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How to get a home insurance quote on Ratehub.ca

1

Start a quote

Launch into our personalized quoting journey with just a click. Simply select the type of home insurance you require and click ‘start my quote’ to begin!

2

Identify your property

We just need the basic property details to get you started. This is where you will identify which property you want to insure.

3

Tell us a little about yourself

Here’s where we get to know each other better. We have pulled together a few questions designed to help us craft a personalized quote just for you.

4

Review the construction details

At this stage of the journey is where you will take a second to review the finer details of the property's development. Here is where you will truly personalize your home insurance policy.

5

Select the best quote for you

Almost there! Take a few minutes to review your personalized quote estimates before selecting the best rate from one of Canada’s top home insurance companies

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Factors that impact your home insurance premiums

There are many factors that affect the price you pay for home insurance. An insurance provider will need to know the unique details of your home, like its age, the cost to repair or replace, and basic construction details for the interior workings (e.g. plumbing and electrical) and exterior features (e.g. type of roofing material used). These details will allow a broker or an agent to more accurately assess risk and determine the probability of something going wrong before providing a quote. The more perceived risks there are with your property, or the more expensive potential repairs would be, the more your home insurance premiums will cost you.

When determining your premiums, home insurance providers will look at the following factors:

Introduction to Canadian home insurance

Home insurance was first created following a weekend of fires that spread across London, U.K. In a cafe, known as Lloyd’s, underwriters gathered to create and sell policies as the demand grew in popularity. One of America’s founding fathers, Benjamin Franklin, founded the first fire insurance policy to the United States in 1752. Our founding father, Sir John A Macdonald was not only Canada’s first prime minister but also the president of the Dominion of Canada General Insurance Company, one of the first companies to sell home insurance in Canada in 1887. Now, there are over one hundred active insurance companies, both public and private, offering policies in Canada.

Home insurance is not a requirement by law in Canada. However, since the purchase of a home is often accompanied with a mortgage from a lender, the lender typically requires protection for their investment and in this case home insurance is required. Regardless of the requirements, if you own a property it’s a good idea to have some level of house insurance to be protected from any uncontrollable risks like water damage, theft or fire. Home insurance is for homeowners and condo owners alike, as well as tenants who rent their space. It’s important to keep in mind that the cost for home insurance can fluctuate for a number of reasons including type of home insurance (Homeowner, Condo, or Tenant), as well as regional differences where there may be a higher risk of earthquakes or floods.

How home insurance coverage works

Whether you’re in a single family house, a condominium, an apartment, or a mobile home, there is coverage to suit your unique habitational situation. There are 3 main types of coverage - comprehensive, broad, and basic. The overwhelming choice for Canadians is a comprehensive home insurance policy. This is largely due to the fact the difference in costs between the different policy types is minimal and some lenders will only offer a comprehensive policy. Plus a comprehensive policy provides you with the highest level of protection! Here’s a breakdown of the three different types of home insurance policies:

Coverage Description
Basic coverage

Also known as named perils, is the cheapest option, but will only cover the specific perils you choose. A peril is a certain risk that may damage your home or property. For instance, you may choose “Fire or Lightning” as a peril, to protect your home from fire or lightning, but if a thief robs your home, there would be no coverage

Broad coverage

Covers the physical structure of your home and contents for risks of direct physical loss or damage, but there are some exclusions. It only insures your content for specifically named perils

Comprehensive coverage

The most inclusive policy covering the building and its contents from all risks, except for some optional coverages such as: sewer back-up, earthquakes, or overland water.

Types of home insurance coverage

No matter the scenario - own or rent; live in a house or a condo - there is home insurance coverage for your unique situation. A homeowner needs protection for their home, which includes mechanical assets like plumbing and electrical, as well as personal liability from someone falling on their property. A condo owner will need to pay to protect their contents, any improvements they’ve made to their unit, and for personal liability coverage in the event that someone injures themself while visiting the property. Tenant’s insurance covers a renter’s personal belongings not covered under the homeowner’s insurance. A tenant should also seek their own personal liability insurance in case someone injures themself in their rented space.

See the chart below for more details on available home insurance coverage:

Type of Coverage Coverage Description
Property coverages
Dwelling building

Coverage for damages caused by all perils or specified perils, depending on your policy, for your dwelling (home) and attached structures, such as a garage or sun deck. It also includes coverage for swimming pools and permanently installed outdoor equipment, like a children's play set.


Coverage amount: Replacement cost of your home

Included: Yes

Detached Private Structure(s)

Coverage for damages caused by all perils or specified perils, depending on your policy, for any privately detached structures you have on your insured premises; such as a tool shed, detached garage, or pool house.


