About Home Insurance in Canada
Home is where the heart is, and the security of your home depends on your knowledge of Canadian home insurance protection.
The distinctive nature of Canadian risks across national territories makes home insurance an essential investment because both homeowners and tenants need protection for their assets and possessions against unpredictable incidents that bring monetary consequences.
Home insurance is a type of property insurance that protects homeowners and tenants against unforeseen circumstances and potential liabilities.
The policy provides an all-in-one solution to protect both household property from damage and offers a defence against legal claims involving injuries and property destruction to others.
Best
9.9
Price From
$15/month
Term
1 year
Types
8
9.8
Price From
$16/month
Term
1 year
Types
5
9.6
Price From
$15.45/month
Term
1 year
Types
3
In Canada, standard home insurance policies include coverage for civil liability, dwelling and detached structures, personal belongings, and additional living costs.
Canadian law does not require home insurance but obtaining coverage is important to protect your home against unforeseen financial losses and any unexpected events that may arise.
Home insurance covers both rebuilding expenses after damage to the home and it also provides funds for temporary housing costs during reconstruction.
The protection provided by home insurance guards homeowners from being liable for third-party injuries that occur within their property boundaries and offers payment to return personal items to their previous state.
How to compare home insurance
Comparing home insurance policies will help you get the right coverage at the best price. Here’s a quick step-by-step guide to help you make an informed decision:
Assess your coverage needs
- Evaluate Your Home’s Value: Determine the replacement cost of your home, not its market value. This is the amount it would take to rebuild your home if it were completely destroyed.
- Inventory Your Personal Belongings: Create a detailed list of your personal property, including furniture, electronics, clothing, and other items. Estimate the value of these items to determine how much coverage you need.
- Consider Additional Risks: Consider specific risks in your area, such as flooding, earthquakes, or severe storms, and ensure your policy covers them.
- Determine Liability Coverage: Decide how much liability coverage you need to protect yourself if someone is injured on your property.
Shop around and get quotes
- Gather Multiple Quotes: Contact several insurance companies or use an online comparison tool to get quotes from different providers.
- Provide Accurate Information: Provide accurate information about your home, its features, and your personal belongings.
- Compare Coverage Details: Don’t just focus on the price. Compare the coverage details of each policy, including the amount of coverage, deductibles, and exclusions.
- Check for Discounts: Ask about available discounts, such as bundling home and auto insurance, installing security systems, or being a long-term customer.
Understand policy details
- Review Policy Exclusions: Carefully read the policy exclusions to understand what is not covered. This will help you avoid surprises in the event of a claim.
- Understand Deductibles: Know the deductible amount you’ll need to pay out of pocket before your insurance coverage kicks in. A higher deductible usually means a lower premium, but ensure you can afford to pay it if needed.
- Check for Coverage Limits: Be aware of any coverage limits on specific items, such as jewelry, art, or collectibles. You may need to purchase additional coverage for these items.
- Ask Questions: Don’t hesitate to ask the insurance provider questions about anything you don’t understand.
Review and update annually
- Reassess Your Needs: Review your home insurance policy annually to ensure it still meets your needs.
- Update Your Inventory: Update your inventory of personal belongings to reflect any new purchases or changes in value.
- Shop Around Again: Consider shopping around for quotes again to ensure you’re still getting the best rate and coverage.
- Inform of Home Improvements: Notify your insurance provider of any major home improvements, such as renovations or additions, as these may affect your coverage needs and premiums.
9.9
Price From
$15/month
Term
1 year
Types
8
Square One
Overview:
Best home insurance for affordability. Square One offers fully customizable home insurance policies across Canada, allowing customers to choose only the coverages they need—such as protection for fire, water damage, theft, and more—keeping costs efficient. Their digital-first platform provides quick quotes, online claims, and flexible payment options with no long-term contracts.
Square One Best For
Who it's for
Square One is best for homeowners, condo owners, and renters in Canada who want flexible, customizable coverage tailored to their specific needs. It's especially ideal for tech-savvy individuals who prefer managing their insurance entirely online and value transparent pricing.
Square One Features
Stand-out features
- 24/7 emergency claims service
- Super affordable rates
- Add-ons to boost your coverage
- Guaranteed building replacement coverage
- Flexible payment options
- Streamlined claims process
Who it's for
Square One is best for homeowners, condo owners, and renters in Canada who want flexible, customizable coverage tailored to their specific needs. It's especially ideal for tech-savvy individuals who prefer managing their insurance entirely online and value transparent pricing.
Stand-out features
- 24/7 emergency claims service
- Super affordable rates
- Add-ons to boost your coverage
- Guaranteed building replacement coverage
- Flexible payment options
- Streamlined claims process
9.8
Price From
$16/month
Term
1 year
Types
5
Insurely
Overview:
Best home insurance for families. Insurely offers comprehensive home, condo, tenant, and rental property insurance across Canada (excluding Quebec), with customizable coverage options and a fully digital platform for quick policy setup. Their services include guaranteed home replacement, rental income protection, and 24/7 claims support, aiming to provide a seamless and customer-focused insurance experience.
