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 5:30 AM - 6:30 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.
|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|
|Audio + video media||Personal property||$1,000||$3,000||$1,000||Personal property|
|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|
|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+|
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.
|Broad form||Not offered||Optional||Optional||Not offered||Optional|
|Named perils (Worst)||Not offered||Optional||Optional||Not offered||Not offered|
|Inland (freshwater) flood||Included||Optional||Optional||Not offered||Optional|
|Water from external drains||Included||Included||Included||Included||Optional|
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.
|Age-related||45 years+||26 years+||50 years+||Included||45 years+|
|Claims free||3 years+||3 years+||Variable||Included||3 years+|
|Deductible (standard)||$500 to $5,000||$500 to $2,500||$500 to $2,500||$500 to $5,000||$500 to $5,000|
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.