Compare Canadian Home Insurance Quotes

What is a home insurance quote?

A home insurance quote estimates the cost of protecting your home from a range of perils.

A house insurance quote is the same thing; the terms are used interchangeably.

When you request quotes using our online tool, you’ll see a breakdown of the cost or premium, annually and monthly.

The premium is determined by a range of factors, including the type of home insurance policy you select. Companies may describe different types or tiers of coverage differently. Don't worry about that. Instead, focus on which perils the policy you're considering protects against – or excludes.

You may come across references to ‘all perils’ and ‘named perils’ in the description of a policy. These are insurance industry terms that refer to different forms of damage.

In general, the greater the volume of perils a policy protects against, the more expensive your premium is likely to be.

Comparison shopping for the cheapest premium is the fastest and most efficient way to secure the best home insurance coverage for the lowest rate. Get started with our free online tool. After sharing details about your home and yourself, RATEDOTCA surveys available home insurance quotes from dozens of providers and reflects the cheapest home insurance quotes.

Different types of home insurance quotes

Insurance providers may use trademarked names to promote various home insurance packages, but, in general, there are three types or tiers of coverage from which to choose. Though they share much in common, they differ in the amount of coverage they provide.

• Basic home insurance: Also known as ‘named perils insurance,’ basic home insurance coverage is great for homeowners looking to save a little cash in exchange for risking a financial hit on excluded items (in the event of a claim). It provides the least amount of coverage for your house and contents; your home is only protected against perils explicitly named in your policy. For this reason, you’ll sometimes see this policy type referred to as a named perils policy. ‘Fire’ is an example of a named peril you might see in a basic package. If it isn’t stated in your policy, you don’t have insurance protection against it. You may also see some insurance providers describe this type of policy as ‘limited.’
• Broad home insurance: A broad home insurance policy gives more robust coverage – an upgrade to the basic package because it provides all perils coverage to your home and named perils coverage to your contents. Some insurance providers describe this type of  policy as ‘standard’.
• Comprehensive home insurance: This is the most inclusive (and expensive) type of home insurance. A comprehensive policy applies all perils coverage (except for exclusions listed in the policy) to your home and your contents, as indicated in the policy. This type of coverage, which is considered the most amount of coverage you can purchase before endorsements are added, is sometimes referred to as an all perils policy.

All about home insurance 

In Canada, the law doesn’t require homeowners to have insurance, but many lenders do. So, if you need a mortgage, chances are you’re going to be getting home insurance. The questions then become: what type of coverage and how to get the best rate?

Comparison shopping is the single most effective way to reduce your insurance costs. Since most providers are offering a similar product, it’s worth figuring out which one is offering home insurance at the lowest rate. To save more money in the longer term, we recommend comparing rates every year when your policy is up for renewal. This approach guarantees that you’ll always have the best rate.

One of the reasons that home insurance rates tend to change more often than those for car insurance which are tightly regulated by the government. Insurance providers don’t have many options other than to change premiums because premiums are one of their two revenue streams. When low interest rates result in small returns on investments, their second revenue stream, premiums, goes up. Keep in mind, insurance providers are also paying out record claims – their volume and cost has been increasing year-over-year due to more and more incidents of severe weather worldwide.

The key elements of home insurance coverage

In addition to deciding on a policy type, you can pick and choose what coverage to include, selecting from the key elements described below. While all policy types include varying degrees of property and liability coverage, contents coverage and additional living expenses are negotiable.

• Property coverage: Protects the actual structure of the home from perils such as damage caused by fire and burglary. Coverage is based on the replacement value of your home, not the market value.
• Contents coverage: Getting contents insurance protects your personal property when it's at home and when you carry it with you, such as a laptop you bring to-and-from school, a bicycle you ride to work that’s stolen or the camera you bring on vacation, subject to limits.
• Additional living expenses: Additional living expenses coverage covers you in the event you are temporarily displaced from your home due to a claim.

Liability coverage

The umbrella term of personal liability coverage can protect you from lawsuits after damage or injury occurs on your property.

• Personal liability: If there is unintentional injury done to someone and/or if you accidentally damage someone else’s property (or if a child under the age of 12 in your care causes damage), you would be protected under your liability coverage.
• Voluntary medical payments: Voluntary medical payments will cover reasonable medical expenses for one year after an accident where you cause unintentional injury to someone, or they are injured on your property accidentally.
• Voluntary property damage: Voluntary property damage will cover if you or someone else in your home (or a child under the age of 12) causes damage to someone else's property by accident.

Optional home insurance coverage & endorsements

Regardless of what policy you get, it will not cover everything. In fact, it may explicitly exclude coverage against certain perils. These are referred to as 'exclusions'.

For wider protection, you must add additional coverage to your policy. These are called 'endorsements' or 'amendments'. They alter the provisions of the insurance contract.

Flood protection

The most important coverage to consider adding to any home insurance policy is flood protection. It’s a peril that affects more and more homeowners in Canada — and it’s rarely included as a peril.

Insurance providers distinguish between several types of flooding. This means that if you want maximum protection against flooding, you’ll need to add two endorsements to your policy. Some insurance providers combine flood-related endorsements into water protection packages.

