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Compare Home Insurance Quotes Online & Start Saving

In under five minutes, compare home insurance quotes from Canada’s top providers – your cheapest rate is just a few steps away.

How to compare home insurance quotes with Ratehub.ca

  1. Share information

    Tell us a little about yourself and your property coverage needs.

  2. Compare quotes

    We instantly show you home insurance quotes from top Canadian providers.

  3. Save money

    Choose your quote and secure your home insurance rate online.

Compare recent Ratehub.ca cheap home insurance quotes

Thousands of homeowners visit our site weekly, looking to save big on their next home insurance policy. We help them compare the Canadian market, and we can help you too. Here are a few sample home insurance rates our users received in January 2024 – to see personalized quotes for yourself, be sure to take advantage of our free quote comparison tool today. 

  • $76/month

    1,400 square-foot townhouse

    for one family, under Travelers Insurance

  • $97/month

    1,500 square-foot semi-detached home

    for one person, under Economical Insurance

  • $112/month

    1,100 square-foot detached home

    for one couple, under MAX Insurance

  • $190/month

    1,900 square-foot townhouse

    for one couple, under Gore Mutual

A few things we're proud of

  • 1,200,000

    monthly users

  • 11 years

    young

  • Over 1M

    better choices made

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    to Canada’s top financial institutions

What is home insurance?

Purchasing a home is one of the biggest investments you can make, so you'll also want to protect it from risks of damage and loss – this is where home insurance comes in. 

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. 

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. 

When shopping around for home insurance, it's important to note that not all providers offer the same types of coverage. You'll want to choose the one that caters to all your needs for the lowest price possible. We can help – read on the learn more about your property coverage needs and compare home insurance quotes with us today. 

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


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


What is a home insurance endorsement?

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


Personal valuables insurance


Home-sharing insurance


Flood insurance


Earthquake insurance


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.

    How much is home insurance 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 find your lowest rate with us today.

    compare quotes

    What factors impact your home insurance quote?

    Home insurance is calculated on a case-to-case basis. Insurers look at the level of risk associated with you and your property, which they factor into their personalized quote calculation. Here's a quick overview of the factors that'll impact your next home insurance quote.

    Home replacement value – This is the amount of money you’ll need to rebuild your home in the event it gets completely destroyed – so the more this costs, the more coverage you’ll need (and therefore, the more expensive your premium will be). You can also opt-in for guaranteed replacement coverage, meaning your building will be covered for a full rebuild even if it exceeds the policy limit.

    Property type and use – How many people live in the household? Do you rent out your property for additional income? Insurers factor in how you use your home to determine your risk of making a claim, and the more risk you bring, the higher your premium will be.  

    Property age – The older your home, the more susceptible it is to damage. So newly-built properties often come with cheaper home insurance premiums. 

    Property size – The larger your home, the more you need to insure. So expect to pay a higher premium when insuring a 7,000-square-foot mansion than a 500-square-foot apartment. 

    Location – Where your home is located matters. If you live near a body of water or in a statistically high-rate crime area, you’re more susceptible to making a claim which of course, increases your rate. Living near a fire station or fire hydrant, however, can help bring your premium down. 

    Roofing – A newer, higher-quality roof can lead to lower home insurance premiums. You’re lowering your insurer’s risk of having to pay out a damage claim due to severe weather conditions.

    Exterior materials – As your building wears down, you’re more likely to face other claims-related issues, such as a leaky pipe. Therefore, newer homes, brick homes, and homes made of fire-resistant materials tend to come with lower premiums. 

    Heating, plumbing, and electrical systems – Older systems lead to higher home insurance premiums, and some insurers may even require you to make upgrades before providing you with coverage. This may be the case for wood burning stoves, galvanized steel plumbing, knob and tube wiring, fuel oil tanks, as well as 60-amp electricity. 

    Accessory structures – If you have accessory dwelling units, such as a garden suite, or a pool in your backyard, you’ll need coverage on these too. So expect your home insurance rate to go up. 

    How market conditions can impact your home insurance quote

    According to the Consumer Price Index from Statistics Canada, the cost of home and mortgage insurance saw a 5.5% increase year-over-year in April 2023. And while there are many factors that contribute to the ongoing inflation of your homeowner's coverage, some are completely out of your control – let's take a look at some market conditions that could cause your premium to increase. 

      • Inflation of materials

        April's CPI reported an 8.4% increase year-over-year for home maintenance and repairs. Meanwhile, the overall value of home replacements saw a slight increase of 0.2%. As the cost of rebuild materials (e.g. lumber, concrete) continues to rise, insurers will need to pay out more in damages – and the money will need to be made up with rate increases.

      • Supply chain issues

        A recent survey revealed that 58% of Canadian construction firms expected supply chain issues to be a challenge within this year. And in 2022, a whole 76% of firms experienced delays in obtaining project materials. As complications cause repair and rebuilds to take longer, the cost to pay out claims will also increase (and inevitably, your home insurance rate will go up).

      • Labour shortages

        It's no surprise that labour shortages have been a big challenge for employers across Canada. In early 2022, Statistics Canada reported a record-high number of vacancies in the construction industry – with 81,500 open positions. And of course, fewer workers mean timelier claims (and therefore, more expensive home insurance for the overall market).

      • Climate change & natural disasters

        According to the Insurance Bureau of Canada, 2022 was the third-worst year in the country's history for insured losses. While there wasn't a single event that caused a majority loss, severe weather caused a total of $3.1 billion in damages overall – so it's no a surprise if home insurance companies need to recoup some funds, starting with a hike in our premiums.

      How to get cheap home insurance quotes

      1. Shop and compare

        Every home insurance company quotes their customers differently – that’s why it’s important to shop the market (with Ratehub.ca) and find the one that offers the coverage you need for the lowest rate possible.

      2. Bundle insurance products

        By purchasing coverage for your car and home under one provider, your insurer will thank you for your loyalty with discounted premiums. And you also bundle other products, such as landlord insurance and boat insurance, for further savings.

      3. 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 – some providers require your alarm to be centrally monitored in order to qualify for savings.

      4. Stay claims-free

        A clean home insurance history shows insurers you’re less likely to make a future claim, lowering your rate substantially. So before you call up your home insurance company to ask for a payout, make sure it’s worthwhile.

      1. Improve your credit score

        While insurers can’t increase your premium due to a low credit score, 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 for the right company.

      2. Get a group rate

        Ask your insurance provider about group rates – discounts for certain professionals, alumni, or organization members. For instance, you may receive a lower rate for being CPA licensed or a post-secondary graduate.

      3. Upgrade your home

        While some upgrades (such as a kitchen remodel) can lead to higher premiums, other upgrades (such as an impact-resistant roof) help limit your risk – ultimately leading to cheaper home insurance quotes.

      4. Increase your deductible

        If you can afford to pay a larger amount out-of-pocket, increasing your home insurance deductible is one way to save on your premium. But make sure it’s a risk you’re willing to take as you could potentially be paying more in the long run.

      Are you looking for the best home insurance rate?

      In less than 5 minutes, you can compare multiple home insurance quotes from Canada's top providers for free. Comparing rates online could save you hundreds of dollars.

      Frequently asked home insurance questions by Canadians

      Is home insurance mandatory?


      What is the best home insurance?


      How do I get the best home insurance quote?


      What doesn't home insurance cover?


      How does a home insurance deductible work?


      Can I cancel my home insurance policy at any time?


      Can I switch home insurance at any time?


      Can you have two home insurance policies?


      Does your home insurance premium increase after making a claim?


      Do home insurance quotes affect your credit score?


      Matt Hands, Business Director of Insurance

      With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio

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