The city of Niagara Falls Ontario has grown to a population of over 94,000 (1) since it was first settled on the western bank of the Niagara River in 1782.
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What’s become known as the “honeymoon capital of the world”, Niagara Falls offers just as much to its residents and homeowners as it does to the roughly 13 million visitors the city welcomes annually.
WHAT MAKES NIAGARA FALLS ONTARIO SUCH AN ATTRACTIVE PLACE TO LIVE?
We hear a lot about how great of a place Niagara Falls is for visitors thanks to so many entertainment options like tours of Niagara Falls, but what we don’t hear as much about is what the city is like for its tax-paying residents.
Being a popular tourist destination, at first blush, it may seem like an unappealing place to live. It would be understandable to think that anyone living there would be forced to deal with all the excess noise and traffic that come with it.
However thanks to strict adherence to zoning bylaws the city makes a conscious effort to keep the busier tourist areas like Clifton Hill separate from residential neighbourhoods to prevent overlap.
HOW MUCH DO NIAGARA FALLS HOMEOWNERS PAY IN PROPERTY TAXES?
Despite (or perhaps because of) all the entertainment options Niagara Falls homeowners have at their convenience, they pay somewhere in the middle of the pack when it comes to property taxes compared to other Ontario cities and on average pay less compared to neighbouring municipalities like St. Catharines and Pelham. (2)
According to www.insauga.com, Niagara Falls homeowners pay a 1.30914% property tax rate. So a home worth $500,000 in Niagara Falls comes in around $6,545.70 for annual property taxes.
IS HOME INSURANCE MANDATORY IN NIAGARA FALLS?
It depends.
If you owe a mortgage on your Niagara Falls home, banks and other forms of lending institutions will require your property to be insured before you can receive your loan. This is because they want to make sure their investment is protected.
However, unlike auto insurance (which is required by law in Ontario), if you do not owe a mortgage on your home then having home insurance in Niagara Falls is NOT mandatory.
While not technically mandatory, I think we can all agree it should be something all homeowners should have, within Niagara Falls and everywhere else.
HOW MUCH DOES HOME INSURANCE COST IN NIAGARA FALLS ONTARIO?
There’s nothing about Niagara Falls specifically that would cause people to pay any more or any less for their property insurance compared to other municipalities in Ontario like Welland, Grimsby, or Port Colborne.
Just like most places in Ontario, the cost of home insurance is determined by variables such as:
- Size and age of the home
- What discounts you’re entitled to
- Whether or not it’s bundled with auto
- Heating type
- Location
- Security systems installed
- Claims history
Etc
On average Niagara Falls property owners should expect to pay somewhere between $900 – $1500 per year for home insurance but a much more accurate idea, get a quote for home insurance from us and other insurance providers you trust.
Erie Mutual Insurance proudly serves the small business insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
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SOURCES
1 – townfolio.co
2 – insauga.com
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