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Article Contents
By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on February 6, 2024

Visit author page
By <span>Matthew Roberts</span>
By Matthew Roberts

Updated February 6, 2024

Visit author page

12 minute read

Article Contents

Why You Should Compare Home Insurance

A home is one of the most valuable assets that most people will own, making it important for people to protect by way of home insurance.

Selecting a home insurance policy can be a challenging task, particularly with the numerous insurance providers competing for your attention. Exploring various home insurance options is essential to ensure you find the most suitable deal. This involves evaluating the diverse coverage alternatives, ideally from a single, convenient location.

Here at MyChoice, we simplify this process for you. Our platform offers a wide range of choices, enabling you to compare different policies from Canada’s leading home insurance companies. You can conveniently view all available options in one place, ensuring you find a policy that’s perfectly tailored to your needs, with the assurance of securing the best deal.

Quick Facts About Home Insurance in Canada

  • Quebec has the highest average home insurance rates in Canada, followed by Alberta and Ontario.
  • Property insurance claims have been on the rise in Canada and overall in the last decade.
  • It is not mandatory to have some form of home insurance in Canada but it is highly recommended.

Who Provides Home Insurance Quotes in Canada

There are different ways that you can get a home insurance quote across Canada. Here are the four providers that you can use or contact for home insurance rates:

Insurance brokers

Insurance brokers can represent you as a buyer and get quotes from multiple insurance companies, as well as advice on choosing a policy.

Direct writers

A direct writer is an insurance company that doesn’t have independent agents offering their quotes and policies. Typically, direct writers offer their products through their official websites and/or their call centres.

Insurance agents

Insurance agents are independent professionals who can provide quotes and policy information from the companies they work with.

Insurance aggregators

Insurance aggregators are online platforms like MyChoice that allow you to compare rates and coverage options from multiple providers. Because these allow you to input your information and receive quotes from multiple providers in one place, this can save you time and effort.

How To Get Cheaper Home Insurance

Compare quotes

Comparison shopping between different providers will help you find the best rate for your desired policy type. Use an insurance aggregator like MyChoice to get and examine immediate quotes from various Canadian home insurers.

Increase your deductible

You can ask your insurer if you can increase your deductible, a.k.a. the amount you pay before your insurer pays out the claim. Increasing this reduces the risk for your insurer that you’ll submit a claim, so they may offer to lower your premiums.

Bundle with auto insurance

Some companies offer bundled home and auto insurance at a good discount for both policies.

Renovate old home systems like wiring and plumbing

Renovating to remove known risks like faulty wiring and old plumbing may help reduce your premiums.

Pay annually

While hefty annual premium payments may be daunting, some insurance providers give you a discount in exchange as it reduces their administrative costs.

Install monitored alarms

The safer you make your home against thieves, the higher the chances that you’ll go claim-free. This may convince your home insurer to offer lower premiums. Install monitored home security systems to deter break-ins and get immediate notifications of disturbances.

Most Common Home Insurance Policies in Canada

While there are many different combinations of home insurance available across the country, here’s a brief overview of some of the most common types of policies, most Canadians would choose to go with an all-perils or comprehensive policy as that would offer the greatest level of protection.

An all-perils home insurance policy covers your home and its contents against loss or damage from all risks, except for those explicitly excluded. Certain perils, like earthquakes, are not covered under standard all-perils policies, but coverage for these can often be added separately.

For example, in recent years, coverage for overland flooding has increasingly become an option in homeowner’s insurance. Starting in 2015, some insurers began to offer this protection, and since then, more companies have started providing it.

A broad-form policy offers coverage for a home against loss or damage from all perils except those explicitly excluded. However, it only covers the contents of the home against perils that are specifically listed in the policy.

A standard, basic, or named perils policy covers a home and its contents only against the specific perils that are explicitly listed in the policy.

A no-frills policy offers minimal coverage for properties that fall short of an insurer’s standard underwriting criteria.

Most Popular Home Insurance Add-Ons

In Canada, home insurance policies generally exclude certain perils, similar to those in other countries. As a result, you may want to consider adding some of the more popular additional coverages that usually aren’t typically included in your home insurance policy:

Floods

Standard policies often exclude overland flooding. Water damage from sewer backup or sudden, accidental escape of water (like burst pipes) may be covered, but natural flood events typically require additional coverage.

