best-home-insurance-companies-canada

best-home-insurance-companies-canada

Home insurance is a necessity for every Canadian homeowner.  Not only is it required for homes with a mortgage but also for financial security in case the home is damaged by unforeseen events.

If you are looking for the top home insurance companies in Canada, you are most likely looking for good home insurance.

There are many home insurance companies in Canada but some outrank the rest based on factors such as:

  • ✓ Non-claim interaction
  • ✓ Price and billing
  • ✓ Policy features
  • ✓ Claims

We can help you find the right home insurance for you from home insurers in the country. Use our free form on this page to get up to 3 home insurance quotes to compare prices and coverage for your protection. These quotes will be revealed to you by our partners (insurance brokers and insurers).

 

12 Best Home Insurers – Coverage You Can Count On

It may be strange that home insurance is protection you pay for but not something you would ever want to use.  That’s because if you use your home insurance, that only means you suffered damage or loss.

However, as a homeowner, you want to make sure that you can count on your home insurance policy to bail you out if your home is destroyed by fire or other covered perils.  If your home gets broken into, you want to be able to recover your losses with your contents coverage.

When we talk about best home insurers, it would be based on company size, assets, reputation, length of operations, and customer service.

Below are the best home insurers for your consideration.

best home insurance company

intact home insurance companyIntact Financial

Intact Financial is one of the country’s largest provider of home and auto insurance.  It was formerly ING Canada and offers a wide assortment of home insurance coverage available through insurance brokers.

As of December 2016, the company has assets amounting to $22.991 billion.

 

co-operators home insurance companyThe Co-operators

This Canadian owned company provides homeowners with a diverse range of insurance coverage to choose from.  You can combine your home and auto insurance to avail of great insurance rates.

As of December 2016, The Co-operators has assets of $14.541 billion.  It ranks high in customer satisfaction in the Atlantic/Ontario Region.

 

industrial alliance home insurance companyIndustrial Alliance

This financial services company was built in 1892.  With more than 3 million Canadians served, it is the 5th biggest in health and life insurance.  It began offering auto and home insurance in 1973 with 3 types of coverage.

As one of the top home insurers, it has assets amounting to $57.050 billion.

 

ssq home insurance companySSQ Insurance

This home insurance company ranked the highest in customer satisfaction in Quebec, according to the 2017 survey of J.D. Power.  With $11.374 billion in assets, it gives assurance of financial stability to its customers.

 

portage mutual home insurance companyPortage Mutual Insurance

According to the 2017 home insurance study by J.D. Power, Portage Mutual Insurance emerged among the top 3 insurance companies with the highest customer satisfaction ratings.  It ranked the highest in the Western Region.

It has been around since 1884 and offers insurance coverage through its wide network of brokers.  It offers up to $2 million in liability, identity theft coverage, and important optional coverage such as home business, overland water endorsement, and sewer back-up coverage.

 

wawanesa home insurance companyWawanesa Mutual Insurance

This insurance company is popular in the Western Region and offers insurance coverage for homes, mobile homes, condos, and tenant insurance.

It belongs to the top 20 insurance companies in the country, with assets amounting to $7.977 billion.

 

rsa home insurance companyRSA Insurance

This general insurance company offers a diverse range of home, auto, business, and travel insurance products.

It offers online services, a strong broker support site, and a dynamic claims process for good customer support.  It is quite popular in Quebec and as of 2016 has assets of about $4.638 billion.

 

la capitale home insurance companyLa Capitale

La Capitale ranks high in customer satisfaction in the Quebec region.  It is among the top 20 insurance companies in Canada, with assets amounting to $6.375 billion in 2016.

 

aviva home insurance companyAviva Canada

Aviva offers coverage for the home and all its contents with insurance policies that suit individual needs.  They offer various discounts to homeowners to make insurance premiums more affordable.

Aviva ranks 12th in size among insurance companies in Canada, with assets amounting to $12.203 billion in 2016.

 

Desjardins General Insurance

Desjardins is also highly popular in the Quebec region and offers a wide variety of home and auto insurance products.  Established in 1900, it is one of the largest insurers in North America and serves more than 7 million members of credit unions and other clients.

 

rbc home insurance companyRBC Insurance

RBC Insurance has assets amounting to $13.197 billion and is 10th biggest insurance company in the country.

It offers a wide range of home, life, auto, travel and other financial services.  As a subsidiary of Royal Bank of Canada, it is one of the biggest bank-owned insurance companies in the country and provides services nationwide.

 

td canada trust home insurance companyTD Insurance

This insurance company is part of TD Bank Group and offers general insurance as well as life and health insurance.

It is a direct response home and auto insurer in Canada.  The company offers home and auto insurance bundles for those looking to save on insurance costs.  As of 2016, its assets have reached $8.985 billion.

 

How to Choose a Home Insurance Company

Choosing a home insurance company is not just about its size but more importantly about its coverage options and service.

