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Written by Nolan Wilson Updated on April 17, 2025 min read

Helping homeowners find the best home insurance

Finding the best home insurance rates and coverage begins with a quote. With home insurance premiums on the rise and the increased frequency of property damage caused by climate change, Canadian homeowners need to have proper coverage without overpaying. Using a home insurance broker to compare quotes and coverage options from multiple providers is the easiest way.

With ThinkInsure, you'll get expert home insurance advice, personalized coverage and affordable rates. We'll find you the best home insurance quote from our large selection of insurers to help you save and protect your property and belongings.

Important things to know about home insurance in Canada

Home insurance is not mandatory in Canada. However, it's required by lenders to secure a mortgage.
The average cost of home insurance is $1,182, a monthly payment of $98.50.
Home insurance premiums are on the rise. They increased by 5.3% year over year.
Inflation, higher building material costs, and the increase in the number and cost of catastrophic weather event claims are the biggest factors affecting insurance rates.

How to get a home insurance quote

It's quick and easy to get a home insurance quote. Follow these steps to find the lowest rates from Canada's top insurers!

1) Start your quote

Enter some personal info to get started.

2) Enter your home details

Tell us about your home and property.

3) Compare rates

See the best rates from the leading home insurers.

Choose your policy

Select the lowest rate and speak with us to quickly get insured.

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5 star home insurance

Rated 4.7 out of 5 stars in 1463 Google reviews

We’ve helped thousands of homeowners just like you find the right home insurance for a better price.

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

What is home insurance coverage?

grand daughter with kids in Front of house

Home insurance protects your property, belongings, and assets against damage, liability or a significant financial loss. Safeguarding your home is a top priority for Canadian homeowners, and insurance is part of that protection.

Commonly called homeowners or house insurance, it’s a type of property insurance for private dwellings. The purpose of home insurance is to protect you from having to pay a large sum of money after an unforeseen event (fire, water damage, etc.)

You typically buy standard home insurance in a package. This policy includes protection for your home structure and contents. It also protects you from personal liability (legal responsibility for events on your property). You can also add endorsements and additional coverage to customize your policy.

Your level of protection will depend on your plan details and limits. No two plans are the same, and coverage options, deductibles, and plan limits vary by provider. Home insurance is different from mortgage insurance or your home warranty.

Plans are offered directly through insurance providers via insurance brokers. Comparing home insurance quotes allows you to assess your options and choose a plan that best addresses your individual needs.

Why do I need home insurance?

Homeowners need insurance to protect their investments and reduce potential financial loss. You can legally own a home in Canada without insurance. However, not having insurance is ill-advised. If your home is damaged, you would have to pay for repairs out of your pocket. You’d be liable if someone were injured on your property. You’d also be on the hook to replace lost or stolen items after a break-in. Here’s why you should shop around, compare quotes, and always be insured:

Protect your investment: Insurance protects your home from a variety of threats. It protects your investment.
Reduce financial loss: Insurance reduces the chance of financial loss. Without it, fire or flood could cripple you financially.
Legal protection: You have liability coverage if you are sued if someone is hurt on your property.
Proof of insurance to get a mortgage: Mortgage lenders require proof of insurance for you to secure a mortgage.
Claims are on the rise: There has been an increase in floods, fires, and other weather-related threats. Insurance protects you.
Peace of mind: Simply having peace of mind in knowing you are covered if your home is damaged is reassuring.

Why does home insurance continue to get more expensive?

Home insurance rates continue to rise in 2025. Statistics Canada Consumer Price Index (CPI) reports that home insurance has increased by 5.3% year over year (from January 2024 to January 2025).

The insurance industry faces major challenges due to factors like inflation, geopolitical conflicts, rising reinsurance costs, supply chain disruptions, and natural disasters. These factors directly impact insurance operations. To stay competitive, insurers are updating rates, and consumers should anticipate further rate increases throughout the year to adapt to the current economic conditions.

Here are the trends that are affecting home insurance rates in Canada:

A spike in claims: There were 273,000 claims in 2024. This is 188% above the historical average for total claims in any given year, says IBC.
Record high claims payouts: Insurers paid out a record $8.5 billion in claims in 2024, says the Insurance Bureau of Canada.
An increase in severe weather events: The number of catastrophic loss events is on the rise. The flooding in Toronto and across Ontario, Calgary hailstorms, and Alberta wildfires in 2024 are prime examples. Based on data from the IBC 2023 FACTS of the Property and Casualty Insurance Industry in Canada report, catastrophic weather events have steadily increased since 1983. The Fort McMurray wildfires had the highest-ever loss amount for a single year—$5.6 billion in 2016.
Inflation: Although inflation appears to be slower, the Consumer Price Index (CPI) rose 1.9% year over year in January 2025. Unpredictable economic conditions make it challenging to predict inflation going forward.
Higher building costs: Building and construction costs have increased by 67% over the past 5 years. This increases home values and makes them more expensive to repair.

