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Recent cheap home insurance quotes from Ratehub.ca
Thousands of homeowners come to us weekly, looking to save big. We help them compare personalized home insurance quotes across the Canadian market, and we can help you too. Here are a few sample rates our users received in August 2024 – to find out how little you could be paying, be sure to take advantage of our free comparison tool today.
- $42/month
900 square-foot townhouse in Vancouver
for one couple, under MAX Insurance
- $65/month
2,000 square-foot townhouse in Ottawa
for one person, under Economical Insurance
- $108/month
2,700 square-foot semi-detached home in Edmonton
for one family, under Aviva Canada
- $126/month
3,800 square-foot detached home in Toronto
for one family, under SGI Canada
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Shopping for home insurance in Canada
Matt Hands, VP, Insurance and MoneySense
While home insurance isn't required by law, it's still a non-negotiable for most Canadians. Not only is it a stipulation in most mortgage agreements, but having such a large investment comes with significant financial risk. As a homeowner in Canada, you also know that insurance isn't getting any cheaper – premiums are on the rise, making the task of finding affordable coverage increasingly challenging.
Below is a chart showing the inflation of personal property insurance premiums in Canada over time. The blue trend line outlines the change in rates, using Q1 of 2021 as an index (100). This means that rates have increased by 25% since then. On the other hand, the green bars outline the year-over-year change for each quarter from 2022 to 2024. The start of 2024 showed staggering increases when compared to the previous year at 10.9% for Q1 and 9.9% for Q2.
The inflation of home insurance in Canada
Why is home insurance getting more expensive?
Despite living in the same home, you may be wondering why your insurance premium continues to rise. Many of the factors contributing to the rising cost of coverage are completely out of your control. Market factors – including rebuild inflation, labour shortages, and the increasing frequency of natural disasters due to climate change – are costing insurers more and more. As a result, this is passed on to policyholders in the form of rate hikes.
Inflation
Recent CPI reports have showed that home replacement costs have more than doubled since 2002. As rebuilds cost more due to inflated materials, rates also go up.
Labour shortages
It's no surprise that Canada is facing a labour shortage in the trades industry. As home repairs and replacements take longer, claims cost more – causing higher coverage premiums.
Natural disasters
Severe weather caused over $3.1 billion in insured damages in 2023. As wildfire and flooding cause more claims, rates will increase for policyholders.
How can I save on home insurance?
While these factors may be out of your control, there are still many steps you can take to lower your home insurance rate – with the best being to shop the market. Our Digital Money Trends Report revealed that only 42% of Canadians consistently research and compare insurance rates online. And at the same time, 26% let their policies renew automatically. This means many homeowners are missing out on potential savings by not actively seeking out more competitive coverage options.
42%
of Canadians always research and compare rates online
26%
of Canadians allow insurance policies to auto-renew
The importance of comparing home insurance quotes
While all home insurance companies may consider similar factors when calculating your premium, each insurer has its own method of assessing risk. As a result, homeowners with similar profiles can end up with widely varying rates, even for policies that have the same coverage options and limits.
In the table below, we outline customized quotes from six different home insurance providers in Canada. Notice the differences in pricing among the insurers – selecting the most affordable option over the priciest one would result in over $1,000 saved each year for all four policies.
Insurance company | Policy A | Policy B | Policy C | Policy D |
---|---|---|---|---|
MAX Insurance | $98/month | $98/month | $98/month | $81/month |
CAA | $103/month | $102/month | $114/month | $92/month |
Wawanesa Insurance | $150/month | $147/month | $157/month | $95/month |
Pembridge Insurance | $158/month | $156/month | $183/month | $129/month |
Gore Mutual | $207/month | $202/month | $214/month | $193/month |
Economical Insurance | $212/month | $210/month | $210/month | $175/month |
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Pro tip: Price isn't everything
While price is an important factor, it shouldn't be the only one you take into consideration. When choosing your home insurance provider, pay close attention to the specialized coverages each one has to offer – the selection from one insurer may better align with your needs than another option.
This can also mean seeking out insurance bundling options. This is when you combine different policies under one insurer (such as for home, auto, and condo insurance) for a discount – on top of a more simple process. While not all insurance companies offer all types of products, you can find one that offers everything you're looking for. Or alternatively, you can compare the costs and benefits of seeking out different insurers to meet all your coverage needs.
