Your home and home insurance go hand in hand. Buying a house is a big financial commitment. Home insurance helps to protect one of the biggest investments you will make in your lifetime. ThinkInsure will help you find the right policy for your house, belongings, and your family. Compare home insurance quotes to find affordable coverage that suits your lifestyle, fits your budget, and protects your financial future.
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Home insurance is a form of protection for your property and your family against a significant financial loss. It protects you from having to pay a large sum of money after an unforeseen event on your property.
It provides insurance for your dwelling and personal contents if they are damaged, destroyed, lost, or stolen. Home insurance also shields you from liability claims. For example, if an individual is hurt on your property and pursues legal action against you.
Plans are offered directly through insurance companies. Comparing quotes allows you to assess your options and choose a plan that best addresses your needs. When you purchase a policy, you are making an agreement to pay premiums in exchange for protection from common threats to your home.
The perils you have coverage for and how much you have will depend on your policy details and limits. No two plans are the same. Coverage options, deductibles, and plan limits vary by provider. Homeowners insurance is not the same as mortgage insurance or your home warranty. Those are separate products.
If you own a home in Canada, you will want to protect it with a good home policy. Home insurance works just like any other type of insurance product. Policyholders pay an annual premium in exchange for financial protection against unforeseen events. You have two main forms :
There are four main types of things you will be covered for with home insurance :
Your plan will cover your physical building as well as detached structures. This includes your garage, shed, deck, and other structures.
You are covered for the personal belongings and contents within your dwelling. This includes personal items such as your clothing, furniture, and electronics. It also includes appliances, décor, tools, and other items.
You will be covered against lawsuits from your action or from accidents that occur on your property. For example, you will receive legal protection if someone sues you if they are injured while at your residence. Plans include :
Situations arise where you may lose access to your home. For example, if it was damaged and deemed unfit to live in. In these situations, you have coverage for additional living expenses such as expenses to stay at a hotel until your home is deemed safe to return.
You generally have protection from the following types of threats :
Exceptions apply. Consult with your provider for a more detailed understand of what is included.
Home insurance can take on many forms. You can choose a basic plan, get a comprehensive plan, and even customize it with endorsements. The type you require will depend on your location, dwelling type, needs, and a variety of other personal factors. For example, whether your home is new, older, you have a swimming pool, or living in an area with greater flooding risks.
Here is an outline of the different types of home insurance :
Homeowners have 4 main home insurance plans to choose from. Here is a brief overview of the different types :
This covers perils explicitly stated in the policy. It is an ideal option for homeowners looking to save money.
This provides comprehensive on the building and named perils coverage on contents. It is a more affordable option.
This provides you with the greatest amount of coverage against the largest range of threats. It covers your building structure and its contents.
All insurers do not offer this. It provides basic protection for homes that are not typical properties.
You can customize your insurance using add-ons and endorsements. This allows you to add specific types of protection, increase limits to be covered for a wide variety of situations. Enhance your policy with the following :
This protects against damage caused by flooding caused by overflowing rivers, streams, lakes, and bodies of water. Not available in flood plain regions.
This protects against damage from sewer back-ups. Also covers damage from drains, showers, and toilet back-ups. Not included in standard policies.
Get the full amount of coverage you need to repair your dwelling and replace contents. There is not a deduction for depreciation.
Protect your valuables that are not included in a standard plan. This includes jewelry, art, collectibles, electronics, and other high-ticket items.
Get protected and maintain your claims free status after your first claim.
This includes extra expenses that are not fully covered by your home insurance. Not all companies offer umbrella plans.
Damage from earthquakes is commonly excluded from most home insurance plans. It is worth adding if you live in a region that is known to have earthquakes.
Get financial assistance to help pay for accommodations and food if you are forced to evacuate your residence because of a potentially dangerous situation.
Identify theft is on the rise. Recovering after a credit card, banks account or persona identification is compromised can take time. Get assistance with the recovery process.
At any time you could have hundreds or even a thousand dollars or more of food in your freezer. If it breaks down or there is a prolonged power outage the food could spoil and you would be at a loss. Get coverage if this happens to you.
Lose your keys? Have you been a victim of a burglary? You’ll need to replace your locks. Get help replacing your locks.
Increase the coverage limits for different types of protection already included in your plan.
Determining an average cost for home insurance is challenging. The rate varies significantly based on where you live in the country. Your premiums are based on multiple complex factors. Each company uses a unique set of variables to assess your level of risk and assigns a rate accordingly. The size and type of house, replacement cost, weather conditions in your region and many additional considerations are used.
Home insurance can range from as little as $800 or less per year to more than $2,000, depending on where you live. The average for Canadian homeowners is about $1,180 annually. Quebec residents tend to pay the lowest rates. Ontario, British Columbia, and Alberta tend to have the highest rates.
