Ratehub.ca's 2025 home insurance survey

Ratehub.ca recently conducted a study to understand how familiar Canadians are with their home insurance coverage. We surveyed 1,025 respondents across Canada, aiming to gather consumer-first insights. 

Why? Whether you’re a homeowner or a tenant, having property insurance is essential to a successful financial journey. Knowing what your policy does and does not cover is key to avoiding unexpected expenses when filing a claim. Here’s what we found.

_{Note: The data percentages have been rounded to the nearest whole number and may not equal 100.}

What type of home insurance coverage do you currently have?

​​We first asked Canadians whether they have home insurance coverage. According to the survey, 77% of respondents have a homeowners insurance policy, 14% have condo insurance, and 7% have tenant insurance. Only 1% said they do not have any insurance coverage.

How familiar are you with your home insurance policy’s coverage details and terms?

Next, we wanted to understand how well Canadians know what their home insurance policy covers. Not fully understanding your coverage could leave you vulnerable to out-of-pocket costs when filing a claim. For example, in the event of water damage to your home, if your damages exceed your policy limits, you will be on the hook for the difference in cost.

We found that the majority of respondents are at least somewhat familiar with their coverage; however, over 20% are not very familiar or not familiar at all.

 

Are you aware of any exclusions in your policy that could affect coverage for events like floods, mould or pest infestations?

Then, we wanted to test that familiarity. We asked our Canadian participants if they know what is excluded from coverage in their policy. Surprisingly, over a third of respondents said they’re either unsure about exclusions or have never checked them.

It’s important to know how your coverage works and what is or isn’t covered. There is nothing worse than finding out when it's too late. For example, flood insurance coverage is not included in a standard policy; it needs to be added to a policy as an endorsement via sewer backup and overland water coverage.

Are you aware if your current policy covers personal belongings for theft or damage, both inside and outside your home? 

What about policy inclusions? We wanted to uncover whether Canadians know if their personal contents, like jewellery, electronics, and artwork, are included in their home insurance. While we were happy to see that 40% of the respondents knew what coverage they had for contents, most participants were not fully aware or completely unsure what was covered.

Contents insurance has many inclusions, exclusions and coverage limits that are important to be aware of. There are ways to seek additional coverage for your high-value items, too. But, as the policy owner, you need to seek out these additional coverage opportunities and can’t simply rely on a standard policy to protect you.

 

How confident are you that you would receive full compensation in the event of a major loss?

Lastly, we wanted to assess Canadians' confidence levels when making a home insurance claim. Do they know whether their insurer will compensate them if their home suffers major damage, like a fire or flood? About half of the respondents feel somewhat confident that they would receive compensation, but want to review their policy to be sure. 20% were unsure or lacked confidence.

Regardless of your level of comfort, it's best to review your policy annually with your broker or agent to make sure you feel confident and comfortable with your protection.

What does the data reveal?

Most respondents have home insurance coverage but are only familiar with the basics. When asked about policy details, like coverage exclusions and inclusions, a significant portion was unsure. 

Have you checked your policy recently? Uncertainty of your home insurance coverage can cost you. Assuming you’re covered for flood damage when you’re not, or overestimating your contents coverage, could leave you underinsured and put you on the hook for expensive out-of-pocket costs.

A quick review of your policy can make all the difference. Speak to your broker, review your paperwork and compare home insurance quotes to find the best coverage for your needs.

At Ratehub.ca, we’re on a mission to help Canadians make better financial decisions. Understanding your home insurance policy is one step in your personal finance journey.

Also read:

• Compare cheap home insurance quotes in Canada
• 15 ways to save money on home insurance
• The types of home insurance in Canada