Get the Best Home Insurance Quote for 2023
Home insurance is one of the most important types of insurance for Canadian households. It offers peace of mind that your most valuable assets are protected. It doesn’t just cover your home, but usually the possessions inside of them too.
How would you handle a natural disaster, a fire or a burst pipe? Following a disaster, your home insurance could pay to repair your home or rental property and put you up in different housing until it is ready. A home insurance can come in handy in many other critical situations.
This guide explains how home insurance works in Canada. Learn what is covered, what are the best home insurance companies and why you need it in 2023.
What you need to know about home insurance
- Home insurance in Canada covers not only your residence but also the possessions inside it.
- In case of natural disasters, a fire, or a burst pipe, home insurance covers the cost of repairs and provides alternative housing.
- There are some key ways to get a cheaper home insurance policy including bundling policies, increasing your home's security and speaking with an insurance broker.
- Home insurance can refer to homeowners, condo, tenant and cottage insurance and more.
Our 2023 ranking of Canada’s best home insurance providers
Which home insurance provider and policy is best for you depends on your unique preferences, needs and even where you live. There is no lack of property insurance companies in Canada. There are dozens and dozens of providers from coast to coast.
With so many providers it isn’t easy to pick. We help make the choice easier. Here are our favourites.
Optimum: Great insurance for secondary and seasonal residences
A Canadian-owned property and casualty insurance provider that has been on the market since 1976. They cover a variety of property insurance needs including home-based businesses, cottages, seasonal and secondary residences and rental properties. Optimum works through a network of brokers, so you’ll get hands-on help picking out the right coverage for your unique needs. It is available in Alberta, British Columbia, Manitoba, Saskatchewan, Ontario and Quebec.
- Assistance from a broker
- A variety of coverage types are available
- Online quotes are not available
- Not available in every province
Promutuel Insurance: Home insurance from a Quebecois mutual association
This 100% Canadian insurer has been in business for more than 170 years. It is based in Quebec. As a mutual association, it has its members’, employees’ and communities’ interests close to its heart. It distinguishes itself with a focus on easy-to-buy and manage digital policies. Discounts are available for bundling with auto insurance, alarm and leak detection systems and insuring multiple residents.
- Quick online quotes
- Comprehensive legal insurance
- Variety of discounts
- Compelling endorsement including bike insurance
- Not available in all provinces
Economical Insurance: The best for a personal touch
Economical Insurance is an Ontario-based Canadian property and casualty insurance provider. Its home insurance can cover houses, cottages, condos, tenants and landlords. A leading special risk provider, so you can get coverage even if you have coverage gaps or have had policies cancelled in the past.
Economical sells its policies through brokers. This means chatting with a real person who will help you find and customize the policy that it right for you. Working with brokers has the advantage of offering a contact person when you need one and gives you an advocate.
- Personalized attention of working with a broker
- Variety of insurance options and discounts
- Insurance for landlords and cottages — not all providers offer these
- Must speak with a broker for a quote
- Little information available online for prospective buyers
Square One: the best for customizable home insurance policies
Square One is one of the most competitive brokers on the home insurance market. Despite being a young company, it started in 2011, it enjoys a good reputation. Its youth is a virtue since it isn't locked into old processes. By cutting down on complexity, it can keep its costs, and prices, low. Purchase online or over the phone
The online insurance provider serves Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan with competitive rates on homeowners, condo and tenant insurance. They are Canada's first insurance company to offer customizable home insurance policies.
- Easy to understand and customize coverage
- Water, fire and hail damage included
- 24/7 emergency claims line with guaranteed 2-hour response time
- Competitive rates
- 30,000 customer reviews with an average rating of 4.7 stars out of 5
- No customer-facing office for people who prefer to meet face-to-face
- No mobile app is currently available
- Doesn’t cover all provinces
APOLLO: Get a home insurance online quote in 5 minutes
APOLLO is an online-based insurance broker. Its home insurance is available in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. Prices are competitive and quotes are lightning-quick. Liability coverage ranges up to $3 million — more than many competitors. Endorsements for valuable items are available, but relatively few customization options are available. Coverage is available in three tiers: Practical, Popular and Premium. Unlike many providers, you can go from quote to checkout in just 5 minutes. There is no need to speak with an agent
- Quick online quotes
- Up to $3 million liability insurance
- Extensive coverage at competitive prices
- The premium package provides more protection
- No physical locations
- Few customization options versus many competitors.
