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When you find the best quote, secure your Toronto home insurance rate by talking to a licensed broker or agent.
Searching for affordable home insurance in Waterloo? With LowestRates.ca, you can find the right coverage for your home at the lowest price on the market.
We take the legwork out of shopping for home insurance by offering any easy way to get Waterloo home insurance quotes online from all the leading insurance providers, in one convenient location.
On this page, we’ll explain what factors impact your home insurance costs, and share tips for saving on your policy. We’ll break down what home insurance covers and what it doesn’t, and review the different types of coverage that protect you from common risks. Then, you can use our fast, free online quote tool to find current home insurance rates in Waterloo, customized for your home and your coverage preferences.
When you’re ready to compare rates, simply tell us a few details about your home and insurance needs, and click the “Get Started” button above.
See how our customers in Waterloo save big on home insurance.
| Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
|---|---|---|---|---|---|
Quote from April 16, 2024 Type of home Detached 1,057 sq ft | Location Waterloo | Previous claims None | Lowest Rate $71/mth $852/yr | Average rate $124/mth $1,488/yr | Saved $53/mth $636/yr (43.00%) |
Quote from April 16, 2024 Type of home Detached 2,295 sq ft | Location Waterloo | Previous claims None | Lowest Rate $166/mth $1,992/yr | Average rate $211/mth $2,532/yr | Saved $46/mth $552/yr (22.00%) |
Quote from April 16, 2024 Type of home Detached 1,244 sq ft | Location Waterloo | Previous claims None | Lowest Rate $65/mth $780/yr | Average rate $88/mth $1,056/yr | Saved $23/mth $276/yr (26.00%) |
Your home insurance policy will be customized to suit your needs and the property you’re insuring.
Home insurance premiums are determined by dwelling type (is it a single-detached home, a house with a basement tenant suite, or a condo?). Insurance companies also try to predict the kind and size of claim you might make in the future.
Here are some of the criteria insurance companies look at when calculating your premium.
Whether it’s your first time purchasing home insurance or you’re shopping around to find a better deal on coverage, it’s worth taking a few minutes to go over some home insurance fundamentals before you buy a new policy. Being an educated consumer is a smart step if you’re looking to get great Waterloo home insurance without breaking your budget.
There are two sources for your home insurance policy: an insurance company or a broker. If you buy directly from an insurance company, you’ll need to be sure to check multiple providers to find the best rate. A broker, on the other hand, works with numerous insurance companies and can help you shop the market to find the right coverage and secure the lowest price on your premiums.
When you request a customized quote from LowestRates.ca, a licensed Waterloo home insurance broker will reach out to you to discuss your coverage needs and secure the best deal available.
A typical home insurance policy has a few different pieces that combine to help protect you from some of the most common risks of home ownership. These include:
Liability coverage protects you in the event someone visiting your home is hurt or their property is damaged.
Damage to your home and its contents is covered for certain causes, called “perils.” Some policies, called comprehensive or “all risks” coverage, protect you against most perils. They only exclude covering perils specifically listed in your insurance documents. These policy types typically have the highest premiums.
“Broad” insurance policies usually cover many perils but limit coverage for the contents of your home, like your clothing, furniture, appliances and other personal items.
Basic or “named perils” home insurance covers damage from causes spelled out in your policy.
For any of these coverage types, you may be able to add optional additional coverage based on your preferences. For instance, standard home insurance policies don’t include coverage for flood damage and sewer back-up, but most insurance providers offer this as a special endorsement or rider on your policy.
Homeowners with notably valuable personal belongings, like a wine collection, jewellery or fine art, may want to purchase extended contents coverage to fully protect these items.
Many parts of your home experience wear and tear over time and occasionally need replacement or repair as a result of aging and use. These include appliances like hot water tanks or the furnace, plumbing and electrical systems, and other elements like the roof. It’s essential to be aware that home insurance isn’t meant to cover predictable wear and tear on a home, or damage caused by neglect. You’ll need to inspect your home regularly to prevent ongoing damage like water leaks that home insurance won’t cover. Sudden damage that results from poor maintenance is excluded from home insurance coverage, too.
Here’s an example: If a roof is well past its intended lifespan and lets rain in during a downpour, damaging ceilings or walls, your home insurance won’t cover that. However, if the rain comes in when a tree crashes into the roof, this is the kind of unpredictable accident your home insurance is designed to cover.