Insurely Best For
Who it's for
Insurely Home Insurance is best for Canadians (outside Quebec) who want fast, customizable, and fully online home, condo, or tenant insurance. It’s ideal for tech-savvy homeowners, renters, or landlords who value convenience and strong customer service.
Insurely Features
Stand-out features
- Helped 84,857+ Canadians last year
- Rated 4.9/5 stars by customers
- Affordable coverage from $16/month
- Super customizable for your unique needs
- Exceptional customer service
- Great for homeowners, tenants, and landlords
Who it's for
Insurely Home Insurance is best for Canadians (outside Quebec) who want fast, customizable, and fully online home, condo, or tenant insurance. It’s ideal for tech-savvy homeowners, renters, or landlords who value convenience and strong customer service.
Stand-out features
- Helped 84,857+ Canadians last year
- Rated 4.9/5 stars by customers
- Affordable coverage from $16/month
- Super customizable for your unique needs
- Exceptional customer service
- Great for homeowners, tenants, and landlords
9.6
Price From
$15.45/month
Term
1 year
Types
3
YouSet
Overview:
Best home insurance for bundeling with auto. YouSet offers a streamlined digital platform for Canadians to compare and purchase home insurance policies from multiple top insurers in under four minutes. Their service includes personalized support via SMS, phone, or email, and provides optional coverages such as water damage, theft, and earthquake protection.
YouSet Best For
Who it's for
YouSet is best for Canadians who want a fast, convenient way to compare and buy home insurance online without dealing with brokers or paperwork. It’s especially ideal for first-time buyers or busy individuals looking to save money through personalized discounts and bundling options.
YouSet Features
Stand-out features
- Get a quote in minutes
- Save an average of 29% on premiums
- Bundle with auto insurance & save
- Chat, email & phone support
- No hidden fees
- Buy online or over the phone
Who it's for
YouSet is best for Canadians who want a fast, convenient way to compare and buy home insurance online without dealing with brokers or paperwork. It’s especially ideal for first-time buyers or busy individuals looking to save money through personalized discounts and bundling options.
Stand-out features
- Get a quote in minutes
- Save an average of 29% on premiums
- Bundle with auto insurance & save
- Chat, email & phone support
- No hidden fees
- Buy online or over the phone
Who needs home insurance?
Home insurance isn’t legally mandated in Canada unless required by a mortgage lender but it is highly recommended for homeowners and tenants alike. Here’s a breakdown of who benefits from home insurance:
Homeowners with a mortgage
- Mandatory Requirement: Banks or mortgage lenders typically require homeowners to purchase home insurance as a condition of the mortgage. This protects the lender’s financial investment in the property.
- Protection of Investment: Home insurance ensures that the property can be repaired or rebuilt if damaged or destroyed, reducing the likelihood of loan default.
Homeowners without a mortgage
- Financial Protection: Even without a legal requirement, home insurance protects against financial losses due to unexpected events like fire, water damage, vandalism, or natural disasters.
- Coverage for Repairs and Replacement: Without insurance, homeowners are solely responsible for covering the costs of repairing or replacing their homes.
- Liability Coverage: Home insurance provides liability protection if someone is injured on the property.
Tenants
- Protection of Personal Belongings: Tenants’ insurance covers personal belongings against theft, damage, or loss due to events like fire or water damage.
- Liability Coverage: It also provides liability coverage if someone is injured in the rental unit or if the tenant accidentally damages the property.
- Additional Living Expenses: Some policies may cover additional living expenses if the rental unit becomes uninhabitable due to a covered event.
Other residents
- Spouse/Partner: In most cases, the policy also covers a spouse or partner who lives in the home.
- Children: Dependent children living in the home are usually covered under the parent’s home insurance policy.
- Other Residents: Other residents, such as relatives or non-relatives, may also be covered under the policy, but disclosing all residents to the insurance provider is crucial to ensure proper coverage
When to get home insurance
Securing home insurance at the right time is crucial to protect your investment and ensure a smooth home-buying process. Here’s a timeline to help you determine when to get home insurance:
Before signing the papers
- Requirement for Mortgage Approval: In many cases, lenders require proof of home insurance before they approve your mortgage.
- Avoid Closing Delays: Starting the insurance process a few weeks before your closing date allows ample time to shop around and secure a policy, preventing potential delays.
When you’ve found your new home
- Once you’ve found the home you want to buy, start shopping for home insurance. Compare different companies, coverages, and rates.
When you sign the contract
- Best Practice: For optimal results, obtain home insurance when you sign the purchase contract. The policy won’t take effect until closing.
- Proof of Insurance: Many lenders require proof of insurance coverage 15 or more days before closing.
During home renovations
- Update Coverage: If you’re planning renovations, get a home insurance estimate beforehand to see how the changes might affect your premium.
- Increased Property Value: Renovations like a new roof or remodelled kitchen can increase your property’s value, so update your insurance to cover the upgrades.
Major life changes
- Review Policy: Life changes like marriage or retirement can impact your insurance needs. Combining households after marriage may require additional coverage for new belongings.