- Not available in all provinces, notably Quebec and the Atlantic provinces
Aviva: The insurer with up to $5 million in personal liability coverage available
Aviva Canada is a leading and well-established auto and home insurance provider. It counts more than 2.8 million customers in Canada — and 850,000+ homes. It is a subsidiary of the UK’s Aviva plc. A variety of endorsements mean coverage that’s adapted to your unique needs. Get identity theft coverage or add an endorsement for valuables with a special limit for jewellery. A personal property claim protector option means you can still get a claims-free discount after one covered claim.
- Up to $5 million personal liability coverage
- Quotes available online
- Up to 20% discount for combining home and auto insurance
- Variety of interesting endorsements
- Disappearing deductible option worth 20% for each year without a claim
- Some negative customer reviews online
TD Insurance: Home insurance from a North American giant
Toronto-Dominon Bank is one of the largest financial institutions in North America. Its auto and home insurance group is a leader in Canada and a solid choice for customers with common insurance needs. Its basic and enhanced home insurance packages at competitive prices, with the ability to add on individual protections based on your specific needs.
A convenience app makes it easy to review policies and make claims. Unfortunately, TD does not offer specialized services for unique or specific properties.
- Discounts for online purchases and bundling policies
- Convenient claims process through the app
- Enhanced coverage options are available
- Some customers may prefer a smaller, more personal experience
- Some negative reviews about customer service online
RBC Insurance: With a free anonymous claims advice line
RBC Insurance is a subsidiary of the Royal Bank of Canada and one of Canada’s largest financial institutions. However, since 2016 RBC home insurance offerings have been administered by Aviva. Some online reviewers have mentioned that customer service responsiveness is problematic.
RBC offers an anonymous claims advice line that allows customers to get advice about a potential claim without affecting their policy. RBC's home insurance offers a variety of money-saving bundles and claims-free bonuses. If you buy RBC insurance be sure to read the documents carefully or take a look at the exclusions. Many add-ons are available, but not included in base coverage.
- Reliable, trusted Canadian company
- Bundle auto insurance or another vehicle to save
- The anonymous claims advice line
- Claims-free bonuses
- Poorly reviewed customer service
- Opaque claims management
- Lots of exclusions on coverage
Intact Insurance: Home insurance from one of Canada’s largest providers
With home, auto and business insurance offerings, Intact counts more than 4 million customers, making it one of Canada’s largest insurers. It has long been a giant in the Canadian insurance market, getting its start in the early 19th century as the Halifax Fire Insurance Association. Today it also sells coverage under its subsidiary It’s subsidiary, belairdirect, which has become a popular online option itself. Bundle a variety of coverage types including cottages, home-based businesses and RV insurance. Optional coverage includes my identityTM, car and home insurance bundles and more.
- Online quote available
- Bundle a variety of coverage types including cottages
- Home-based businesses and RV insurance
- 24/7 claims service
- Variety of insurance types are available
- Some negative customer reviews online
Scotia Insurance: Legal assistance helpline for policyholders
Scotia Insurance, formerly ScotiaLife Financial, is the brand name used by BNS Insurance Agency. It is relatively new as an insurer in Canada, only getting its start in 2009, but it is one of North America's largest financial institutions with $1 trillion in financial assets. It has an "A" rating from AM Best for Financial Strength.
It offers auto, home, life health and travel insurance. Home insurance comes with an option for liability coverage up to $2 million. Enhanced water coverage to protect from flooding and sewer backup is available.
- 24/7 claims service
- Identity theft protection included
- Shirking deductible ($100 per claims-free year)
- Legal assistance helpline for policyholders
- Online quotes are not available in Quebec
- Few endorsements than many competitors
The Co-operators: Home insurance through a Canadian-owned co-op
The Co-operators is a Canadian-owned collective, which helps it stand out from the competition. This status allows them a greater focus on their communities and their members' well-being than large for-profit competitors. Home insurance is part of its portfolio of insurance and financial offerings.
Get a home insurance quote online or by speaking with a local financial advisor.
- Quick online quotes
- Good reviews from policyholders
- Manage policy with an app
- Save by bundling auto insurance
- Fewer endorsements than some competitors
How to get a home insurance quote?
Getting a home insurance quote for your house, condo or rental is easy. Many Canadian home insurers offer quick quotes online. Just fill out your name, address and contact information and you’ll be well on your way to seeing your home insurance rates. Some may require additional details or ask to do a soft credit check to confirm if you qualify for the cheapest rates.
