurer would have to pay out. Things your provider will take into consideration are the safety of your neighbourhood, age and value of your home, and even whether smokers or pets live in the house.

If you want to get a better idea of how much your Welland home insurance will cost, request a quote from different providers. 

Quote data from MyChoice.ca, November 2024

Does Where You Live in Welland Affect Your Home Insurance?

Where you live in Welland can affect your home insurance. Many factors are input into your rate calculation and risk assessment, including:

Proximity to hydrants, etc.

One factor that rural Welland homeowners in particular need to keep an eye out for is the distance from your house to fire hydrants, hospitals, fire stations, and other emergency services. The further the distance, the longer it’ll take for first responders to arrive – and the more damage your house will likely incur. Thus, insurance is often more affordable for those who live closer to essential infrastructure.

Disaster incidence and severity

The more likely your home is to be hit by a natural disaster such as a flood, fire, or earthquake, the higher your quotes will be. Homeowners in neighbourhoods near bodies of water such as Niagara Falls, the Welland Canal, and River Welland may want to consider getting a flood coverage add-on.

Postal Codes With the Most Expensive Home Insurance in Welland

L3C postal codes have above-average home insurance rates in Welland.

Postal CodeAverage Annual Home Insurance Premium
L3C$1,226

Quote data from MyChoice.ca, November 2024

Postal Codes With the Least Expensive Home Insurance in Welland

Homes in the L3B postal code region have some of the cheapest home insurance rates in Welland.

Postal CodeAverage Annual Home Insurance Premium
L3B$1,064

Quote data from MyChoice.ca, November 2024

Housing Data in Welland

Learn more about the average dwelling and homeowner in Welland, based on the 2021 Census of Population:

Type of Occupied Dwelling

In Welland, 64.5% of occupied homes are single-detached, while apartment buildings (both below and above five storeys in height) comprise 18.8%. Other types of dwellings in Welland, although less common, include semi-detached houses (7.1%), row houses (4.5%), and apartments or flats in a duplex (4.6%).

Owner vs Renter Stats/Condo vs Non-Condo Owners

69% of occupied homes in Welland are owned by their occupants while 31% are rented. Majority live in non-condominiums (96%).

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

Homes in Welland skew on the older side, with 84.5% built before 2000. 4.7% of homes were newly constructed from 2016 to 2021.

Major Repairs or Just Maintenance Needed?

Of all the homes in Welland, 93.7% are in good condition, needing only minor repairs/maintenance. Meanwhile, 6.3% of dwellings need major repairs.

Homeownership Rate by Age in Welland

Homeownership in Welland is notably high among individuals aged 25 and older, with particularly strong rates in those aged 40 and up. It’s fair to say that on average 75% of all residents aged 55+ own their current home.

Age GroupHomeownership Rate
15 to 2419.5%
25 to 3957.9%
40 to 5470.4%
55 to 7474.2%
75 and over75.9%

Average Home Price in Welland by Dwelling Type

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

Type of DwellingAverage Value
Detached$637,500
Semi-Detached$518,000
Freehold Townhouse$575,000

Welland Population Growth

Welland’s population rose steadily from 52,293 to 55,750 people between 2016 and 2021 indicating a steady growth rate of roughly 6.6% 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.

Why Do I Need Home Insurance in Welland?

Although you’re not required to get a home insurance policy in Welland and the rest of Ontario, there are many reasons you may need one. The payout can be especially useful if:

  • You need to rebuild or repair your home after a storm, fire, or robbery.
  • You need to replace lost or damaged items.
  • Your home is uninhabitable due to natural or man-made disasters.
  • Someone is injured on your property.
  • You need to take a mortgage out and the lender requires insurance.
  • You want peace of mind.

How Can I Get Cheap Home Insurance in Welland?

If you’re trying to save money on your preferred home insurance coverage in Welland, 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. Mychoice.ca Internal Data, Home Insurance Quotes Collected, 2024.

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

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

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

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

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

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

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