Also, be sure to consider each insurance provider's reputation, customer service, and claims process – these factors can greatly impact your experience in the long run.
Why should I use Ratehub.ca to compare home insurance quotes?
Using Ratehub.ca is one of the best ways to shop the Canadian home insurance market. We make it simple to compare personalized quotes from leading providers across the country – here's how our tool can help you:
Save
By selecting your lowest rate, you could save hundreds of dollars throughout the year.
Free
Our home insurance quote comparison tool is completely free to use – no obligation required.
Quick
Just answer a few basic questions – it takes less than five minutes to see all your quotes.
Convenient
There's no need to get quotes from multiple insurers one by one. Just fill out one online form.
Secure
Your information is perfectly safe with us – it won't be shared with a third party.
Unbiased
We don't favour insurers – we just show you the numbers, so you can choose for yourself.
When you compare quotes with us, you also gain several advantages over buying coverage from an insurance company directly. Not only can you view your rates side-by-side, but our extensive partnerships allow us to match you with a provider that offers unique coverages and special discounts for all your needs. This way, you get a competitive price that’s tailored to fit your specific situation.
Feature | Ratehub.ca | Direct insurer |
---|---|---|
Insurance partners | 10+ | 1 |
Real-time quotes | Multiple | 1 |
Time | <5 minutes | Varies |
Customization | Various options | Limited to insurer's offerings |
Discounts | Various discounts | Limited to insurer's offerings |
Impartiality | Unbiased to all options | Biased to insurer |
Are you looking for the best home insurance rate?
In less than five minutes, compare personalized home insurance quotes from Canada's top providers – your best rate is just a few steps away.
What does home insurance cover?
While the terms of a home insurance policy will differ depending on the provider, standard plans will include coverage for your building, liability, contents, and additional living expenses – here's what you need to know:
Dwelling
Liability
Personal property
Additional living expenses
Pro tip: Guarantee your protection
One of the toughest questions to answer when it comes to purchasing coverage is how much home insurance you need. This is because every homeowner's case is different. When it comes to calculating the replacement cost of your home, however, there is one way to ensure you're fully proteteced.
The replacement cost of a home is not the same as its market value – instead, it is the amount of money it will take to rebuild your property entirely in the event of a risk, such as fire. This number is estimated by insurers, but it's also important to note that it can change. With the cost of rebuild materials going up, expect your replacement cost to also increase over time.
If you haven't already, consider a policy that comes with a guaranteed replacement cost provision. This ensures you're covered for the full cost of a rebuild, even if it ends up being higher than anticipated.
What is a home insurance peril?
In the context of home insurance, a peril is an event that causes loss or damage to your property. While every policy is different, here are some perils that are commonly covered, as well as some that aren’t:
Commonly insured perils
Commonly uninsured perils
The different types of home insurance policies
While the overwhelming choice for Canadians is a comprehensive home insurance policy (as it offers the most protection), here's a quick breakdown of the different types of plans you can choose from:
Policy type | Description |
---|---|
Comprehensive home insurance | Also known as special insurance or all-perils insurance, this type of coverage offers the most protection. It insures both your dwelling and contents against all risks of loss and damage – unless otherwise specified in your policy. |
Broad home insurance | Broad or broad-form home insurance is a cheaper alternative to a comprehensive policy. While your dwelling will be covered against all risks (other than those specifically excluded), your contents will only be protected against the risks listed in your plan. |
Basic home insurance | Also known as a standard or named perils policy, basic home insurance only provides coverage against the risks outlined in your policy for your building and contents. So if you want protection against fire, you’ll need to name it as an insured peril. |
No-frills home insurance | This type of policy comes with the least amount of protection – insurers offer it to homes that don’t meet their conventional underwriting standards. Because of this, it typically won’t come with many conventional home insurance coverages either. |
Common home insurance endorsements
A home insurance endorsement is an optional coverage you can add to your policy (for an additional cost, of course). While the types of endorsements offered will differ depending on the provider, here are a few popular ones you can consider:
Home-based business insurance
Umbrella insurance
Identity theft insurance
Home-sharing insurance
Flood insurance
Earthquake insurance
Pro tip: Protect the priceless
Aside from these add-ons, you can also increase the protection for special belongings as many policies have lower coverage limits for valuables – which can include bicycles, artwork, sporting equipment, technology, jewellery and watches, wine and spirits, and special collectibles.