While most providers in 2023 offer their rates online, not every company does. Some old-school providers and brokers may still require you to speak with them over the phone. This can be an advantage for some shoppers who prefer a personal touch and personalized coverage.
Getting and comparing home insurance quotes is the first step towards saving on your coverage.
Try our comparison tool at the top of this page to get a free home insurance online quote.
How to get cheaper home insurance?
Besides comparing, there are a few ways to make sure you save on home insurance. Let’s take a look.
Bundle home and car insurance
Insurance bundling refers to purchasing multiple types of coverage from one insurance company. People most frequently combine their home and auto insurance, but discounts may be available for other types of insurance too including RVs, home-based business insurance, secondary residences and more.
Good to know
It could save you up to 20% versus buying home and auto insurance policies from separate companies.
Use an insurance broker
A good home insurance broker brings an understanding of the market, asks the right questions and has access to the best insurance deals.
While many buyers prefer to handle everything themselves online, brokers can still make good sense in 2023. If your insurance needs are complicated, they can help you find the perfect coverage for your unique needs.
More ways to save on home insurance
Everyone likes to save money. After bundling, comparing and speaking with a broker, here are some more ways to get the cheapest home insurance policy:
- Pay your premiums up front for the whole year for a discount.
- Increase your deductible.
- Bring plumbing and electrical systems up to code.
- Install a security system.
- Install smart water shut-off valves.
- Install smoke detectors.
- Ask your insurer what discounts are available. Group or corporate discounts can save you money.
- Maintain a good credit score.
How does home insurance work in Canada?
In Canada, the terms “home insurance” and “home and property insurance” refer to several different types of insurance. These include homeowners insurance, tenant insurance and condo insurance. In essence, all three cover one’s residence. As the nature of these residences is slightly different, so is what they cover. All of them protect you and your residence. To illustrate this, see the table below:
|Type of home insurance||Personal liability||Possessions covered||Theft covered||Damage to the interior||Damage to the exterior|
While these are the most common types of home insurance, there are even more kinds available. A landlord may want rental insurance for their properties or an entrepreneur home-based business insurance.
How much does home insurance cost?
A leading online insurance company shares their average annual cost for home insurance across Canada nationwide. These hover around the average prices for home insurance in Canada.
|Type of insurance||Annual premium|
Here's how Canada's four most-populous provinces rank from most to least expensive:
Here's how Canada's four most-populous provinces rank from most to least expensive:
|Rank||Homeowners insurance||Tenant insurance|
Home insurance varies greatly from place to place though, since the risks in one place are never the same as in another. In some places, notably Alberta and British Columbia, prices have increased dramatically in the past decade driven by natural disasters and wildfires.
Average home insurance prices aren't always a useful way of comparing. The best thing to do is to get a few personalized quotes.
Here are some real quotes our team obtained for properties in Montreal, Quebec as an example.
|Type of insurance||Property details||Monthly premium|
|Homeowners Insurance||A paid-off 100m2 property from 1980 with a garage||$91.92|
|Condo insurance||A condo from 1980||$50.83|
|Tenant insurance||A rental unit in a condo building||$40.00|
Good to know
Many factors influence the price of home insurance. The type of property insured, your province, city and neighbourhood are all considered when calculating your premium.
What is the best homeowners insurance policy?
Homeowners have a lot to think about and protect. Homes are expensive in much of Canada and large properties have a lot that can go wrong. The best homeowners insurance policies cover expensive property, its contents and personal liability. Here are a few that deserve particular attention.
Optimum: This Canadian-owned company works with a network of brokers, so you’ll get hands-on assistance and the coverage you need. We like the Optimum Green-Home extension, which encourages you to make environmentally-sound changes to your home after a claim. Policyholders with seasonal homes and cottages will appreciate insurance options tailored to their needs.
Promutel Insurance is a homeowners insurance leader in Quebec but is a solid option for many homeowners in other provinces. It is easy to find a policy that is right for your home thanks to its quick online quotes and an array of discounts. Already paid off your home? You may qualify for up to 25% of your policy.
Scotia Insurance offers protection from one of Canada’s best-known brands. With size comes financial strength and a presence throughout the country. We love that it includes identity theft protection standard. The legal assistance helpline is a benefit that helps it stand apart from many competitors.
What is the best condo insurance policy?