Coverage amount: 10% - 20% of replacement cost

Included: Yes

Personal Property

Essentially you are covered for all personal property that you own, wear, or use. This includes your contents, clothing and other personal items - examples would be jewelry, artwork, furniture, electronics, etc...


Coverage amount: 70% - 80% of replacement cost

Included: Yes

Additional Living Expenses

Will provide you with the means to cover the costs of additional living expenses if you have to live away from your home for a period of time due to an insured loss (i.e. a loss caused by an insured peril).


Coverage amount: 20% - 30% of replacement cost

Included: Yes

Liability coverages
Personal Liability

Provides coverage for lawsuits filed against you by individual(s) that have been injured on your insured property. An example would be a visitor who falls down on your icy walkway during the winter and chooses to sue.


Coverage amount: $100,000 - $5,000,000

Included: Yes

Voluntary Medical Payments

If you unintentionally injure another person or they are injured on your property, your insurer will agree to pay the individual's reasonable medical expenses (i.e. surgery, dental, etc...) for up to one year from the date of the accident.


Coverage amount: $1,000 - $10,000

Included: Yes

Voluntary Property Damage

If you or a child of yours (age 12 and under) unintentionally causes direct damage to property that is not your own, your insurer will agree to reimburse the owner of the damaged property.


Coverage amount: $500 - $6,000

Included: Yes

Common Coverage Additions & Endorsements
Overland Water

This is protection from rivers, streams or other bodies of water overflowing onto dry land and causing damage to your home. It can also be caused by a spring thaw from melting snow


Coverage amount: $1,000 - $50,000

Included: No, must be added

Sewer Backup

This is when the main sewers back up from overflow into your house. You can limit your risk by installing a backflow preventer. If you live at the bottom of a hill, or a low lying area, we recommend sewer backup protection.


Coverage amount: $10,000 - $50,000

Included: No, must be added

Earthquake

Earthquake damage is not typically covered under a standard home insurance policy. If you live in B.C. or Quebec, areas more prone to earthquakes, it is an important addition.


Coverage amount: Replacement cost of your home

Included: No, must be added

Mass Evacuation

If you are mandated to leave your premises due to great risk or danger, adding this coverage will help pay for some of the expenses like hotels and food.


Coverage amount: $2,500- $10,000

Included: No, must be added

Identity Theft

There are many ways you may be the victim of identity theft including, but not limited to, credit cards, passports, and bank accounts. While some banks will reimburse you for lost funds, the other associated costs may be substantial.


Coverage amount: $5,000- $30,000

Included: No, must be added

Freezer Food

Provides coverage for food contained in a freezer that is located on your insured premises, if the loss or damage is due to either mechanical breakdown or an outside power disruption.


Coverage amount: Up to $2,000

Included: No, must be added

Credit/Debit Cards, Forgery & Counterfeit

Helps to offset financial loss incurred due to theft and/or other losses directly attributable to forgery or counterfeit activities.


Coverage amount: Up to $200 per transaction & $2,000 annually

Included: No, must be added

Lock Replacement

Helps with the replacement of the locks at your home if your keys have been lost or stolen as part of a burglary. The loss must be reported to the authorities and your insurer will determine whether or not to approve the lock replacement claim.


Coverage amount: Up to $500

Included: No, must be added

Tips on how to get cheap home insurance

Shop around and compare

At Ratehub.ca, we take the work out of monotonous phone calls and visits to many different brokerages repeating the same information over and over. By entering your information, we can give you several quotes from Canada’s top home insurance providers in minutes.

Bundle policies

Insurers will often give a discount to consumers who get both their home and auto insurance from them. If you can, look to have both your house and car protected by the same insurer.

Monitored alarm systems

If you have a monitored alarm system installed, providing communication between your home security system and the central station of your security provider, you could receive a discount. This typically does not include your own cameras and motion sensor lighting. To get the discount, you must have a central station that protects your home.

Increase your deductible

A standard home insurance deductible is $500. If you increase your deductible, which means having to pay more before the insurance company pays the rest, they will often decrease your monthly premium

Renovations

If you upgrade your electrical from knob & tube to copper wiring or upgrade your plumbing from iron and steel to plastic and copper you could see a reduction in your premiums. However, if you upgrade with more expensive finishes that would cost more to replace, you’ll likely pay more.

Ask about discounts

A new job may mean union membership, group discounts, or corporate discounts. A retiree may also save on home insurance. A yearly review is recommended to see and ask what discounts may apply to you as things change.

Stay with an insurer (loyalty)

The longer you stay loyal to your home insurance provider, the more they’ll reward you with discounts, especially if you remain claims free.

Improve credit score

If your insurer monitors your credit score, be sure to pay your bills on time and watch your credit card balance - getting close to the max could hurt your score.

Frequently asked questions about home insurance

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