RBC Home Insurance Review (Updated 2024)

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Alexandre Desoutter updated on 2 December 2022

When searching for the right home insurance it can be tempting to go with familiar names and big brands. But trusting even a Canadian establishment like RBC is not as straightforward as it seems. For something as important as your home you should know everything you can about your insurance provider.

In this review, we will take you through RBC's pros and cons as a home insurer, and take a look at what RBC covers and how much RBC home insurance costs.

Good to know

RBC: the basics

  • RBC was founded in 1864
  • RBC has over 5 million customers globally
  • Its HQ is in Mississauga, ON
  • It has 2,500+ employees
  • Underwritten by the Canada Life Assurance Company

Our review of RBC home insurance

RBC Insurance is a subsidiary of the Royal Bank of Canada. However, since 2016 RBC home insurance has been administered by Aviva. Some online reviewers have mentioned that responsiveness is a problem when dealing with customer service.

RBC does offer an anonymous claims advice line that allows customers to get advice about a potential claim without it 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 our list of exclusions below.

Pros

  • Reliable, trusted Canadian company
  • Home bundle options on telephones and electronics
  • Anonymous claims advice line
  • Claims-free bonuses

Cons

  • Poorly reviewed customer service
  • Opaque claims management
  • Lots of exclusions on coverage

Interested in seeing what other insurance providers are offering?

Protect your home today!

Get quotes on home insurance

What does RBC home insurance cover?

RBC offers a standard home insurance package to which extra coverage can be added. We have put the standard package of home insurance protections into a table below for you to refer to.

CoverageAmount
Personal liability
$100,000 to $5 millionCovers lawsuits by people who are injured on your property
Voluntary medical payments
$1,000 to $10,000Covers medical bills of people injured on your property
Voluntary property damage
$500 to $6,000Covers accidental damage by you or a child (under 12 years old)
Dwelling building
Rebuild costCovers the cost of repairing damage to your home, subject to exclusions
Detached private structures
10% to 20%Covers the cost of repairing sheds, pools and garages, subject to exclusions
Personal property
-Covers your belongings inside your home
Additional living expenses
20% to 30%Covers the cost of living away from your home due to a (covered) risk
RBC home insurance coverage

Are you interested in a specific kind of home insurance? You can take a closer look at homeowner insurance, condo insurance and tenant insurance by reading our in-depth guides that come with comparison tools.

Good to know

Are you still unsure how home insurance works? Our home insurance guide has answers to your questions.

What optional add-ons are there?

RBC has add-on options which you can purchase to extend your coverage. Let's take a look at what protection these add-ons offer.

CoverageAmount
Overland water
$1,000 to $50,000This protects you from freshwater flooding
Sewer backup
$10,000 to $50,000This covers you if your sewer backs up and water overflows into your home
Earthquake
Rebuild cost of homeInterest in customers in B.C. and Quebec.
Mass evacuation
$2,500 to $10,000Covers some hotels and some food if you are forced to leave your home
Identity theft
$5,000 to $30,000Compensates for expenses such as taking time off work
Freezer food
$2,000Loss of frozen food due to mechanical breakdown, electricity interruption
Forgery
$2,000 per yearFinancial loss due to forgery, credit card fraud
Locks
$500Lock replacement if keys are lost or stolen
RBC home insurance extras

Want to see how these add-ons compare to the offers of other competitors?

Protect your home today!

Get quotes on home insurance

What does RBC home insurance not cover?

When buying home insurance it is always important to closely read the exclusions and see if they would apply to your home. We have listed some of the most pertinent exclusions below.

  • Wear and tear: the expected degradation of your home over time is not covered.
  • Mould: like wear and tear this is part of your responsibility to maintain your home and is not covered.
  • Pests: damage caused by termites and rats is not covered, nor is the cost of getting them removed
  • Pipes: damage caused by burst time is not covered, nor is the cost of repairs

Can you bundle RBC home and auto insurance?

Yes and bundling your RBC home and auto insurance can entitle you to a 10% discount. There are other advantages such as choosing a higher deductible to lower your premium. There are further discounts for customers who can show a long driving record with no accidents.

Would you like to see what other insurance providers offer bundling discounts?

Protect your home today!

Get quotes on home insurance

How to get RBC home insurance?

There are two ways that you can buy RBC home insurance. You can call a broker directly at 1-877-737-7224.

Alternatively, you can head to the RBC website and get an RBC home insurance quote online. You will be asked to give your home address, specify whether you are interested in rental insurance, homeowners insurance or condo insurance and whether you have lived at your address for more than 3 years. Homeowners will then be asked about the type of home they own (detached, rowhouse, apartment etc), the type of heating they have and whether the property has a wood-burning stove.

If you are buying condo insurance you will be asked what year your building was constructed. If unsure, you can check the sales documents you received when buying the condo. Those buying rental insurance will only need to answer what kind of building they live in (high rise, apartment over commercial, townhouse etc.)

How much does RBC home insurance cost?

Every home insurance quote depends on the individual situation, such as the type of home you are insuring and your history of previous claims. However, to help you get a sense of how expensive RBC home insurance is we have put together the following table. The figures in this table are for homeowners insurance, assuming a history of no claims, for a deductible of $1,500.

Good to know

Did you know that RBC offers a 5% discount for people purchasing their home insurance online?

Coverage$27.09/month$30.24/month$34.11/month$40.86/month
Personal Liability
$1 million$3 million$4 million$5 million
Personal Property
$35,000$50,000$70,000$100,000
Additional Living Expenses
$14,000$20,000$28,000$40,000
Voluntary Medical Payments
$5,000$5,000$5,000$5,000
Voluntary Property Damage
$1,000$1,000$1,000$1,000
Sewer Backup
$20,000$20,000$25,000$50,000
RBC home insurance cost

How to make a home insurance claim with RBC?

if you have purchased your insurance policy directly from RBC, you can make a claim either by phone or via their website. Phone lines are open 24/7 and you can contact RBC at 1-800-769-2526.

f you wish to make a claim online go to the RBC website and scroll to the bottom of the homepage. At the bottom, you should see a button marked Claims And Services. If you click this button the website will take you to a claims page where you can select which type of claim you would like to make. Select Home and then input your information into a submission form. To make a claim you will need to have your policy number to hand.

Watch out!

It is worth remembering that during and directly after severe weather events RBC's phone lines will be busy than normal and that claims processing may take longer than usual.

How to cancel RBC home insurance?

RBC only allows you to cancel your insurance by phone. The RBC insurance website is not helpful when trying to cancel an insurance policy and there is no option to cancel online.

To cancel, call the RBC insurance claims department directly at 1-800-387-248.

Can you transfer RBC's home insurance policy?

If you have moved to a new property and wish to stay with your current insurer, contact them directly. You may even get a loyalty discount for staying with the same provider. Your rates will almost certainly change as the new property will have a different risk profile and value.

Home insurance plans are not transferable from a former owner to the new one. The new owner will need to contact an insurer about their new house, condo or rental.

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Alexandre Desoutter
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Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.