Compare home insurance providers in Canada

Not all home insurance policies are created equal. So, it’s important to compare what’s offered by different home insurance providers. To help with this comparison, we’ve compiled information on five common providers in Canada. Information is included on the degree of personalization, the type of protection, and the range of savings offered by each provider.

While every effort is made to keep this comparison up-to-date, it is subject to change without notice. Please contact your home insurance provider if you have specific questions about your policy. Or, call 1.855.331.6933 to speak with a Square One agent. Our office is open 5:00 AM - 6:00 PM (Monday - Saturday).

Personalize your policy to your needs

Most home insurance providers offer pre-packaged policies that cover a wide-range of property. For example, you automatically get 10% of the building limit for detached structures (whether you have any or not). Other providers, like Square One, let you choose what property to insure so you only pay for what you need.

Provided below is a comparison of the types of property insured and limits of insurance offered by each major provider in Canada. This comparison is based on a house with a $500,000 rebuild value. After reviewing the comparison, decide whether a pre-packaged or a personalized policy is right for you.

Square One Aviva Intact RBC RSA
Detached structures Optional $75,000 $50,000 $75,000 $1,250,000 single limit
Personal property $25,000+ $400,000 $400,000 $400,000 $1,250,000 single limit
Specialty property
Audio + video media Personal property $1,000 $3,000 $1,000 Personal property
Bicycles Optional $1,000 $3,000 $1,000 $1,500
Business property Optional $2,000 $2,000 $2,000 $5,000
China Optional $10,000 $6,000 $10,000 Personal property
Collectible cards Optional $5,000 $8,500 $2,500 $10,000
Coin collections Optional $5,000 $8,500 $2,500 $1,000
Computers Personal property $5,000 $8,500 $2,500 Personal property
Fine arts Optional Personal property Personal property $10,000 Personal property
Garden-type tractors Personal property $5,000 $2,500 $2,500 $10,000
Jewellery + watches Optional $6,000 $7,500 $6,000 $7,000
Manuscripts + stamp collections Optional Personal property $10,000 Personal property $2,000
Money (including cash cards) Not covered Personal property $10,000 Personal property $10,000
Oriental rugs Optional Personal property $10,000 Personal property Personal property
Silverware Optional Personal property $10,000 Personal property Personal property
Sporting equipment Optional Personal property Personal property Personal property Personal property
Student’s property Personal property $10,000 $1,000 $1,000 Personal property
Watercraft Optional $2,000 $1,000 $3,000 $3,000
Additional living expenses $10,000+ $125,000 $100,000 $125,000 $1,250,000 single limit
Personal and premises liability $500,000+ $1,000,000+ $1,000,000+ $1,000,000+ $1,000,000+
Square One Aviva Intact RBC RSA

Not all providers classify specialty property in the same way. Some providers may classify certain types of specialty property as personal property. Moreover, they may not cover certain types of specialty property at all. And finally, the limit for specialty property may only apply for losses resulting from burglary, mysterious disappearance, theft, etc. For complete details, please refer to the policy wordings for each provider.

Protect against break-ins, fires and more

When buying home insurance, it’s important to determine what type of policy is being offered by the provider. The three types of policies available are:

1. Comprehensive: Protects against all types of loss except for those specifically excluded in the policy.

2. Named perils: Protects against only specific types of loss listed in the policy.

3. Broad form: Protects building on a comprehensive basis and personal property on a named perils basis.

Comprehensive policies offer the best protection and named perils policies offer the worst protection. That said; not all comprehensive policies are the same. In some cases, you are charged extra for critical protection against certain loss types. The chart below compares the policy and loss types offered by each provider.

Square One Aviva Intact RBC RSA
Policy type
Comprehensive (Best) Included Optional Optional Included Optional
Broad form Not offered Optional Optional Not offered Optional
Named perils (Worst) Not offered Optional Optional Not offered Not offered
Loss type
Earthquake Optional Optional Optional Optional Optional
Inland (freshwater) flood Included Optional Optional Not offered Optional
Water backup Included Optional Optional Optional Optional
Water from external drains Included Included Included Included Optional
Hail Included Included Included Included Included
Square One Aviva Intact RBC RSA

Inland (freshwater) flood may not be available in all areas of the country. Where it is available, some providers include the coverage automatically and others offer the coverage optionally. It’s also important to note that no home insurance provider in Canada currently offers protection against coastal (seawater) flood.

Save with discounts and deductibles

Provided below are the most common discounts offered by home insurance providers. While some providers list discount amounts on the policy, others simply incorporate them into the final premium. Either way, you’re still receiving the same savings.

Selecting a higher deductible is another way that you can save money. A deductible is the amount that you are responsible for paying before your policy will respond. With some providers, you can save up to 30% by selecting a higher deductible.

Square One Aviva Intact RBC RSA
Age-related 45 years+ 26 years+ 50 years+ Included 45 years+
Claims free 3 years+ 3 years+ Variable Included 3 years+
Home age Included Variable Variable Included Included
Monitored alarm Included Variable Variable Variable Variable
Mortgage free Included Variable Variable Variable Variable
Deductible (standard) $500 to $5,000 $500 to $2,500 $500 to $2,500 $500 to $5,000 $500 to $5,000
Square One Aviva Intact RBC RSA

In addition to the standard deductible listed above, your policy may be subject to several other deductibles. For example, there may be specific deductibles for losses from crime, water backup, and hail losses. Or, there may be deductibles for losses due to your home’s electrical or plumbing systems.