Earthquakes

Damage caused by earthquakes is not usually covered under basic home insurance policies. Separate earthquake insurance is needed for this coverage.

Wear and Tear

Gradual deterioration of the property due to aging and normal wear is not covered.

Mould

Some policies exclude or have limitations on mould damage, especially if it results from a preventable issue like constant humidity or unresolved water leaks.

Pest Infestations

Damage caused by pests, such as rodents or insects, is generally not covered.

What Details Do You Need To Get a Home Insurance Quote?

To obtain a home insurance quote, it’s important to have specific information ready to ensure you receive an accurate estimate. This is essential whether you are changing home insurance providers or purchasing home insurance for the first time. You’ll need to provide details about the homeowner, property information, prior insurance history, and any current home insurance coverage you have.

Personal Details

You’ll need all the personal details of the primary homeowner. Information such as name and date of birth are all common requirements.

Previous Insurance History

This involves providing information on when you were first insured, how long you’ve been insured and your current policy tenure. You should also provide any information on previous claims you’ve incurred.

Property Details

You will need your home address, who lives there, how long you’ve lived there and any specific property details such as the style, year built etc. However, it’s okay if you are unsure about these details.

Current Insurance Information

Have your current policy information to hand so you can easily compare any key differences and refer to them if need be. You’ll also want to ensure you are getting your desired coverage, such as all-perils, basic etc.

Factors That Affect Your Home Insurance Rate in Canada

The price of home insurance in Canada is influenced by a variety of factors, including your location, the type of property you own, and even your credit history. Below are some key elements that impact the cost of home insurance in Canada:

Accessory Dwellings

Detached private structures like tool sheds, pool houses, and gazebos may increase your home insurance premiums. Further, a pool typically increases your premiums because of the increased risk of drowning, as well as the extra cost of maintaining a surrounding fence and lock. Make sure your home insurance covers all of your detached structures.

Credit Score

The majority of Canadian provinces use your credit score to determine your home insurance premium. This is because it’s often perceived that a bad credit score increases the risk of providing home insurance, as it increases the odds of late or non-payment of premiums.

Internal Construction

If your home is older, in poor condition, or needs to update systems like heating and plumbing, it may be pricier to insure. This is because older electrical, heating, and plumbing systems increase the risk of certain accidents like fires and water damage from leaks.

Location

If you live in an area prone to natural disasters like earthquakes or flooding, your premiums may be higher. Insurers also tend to charge higher premiums in areas where more homeowners have filed claims over recent years.

Replacement Cost

Replacement cost is based on how much it would cost to rebuild your home at its present condition and value. The higher your home’s present value, the more expensive it is to insure. Note that when factoring in replacement cost, you’ll need to inform your home insurer of any expensive items or upgrades like jewellery or artwork which will need extra coverage.

Past Claims History

Simply put, the more claims you have in a 10-year period, the higher your monthly premiums will be. As a general rule, make sure that the cost of your potential claim is higher than your policy deductible, which is the amount you have to pay before your insurer covers the rest.

Pets

Some insurance providers will ask you to disclose the number, type, and breed of any pets you may have, as some pets are considered an additional liability risk.

Property Type

Whether you live in a condo unit or a single-detached home, different types of dwellings will be evaluated differently by an insurer as each comes with different risks.

Renovations and Improvements

Some improvements can lower or increase your home insurance premiums. For example, converting a room into a home theatre may increase your home’s present value, so your premiums may go up. On the other hand, improvements that increase home safety like an alarm system may lower your premiums. Note that you should tell your home insurer both before and after you renovate your home.

Roof

The average asphalt shingle roof will begin to wear down after approximately 10 to 15 years. Unless it’s properly maintained and repaired, your roof may increase the risk of letting water leak in and damage your house. Canadian home insurers may lower your quotes if they see that your home’s roof is made with high-quality, durable materials.

Smoking Or Non-Smoking Policyholders

If you’re a non-smoker, an insurer may offer lower premiums as they consider it less likely that a cigarette or other smoking device will start a fire in your home.