Policy renewal time
- Shop Around: One of the best times to review your home insurance is when your policy is up for renewal. Don’t auto-renew without comparing quotes to ensure your policy still meets your needs and budget.
Other important considerations
- State and Territory Requirements: Insurance requirements can vary. In Queensland, once contracts are signed, the buyer is responsible for the property from 5 pm the next business day. In Victoria and New South Wales, the buyer is responsible from the settlement date.
- Full Year Upfront: Insurers may require payment for a full year of homeowner’s insurance upfront.
- Home insurance shopping: Shopping for home insurance can be impactful, even if you aren’t buying a new home
Three types of home insurance
Choosing the right type of home insurance is essential to ensure you have adequate coverage for your specific needs. Here’s a comparison of three common types:
| Type | Coverage | Premium | Eligibility | Loss of rental income | Tax implications |
|---|---|---|---|---|---|
| Tenant Insurance | Protects personal belongings and liability | Typically lower | For renters | Not included | Not deductible |
| Homeowner Insurance | Protects owner-occupied property and homeowner’s liability | Typically lower | Required for owner-occupied properties | Not included | Not deductible as a business expense |
| Landlord Home Insurance | Protects rental property and landlord’s liability | Typically higher | Required for rental properties | Included | Deductible as a business expense |
Tenant insurance
Tenant insurance, also known as renter’s insurance, is designed to protect renters in a property. It primarily covers personal belongings against perils like theft, fire, vandalism, and water damage.
Additionally, it includes liability coverage if someone is injured in the rental unit or if the tenant accidentally damages the property. Some policies may also cover additional living expenses if the rental unit becomes uninhabitable due to a covered event.
Homeowner insurance
Homeowner insurance protects a house and possessions against damage or loss from events like fire, theft, storm damage, or frozen pipes. It also provides liability coverage for personal injuries sustained by others on the property.
There are different types of homeowner insurance policies, such as HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-7, and HO-8, each offering different levels of protection. The most common type is HO-3, also known as special form coverage, which covers the home at its replacement cost and personal property up to its actual cash value.
Standard areas covered by a regular homeowner’s policy include the home’s physical structure, personal belongings inside the home, liability protection, and coverage for additional living expenses.
Landlord home insurance
Landlord insurance is similar to homeowner insurance but includes coverage for landlord-specific needs, such as loss of rent and malicious damage caused by tenants.
Landlord insurance covers the building and permanent fixtures and fittings, it also covers furnishings. It also covers the landlord if a tenant misses rent payments and it offers protection in case someone gets injured on the property
What does home insurance cover?
Home insurance policies in Canada typically offer coverage for a range of perils and liabilities. While the specific coverage can vary depending on the policy type and provider, here are the main components commonly included:
Dwelling coverage
- This covers the cost to repair or rebuild your home if a covered peril, such as fire, wind, hail, or vandalism damages it.
- This also covers structures attached to your home, like attached garages or decks.
- Policies often provide coverage up to the replacement cost, which is the amount it would take to rebuild your home with materials of similar quality at today’s prices.
Detached structures coverage
- It covers structures on your property that are not attached to your home, such as detached garages, sheds, fences, and gazebos.
- The coverage limit for detached structures is a percentage of your dwelling coverage (e.g., 10% of your dwelling coverage).
Personal property coverage
- Covers your personal belongings, such as furniture, clothing, electronics, appliances, and other items, if they are damaged or stolen.
- Depending on the policy, coverage may be for named perils (only the perils specifically listed in the policy) or all-risk (covers all perils except those specifically excluded).
- Policies may offer coverage based on actual cash value (which factors in depreciation) or replacement cost (which covers the cost to replace items with new ones).
Additional living expenses (ALE) coverage
- This covers the cost of temporary housing, such as a hotel or rental apartment, if your home is uninhabitable due to a covered loss.
- Also covers extra expenses like meals and laundry if you have to live away from home.
- ALE coverage has policy limits, so be aware of how much your policy will pay out.
Liability coverage
- Covers legal costs and damages if someone is injured on your property and you are found liable.
- Covers property damage caused by you or members of your household to someone else’s property.
- coverage has policy limits, so ensure you have enough coverage to protect your assets.
Medical payments coverage
- Covers medical expenses for someone who is injured on your property, regardless of who is at fault.
- Medical payment coverage has lower limits than liability coverage.
Additional coverages
- These may include coverage for certain types of water damage, such as burst pipes or sewer backup (often available as an add-on).
- It covers losses due to theft, including damage caused by burglars.
- Covers damage caused by vandalism or malicious acts.
- for natural disasters like earthquakes or floods may require separate endorsements or policies.
How much does home insurance cost?
The cost of home insurance can vary widely, with premiums influenced by numerous factors. The national average for home insurance was about $1,319 in 2020.
However, more recent data indicates that the average home insurance premium is currently $2,285 per year (or $190 per month) for a policy with $300,000 in dwelling coverage. Some homeowners may pay more than quadruple the national average, depending on their circumstances.
Key factors influencing home insurance costs:
- Location: Homes in high-risk areas, such as those prone to severe weather (floods, wildfires, hurricanes) or high crime rates, usually have higher premiums.