For many consumers, price is a big factor in choosing a home insurance company.  But because your home is your most important investment, you need to go with a company you can trust to cover your losses when tragedy strikes.

There are many home insurance companies in Canada that you can choose from, depending on your location. Check how to choose a good home insurance company to help you find the best home insurer.

 

The Cost of Home Insurance for Canadian Homeowners

Many Canadians feel their home insurance rates are too high. The truth is that home insurance premiums have been rising in the last few years because of factors such as increase in weather-related claims and rebuilding costs.

Generally, renters’ insurance is cheaper than homeowner insurance because the latter has broader coverage.  For renters, they only need to get coverage for personal property and liability.  For homeowners’ insurance, coverage for dwelling is a major component as well as personal property and liability.

Home insurance premiums are most expensive in British Columbia at an average of $1000 a year.  Premiums are slightly less expensive in Ontario at an average of around $900 and in Quebec a little under $850

 

Factors that Affect Home Insurance Prices

Home insurance premiums are calculated based on factors that are not always explained to the insured.  If you take the time to understand how insurers calculate premiums, you can do your part in ensuring your rates stay as low as possible.

  • ✓ First of all, insurers look at the location of your property.  Insurers look at crime rates in your neighborhood as well as occurrence of natural disasters.  For this reason, you need to disclose your address or zip code when obtaining home insurance quotes.
  • ✓ Insurance companies also look at your credit score and your claims history.  If you have made previous claims on home or auto insurance, you will be charged higher rates.  In fact, insurance premiums can increase by 15% to 20% with a recorded claim.  There are insurers who offer forgiveness for first claim
  • ✓ Individuals with good credit scores also benefit from lower insurance rates.
  • ✓ If you make any upgrades to your home, it will also cause a spike in your premium. Because your rebuilding cost is likely to increase, your insurer will adjust your premium accordingly.
  • ✓ Lastly, a good measure that can help to lower your home insurance premiums is the use of a professional security system. It helps lower the chances of burglary in your home and thus could qualify you for homeowners’ discounts.

 

How to Compare Home Insurance Quotes for Best Value

Some people stay with an insurance company for years because they trust the company and feel some loyalty to it.

However, if your insurance premiums keep increasing year by year, it is time to shop around.  It is within your rights as a consumer to ask if you are paying the right premium and if you quality for discounts.

When comparing free home insurance quotes, it is not advisable to look only at the price. Keep in mind that you usually get what you pay for. Cheap coverage may not be what you need especially if you have invested a lot of money into your home.

Check the following information when comparing home insurance quotes to ensure you are comparing apples to apples.

how to compare home insurance companies

Who is the insurance company?

Naturally, it is advisable to go with an insurer with a long history, stability, and sound financial performance. While national insurers are the biggest, some regional insurers perform very well and have earned high customer satisfaction.

If the insurance company has a good reputation and is financially stable, you can move on to the next criteria.

 

What is the type of coverage?

Be very sure that you are comparing the same type of coverage. Insurers generally offer basic home insurance or comprehensive insurance. Check the risks you are covered for with each policy offer.  For example, if you want broad coverage, make sure you are comparing comprehensive home insurance policies from multiple insurers.

 

What are the exclusions?

Not all insurers cover the same perils in their policies.  For instance, some insurers include water damage while others exclude it.  Check the exclusions in the policy offer before choosing your home insurance.

 

What is the cost of optional coverage?

There is not one insurance policy that covers all risks 100%. Even all risk home insurance has exclusions like earthquake and flood.  An important factor that can help you decide when comparing costs is the price of additional coverage for important risks like flood, sewer back-up, identity theft, or increase in policy limits.

 

What is the annual home insurance premium?

Of course, a final deciding factor will be the annual home insurance premium.  Insurers offer different rates based on your location, age of the home, desired amount of coverage, and other factors.

 

Comparing home insurance quotes can be tricky if you don’t know what to look for. Make sure to compare insurance provider, coverage, and price to get the best value.

 

LOOK AROUND and SAVE THOUSANDS of dollars in insurance!

Try to Pay Lower Home Insurance Premiums with Free Quotes

One of the best advantages of comparing free home insurance quotes is finding lower premiums.

You can usually find cheaper premiums for the same coverage or higher with multiple home insurance quotes from Canadian insurers.

When you compare quotes, you can look for better coverage, lower prices, discounts for homeowners and better service.

Take 2 minutes to fill-out our free quick online request form to receive up to three (3) home insurance quotes from our partners (insurers and insurance brokers).

These quotes are free and no obligation. They can help you compare your options to save on time and money.

COMPARE UP TO 3 INSURANCES QUOTES FOR YOUR HOME INSURANCE

Compare: Prices, Services and Coverage of up to 3 insurances simply by filling out the form below. It’s FREE and without Obligation

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