Home Insurance in Waterloo

Protect your Waterloo home with quality homeowners insurance. Whether you live in a townhouse, condo, or single-family home, BrokerLink can help you find the right coverage to safeguard your home. Learn more about home insurance in Waterloo below.

Property insurance coverage in Waterloo

Home insurance is not mandated in the province of Ontario. However, if you take out a mortgage to purchase your home, chances are your mortgage lender requires you to have it. But even if you don’t need a mortgage to finance your home purchase, homeowners insurance is still a wise choice. It can help you protect your home’s physical structure and your personal belongings from property damage, as well as protect you from a whole host of third party liability issues. Keep reading to learn more about the standard coverage types commonly included in Waterloo home insurance policies:


Dwelling insurance protects the physical building and structure you live in. If your home is damaged by an insured loss, such as fire or theft, you may be protected thanks to your dwelling coverage. Dwelling insurance often covers the following perils:

  • Fire
  • Lightning
  • Smoke
  • Theft
  • Wind
  • Car/aircraft impact
  • Explosion
  • Falling objects


Contents insurance covers the personal belongings inside your home in the event of loss or damage. Items that contents insurance may cover include furniture, clothing, electronics, jewellery, and sporting equipment.

Personal liability

Personal liability insurance is one final type of coverage commonly included in homeowners insurance policies. Under the personal liability portion of your policy, you may be covered in the event of a third party injury on your property. It can help cover everything from legal costs to medical expenses, and more. Personal liability can also cover you if your house or property causes damage to a neighbouring home.

Additional home insurance coverage in Waterloo

Some homeowners may require more coverage beyond the standard coverage that comes with home insurance. If you want extra protection, consider the three additional home insurance coverages below. Most of these coverages can be added to an existing policy as riders or endorsements:

Business insurance

If you operate a business from your home, then it’s important to purchase a business insurance add-on. This is because a standard Waterloo home insurance policy does not cover business use, so if damage occurred to your property as a result of your business operations, you may not be covered. Ultimately, if your business is linked to your home address, make sure to purchase additional business insurance to go with your home insurance policy.

Equipment breakdown insurance

Equipment breakdown insurance is a great option if you want to be protected in the event of a sudden or unexpected failure of the equipment in your home. Examples of equipment that may be covered include your washer/dryer, kitchen appliances, HVAC units (air conditioner, furnace, heat pump, etc.), and your home security system.

Sewer backup insurance

Sewer backup insurance is one last type of additional coverage that Waterloo homeowners may wish to add to their home insurance policies. As you might suspect, sewer backup insurance covers you in the event that a sewer backup causes damage to your home. Such incidents can cause major (and expensive) damage, so adding this endorsement to your policy can provide peace of mind.

Three reasons your Waterloo home insurance policy could be voided

Now that you understand what can be covered by a home insurance policy in Waterloo, let’s consider some instances in which your policy could be voided. The following situations are not typically covered under a standard home insurance policy in Waterloo:


Renovations have many perks. Not only might they make your home more enjoyable to live in but they can also increase the value of a property. However, you must notify your insurance broker about any renovations you make to your home as they could affect your home insurance coverage.

Home sharing

It’s not uncommon for homeowners to rent their homes on home sharing platforms like Airbnb or VRBO for a little extra income. The only issue is that home sharing can impact your home insurance rates. Therefore, if you frequently rent out your home, you must let your insurance broker know. If you fail to disclose this information and your property is damaged by someone staying at your home, your home insurance policy could be voided.

Vacant home

Insurance companies can also void policies for homes that are vacant for extended periods of time. The average home insurance policy does not allow a property to be vacant for more than a month at a time. So if you are planning on taking an extended vacation, you must inform your insurance broker before you leave and ensure you have adequate coverage. Otherwise, if damage occurs while you are away, your provider may not cover it.

Failing to maintain

If you neglect the maintenance of your home and allow it to fall into a state of disrepair, your insurance provider may be within their rights to cancel your policy. One example of failing to maintain is if your roof is missing shingles and water damage results from it. In such a scenario, your insurance company may refuse to cover you for the cost of water damage.

Save money on Waterloo home insurance

BrokerLink aims to make Waterloo home insurance as affordable as possible, which is why we put together this list of tips on how you can save money on home insurance:

Install a security system in your home

Making your home a safer place to live can reduce your home insurance rates. One way to do this is by installing a new home security system. Keep in mind that not all security systems qualify for a home insurance discount, so be sure to speak with an insurance broker or provider before purchasing a new system.

Bundle auto insurance and home insurance policies

Another way to save money on home insurance in Waterloo is by bundling multiple insurance policies together. For example, purchasing auto insurance along with home insurance from the same provider can make you eligible for a discount of up to 15% per policy.

Increase your policy deductible

One of the quickest ways of keeping home insurance costs down is by raising your policy deductible. All types of insurance policies have deductibles, which are the amount of money the policyholder must pay toward an insured loss if damage occurs. The more financial responsibility the policyholder agrees to take on, the less expensive the policy. Therefore, if you want to save money on home insurance, consider increasing your policy deductible. Please note that increasing your deductible is not a decision that should be made lightly and should only be done if you can afford it. Speak with an expert insurance advisor at BrokerLink to learn more about the consequences of increasing your home insurance deductible.

Make annual payments instead of monthly payments

Another simple way of saving money on home insurance is by choosing annual payments over monthly payments. Most insurance companies charge extra administrative fees every time you make a payment. Therefore, paying for your policy monthly typically makes it more expensive, as you’re paying these extra fees 12 times a year, as opposed to the one time you would pay them if you made an annual payment.

Work with a BrokerLink expert to find the right insurance for your Waterloo home

If you still have questions about Waterloo home insurance or wish to speak to an expert about the best coverage for your home, BrokerLink is here. We are a full-service insurance brokerage that has been in business since 1991. That means that we have over 30 years of experience matching Canadian homeowners with quality home insurance policies. When you get in touch, a dedicated broker will be by your side every step of the way, taking the time to understand your unique needs and shopping around for the best home insurance rate.

Contact BrokerLink for a free Waterloo home insurance quote

Still have questions about Waterloo home insurance? BrokerLink’s team of licensed insurance advisors is available to chat, whether over the phone, email, or in person. You can also request a free Waterloo home insurance quote with our online quote tool. Answer a few basic questions about yourself and your property and you’ll receive an accurate and competitive quote in a matter of minutes.

No matter how you prefer to get in touch, our Waterloo insurance brokers will be happy to assist you. Get in touch with BrokerLink now to learn more about our personalized home insurance solutions available to Waterloo residents.

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