- Coverage Type and Amount: The level of coverage you choose significantly affects your premium. More extensive coverage, including dwelling coverage, personal property coverage, and liability coverage, will result in higher premiums. The average home insurance premium varies by coverage amount. For example, it was $909 for $100,000–$124,999 in coverage, $1,487 for $400,000–$499,000, and $2,293 for $500,000 and above in 2020. Adding additional coverage in the form of riders will generally push your premiums higher.
- Deductible: Your deductible, the amount you pay out of pocket before insurance coverage kicks in, also impacts your premium. Higher deductibles typically lead to lower premiums. For instance, raising a deductible from $500 to $1,000 can decrease a policyholder’s premium by 6% on average.
- Home’s Age and Condition: Newer, well-maintained homes are often considered less risky to insure, resulting in lower premiums.
- Home Security: Homes with security systems, professional monitoring, and deadbolt locks may qualify for lower premiums.
- Claims History: A history of multiple home insurance claims can lead to higher premiums.
- Credit History: Insurers may use your credit score to assess risk, with higher credit scores potentially leading to lower premiums.
- Discounts: Many insurers offer discounts for bundling policies, paying premiums upfront, enrolling in automatic billing, and other factors
How to get home insurance
Getting home insurance involves a few key steps to ensure you find the right coverage at the best price. Here’s a guide to help you through the process:
Assess your needs:
- Determine the replacement cost of your home.
- Estimate the value of your personal belongings.
- Consider any specific risks in your area, such as flooding or earthquakes.
- Decide how much liability coverage you need.
Shop around and get quotes:
- Contact multiple insurance companies or use an online comparison tool.
- Provide accurate information about your home and belongings to get an accurate quote.
- Compare coverage details, deductibles, and exclusions.
Compare policies:
- Carefully review the coverage details of each policy, including what perils are covered and any exclusions.
- Understand the deductible amount you’ll need to pay out of pocket before coverage kicks in.
- Check for coverage limits on specific items, such as jewelry or art.
Choose a policy:
- Select the policy that best meets your needs and budget.
- Consider factors like price, coverage, customer service, and claims handling.
Apply for coverage:
- Complete the application form accurately and honestly.
- Provide any required documentation, such as proof of ownership or a home inspection report.
- Disclose any pre-existing conditions or risks, such as a history of claims or a home-based business.
Review the policy documents:
- Carefully review the policy documents to ensure all information is correct and that you understand the terms and conditions.
- Pay attention to any exclusions, limitations, or endorsements.
Pay your premium:
- Pay your premium on time to ensure your coverage remains in effect.
- Consider setting up automatic payments to avoid missed payments.
Keep your policy up-to-date:
- Review your policy annually to ensure it still meets your needs.
- Update your coverage if you make any significant changes to your home, such as renovations or additions.
- Inform your insurance provider of any changes in your personal circumstances, such as marriage or a new business.
Keep an inventory:
- Keep a record of all valuable items in your home. You can use photos and videos to prove the item existed.
- Consider using an app for easy storage and to have secure access from anywhere.
- Save receipts to help prove the value of your items.
How long does it take to get home insurance?
The time it takes to get home insurance can vary, ranging from a few minutes to several days or weeks. The duration depends on factors like the complexity of your coverage needs and the method you use to get a home insurance quote.
- Online: Getting a home insurance quote online can take as little as 5 to 15 minutes if you have all the necessary information about your home readily available. However, not all companies offer online quoting, and you might still want to consult with an agent to ensure you choose the right coverage options.
- By Phone: Phone quotes typically take between 15 and 30 minutes, as you’ll need to relay information to an agent. This method can be more accurate than an online quote, and the agent can assist you in choosing a more customized policy.
- In-Person: Getting a quote in person from a local agency or branch can take from one hour to a few days. This option is suitable for those who prefer face-to-face customer service. However, since agents often handle multiple clients, it may take longer to receive a quote.
What affects home insurance cost?
Many factors can influence the cost of your home insurance premium. Here are some key elements that insurers consider:
Home-related factors
- Location: Areas prone to natural disasters like floods, earthquakes, wildfires, or hurricanes have higher premiums, and high-crime areas can also lead to increased insurance costs due to the risk of theft and vandalism.
- Home’s Age and Condition: Newer homes are generally less risky to insure as they are built to current building codes and standards. Older homes may have outdated electrical, plumbing, or heating systems, increasing the risk of damage.
- Construction Materials: Homes built with fire-resistant materials like brick or concrete may have lower premiums. Homes built with flammable materials like wood may have higher premiums.
- Home Features: Pools and Trampolines increase the risk of accidents and liability claims, leading to higher premiums.
- Security Systems: Homes with alarm systems, especially those monitored by a central station, may qualify for discounts. Secure locks can deter burglaries, which can lower premiums.
Coverage-related factors
- Coverage Amount: The amount of coverage for your home’s structure and belongings directly impacts your premium. Higher coverage amounts will result in higher premiums. Higher liability coverage limits will increase your premium.
