When it comes to home insurance, there is no data indicating that any particular month or season offers lower rates. Instead, the cheapest time to compare home insurance rates depends on the individual. 

Timing your purchase around the holiday season or back-to-school sales can mean big savings for everyday purchases. But home insurance rates in Canada don’t follow seasonal pricing patterns.

“The best time to shop isn't tied to the calendar—it's tied to your life,” says Daniel Ivans, licensed insurance broker and insurance expert with Rates.ca.

Shopping around is the easiest way to save money on your home insurance rates. 

Should you wait for renewal to shop for a better home insurance rate?

You don’t need to wait for renewal to shop around.

Home insurance typically renews annually on the anniversary of when you purchased your policy. As this date approaches, providers will contact you with renewal terms of your policy at least 30 days before your policy expires. While some consumers may see this window as the optimal time to start shopping around, Ivans says, “waiting for renewal means you're already on the insurer's timeline, not your own".

Ivans explains that the best time to compare home insurance rates is not tied to your policy. “The right time to compare is whenever you have a reason to, and that reason doesn't need to be a renewal notice.”

That said, make sure to look at your policy carefully before making any moves. “Most home insurance policies can be cancelled at any time with proper notice, but whether you receive a full or partial refund of premium depends on how your policy is structured,” says Ivans.

The Insurance Bureau of Canada (IBC) suggests several ways to save you money on home insurance including shopping around for better rates, asking about discounts, and updating your home's protective devices and systems.

What is the best time to compare home insurance?

Big life changes can offer potential opportunities to revisit your home insurance. “Any significant change in your household is a signal to revisit your coverage: a new vehicle, a newly licensed driver, a move, or a home renovation, a business operating out of your property. These changes can dramatically affect which carrier is the right fit for you,” says Ivans. “The company that was ideal for your profile last year may not be the right company for the household you have today.”

Reviewing your home insurance when these changes in your household take place gives you an opportunity to see whether your current policy still covers your needs and gives you a chance to compare your options.

Learn more: How to cancel your home insurance policy

Is there a worst time to shop for home insurance?

While some situations, other than renewal, can be ideal for looking for cheaper rates on your home insurance, there can also be instances when changing providers may not work in your favour. Here are situations when it is advisable to avoid trying to switch your home insurance provider:

• Mid-term switching: Shopping for rates mid-way through your active policy can trigger penalties, based on your contract specifications. You also run the risk of losing claims-free loyalty discounts which don't move with you as you switch providers. 
• Right after filing a claim: Insurers view active or recent claims as high risk. You can expect quotes to reflect a claims surcharge immediately after you've filed a claim. 
• In the aftermath of severe weather: Insurers tend to freeze rate drops, tighten eligibility, or pause underwriting new policies following major regional floods or wildfire seasons.
• Last day of policy expiry: If you shop around or compare rates on the last day before your policy expires, you could lose your buyer's leverage. Starting to shop around well before your renewal date could work to your advantage. 

Why it’s worthwhile to shop around for better home insurance rates

While it can be tempting to stick with your existing provider, Ivans explains it’s important to shop around for home insurance rates because insurance markets are constantly shifting. “Company experience, claims trends, and underwriter appetite all change year to year – and so do the rates that come out of them,” he says. “A carrier that was highly competitive for your risk profile last year may have had a difficult claims season and repriced accordingly, while a different carrier may have entered the market with stronger appetite and lower premiums.”

The changes in the market can open up opportunities for big savings, as long as you put in the time and effort to shop around. “Consumers who don't shop are often quietly paying a loyalty premium for staying with their company while other companies are out there trying to win their business with lower premiums,” says Ivans. 

Important reminders before comparing home insurance policies 

The cheapest policy isn’t always the best policy. The most important thing is to find a home insurance policy that adequately protects your home, while ensuring you aren’t buying more home insurance than you need.

Here are Ivans’ tips for what to consider when comparing home insurance policies: 

• Don’t just compare prices, compare protection. “Two policies can look identical on premium and carry significantly different coverage limits, exclusions, or deductibles. Before anything else, consumers should confirm they are comparing equivalent coverage,” says Ivans. 
• Understanding risk factors that influence your premiums. Ivans explains that ‘risk factors’ can include considerations like the proximity to bodies of water, wildfire exposure zones, distance from a fire station, city infrastructure, urban population trends, or whether there is any business use on the property. “These are factors that not every carrier approaches the same way. Some specialize in properties with higher risk, others don't want them at all,” explains Ivans. “Knowing where your risk profile sits helps you find a carrier that actually wants to insure you, rather than one that's tolerating you at a higher rate.”

Ready to see how much you could save? Compare multiple home insurance quotes now to find that sweet spot between price and protection. 

How to find deals when shopping around for home insurance

Here are some helpful tips to find deals when you look for better home insurance rates:

• Ask about bundles. If you have a car, ask providers about promotions or bundles for car and home insurance.
• Consider your age. Homeowners who are over 55 years may be eligible for additional discounts. 
• A clean claims history. Submitting a claim can increase your premiums at renewal. On the flip side, if you are claims-free, your insurance representative may be able to offer you a discount. 
• Highlight safety improvements. Adding in security cameras and sensors, enhancing fire alarm systems, and investing in a sump pump to avoid flood damage are all home improvements that can help reduce the cause of home insurance. When comparing home insurance quotes, highlight these upgrades and ask if they qualify you for any discounts.  
• Loyalty. Shopping around doesn’t necessarily mean you have to switch providers. Some providers offer discounts to customers who stick with them for several years. These loyalty discounts can be up to 10% and often, the longer you stay, the more you can save.

Read more: 10 ways to reduce your home insurance premium