• Overland water: Overland water coverage protects against damage when water enters the home through the foundation and basement floors or walls. It also covers damage caused by floods from rivers, lakes, or other bodies of water due to heavy rainfall, melting snow and rising rivers.
• Sewer back-up: Sewer back-up insurance covers you when a region's main sewer line backs up into your home, sometimes ruining entire basements and posing massive problems to your home and your health. Severe weather has increased the likelihood of this claim, which is why it is recommended more and more often.

Beyond flood protection

You can pick other endorsements to add to the policy. Every region has different risks, so depending on where you live you might consider adding one of these optional coverages:

• Credit and debit card forgery: This insurance helps to offset any financial loss or other losses due to credit or debit forgery.
• Cybercrime endorsements: This can protect you from so-called digital risks such as identity theft, data breaches, cyber extortion, home systems attack and computer attack. Find out if cybercrime insurance is right for you, and if interested, talk to your provider to see what is available to you.
• Earthquake coverage: This coverage is listed as an exclusion in many policies. By adding this type of coverage, you can protect your home from earthquakes, which have been known to take place in some parts of Ontario, British Columbia and Quebec. Earthquakes can cause considerable damage to homes and contents, so it's a worthwhile type of insurance to consider if you live in an at-risk area.
• Freezer food: Food in freezers on your premises is protected if a power outage occurs or your freezer breaks. This insurance would be good if you have multiple freezers with food.
• Identity theft and identity fraud: Identity theft occurs when someone steals your identity. Identity fraud occurs when someone uses your identity. Both can take place when your credit card, social insurance number or passport are stolen and thieves use these items to gain access to your bank account. While some banks may reimburse you for lost funds, other costs associated with reclaiming your identity can quickly add up.
• Lock replacement: If you’ve experienced a burglary, lock replacement or locksmith coverage will pay for repairing or replacing any damaged locks and/or stolen keys.
• Mass evacuation: If you live in an area that’s susceptible to weather emergencies, particularly wildfires, you should consider getting mass evacuation insurance. This type of insurance is used in the case of having to evacuate your home and community. It helps cover extra expenses, such as food and lodging.
• Rider: If you have expensive items such as jewelry and engagement/wedding rings, musical instruments and equipment or high-end art, you may want to insure them under a separate policy called a 'rider.’ There are limitations to how much these items are covered under a standard home insurance policy. Learn more about insurance rider policies.
• Home-based business. Many of us are working from home these days and need protection in case of equipment damage, business interruption and liability claims. Depending on the size of your business, different options may be available to you. Check out some of our tips on running a home-based business and learn how insurance can help you out. For more information, talk to your insurance provider.

What is not included in a typical home insurance policy?

Even if you have the most coverage money can buy, having opted for every available endorsement, there are some perils against which no policy will protect you. In the insurance world, these are referred to as 'exclusions'.

Common exclusions are:

• Absence from the home: If you leave your home for an extended period and damage occurs, you may not be covered – unless you purchase something called ‘vacant home insurance.’
• Damage from renters: Most insurance providers require specific coverage for landlords. A standard home insurance policy is unlikely to protect you if a renter damages the property.
• Earthquake: Most policies exclude protection against earthquakes, though you can add coverage in the form of an endorsement.
• Existing damage: You’re unlikely to be covered for damage that began before you held the policy.
• Flooding: Most policies exclude flood protection, though coverage can be purchased as an endorsement.

There are also some perils for which no coverage is available. They’re referred to as ‘uninsured perils.’ For example, if your home is built on a known flood plain, no insurance protection may be available.

7 ways to get cheap home insurance

Saving on the cost of home insurance is easier than it may seem, particularly when you apply any of the following tactics.

1. Agree to a credit check: In some provinces, you can consent to allowing an insurance provider to check your credit score. If your score is good, you may be eligible for savings. If your score is less than good, don’t worry, providers are not allowed to increase your rates in response.
2. Bundle your home and auto insurance policies: Make sure each is held by the same provider. When an insurance company holds more of your business, they’re more likely to offer a discount.
3. Fine-tune your policy: Purchase the protection you need, nothing more. Start by gauging your own risk tolerance. Will you be content if, in the event of a claim, your damaged belongings are not fully covered? If the answer is yes, then basic homeowners coverage might be sufficient for you.
4. Increase your deductible: When you increase the amount that you’ll pay out of pocket in the event of a claim, you can usually lower your monthly costs. However, we recommend that you closely consider whether you’ll have the cashflow available. Monthly savings are no good if you can’t afford a higher deductible.
5. Install safety features: Any step you take to prevent damage or increase safety to your home could result in savings on your policy. For example, installing smoke, Carbon Monoxide and burglar alarms could earn you a discount.
6. Keep your home in good repair: Home insurance policies will protect you against perils that are sudden or unexpected. However, they won’t cover damage resulting from neglect. For example, if your roof collapses because it hasn’t been properly maintained, your policy won’t cover the cost of damage.
7. Pay up front: If you’re able to pay up front for the home insurance policy, you’re likely to save.