- Deductible: Choosing a higher deductible will lower your premium but increase your out-of-pocket expenses in the event of a claim. A lower deductible will result in a higher premium but lower out-of-pocket expenses.
- Policy Type: The comprehensive (All-Risk) policies provide broader coverage, resulting in higher premiums, and the named danger policies cover only the dangers specifically listed, resulting in lower premiums.
- Additional Endorsements: If you live in a flood-prone area, you may need to purchase a separate flood insurance policy, which will increase your overall insurance costs. Just like flood insurance, earthquake coverage is also a separate endorsement that will add to your premium.
Personal factors
- Claims History: A history of multiple home insurance claims can lead to higher premiums, and certain types of claims, such as water damage or fire damage, may have a greater impact on your premium.
- Credit History: In some areas, insurers may use your credit score to assess risk, with higher credit scores potentially leading to lower premiums.
- Insurance Score: Insurance scores typically range from 200 to 997, and are calculated using credit history, prior claims, and other information that predicts the likelihood of you filing future insurance claims.
- Bundling Policies: Many insurers offer discounts for bundling home and auto insurance policies.
- Loyalty Discounts: Some insurers offer discounts to long-term customers.
How to use a home insurance calculator
Our home insurance calculator can provide a quick estimate of the coverage you need and the potential cost of your premium. Here’s how to effectively use a home insurance calculator:
Gather necessary information:
- Home Details: Before starting, collect essential details about your home, including its address, age, square footage, construction type (e.g., brick, wood), and any recent renovations.
- Coverage Preferences: Determine the coverage amounts you need for dwelling, personal property, and liability. If unsure, consider a standard coverage amount and adjust it later.
- Personal Information: Be prepared to provide personal details such as your name, contact information, and any discounts you may qualify for (e.g., bundling, security system).
Access the home insurance calculator:
- Insurance Company Websites: Many insurance companies offer home insurance calculators on their websites.
- Comparison Websites: Numerous online comparison websites provide calculators that allow you to compare quotes from multiple insurers.
Input required information:
- Address and Home Details: Enter your home’s address and other required details accurately.
- Coverage Amounts: Input the desired coverage amounts for dwelling, personal property, and liability.
- Deductible Amount: Select your preferred deductible amount. Keep in mind that a higher deductible typically results in a lower premium.
Calculate your estimate:
- Click the “Calculate” or “Get Quote” Button: Once you’ve entered all the necessary information, click the button to generate an estimated premium.
- Review the Results: The calculator will provide an estimated premium based on the information you provided.
Understand the results:
- Estimated Premium: The calculator provides an estimated premium based on the information you entered. This is not a final quote, and your actual premium may vary.
- Coverage Details: Review the coverage details to ensure they align with your needs.
- Assumptions: Be aware of any assumptions the calculator makes, such as standard coverage amounts or default settings.
Adjust and refine:
- Adjust Coverage Amounts: Experiment with different coverage amounts and deductibles to see how they impact your premium.
- Add Additional Coverages: If needed, explore adding additional coverages, such as flood insurance or earthquake coverage.
- Compare Multiple Estimates: Use multiple calculators from different insurers to compare estimates and get a better sense of the range of premiums available.
Get a formal quote:
- Contact an Insurance Agent: After using the calculator, contact an insurance agent or representative to discuss your needs in more detail and obtain a formal quote.
- Provide Accurate Information: Be prepared to provide accurate and detailed information about your home and belongings to ensure an accurate quote.
What do you need to get home insurance?
Before you can purchase a home insurance policy, you’ll need to gather some essential information and documentation. Here’s a comprehensive list of what you typically need to get home insurance:
Property information
- Full Address: The complete address of the property you want to insure, including street number, street name, city, and postal code.
- Year Built: The year the home was originally built.
- Square Footage: The total square footage of the home, including finished basements and living areas.
- Construction Type: Details about the construction materials used for the home’s exterior walls, roof, and foundation (e.g., brick, wood, concrete).
- Roof Details: Information about the roof, including its age, type of material (e.g., asphalt shingles, tile, metal), and condition.
- Heating, Plumbing, and Electrical Systems: Information about the age and type of these systems, as outdated systems can increase the risk of claims.
- Recent Renovations: Details about any recent renovations or upgrades to the home, such as new roofing, updated electrical wiring, or remodelled kitchens and bathrooms.
- Swimming Pool or Other Features: Information about any unique features on the property, such as swimming pools, hot tubs, trampolines, or detached structures.
Coverage details
- Dwelling Coverage Amount: An estimate of the cost to rebuild your home if it were completely destroyed. This is typically based on the replacement cost, not the market value.
- Personal Property Coverage Amount: An estimate of the value of your personal belongings, including furniture, clothing, electronics, and other items.
- Liability Coverage Amount: The amount of liability coverage you need to protect yourself if someone is injured on your property.
- Deductible Amount: The amount you’re willing to pay out of pocket before your insurance coverage kicks in.
- Additional Coverages: Any additional coverages you want to include, such as flood insurance, earthquake coverage, or sewer backup coverage.
Personal information
- Name and Contact Information: Your full name, address, phone number, and email address.
- Date of Birth: Your date of birth, as this may be used to verify your identity and assess risk.
