Best Home Insurance Companies in Canada

Best Home Insurance Companies in Canada
Home Insurance Companies in Canada

Neither the most expensive nor the most well-known providers are the best for customer service when it comes to home insurance companies in Canada. There are a variety of alternatives available to get home insurance in Canada. Some provinces have rates that are essentially the same everywhere, whereas other provinces reward price comparison shopping. Finding a home insurance company that works for you is crucial regardless of whether or not the pricing is reasonable.

Is home insurance mandatory in Canada?

Although home insurance is not mandatory in Canada, many banks and mortgage lenders won't approve a mortgage without evidence of home insurance.

Home insurance is necessary even though you are responsible for paying the mortgage since the mortgage lender wants to protect their investment in the event of a disaster.

Average cost of home insurance in Canada

In Canada, the average cost of home insurance is $960.00 annually or around $80 per month. Your insurance policy will really determine what it covers, however, it can also protect your belongings in addition to the actual house.

Home insurance might cost more or less than the average $960 per year, depending on the type of home you own, its size, and where you reside. The coverage you have will also depend on where your home is located. Because of this, it's important to analyze your home insurance coverage and consult with many companies before making a choice.

Information to provide for getting home insurance in Canada

You might need to give the following details in order for an insurance broker to produce accurate quote estimates:

  • The location of your house
  • Insurance appraisal
  • Reports of prior insurance inspections
  • Lender requirements
  • Personal information (occupation, social security number, and so on)

In order to make sure everything you told them was accurate, your preferred home insurance company will additionally inspect your property.

How home insurance companies in Canada are ranked

Customer satisfaction is used to rank home insurance companies. The companies are ranked by J.D Power, and their rankings are based on how satisfied customers are in a few key categories. They focus on the following factors in particular:

  • Interactions that aren’t related to claims
  • Policy Pricing
  • Types of policies offered
  • Billing and Payments
  • Claims
  • Websites
  • Local brokers
  • Call Center Representatives

Top home insurance providers in Canada

It's vital to keep in mind that not all providers offer the same types of coverage when searching for the best home insurance companies in Canada. You should pick the option that offers the best value while satisfying all of your needs.

The most respected and well-known home insurance companies in Canada are listed below, along with broad descriptions of each firm's products and plans:

Intact Financial Corporation

Insurance Provided: Auto, Home

Provinces Available: All Provinces

The largest home insurance company in Canada, Intact Insurance (formerly ING Canada) has a nationwide network of 6,000 insurance brokers and offers a variety of home coverage options, including tenant's insurance, condo insurance, and even more unusual choices like home-based business insurance, cottage insurance, and rented dwellings insurance.

The garage, gazebo, or shed are examples of exterior structures that are covered under intact home insurance.

Aviva Canada Inc

Insurance Provide: Car, Home, Condo, Business

Provinces Available: All Provinces

With assets of $12.203 billion in 2020, Aviva ranks twelfth in size among home insurance companies in Canada.

Along with the standard $1 million policy, Aviva also offers a variety of discounts and additional types of coverage, such as sewer back-up, identity theft, flood overland, service lines, and disappearing deductibles, which give you gradually increasing discounts on your deductibles for each year you go without filing a claim.

RSA Canada Group

Insurance Provided: Home, Auto, Business, Marine, Travel

Provinces Available: All Provinces (Except for Auto in BC, MB, and SK)

Since RSA is a UK-based organization, you must use a broker to buy home insurance from them.

Sewer backup, storm damage, and fire are just a few of the many such situations that many of their rivals' coverage plans cover, according to RSA Canada Group, which also offers affordable prices.

TD Insurance

Insurance Provided: Car, Home, Travel, Life, Accident, Motorcycles, RVs

Provinces Available: All Provinces (Except for Auto in BC, MB, and SK)

When it comes to its property and casualty insurance products, which include home insurance, TD Insurance is best recognized for its bundling discounts. Even just getting an online quote from them entitles you to a 5% automatic discount.

Homeowners have freedom on how and what is covered by the coverage money because TD establishes an overall maximum of $1 million for all expenses covered rather than placing specific limits on particular types of expenses.

Co-Operators General Insurance Corporation

Insurance Provided: Home, Auto, Life, Business, Farm, Travel

Provinces Available: All Provinces (Except Auto for BC, MB, SK)

In Ontario and Atlantic Canada, The Co-operators receive the highest customer satisfaction ratings among house insurance companies.

As a collective cooperative owned by the brokers who work for it, the business is entirely Canadian.

They provide some of the common coverages found in most homeowner's insurance plans, including sewer backup, accidents like paint spills on floors, fire, and weather damage.

Square One

Insurance Provided: Home, Tenant, Travel, Life, Health

Provinces Available: BC, AB, SK, MB, ON, QC

In less than five minutes, Square One can provide you with affordable home insurance and a quote. They promote purchasing insurance for less than $12 per month.

Break-ins, fires, and hurricanes are common and included in the fundamental plan. They have a very good reputation and are one of the few home insurance providers who would rebuild and replace your house, if necessary, even if the cost ends up being higher than the coverage limit consumers have chosen.

Wawanesa Mutual Insurance

Insurance Provided: Home, Auto, Farm, Business

Provinces Available: All Provinces

Wawanesa, which had assets worth $10.5 billion as of 2020, is among the top 20 house insurance providers in Canada.

It is well-liked in Western Canada and provides customers with appealing insurance including home, condo, tenant, and farm. Water, fire and smoke, hail, wind and lightning, glass breakage, explosion, vandalism, vehicle impact, and theft or attempted theft are all included in the basic coverage for damages.

But even in addition to these fundamental categories, coverage is now available in "Broad" and "Special" tiers, giving you even more coverage.

Economical Insurance

Insurance Provided: Auto, Property, Liability, Farm

Provinces Available: AB, BC, NS, ON, QC

Customers are guided through Economical Insurance's home insurance selection by brokers. It provides discounts for combining insurance, purchasing several policies, and securing your house with a security system.

They do pay for living expenditures as well as your home and any unattached structures that may surround it, such as garages, sheds, and gazebos.


Insurance Provided: Home, Auto

Provinces Available: All Provinces (Except for Auto for BC, MB, SK)

Because it doesn't have to invest in physical sites, Sonnet, Canada's first entirely online insurance company, can charge less for house insurance. The fact is, though, that you are only receiving minimal coverage here.

This may be advantageous if that's what you're looking for, like in the case of a first-time home buyer with a recently built home who is primarily concerned with price and premiums.

Beneva (Formerly La Capitale Insurance and Financial Services)

Insurance Provided: Auto, Home, Health, Life, Business

Provinces Available: All Provinces

La Capitale guarantees that its clients will only pay for the coverage they actually require and will have the option to add water damage insurance to their selection of coverages.

Regardless of their value, you may secure professional items like books, laptops, cameras, and bicycles for free at home.

When you insure numerous products with La Capitale, you can save up to $425 only by combining multiple policies. You can also pay a single deductible for all of your insured items.

Final word

In general, selecting the best home insurance companies in Canada might be challenging. There are numerous firms to pick from, and there are other things to think about as well, such as where you reside, the type of coverage you want, and which businesses are available in your province or territory. Whether you will pay for your insurance upfront or in monthly installments should also be considered. Some businesses provide customers who pay in full a discount, while others give discounts for different reasons.