For many, purchasing a home is a right of passage. It’s not just a house, or a piece of property – it’s where we make some of our most powerful memories.
Because our homes mean so much, finding the right home insurance is just as important as finding the right house. In the worst of times, who can you trust to be on your side? Which groups provide the best home insurance in Canada?
Whether you’re buying your first house, or upgrading to something that fits your growing family, you deserve to find the best home insurance. We went through Canada’s top companies, and here are the best home insurance companies in Canada.
What is Home Insurance?
No matter where you buy your house, you need home insurance. If you are still paying off a mortgage on your home, your lender demands you have at least basic protection to cover losses which could happen.
By definition, a home insurance policy is designed to cover the structure, as well as your possessions inside your home. In the event of a natural disaster or other catastrophe, a home insurance policy would protect the reconstruction of your house, as well as any furnishings and electronics you may have.
But most homeowner’s insurance policies go beyond the basics, and cover much more than you may realize. Home insurance often covers liability as well. If you are responsible for someone getting injured at your home – even if your dog bites someone – your home insurance policy can cover those damages as well.
To better understand what situations are covered, be sure to read all the fine print before you buy a policy. In many cases, you may be surprised by how much insurance you already have!
What Does Home Insurance Cover?
As the name implies, home insurance is the primary protection against catastrophe. Homeowners insurance policies can cover common situations ranging from storm damage to fires. Theft damage may also be covered, depending on the circumstances and how much was stolen.
However, there are some situations that home insurance won’t cover. If your home starts to deteriorate due to poor maintenance, your home insurance may not cover repairs. And when appliances go out, homeowner’s insurance won’t cover that either, because they are not part of the structure. Finally, earthquakes and flooding are not covered under most homeowner’s insurances, because they are written through separate policies.
How Should I Shop for Home Insurance?
Every company provides a little bit different coverage, so it is very important to carefully consider all your options. Instead of settling for the first policy you find, take the time to get multiple quotes to find the balance between benefits and monthly premium. As you search for the best home insurance companies in Canada, be sure to ask these questions:
- How much coverage do I need for all my possessions (electronics, valuables, etc.)?
- Do I qualify for discounts by having a security system?
- Can I get additional discounts by bundling home and auto insurance with the same company?
The Best Home Insurance Companies in Canada
Once you have everything organized to start shopping for home insurance, it’s time to start by getting quotes from Canada’s best home insurance companies. Based on the latest J.D. Power and Associates customer satisfaction survey, we suggest starting with these companies.
Best for Ontario and the Atlantic Region
Of all the insurance companies, the Co-Operators ranked highest among all home insurance companies in Canada. It may be because their homeowner’s insurance policies cover much more than house and home. Their policies also cover unauthorized credit card and debit card use, identity fraud recovery costs, and damage to your personal items when you move. The Co-Operators also offer condo insurance, tenant insurance and much more.
One of the biggest financial names in Canada, RBC offers more than just banking products. RBC Insurance offers one of the top-rated homeowner’s insurance plans, covering both the building and everything inside. If your home is damaged from fire, wind, or hail, not only can RBC Insurance cover the losses, but help you pay for living expenses while your home is repaired.
Best for Western Canada
You may know BCAA as the British Columbia-affiliate of the CAA, but their insurance coverage extends beyond your car and travels. As Western Canada’s top-rated insurance company, BCAA offers coverage for many of life’s most common and uncommon situations. For example: if you purchase an older home and it suffers damage, your insurance can pay additional costs to rebuild to modern by-law standards.
While many insurance plans offer insurance limits, TD Insurance goes about protecting your home in a different way. For home insurance plans, TD Insurance has the “Million Dollar Solution:” One coverage level for everything that can go wrong. The $1 million level includes home repairs, damage to your belongings, personal liability, and any living expenses you may incur.
Best for Quebec
As the top-rated insurance company in Quebec by J.D. Power, The Personal offers flexible solutions for situations unique to those living in the province. In addition to covering your home and belongings, optional add-on coverage includes coverage for home-based businesses (including farming), and fuel oil leaks and spills.
What makes Industrial Alliance one of Quebec’s favorite homeowners insurance companies is their easy discounts. Your home coverage may be cheaper if you combine your home and auto insurance, have an alarm system installed in your house, or stay in your home for at least five years. And in the unlikely event that you are forced to file a claim, Industrial Alliance will coordinate all of the specialists to arrive in one day.
While shopping for home insurance can seem like a major headache, it can actually save you time and money in the long run. By knowing what to look for and starting with the best home insurance companies in Canada, you can get an insurance plan as perfect as your house.