So be sure to double-check the limits that are stated on your policy for any prized possessions. If you find that the cost to replace your items exceeds what you’re insured for, you can ask your insurer to extend the coverage – this is often referred to as a scheduled personal property endorsement.
With certain items, you may also be able to insure them for risks that otherwise wouldn’t be included. For instance, if you’re worried about your wine collection spoiling due to uncontrolled temperatures, ask your insurance representative about adding this risk to your plan.
How much does home insurance cost in Canada?
The average cost of home insurance is about $960 per year, but this will vary depending on your personal case. Comparing home insurance quotes can help you save hundreds of dollars each year – so be sure to find your lowest rate with us today.
Personal factors that impact your cost of home insurance
Aside from market factors, insurers look at the level of risk associated with you and your property – which is then factored into your personalized quote calculation. Here's a quick overview of the factors that will impact your next home insurance premium:
Residence factors
Policyholder factors
Coverage factors
Pro tip: Honesty is the best policy
When comparing home insurance quotes, it’s important to be as honest and accurate as possible about all your rating factors. While certain answers might lower your rate, providing inaccurate information can lead to incorrect underwriting – which could result in policy cancellation later on. Being upfront ensures you get a realistic estimate while preventing any surprises when it's time to file a claim.
Additionally, remember to update your insurer about any changes to your living situation – such as new household members, pets, or renovations – to ensure you remain fully protected.
More ways to save on home insurance rates
Aside from comparing home insurance quotes, there are still many steps you can take to ensure you're paying the lowest premium possible – here, we cover eight more tips for cheap home insurance in Canada:
- Bundle insurance products
By bundling home insurance with other products (e.g. car, condo, boat) under one provider, your insurer will thank you for your loyalty with discounted premiums.
- Install safety systems
Cheap home insurance premium is all about mitigating risk, so installing an alarm system and smoke detectors can help. Ask your insurer about specifics on how to qualify.
- Stay claims-free
A clean home insurance history shows insurers you’re less likely to make a future claim, lowering your rate substantially. Before you request a payout, make sure it’s worth it.
- Get a group rate
Ask your insurance provider about group rates – discounts for professionals, alumni, or organization members. For instance, you may see cheaper insurance as a CPA.
- Improve your credit
You can be offered a better rate with good credit. Simply agreeing to a soft credit check can also give you more options when shopping around.
- Upgrade your home
While some upgrades (such as a kitchen remodel) can lead to high premiums, other upgrades (such as a new roof) help limit your risk – leading to cheap rates.
- Increase your deductible
If you can afford to pay a high premium, increasing your home insurance deductible is one way to save. But make sure you're comfortable with the balance in risk.
- Review your coverage
While you don't want to be underinsured, you also don't want to be overinsured. Removing coverages and reducing limits can help you save on your premium.
Ready to find your cheapest home insurance rate?
We can help – compare personalized home insurance quotes with us to start saving today.
More home insurance questions, answered
What is home insurance in Canada?
A home insurance policy (also known as house insurance or homeowner's insurance) is a contract between you and your insurer – by paying premiums on a regular basis (typically monthly or annually), your insurer agrees to cover you for various financial risks that come with owning a property.
For example, your building and belongings could be damaged or lost due to unforeseeable events – such as fire, theft, and severe weather. In this case, your insurance policy can step in and foot the cost to repair your dwelling and replace your items. Home insurance can also cover you for liability suits and pay for added living expenses (e.g. hotel fees) while you’re place is inhabitable.
Is home insurance mandatory in Canada?
Unlike auto insurance, home insurance isn't required by law in Canada. However, many homeowners have a mortgage on their property, and mortgage lenders generally require you to carry insurance on the property as a stipulation.
Which home insurance company is the best?
There is no one-size-fits-all answer to the best home insurance company in Canada. The right insurer for you will be the one that meets all your coverage needs at an affordable price. That’s why we recommend comparing home insurance quotes with us – by providing a few quick details, you can instantly view your personalized options and confidently choose the policy that suits you best. And keep in mind that in addition to comparing prices, you should consider the following:
Policy coverages: Make sure you understand what each policy covers. Sometimes, the cheapest option isn’t the best if it doesn’t offer the protection you need. Consider whether additional coverages like home-based business insurance and short-term rental property insurance are necessary for your situation.