Special Uses

While conducting business in your home won’t always increase your home insurance premiums, this depends greatly on the kind of business you’re running. For example, you can expect to pay more if you’re listing your home for short-term rentals or running a home-based catering company because there is more risk of liabilities or accidents.

Type of Coverage You Choose

If you get a policy with a higher deductible, this will result in a lower premium. Additionally, the higher the coverage and the more risks you are protected against, the higher your premiums will be.

Your Chosen Insurer

Different insurers may offer varying quotes even for the same type of policy. Coverage costs vary between companies, so it’s important to shop around to find the best deal. 

Property Insurance Claims Are On The Rise in Canada

The increasing effect of climate change across Canada has caused a significant rise in property insurance claims across Canada in the last decade, with 2022 being the third-highest year for catastrophic losses recorded.

In insurance, a catastrophic loss refers to a very large loss or a series of losses, such as a natural disaster (e.g., hurricane, earthquake, flood, forest fire), a major accident, or another disastrous occurrence. In 2022 alone, price P&C insurers wrote $17.4 billion in direct written premiums for personal property insurance and paid out $9.9 billion for direct claims incurred as a direct result of these events.

At MyChoice, we expect this trend to continue, emphasising the importance of ensuring you have adequate home insurance coverage in case a disaster like this was to happen to you and affects your property. The chart below shows the catastrophic losses in Canada in ‘$ billions’ with adjusted expenses to reflect 2022 dollars.

Understanding Your Home Replacement Cost

When securing home insurance, it’s crucial to ensure that your coverage is sufficient to fully fund the rebuilding of your house in case it gets completely destroyed. This is known as the replacement cost of your home, which refers to the expenses you would incur to rebuild it. This figure is different from your home’s market value and is determined by factors such as the geographical location, size, and construction materials of your home.

In addition, your home insurance policy will present you with two options: replacement cost coverage or actual cash value coverage. The key difference lies in how the compensation is calculated. With replacement cost coverage, you receive the value of lost items or repairs without any deduction for depreciation, essentially providing you compensation based on today’s market value. In contrast, actual cash value coverage means your insurer compensates for the value of your items considering their current, depreciated state.

Different insurers may use varied approaches to calculate the replacement cost, and you also have the option to obtain an independent appraisal from a third party to ascertain this cost. Therefore, it is essential to carefully consider these options and choose the one that best suits your needs.

Average Home Insurance Cost in Canada

Canada has four different types of home insurance. The Insurance Bureau of Canada requires citizens to have access to four different kinds of home including comprehensive, broad, basic and no-frills coverage.

ProvinceAvg. Per Year% Diff From National Average
British Columbia$1,25020.4%
Alberta$1,45039.7%
Saskatchewan$1,012-2.5%
Manitoba$949-8.6%
Ontario$1,36831.8%
Quebec$1,47241.8%
New Brunswick$719-30.7%
Nova Scotia$728-29.9%
Prince Edward Island$718-30.8%
Newfoundland$718-30.8%

Most Popular Home Insurance Companies in Canada

The following table highlights some of the most popular home insurance providers across Canada and the provinces where they operate.

Take a look at our top companies page for a more detailed overview, plus some additional insurance providers that are not on the list below.

Home Insurance ProviderProvinces Available*
AvivaNationwide
DesjardinsAB, ON, QC
IntactNationwide
RSA GroupNationwide
IntactNationwide
TD InsuranceNationwide
Co-OperatorsNationwide
Square OneBC, AB, MB, ON, SK
Wawanesa Nationwide
*Provinces are subject to change.

Commonly Asked Questions About Home Insurance

How much does home insurance cost in Canada?

In Canada, the cost of home insurance varies by province due to different risks at play in specific regions like regional weather patterns, crime rates, and building costs. Our table above shows the average cost by province.

These are general averages and individual rates can differ significantly based on personal factors like the value and type of the home, location within a province, and the homeowner’s claims history. For example, home insurance costs can range from around $900 annually for a detached house in a suburban area of Calgary for a homeowner with no prior claims to over $2,500 for a downtown Toronto condo for a homeowner with multiple claims, highlighting how personal factors can also influence insurance premiums.

