Economical’s first home insurance policy was sold on November 25, 1871, in Berlin (now Kitchener), Ontario. Today, Economical Canada offers home, auto, group, and business insurance coverage options. They are one of the leading property and casualty (P & C) companies in Canada.
Tenant (Renter's) insurance
There are two ways you can purchase Economical home insurance. You can get an Economical home insurance quote for your house, condo, or apartment directly from Economical Canada through their online direct business platform, Sonnet Insurance.
Your other option is to use one of Economical Canada’s approved insurance brokerages like Surex Direct, for example. Brokerages are certified resellers of insurance products for various insurers across Canada. Each brokerage establishes agreements with individual insurance companies in order to be able to offer their full suite of products.
The benefit of purchasing directly is that you are connecting with the source, but the drawback is that they are only selling what they have on offer and their expertise will generally fall within their own products. Alternatively, buying home insurance from a broker is that they have a better understanding of what’s in the market and can provide you with the best home insurance for your specific needs. The main drawback of purchasing insurance from a broker is it may cost you a bit more than if you had chosen to purchase directly from the insurer. However, they may also be able to find you a better overall price from another home insurance provider. As always, we recommend you take the time to shop and compare home insurance providers to make sure you are getting the best policy for the right price to meet your needs.
If you’re looking for discounts on home insurance with Economical, here’s how you can save:
Monitored alarm system
Being a retiree
Economical offers several useful additional coverage options that you can get for both your home and car. Here are some unique coverage extensions that are designed to help you customize your home insurance policy to meet your needs.
Optional home insurance coverages:
For residents of BC, this can help you piece your home and its contents back together after an earthquake
Coverage for when your main drain backs up into your house as a result of overflowing city main drains or a blockage in your drain pipe.
|Full hail coverage||
If a strong storm comes through you may find siding or rooftop shingles damaged by hail - this protects you from this damage.
Economical offers comprehensive overland water coverage both from spring thaw and rising lakes
|First claim forgiveness||
A claim forgiveness option for your first submitted claim.
The deductible is the portion you pay before Economical pays the rest. If you go claims free, over time, your deductible cost diminishes.
Replaces damaged items like windows, doors, and furnaces with eco-friendly alternatives.
You can learn more about the additional coverage options that Economical has to offer here .