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Compare home insurance quotes

In under 5 minutes, compare personalized home insurance quotes from Canada's top providers, for free.

Introduction to Canadian home insurance

home-insurance-canada-ladies-talking

 

The inception of home insurance was 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, would later start the first fire insurance policy to the United States in 1752.

In Canada, 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 home insurance companies, both public and private, offering policies in Canada.

 

Why should you care?

Home insurance is not a requirement by law in Canada. However, since the purchase of a home is often accompanied by a mortgage from a lender, the lender typically requires protection for their investment and in this case, home insurance is required.

However, if you own a property it’s smart to have some level of house insurance to protect yourself 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.

Remember, the cost for home insurance can fluctuate for a number of reasons including the type of home insurance (Homeowner, Condo, or Tenant), as well as regional differences where there may be a higher risk of earthquakes or floods.

Home Insurance Quotes

How to compare home insurance quotes on Ratehub.ca

  • Step 1: Share some information

    Tell us a little about yourself and your coverage needs

  • Step 2: Compare quotes

    We instantly show you dozens of quotes side-by-side from top providers

  • Step 3: Save money

    Choose your quote and secure your insurance rate online, or via one of our licensed brokers

Factors impacting 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: 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 home insurance 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 insurance premiums, home insurance providers will look at the following 11 factors.

Property type

Credit score

Replacement cost

Location

Internal construction

Roof

Renovations & betterments

Past claims history

Pets

Special use

Pool and other accessory dwellings

How home insurance works

Whether you’re in a single-family house, a condominium, an apartment, or a mobile home, there is coverage to suit your unique habitation.

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 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, this is the cheapest option, but will only cover the specific risks you select 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 contents 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.

What is the average cost for house insurance in Canada?

In Canada, the average home insurance cost is $960 per year, but varies by type of home, location, and other risks. Comparing home insurance quotes can help save you hundreds every year.

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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 themselves 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 themselves in their rental unit. 

See below for more details on the different types of home insurance coverage.

Liability coverages

Home insurance coverage for any injuries that occur on your property or if you happen to damage someone else's property.

Personal liability

Voluntary medical payments

Voluntary property damage

Property coverages

Protects the physical structure of your home, detached structures (e.g. shed), your contents inside your home, and in case you need to live elsewhere following a home insurance claim.

Dwelling building

Detached private structures

Personal property

Additional living expenses

Common coverage additions & endorsements

Important additions to any home insurance quote depending on your level and tolerance of risk.

Overland water

Sewer backup

Earthquake

Mass evacuation

Identity theft

Freezer food

Credit/Debit cards, forgery & counterfeit

Lock replacement

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How to get cheap home insurance quotes

  1. 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 home insurance quotes from Canada’s top home insurance providers in minutes.

  2. 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.

  3. 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.

  4. Increase your deductible

    A standard home insurance deductible is $500. If you increase your deductible, the amount you must pay before the insurance company pays the rest, they will often decrease your monthly premium.

  5. 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

  6. 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.

  7. Stay with your home 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.

  8. 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

Who has the cheapest home insurance?

How do I get the best home insurance quote?

How can I lower my homeowners insurance?

What are the best home insurance companies?

What is not covered by a typical home insurance plan?

Can you cancel home insurance?

What factors aren't used to calculate home insurance rates?

What is a home insurance peril?

Is there a charge to switch home insurance providers?

How do home insurance claims work?

What is a home insurance deductible?

Do I need home insurance for AirBnb?

Do home insurance quotes affect your credit score?

Author Bio

Matt Hands, Business Director of Insurance

Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.

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