Why has the price of home insurance gone up in 2024?

There are numerous pieces to this complicated question.

Firstly, the inflation of home insurance rates across Canada, which, according to the Q3 Consumer Price Index, home and mortgage insurance rates have increased by 8.6% in 2023. The largest contributor to this would be rising home replacement costs due to inflation of building materials as well as consistent supply chain issues.

These have not been helped by the increase in natural disasters across the country as we battle with climate change, as mentioned above, all of these contributing to an increase in claims and subsequent rise in premiums.

Are you required to have home insurance in Canada?

The short answer is no, you are not legally required to have a home insurance policy in Canada.

However, it is typically required by mortgage lenders as a condition of the loan agreement. If you have a mortgage on your property, the lender will usually require you to have home insurance to protect your investment in case of damage or loss.

For homeowners who own their property outright without a mortgage, there’s no legal requirement to have home insurance, but it’s still highly recommended.

What is a home insurance peril?

A peril is any risk that can lead to financial loss, posing a risk to your property. Typical perils covered by home insurance include fire, theft, and water damage, among others as these incidents can cause harm to your home or expose you to liability risks.

What perils would home insurance not typically cover?

The short answer is yes, generally paying annually will be cheaper than monthly. Some insurers offer a discount of up to around 7%.

What should the best home insurance cover?

You should pick an insurance policy that covers most forms of catastrophic risks to the home as these are the most common ways that major damage happens to a home.

For the absolute complete cover, you should also consider getting an insurance policy that covers specific forms of damage, also known as perils. You may want an insurance policy that covers flooding from an internal problem which will protect you if you have a burst pipe.

In a nutshell, you should try to seek out an insurance policy with the most coverage that you can afford but you should avoid an insurance policy that charges you extra for coverage that is redundant or unnecessary.

Does home insurance differ by province?

While there are consistencies across provinces like the type of home insurance policies available for example. There will be a difference in price as this relies on several different factors which will vary based on where you live.

What happens when I receive a home insurance quote I like on MyChoice?

When you complete our quoting form, you’ll be shown a list of rates and we assume that the quote you like is the cheapest one.

After that, in most cases, one of our broker partners will contact you right away to see if you want to proceed and purchase the policy, or alternatively, you could call the brokerage directly with the number we provide. The broker will be able to answer any questions you have.

In the scenario where your cheapest rate is from a direct insurer, think Square One for example, you will have the option to purchase your policy online with them, 24/7, just follow the link once you see the rate and complete the purchase with them. This would be a similar process for any of our other direct insurance partners.

What home insurance companies will I get to see quotes from?

MyChoice partners with over 30 top home insurance companies in Canada, we provide a mix of direct insurers and traditional insurance companies, giving you the ultimate amount of choice and convenience.

Is a credit check required for home insurance in Canada?

In Canada, except Newfoundland and Labrador, home insurance companies are permitted to review your credit history. Possessing a high credit score could qualify you for discounts on your rates, whereas a lower score typically doesn’t lead to higher rates – it is not required though.

Does mortgage insurance differ from home insurance?

Although both home insurance and mortgage insurance provide security for various aspects of your home, they are distinct types of insurance catering to different needs.

Mortgage insurance safeguards you and your lender in case you default on your mortgage payments, while home insurance is designed to cover the physical structure of your home against various perils.

Methodology

Profiles

Average rates were calculated using a standard profile and incident profiles. All personal details pertaining to the quotes and policies have been kept confidential.

Standard Profile

Quoted rates are based on either a 35-year-old male and/or female homeowners with a clean claim history and good credit. They are also non-smokers and live in a home with monitored fire alarms and burglar alarms. The homeowners also have a $1,000 deductible, a $1,000,000 liability and water damage included.

Incident Profiles

We examined how rates change by evaluating profiles. We looked at the most common home insurance claims in Canada: water damage claims, sewer backup claims, breaking/theft claims and property damage claims like wind/hail damage while comparing to a rate with a clean record (standard).

Home Details

Quoted rates are based on either a semi-detached or detached 3 or 4 bedroom home with a valuation around or close to $1,000,000.

Team

MyChoice data science, MyChoice research.

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