- Social Insurance Number (SIN): While not always required, some insurers may ask for your SIN for identification purposes.
- Mortgage Information: If you have a mortgage on the property, you’ll need to provide the name of your mortgage lender and your loan number.
- Previous Insurance Information: Details about your previous home insurance policy, including the name of the insurer, policy number, and coverage dates.
- Claims History: Information about any previous home insurance claims you’ve filed, including the dates, types of claims, and amounts paid.
- Credit Information: In some regions, insurers may use your credit score to assess risk.
Other documentation
- Proof of Ownership: A copy of your property deed or other documentation that proves you own the home.
- Home Inspection Report: A recent home inspection report can provide valuable information about the condition of the home and any potential issues.
- Home Inventory: A detailed list of your personal belongings, including their estimated value. This can be helpful in determining the appropriate coverage amount and in the event of a claim.
- Photos of the Property: Photos of the interior and exterior of the home can help the insurer assess the condition and value of the property.
What is the best home insurance in Canada?
Determining the best home insurance in Canada will depend on your needs and priorities. Here’s a comparison of three companies to help you evaluate your options:
| Company | Price | Time to get insured | Type | Features |
|---|---|---|---|---|
| Square One | Affordable options with customizable policies; premiums can be minimized by choosing proper insurance limits and boosting the deductible. Get a personalized quote for as little as $15/month | The digital platform allows you to get a quote, buy a policy, and submit a claim online | Direct Insurer | Comprehensive protection against common perils, easy online claim process |
| Insurely | Varies based on individual risk profile; comparison platform aims to find competitive rates | Quick online quote generation; time to finalize policy depends on individual circumstances | Comparison platform; connects you with various insurers | Aims to provide tailored coverage options, access to multiple providers |
| YouSet | Varies based on individual risk profile; may offer competitive rates. | Information not available | Information not available | Information not available |
9.9
Price From
$15/month
Term
1 year
Types
8
Square One
Overview:
Best home insurance for affordability. Square One offers fully customizable home insurance policies across Canada, allowing customers to choose only the coverages they need—such as protection for fire, water damage, theft, and more—keeping costs efficient. Their digital-first platform provides quick quotes, online claims, and flexible payment options with no long-term contracts.
Square One Best For
Who it's for
Square One is best for homeowners, condo owners, and renters in Canada who want flexible, customizable coverage tailored to their specific needs. It's especially ideal for tech-savvy individuals who prefer managing their insurance entirely online and value transparent pricing.
Square One Features
Stand-out features
- 24/7 emergency claims service
- Super affordable rates
- Add-ons to boost your coverage
- Guaranteed building replacement coverage
- Flexible payment options
- Streamlined claims process
Who it's for
Square One is best for homeowners, condo owners, and renters in Canada who want flexible, customizable coverage tailored to their specific needs. It's especially ideal for tech-savvy individuals who prefer managing their insurance entirely online and value transparent pricing.
Stand-out features
- 24/7 emergency claims service
- Super affordable rates
- Add-ons to boost your coverage
- Guaranteed building replacement coverage
- Flexible payment options
- Streamlined claims process
Square One
Square One Insurance offers personalized policies that cover exactly what you need, including both home and tenant insurance. They serve residents in BC, Alberta, Saskatchewan, Manitoba, and Ontario.
Square One’s policies are underwritten by The Mutual Fire Insurance Company of B.C., which has a financial strength rating of A- (excellent).
Square One also includes coverage for additional living expenses and personal and premises liability coverage up to a limit of your choosing. You can get a personalized home insurance quote for as little as $15/month.
9.8
Price From
$16/month
Term
1 year
Types
5
Insurely
Overview:
Best home insurance for families. Insurely offers comprehensive home, condo, tenant, and rental property insurance across Canada (excluding Quebec), with customizable coverage options and a fully digital platform for quick policy setup. Their services include guaranteed home replacement, rental income protection, and 24/7 claims support, aiming to provide a seamless and customer-focused insurance experience.
Insurely Best For
Who it's for
Insurely Home Insurance is best for Canadians (outside Quebec) who want fast, customizable, and fully online home, condo, or tenant insurance. It’s ideal for tech-savvy homeowners, renters, or landlords who value convenience and strong customer service.
Insurely Features
Stand-out features
- Helped 84,857+ Canadians last year
- Rated 4.9/5 stars by customers
- Affordable coverage from $16/month
- Super customizable for your unique needs
- Exceptional customer service
- Great for homeowners, tenants, and landlords
Who it's for
Insurely Home Insurance is best for Canadians (outside Quebec) who want fast, customizable, and fully online home, condo, or tenant insurance. It’s ideal for tech-savvy homeowners, renters, or landlords who value convenience and strong customer service.
Stand-out features
- Helped 84,857+ Canadians last year
- Rated 4.9/5 stars by customers
- Affordable coverage from $16/month
- Super customizable for your unique needs
- Exceptional customer service
- Great for homeowners, tenants, and landlords
Insurely
A good option for those who would like to get their insurance online is Insurely. With Insurely, all you have to do is enter your personal information and you’ll get a quote back in less than a minute.