Personal condo insurance complements the insurance already offered by the condominium corporation’s insurance. Together they work to protect the condominium owners’ personal and joint property.
|Coverage||Condo insurance||Condominium corporation's insurance|
|Belongings within the condo units|
|Improvements to the condo units|
|Building structure, joint property, common areas|
|Part of the condo included in the apartment units|
|Fittings of the condo units as originally delivered|
There are a lot of great condo insurance providers in Canada.
Economical is a nice place to get started shopping. With a wide range of discounts and customizable coverage, its brokers can help you get the condo policy that’s right for you. Economical’s satisfaction guarantee means that you’ll immediately get an approved contractor after you make a claim.
Intact is one of Canada’s largest property insurance and a solid choice for condo insurance. Tailored condo insurance covers what your condominium corporation insurance doesn’t. If insured damage means you can’t stay in your condo, Intact’s loss of use coverage pays your living expenses and can even reimburse you for lost rent if it was a rental unit.
Aviva has compelling endorsements on top of its already great standard condo coverage. Water protection, ID theft and earthquake insurance options mean you’re well protected. Claim protect and disappearing deductible options help keep the price down.
What is the best tenant insurance policy?
A landlord might require you to get tenant insurance, but even if they don’t it is almost always a good idea. When you rent, the owner and their insurance is usually responsible for the physical structure of the property you live in, but your contents and personal liability aren’t covered by their policy. The best tenant insurance policies cover your valuables from fire, theft, flood and vandalism too.
All of the providers at the top of this page offer compelling options for renters. Here are three of our favourites.
Square One is really inexpensive. In fact, it starts at just $12 per month. With a digital-first interface and policy, it is fast to buy and easy to manage. Coverage options are simple because all policies are comprehensive. Cover your valuables and enjoy a deductible as low as $250. Need some help? You can speak with an insurance agent over the phone or via webchat.
APOLLO also offers inexpensive tenant insurance starting at $12 per month. Content insurance coverage ranges up to $150K in contents insurance and personal liability protection up to $2 million. Add-ons like enhanced coverage for water damage are available. We love that APOLLO uses the replacement cost method when it pays out claims. That means you get paid enough to replace the object you had with a similar new one, not just get a lump sum for its depreciated value.
TD has customizable tenant insurance plans. Standard policies give $30,000 coverage for your belongings, $15,000 additional living expenses and $1 million personal liability, but these can easily be adjusted when buying a policy online. Student renters can benefit from coverage options designed specifically for them.
Keep reading about home insurance
Have more questions about how home insurance works? You’ve got questions and our comprehensive home insurance guide has answers. Still hungry for more? Explore our other articles.
- What is Home Insurance? Our 2023 Guide
- [Blog] Differences Between Homeowners & Renters Insurances
- What is Personal Liability Insurance in Canada?
- [Blog] What Are Closing Costs When Buying a Home?
- APOLLO Home Insurance Review (Updated 2023)
- Wawanesa Home Insurance Review (Updated 2023)
- Co-operators Home Insurance Review (Updated 2023)
- Is Sonnet Home Insurance The Best One For You?
- Is Desjardins Home Insurance Canada's Best?
- Is ScotiaLife Home Insurance The Best One For You?
- Is Allstate Home Insurance The Best One For You?
- TD Home Insurance Review (Updated 2023)
- RBC Home Insurance Review (Updated 2023)
- Aviva Home Insurance Review for 2023
- Get the Best Home Insurance in Ontario for 2023
- Is Onlia Home Insurance the Best for You?
- Our complete Square One home insurance review
- Get the Best Homeowners Insurance in Canada for 2023
- What is the Best Condo Insurance in Canada for 2023?
- What is Canada's Best Tenant Insurance?
I live in NS. I was informed by CAA insurance that I need to replace my oil tank or my insurance will be cancelled. I have received quotes from several other Companies who will insure my house with the present oil tank, My oil tank according to manufacturers label is good for another five years, been professionally installed, inside and serviced every year. I contacted NS insurance Government ombudsman and was informed that she feels that they are being unreasonable but unfortunally can not do anything as there is no legislation regarding insurance companies standards in NS. I have a heat pump and planning to get of oil altogether when .y equipment needs to be replaced but presently I have close to a full tank of oil and do not want to be pressured to purchase another oil tank that is not part of my future heating plans.
Is there anything I can do?
You should maybe think to change your home insurance, it seems that your home insurance is not being reasonable. You should ask a quote to other home insurance companies such as TD home insurance or SSQ home insurance that are good home insurance companies.
Have a good day,