Our home insurance guide for Kitchener helps you understand home insurance premiums in this city and in the province of Ontario. You will also learn about savings opportunities and other tips that help you make the best decisions about homeowner’s insurance for your house or condo. Do you rent your home? We include tips for tenant’s insurance too.
What are typical Home Insurance cost in Kitchener?
The chart shows average renters and homeowners premiums in Kitchener, in Ontario, and in other Canadian provinces. As you compare rates you will see that renters insurance is typically lower than homeowner insurance. Why is this? Renters premiums cover contents and sometimes liability. Homeowners insurance, however, covers contents and liability, plus the dwelling itself, the property it sits on, and some other known perils (covered through the main policy or riders) such as hail or wind damage.
One of the major risks increasingly impacting Ontario is flooding. Overland flooding is when water enters your home from outside sources, such as a river overflowing its banks, or rapid snow melt. Most insurers in Canada will cover overland flooding, but sometimes it is sold under different names and/or as an optional rider. It may even be bundled with other coverage such as sewer backup protection. Check with your insurer to see if you are covered, or if a rider is available. It’s not an expensive addition, especially compared to the cost of fixing water damage.
How to save on Home Insurance in Kitchener: 10 Tips
- Heating: Is your home oil heated? This installation costs more to insure than safer and more efficient forced-air gas or electric heat furnaces.
- Wiring: Older homes could have knob and tube or aluminium wiring. These styles are very expensive to insure and not all insurers offer coverage if these wiring types are present. If they do offer a policy, it will be subject to a full electrical inspection.
- Pool: Swimming pools, especially unfenced ones, are a big liability risk, and therefore add more to your premium.
- Monitoring: Do you live in a place with a doorman or other type of monitored security? This could get you a discount on your premium.
- Decrease liability risk: Use a common-sense approach to decrease risks on your property. Ensure aggressive dogs are on a leash, clear your sidewalk of snow and ice, and fence your pool.
- Bundle: Consider bundling your insurance if your insurer offers more than one type (like auto). If bundling is an option, you could get a discount.
- Hydrants and fire stations: Some insurers offer a discount if you are located near a hydrant or fire station.
- Employee/ Union Members & Associations: Some employers, such as IBM Canada and Research in Motion, offer discounts to union members. If you are a member of a union or association, check to see if group insurance rates are offered.
- Annual review: Since life changes year to year, you may have risks that no longer need to be covered. Review your insurance annually so you don’t overspend on homeowner’s insurance.
- Rebuilding vs. market costs: Your home’s market price is typically higher than the rebuilding cost; consider the rebuilding cost when choosing insurance coverage.
5 Elements that will increase your Home Insurance costs
- Business property: Both your liability and chances of theft or damage to business assets increase when you operate your business from home.
- Galvanized or lead pipes: Galvanized and lead pipes are outdated, easily corroded, and impact water quality negatively. You’ll pay a higher premium for galvanized or lead pipes. For safety’s sake, and to lower your premium, install plastic or copper pipes.
- Basement: If there is flooding in your area, your finished basement is at risk. Since finished basements cost more to repair, they also cost more to insure.
- Expensive items: It’s great to have a collection of wine, jewelry, art or have hobby items like musical instruments and sporting equipment, but you may need a separate rider to insure those items. Your contents limit has a maximum, so check to see if your valuables are covered, or if you need a rider.
- Garden and trees: Have you spent a lot of time building a beautiful garden, installing fencing, and landscaping your yard with trees? This may or may not be covered under your main policy. Ask if you need a rider for your landscaping and garden.
Kitchener – Home Insurance quotes, examples
Kitchener home insurance quote #1:
Homeowner insurance for a single storey brick detached house under 1,000 sq. feet. This house has a new roof, unfinished basement, no garage and is located next to Wilson Park.
Price: $49 per month ($588/year)
Kitchener home insurance quote #2:
Homeowner insurance for a 2-bedroom condo in a high-rise condo building (bundled with auto insurance) located next to Sandhills Park.
Price: $24 per month ($288/year)
Kitchener home insurance quote #3:
Tenant home insurance for a 2-storey brick detached house. It has a built-in single garage, monitored burglar alarm and no basement. Located on Laurentian Hills next to Trillium Public School
Price: $28 per month ($336/year)
5 Home Insurance myths to know
Myth #1: The older the home, the cheaper the insurance
This is one of the more prevailing myths out there but the fact is, if the older home is not updated (old wiring, old shingles, inefficient elements, etc.) it will actually cost more to insure.
Myth #2: Acts of God are excluded from your home insurance policy
There is no Act of God exclusion. It simply doesn’t exist. Most policies cover storm, wildfire, and lightening damage, and riders for other perils like overland flooding and landslides – that is, if those other perils are not already covered by the main policy.
Myth #3: If a car is stored in a garage, it is covered by the home insurance policy
It is comprehensive auto insurance, not homeowner’s insurance, that protects your vehicle in your garage.
Myth #4: If you cannot live in your home, your insurer will pay for you to stay in a similar home
There is a set dollar value and maximum time period mentioned in your policy if you must relocate due to a peril (storm, fire, etc.) making your home unliveable. Review your policy to know what those limits are and consider smaller accommodations to make the benefit go further.
Myth #5: If I have a home insurance policy, I am protected against sewer backup
When the municipal sanitary system is overwhelmed with water and backs up into your home through the toilets and pipes, this is sewer backup damage. Most providers offer optional sewer backup coverage through a rider. Only a few offer it as part of the main policy. Always check to be sure of the coverage you have, and the coverage you need.
Frequently Asked Questions (FAQ): Home Insurance in Kitchener
What does Home Insurance cover in Kitchener?
Home insurance coverage depends on the type of insurance you choose:
- Tenant insurance: This only covers contents and liability.
- Homeowner insurance (condo): This covers the condo unit and your upgrades, along with theft and liability. It does not cover the building envelope, which is the responsibility of the condo corporation.
- Homeowner insurance (house): This robust insurance covers the rebuilding cost of your home, items like sheds on your property, a range of natural impacts like storm damage, and liability. Other risks, like overland flooding or earthquake protection, can be added using riders.
Who has the best Home Insurance in Kitchener?
Different home insurance companies specialize in different segments of customers. For example, some work mainly with seniors, others with rural properties, and some only for associations or organizations like CPA. To get the best policy, you need to gather as many quotes as possible from a variety of insurers, and have an understanding of what each policy covers. Our insurance professionals can help you with this.
Home Insurance in Kitchener – Reviews: where to find them?
Since 2012, our proprietary insurance review platform has been collecting independent consumer reviews for all sorts of insurance and financial products. Click here for free access to our home insurance reviews.
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