From there, you can choose to make monthly payments, or pay the amount in one lump sum, and your documents will then be emailed to you.
Insurely offers house insurance, business insurance, tenant insurance (which covers your belongings and high-value items on someone else’s property), and landlord insurance. The provinces where Insurely insurance is available are Alberta, British Columbia, Nova Scotia, Ontario and Saskatchewan.
9.6
Price From
$15.45/month
Term
1 year
Types
3
YouSet
Overview:
Best home insurance for bundeling with auto. YouSet offers a streamlined digital platform for Canadians to compare and purchase home insurance policies from multiple top insurers in under four minutes. Their service includes personalized support via SMS, phone, or email, and provides optional coverages such as water damage, theft, and earthquake protection.
YouSet Best For
Who it's for
YouSet is best for Canadians who want a fast, convenient way to compare and buy home insurance online without dealing with brokers or paperwork. It’s especially ideal for first-time buyers or busy individuals looking to save money through personalized discounts and bundling options.
YouSet Features
Stand-out features
- Get a quote in minutes
- Save an average of 29% on premiums
- Bundle with auto insurance & save
- Chat, email & phone support
- No hidden fees
- Buy online or over the phone
Who it's for
YouSet is best for Canadians who want a fast, convenient way to compare and buy home insurance online without dealing with brokers or paperwork. It’s especially ideal for first-time buyers or busy individuals looking to save money through personalized discounts and bundling options.
Stand-out features
- Get a quote in minutes
- Save an average of 29% on premiums
- Bundle with auto insurance & save
- Chat, email & phone support
- No hidden fees
- Buy online or over the phone
YouSet
YouSet is trusted by over 250,000 users for their home insurance. You can get free quotes and also compare insurance quotes on the platform for free.
Using YouSet will help you compare quotes from multiple insurers rather than just one company, ultimately ensuring you get the best price available on the market.
Pros and cons of home insurance
Like any financial product, home insurance comes with its own set of advantages and disadvantages.
Pros of home insurance
- Financial Protection: Provides financial protection against significant losses due to covered events, such as fire, theft, vandalism, or natural disasters.
- Peace of Mind: Offers peace of mind knowing that your home and belongings are protected, reducing stress and anxiety about potential risks.
- Liability Coverage: This covers legal costs and damages if someone is injured on your property and you are found liable.
- Additional Living Expenses: Pays for temporary housing and living expenses if your home becomes uninhabitable due to a covered loss.
- Mortgage Requirement: Often required by mortgage lenders to protect their investment in the property.
- Asset Protection: Helps protect your assets by covering repair or replacement costs, preventing you from depleting your savings.
Cons of home insurance
- Cost: Premiums can be expensive, especially in high-risk areas or with extensive coverage.
- Deductibles: You must pay a deductible before your insurance coverage kicks in, which can be a significant out-of-pocket expense.
- Exclusions: Policies typically have exclusions, meaning certain events or types of damage are not covered.
- Claims Process: Filing a claim can be time-consuming and complex, requiring documentation and negotiation with the insurance company.
- Premium Increases: Filing multiple claims or living in a high-risk area can lead to increased premiums.
- Depreciation: Some policies may only cover the actual cash value of your belongings, which factors in depreciation, rather than the replacement cost.
How to file a home insurance claim
Filing a home insurance claim can be a stressful process, but knowing the steps involved can help you navigate it more smoothly. Here’s a guide on how to file a claim effectively:
Ensure your safety and prevent further damage
- Safety First: Your safety and the safety of your family are the top priority. If there is a fire, gas leak, or other dangerous situation, evacuate the premises immediately and call the appropriate emergency services.
- Prevent Further Damage: Take steps to prevent further damage to your property, if it’s safe to do so. This might involve covering a damaged roof with a tarp, boarding up broken windows, or turning off the water to prevent flooding.
Contact your insurance company
- Report the Loss: Contact your home insurance company as soon as possible to report the loss. Most insurers have a 24/7 claims hotline or online claims portal.
- Gather Information: Be prepared to provide your policy number, details about the incident, and a description of the damage.
Document the damage
- Take Photos and Videos: Thoroughly document the damage by taking photos and videos of the affected areas. This will provide valuable evidence for your claim.
- Create an Inventory: Make a list of all damaged or destroyed items, including their estimated value. If possible, provide receipts, appraisals, or other documentation to support your claim.
Complete a claim form
- Fill Out the Form: Your insurance company will provide you with a claim form, which you’ll need to fill out and return.
- Provide Accurate Information: Be sure to provide accurate and complete information on the claim form. Any misrepresentations or omissions could delay or invalidate your claim.
Cooperate with the insurance adjuster
- Schedule an Inspection: Your insurance company will likely send an adjuster to inspect the damage. Be cooperative and provide the adjuster with access to your property.
- Ask Questions: Don’t hesitate to ask the adjuster any questions you have about the claims process or your coverage.
- Provide Documentation: Provide the adjuster with all relevant documentation, such as photos, videos, receipts, and appraisals.
