High-Quality Lifestyle
Niagara Falls is a beautiful, thriving city in Ontario, Canada. The area is famous for the iconic Horseshoe Falls, but there is more to Niagara Falls than its namesake. Shopping, theatre, theme parks, historic sites, golf, casinos and wineries draw people to the town. With a population of 95,700, the city has posted consistent annual growth of around 1.2%.
Residents of Niagara Falls consider home ownership a priority. With a median household income of $74,500, 70% of the population own their own homes. Residences in the area are high priced, with an average home value of almost $600,000.
Most of the houses in Niagara Falls are aging. Sixty-one percent of the houses in the city were built before 1980, with more than 11,000 homes built prior to 1960. This indicates a likelihood of rising maintenance costs and a potential increase in structural issues.
The Importance of Home Insurance in Niagara Falls
Life in Niagara Falls is high quality, and you will want to protect your investment in that lifestyle. Home ownership carries significant risk, but home insurance in Niagara Falls is available to help you to manage it. At HUB International, our professional team is poised to help you find the optimal policy for your needs.
Common Perils
Whether it is required or not, owning a home insurance policy is important to protect what might be your biggest investment: your house. Home insurance policies cover against specific perils, with the most common including the following:
- Damage from vehicles or aircraft
- Damage from ice, sleet or snow
- Explosions, fire and smoke
- Lightning, hail and wind
- Theft and vandalism
- Water damage
You may need to add coverage for commonly excluded perils such as earthquakes, floods and damage from neglected maintenance.
Four Areas of Coverage
Homeowners insurance includes four major areas of coverage and other optional coverages you can choose to add.
Liability Protection
Liability coverage protects in the event of a lawsuit against the policyholder or their family members due to damage or injury caused to others. The policy provides payment for court expenses as well as damages awarded in the case.
Structural Coverage
This part of your insurance policy will pay for repairs or replacement of your home due to damage from a covered peril. Other major structures on the property, such as a garage or shed, are generally included under the policy as well.
Personal belongings
Personal items such as clothing, furniture, electronics and sports equipment that are stolen, destroyed or damaged in a covered peril are covered under this part of the insurance policy. Jewelry and other high-dollar items may have coverage limits under the standard policy in the case of loss or theft.
Additional living expenses
If your house is uninhabitable due to a covered peril, the additional living expenses policy pays for living expenses. This covers rental fees, restaurant meals and other living expenses up to a set limit.
Optional Coverage
To increase coverage limits or broaden the scope of coverage, homeowners have the option of adding optional policies. An excess liability policy can provide higher liability limits and cover libel and slander claims. Personal property endorsements can increase limits on high dollar items. Additional coverage can be added for medical payments to third parties and to cover additional structures on your property in case of damages.