Here is a look at how premiums vary by Canadian region :
Like many other types of insurance, rates are on the rise for homeowners. Here are the quarterly rate changes since 2018 :
| Quarter | Overall Rate Change (%) |
|---|---|
| Q3 2020 | +2.1 |
| Q2 2020 | +5.3 | Q1 2020 | +8.8 |
| Q4 2019 | +11.0 |
| Q3 2019 | +13.6 |
| Q2 2019 | +10.1 |
| Q1 2019 | +7.7 |
| Q4 2018 | +5.7 |
| Q3 2018 | +3.5 |
| Q2 2018 | +2.7 |
| Q1 2018 | +2.9 |
A big reason premiums are on the rise has to do with the number of and high dollar amount of claims in recent years. The following chart shows how much they have increased since 1994 :
| Year | Property Premiums | Property Claims |
|---|---|---|
| 2018 | $12B | $7.2B |
| 2017 | $11.2B | $6.5B |
| 2016 | $10.7B | $6.2B |
| 2015 | $10.1B | $5.5B |
| 2014 | $10B | $6B |
| 2013 | $9.024 | $6.161 |
| 2012 | $8.5B | $5B |
| 2011 | $8.2B | $5.3B |
| 2010 | $7.6B | $4.6B |
| 2009 | $7B | $5B |
| 2008 | $6.5B | $4.7B |
| 2007 | $6B | $3.8B |
| 2006 | $5.621 | $3.556 |
| 2005 | $5.3B | $3.6 |
| 2004 | $5.1B | $2.9B |
| 2003 | $4.4B | $2.6B |
| 2002 | $4B | $2.4B |
| 2001 | $3.5B | $2.3B |
| 2000 | $3.4B | $2.3B |
| 1999 | $3.3B | $2.2B |
| 1998 | $3.4B | $2.5B |
| 1997 | $3.3B | $2.1B |
| 1996 | $3.2B | $2.3B |
| 1995 | $3.1B | $2B |
| 1994 | $3B | $1.9B |
You can legally own a home in Canada without insurance. However, not having house insurance is extremely risky. If your home is damaged, you would have to pay for repairs out of your pocket. Here’s why you should always have house insurance :
The amount of insurance you need is unique to your situation. You need enough coverage to completely rebuild your home from the ground up after a loss due to fire and other significant sources of damage. Replacement cost is based on your land size, building structure, and its features. To get a detailed assessment of how much it will be to replace your home, get it appraised by a professional.
The insurer who offers the home cheapest insurance will vary based on your needs, location, type of property and many other factors. Rates change frequently and one insurer may have the best rates today, but another company could offer better rates in the future. Comparing quotes is the best way to get a cheaper rate.
To get an accurate home insurance quote you will need to provide :
Gather this information before starting a quote to speed up the quote comparison process.
Home insurance deductibles typically range from $500 to $2,500 or more. A good deductible is one you can afford to pay in the event you file a claim. For example, if your it is $1,000, you should feel financially comfortable paying this amount out of your pocket.
Home insurance is not legally required. However, if you hold a mortgage, lenders require you to have proof of coverage as part of the mortgage application process. The level of plan required can vary by lender. If you are purchasing your first home or moving, speak with our experts to get everything in order.
All house insurance policies have exclusions. There are certain things and types of threats that are not covered in basic policies. Here is a list of perils not covered:
You can get protection for many of the above through endorsements or by purchasing additional plans.
You are not required to provide a credit check to insurers as part of your application. However, if you have good credit, offering up your credit score information can help you get lower premiums. Most insurers will ask if you want to provide your credit information when getting a quote. Your decision to not provide this information will not affect your quote.
The best company will depend on your specific needs. Insurers offer a variety of products and choosing one that meets your personal requirements is most important. Having more options is always better. We’ve partnered with the leading insurance providers to ensure you get the best protection for your dwelling. We'll make sure you protect your home with the right plan.
Some of the top companies in Canada include :
Mortgage insurance is a different type of coverage. It is a specialized type and used by lenders and financial institutions to cover loss if you default on your mortgage payments. It is not associated with home insurance.
There are many different factors that can affect rates for home insurance in Canada. Insurers use these considerations to assess your unique details and level of risk. The more likely you are to file a claim, the more it will cost. Here are the top factors to consider :
LocationWhere you live is a significant factor. There are many things related to your location that have an impact :
Replacement cost is the amount it would cost to rebuild your home to its current state. Its not the real estate value of your land. This amount is different from each dwelling. It factors in things like building material, size, and key features. The larger and more valuable your home, the higher the replacement value, and the most it will be to insure.
Property typeYour type of home will play a role in determining the type of coverage you need and the cost. The type of risks for a single-family home can be slightly different than a semi-detached, townhome, or condo.
ConstructionHow your dwelling is built, and the materials used can have a big impact. Insurers are primarily concerned about these elements:
Running a business out of your home can increase your risk greatly. Speak with your advisor if you need home-based business insurance.
Claims historyToo many can work against you and cost you more money. Avoid filing for minor damage that you can afford to pay for out of pocket. As a general rule, if the amount is less than or relative to your deductible amount its not worth it.
Pools and yard accessoriesA pool automatically increases your liability. There is more chance of injury and of drowning. Other items that can increase payments include trampolines, climbers, and other structures.
PetsHaving a pet can increase your liability. For example, if you have a dog breed that is known for aggressive behaviour, they are more likely to bite. The same applies to other exotic pets who are more likely to cause damage or injure someone.
SmokingHaving a household of non-smokers reduces the chance of a fire.
Here are some great ways you can get more affordable home insurance :
The type of dwelling you live type and the common threats in your region have a big impact on how much you will pay for your coverage. Here is a breakdown of some Canadain home insurance claims data from 2019 :
Your home is exposed to many potential threats. Flooding, water, fire, and break ins are some of the most common (and expensive).
Around 10% of all homes (over 1 million) are at risk of flooding
Average of 8,000 fires per year (1980-present)
About 4000 per year
161,291 in Canada (2019)
The type of home you live in makes a difference in how much you pay. For example, home insurance rates will be more if you live in a single detached home than if you call a duplex or condo home. If you rent an apartment your rates will be less. Here is a look at homeownership and dwelling types for Canadian residents :
Buying a home with a pool? Installing a pool? Learn about how swimming pools will affect your coverage and costs.
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