Customer service: Look into customer reviews and ratings for each insurer. A company with strong customer service can make a big difference, especially when it comes time to file a claim.
Eligible discounts: Many insurers offer discounts for policy bundles, group memberships, or even having certain safety features in your home. These can add up to significant savings.
What doesn't home insurance cover?
Your home insurance policy will outline specific exclusions, so be sure to read the terms and conditions carefully – risks that are typically uninsured include the following:
- Wear and tear
- Fuel leaks
- War, terrorism, and nuclear events
- Landslides and avalanches
- Vermin, insects, bird, raccoon, and rodent damage
- Criminal acts (from the policyholder)
- Vacancy (if the property has been left vacant for 30 days)
- Overland water flooding (can be added as an additional coverage)
- Sewer backup flooding (can be added as an additional coverage)
- Earthquake (can be added as an additional coverage)
If you live with someone who isn't related to you (or declared a legal dependent), their property also won't be covered under your home insurance plan. Instead, they may need to purchase a tenant insurance policy for more comprehensive protection.
There may also be coverage gaps regarding your business activities, business equipment, and stock inventory. Speak to your provider if you're running your operations from home – you may need to purchase a standalone commercial insurance policy or add a home-based business insurance endorsement to your existing plan.
For more information on this topic, check out our blogs: What does home insurance cover? and What doesn't home insurance cover?
How does a home insurance deductible work?
An insurance deductible is an amount of money you agree to pay out-of-pocket before your insurer foots the rest of the bill. Let's say your laptop is stolen and valued at a replacement cost of $2,000. If your deductible is set at $500, your insurer will only provide you with the remaining $1,500.
Not all home insurance claims require a deductible. For instance, liability claims are typically paid out in full (up to a stated limit) by your insurer. Insurers may also waive your deductible when it comes to a large loss.
Since setting a higher deductible means you're taking on more risk, it leads to cheaper home insurance rates. Keep in mind, however, that you'll need to be ready with this money on hand if anything were to happen. A high deductible can also limit you from making smaller claims – if a claim is valued at $1,500, but your deductible is set at $2,000, you won't be asking your insurance company for anything.
Some insurers also offer a disappearing deductible endorsement. With this add-on, your deductible will decrease (or may even be waived) each year you stay claims-free.
Can I cancel my home insurance policy at any time?
Yes, if you're unhappy with your current insurer, you can step away – but instead of cancelling your home insurance in its entirety, you may want to switch providers instead. Leaving your property uninsured is a large risk in itself, and your mortgage lender (if you have one) will generally require you to carry coverage.
Make sure the start date of your new policy lines up with the end date of your existing one. Aside from the fact that coverage gaps can increase your future home insurance premiums, you also don't want to leave your property uninsured.
Also, make sure you're comfortable paying any penalties as you may be charged termination fees for early cancellation. If you can wait until the end of your policy term, you won't be charged a penalty for a non-renewal.
Can I have two home insurance policies?
While you are allowed to carry more than one home insurance policy on a single property, it's probably not the most ideal. You won't receive double the payout, just because you're paying two separate premiums. This is because insurance is there to protect you financially – you aren't supposed to profit from an insurance claim.
Instead, you may only end up using coverage from one policy or your insurers may split the claim among each other. In some cases, you may claim the payout from your primary policy first, and if it's denied or insufficient, then you may use the coverage from your secondary policy (this is how umbrella insurance works).
If you own more than one property, that's a different story. It's definitely a good idea to have a separate home insurance policy for each of them. You can even bundle them under one insurance provider for further discounts.
Will my home insurance premium increase after making a claim?
Yes, making a home insurance claim will most likely increase your future premium. This is because insurers like to see low-risk policyholders – and the more claims you've made in the past, the more likely you'll make one in the future.
Some insurance companies, however, offer claim forgiveness endorsement (for an additional charge). With this, your provider won't raise your premium as a result of your first home insurance claim.
Do home insurance quotes affect your credit score?
No, while insurers do check your credit to calculate your home insurance quote, they're only performing a soft pull. Soft pulls aren't visible to lenders and have no effect on your credit score.