The coverage for additional living expenses in your home insurance policy is meant to protect your finances in case you have to relocate during needed repairs. This coverage can pay for added lodging, dining and transportation expenses you might incur during time away after a covered event, like a fire.
We wish this question had a simple answer. The price of Waterloo home insurance varies based on the specific features of your property, like its size, the materials used in construction, and whether the roof, plumbing and electrical systems are modern and in good repair. Proximity to a fire hydrant is also important to insurance companies. And your policy will be tailored to the type of dwelling — whether that’s a single-family detached house, a condo, or a row unit with a tenant suite.
In addition, your premium price depends on how much coverage you choose. Some people want maximum coverage and need additional insurance to cover their home’s valuable contents, like expensive furnishings and jewellery, while others want to keep their premiums low and only want standard coverage for the most common risks.
Your premium costs will also vary by insurance provider. Each company has different standards and formulas for predicting claims risks. This is why it’s essential to compare rates if you want to get the cheapest home insurance for your Waterloo property.
Because home insurance is always customized, giving an average home insurance cost in Waterloo isn’t really helpful in telling you what you’re likely to pay.
The only way to find out is to request multiple insurance estimates for your Waterloo home, and provide a few details about your coverage needs.
Fortunately, LowestRates.ca streamlines this process, allowing you to enter your information once and receive quotes from all the top home insurance providers in your area. Just use our free, online quote tool at the top of the page to get started.
Waterloo homeowners can be affected by flooding in the spring and summer, thanks to melting snow and rain storms.
Standard home insurance doesn’t usually cover flooding or sewage backup, which often happen together. However, you may be able to buy special coverage to protect your home from these risks.
Insurance providers categorize flood damage into many different types, including groundwater and overland flooding. If you opt for flood protection, just make sure you understand what your policy covers and what it excludes.
Home insurance typically protects you from these perils, or causes of damage:
Most home insurance policies don’t protect you from losses caused by earthquakes, floods or sewer back-up, unless you purchase optional extra coverage.
Most home insurance providers in Waterloo, like insurance companies throughout Canada, exclude certain kinds of damage and losses from their coverage. Common exclusions are:
Most insurance companies offer optional add-on coverage for some of these situations, like earthquakes, flooding, and ice damming on the roof.
If you rent out your home, you’ll need to get landlord insurance. It’s a type of home insurance coverage tailored just for landlords.
Find out your insurance provider’s requirements for securing your home if you need to be away, to ensure your policy still applies.
The kind of home insurance in Waterloo is a policy that’s a good fit for your budget and your coverage preferences.
Since a home is a major financial investment for most people, many homeowners appreciate the security of an advanced coverage level and are fine with paying a little more on their premiums for that added peace of mind. A comprehensive insurance policy offers the highest level of coverage. This type of home insurance protects you against all risks except those that are specifically excluded in your policy.
Broad home insurance offers the next-highest coverage level, with lower premiums than comprehensive insurance. A broad home insurance policy protects your home at a similar level to comprehensive coverage, but protects the contents of your home against just “named perils,” causes of damage explicitly named in the policy.
Standard or basic insurance covers you for losses caused by named perils for both your home and its contents. If you want the lowest premiums for your Waterloo home insurance, basic coverage is your best bet.
Waterloo home insurance providers differ in the products they offer and their rates, so getting the coverage that’s best for you is a matter of finding the right fit.
To get the Waterloo home insurance that’s the best match for your needs, learn about how home insurance works and decide what level of coverage makes sense for your lifestyle and finances. Do you want maximum protection and optional additional coverages? Or do you prefer to pay lower premiums and get standard protection for typical risks?
Once you know what coverage you prefer, it’s time to shop around to find the best rates. LowestRates.ca makes this process fast and convenient. Just use our online quote tool at the top of the page to get started on your personalized quote. You’ll receive home insurance estimates from all the leading insurance providers in Waterloo, making it easy to find the best value for the coverage you need.
Yes. LowestRates.ca makes it easy to get insurance for your Waterloo house, condo or rental home.
We work with all the leading Waterloo insurance providers to offer homeowners insurance, condo insurance and tenant insurance to meet a variety of home insurance needs.
Just tell us what type of home you live in and a few other details about your coverage requirements, and our free, online quote tool will let you compare Waterloo home insurance rates in minutes. Scroll to the top of this page and click, “Get Started.”
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*Shoppers in Ontario who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 30%. The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes tenant and condo insurance.