Get estimates for repairs
- Obtain Multiple Estimates: Get estimates from multiple contractors for the cost of repairing or replacing the damaged property.
- Submit Estimates to Insurer: Provide these estimates to your insurance company.
Review and accept the settlement offer
- Review the Offer: Carefully review the settlement offer from your insurance company. Make sure it covers all of your losses and that the amounts are reasonable.
- Negotiate if Necessary: If you’re not satisfied with the settlement offer, you can negotiate with the insurance company. Provide additional documentation or evidence to support your claim.
- Accept the Offer: Once you’re satisfied with the settlement offer, sign the release form and accept the payment.
Make repairs or replacements
- Hire Contractors: Hire qualified contractors to make the necessary repairs or replacements.
- Keep Records: Keep detailed records of all expenses related to the repairs or replacements.
Understand your rights
- Know Your Policy: Familiarize yourself with the terms and conditions of your home insurance policy.
- Seek Legal Advice: If you’re having trouble with your claim or you believe your insurance company is acting in bad faith, consult with a lawyer who specializes in home insurance claims.
How to renew home insurance
Renewing your home insurance is an important annual task that ensures your coverage remains active and up-to-date. Here’s a quick guide to help you navigate the renewal process:
Review your current policy
- Take a close look at your current policy details, including the coverage amounts for dwelling, personal property, and liability. Ensure these amounts still adequately protect your assets.
- Review the policy exclusions to understand what dangers are not covered.
- Check your deductible amount and decide if you want to increase or decrease it.
- Note the expiration date of your current policy to ensure you renew it on time and avoid a lapse in coverage.
Assess your current needs
- If you have made any significant changes to the structure of your home since your last renewal, such as renovations or additions may affect your coverage needs and premiums.
- Reassess the replacement cost of your home to ensure your dwelling coverage is sufficient.
- If you acquired any valuable possessions since your last renewal you may need to increase your personal property coverage or purchase a rider for specific items, such as jewelry or art.
Shop around for quotes
- Contact several insurance companies or use an online comparison tool to get quotes from different providers.
- Ensure you provide accurate information about your home, its features, and your personal belongings to get an accurate quote.
Compare and choose a policy
- Don’t just focus on getting cheap home insurance, compare the quotes you received from different insurers.
- Research the customer service reputation and the reviews and ratings of each insurer.
- Check the financial stability rating of the insurer. A higher rating indicates a stronger financial position and a greater ability to pay claims.
- Choose the policy that best meets your needs and budget.
Contact your current insurer
- Contact your current insurer to discuss your renewal options. Ask if they can match or beat the quotes you received from other insurers.
- Don’t be afraid to negotiate your premium. You may be able to get a lower rate by increasing your deductible, removing unnecessary coverages, or taking advantage of available discounts.
- Carefully review the renewal documents provided by your current insurer to ensure all information is accurate and that you understand the terms and conditions.
Finalize your renewal
- If you’re satisfied with the renewal offer from your current insurer, accept the offer and make any necessary updates to your policy.
- Provide your payment information to ensure your coverage remains in effect.
- You should receive confirmation of your renewal, along with updated policy documents.
- If you decide to switch insurers, notify your current insurer that you will not be renewing your policy.
How to switch home insurance providers
Switching home insurance providers can be a smart move if you find a better rate, and better coverage. Here’s a quick to help you switch providers easily:
Research and compare new providers
- Start by gathering quotes from multiple insurance companies. You can contact them directly or use online comparison tools to ease the process.
- Carefully compare the coverage details of each policy, including the limits, deductibles, and exclusions.
- Look up customer reviews and ratings for each insurance company to get a sense of their customer service reputation and claims handling process.
Choose a new provider
- Choose the insurance provider that offers the best combination of coverage, price, and customer service.
- Make sure the new policy’s start date aligns with the cancellation of your current policy to avoid any gaps in coverage.
- Before finalizing the switch, carefully review the policy details with the new provider to ensure everything is accurate and meets your needs.
Secure your new policy
- Fill out the application form accurately and honestly. Provide all required information and documentation.
- Pay the premium for your new policy to activate coverage.
- You should receive confirmation of your new policy, along with policy documents.
Cancel your current policy
- Contact your current insurance provider to inform them that you are cancelling your policy.
- Ask about the preferred method of cancellation (e.g., written notice, phone call, online form).
- Specify the date you want your policy to be cancelled. This should align with the start date of your new policy to avoid any gaps in coverage.
- Request written confirmation of the cancellation from your current insurer.
Obtain a refund (if applicable)
- If you cancel your policy before the end of the term, you may be entitled to a refund of any unearned premium.
- Ask your current insurer about their refund process and how long it will take to receive the refund.
- Carefully review the refund statement to ensure the amount is correct.
Notify your mortgage lender (if applicable)
- If you have a mortgage on your home, your lender will likely require proof of insurance coverage.
- Notify your mortgage lender of your new insurance provider and policy details.
- Provide the lender with a copy of your new insurance policy documents.
Square One
Price From
$15/month
Term
1 year
Insurely
Price From
$16/month
Term
1 year
YouSet
Price From
$15.45/month
Term
1 year