How to get cheap home insurance quotes

Here are some great tips you can use to get a cheaper home insurance quote:

Compare your options: Shop around and compare home insurance quotes from multiple insurers. See what is out there. Assess your needs. Eliminate the guessing game and find out for sure what your best options are for home insurance.
Bundle policies: You will automatically qualify for a discount by combining your home and auto insurance with the same provider. You will save on both, and it will simplify things.
Increase your deductible: Review your deductible amount. If it makes sense for you financially, increase it. Why? Insurers will lower your payments. When you increase it, you are agreeing to pay more yourself before the insurer covers the rest.
Pay annually: When you pay for insurance annually, rather than monthly, you will save on interest and administrative fees. You will also qualify for a small discount.
Renovations and home improvement: Have you taken steps to improve your home? Have the renovations improved safety? Then you could qualify for lower fees.
Ask about discounts: You never know unless you ask. A job change, life event, or new membership could qualify you for even more savings. Review annually to see what new discounts may be applicable.
Improve home security: Investing in securing your home by installing a monitored alarm system, sensors, cameras, and other measures can help you save money. It will also help you sleep soundly at night, knowing your home is safe and secure.
Stay loyal: The longer you stay with the same home insurance company, the greater they will reward you with savings.
Allow credit consent: A strong credit score can work to your advantage. By allowing your insurer to use your credit score, you can lower your payments. Make sure you make your payments on time and maintain your good credit rating.

Speak with a ThinkInsure advisor for more tips and advice on how to lower your home insurance premiums.

How much does home insurance cost in Canada?

According to a study by JD Power, the average annual premium for home insurance in Canada is $1,182. Ontario and the Atlantic region have the highest rates in the country at $1,284. ThinkInsure quote data suggests that rates are higher. For example, rates in Ontario are $1,411 annually on average. Residents in the Western region paid about $1,200. Quebec homeowners paid the least, on average, at $960 per year.

However, depending on your home value and location, you can expect to pay anywhere from $500 to $3,000, or more annually. Your rates are determined based on your individual situation. Your coverage, plan limits, added endorsements, and other customized coverage will influence your price.

Home insurance rates by region

Location is a top factor that affects your premiums. Here’s an example of how home insurance rates differ by region:

Region	Annual premium	Difference
Canada	$1,182
Ontario	$1,284	$102
Atlantic provinces	$1,284	$102
Western provinces	$1,200	$18
Quebec	$960	-$222

Source: JD Power

Quarterly home insurance rate increases

Home insurance premiums are on the rise. But so is the rate percentage they are increasing by. The increases are getting bigger by the year.

Year	Increase	Difference
2024	8.95%	2.67%
2023	6.28%	0.48%
2022	5.80%

Here’s a more detailed breakdown of the change in premiums compared to the same quarter of the previous year:

Average Change in Premium Rate Compared to Same Quarter
in Prior Year bar graph

Source: Applied Rating Index

Home insurance premiums and property claims increase by year

The following chart shows how much premiums and property claims have increased since 2010:

Year	Property premiums	Property claims
2022	$14.8B	$8.5B
2021	$14.4B	$7.1B
2020	$13.7B	$7.0B
2019	$12.4B	$7.2B
2018	$12B	$7.25B
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

Source: 2023 FACTS of the Property and Casualty Insurance Industry in Canada

Recent home insurance quotes from ThinkInsure

2024/09/18

Homeowner from OTTAWA, ON
Building Type: Detached
CAA	$790
Intact	$805
Wawanesa	$996
GORE	$2,042
Savings from top 4 lowest quotes	$1,252

2025/04/09

Homeowner from KITCHENER, ON
Building Type: Detached
Travelers	$534
Intact	$621
SGI Canada	$822
CAA	$1,082
Savings from top 4 lowest quotes	$548

2024/09/09

Homeowner from BARRIE, ON
Building Type: Detached
Wawanesa	$2,235
CAA	$2,385
Unica	$2,892
GORE	$3,948
Savings from top 4 lowest quotes	$1,713

2024/10/21

Homeowner from LONDON, ON
Building Type: Detached
CAA	$2,838
Wawanesa	$3,494
Unica	$4,238
Intact	$5,279
Savings from top 4 lowest quotes	$2,441

Home insurance for all property types

Whether you own, rent, are a landlord, have a cottage, or own multiple properties, we can help you find the right coverage to protect your property.

Home Insurance

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Tenant Insurance

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What does a home insurance policy cover?

woman working on laptop computer sitting at home with a pet

Your home insurance policy is made up of multiple types of coverage. Most people know you have coverage for your things and to repair your home if it's damaged. But there is more to it than this. There are four main areas you should know about in your home insurance:

Building & detached structures

Your plan will cover your physical dwelling as well as detached structures. This includes your primary residence, garage, shed, garden, deck, and other structures on your land. Your coverage amount is based on the replacement value of your home.

Personal contents and belongings

You are covered with contents insurance for the personal belongings and contents within your dwelling and property. You are protected against financial insured loss of these items because of damage, loss, or destruction. This includes personal items such as clothing, furniture, equipment, and electronics. It also includes appliances, décor, tools, and other items.

Liability

As a homeowner, you are legally responsible for ensuring that people do not get injured on your property or have their personal belongings damaged.

Personal liability insurance will help protect you financially if you accidentally cause damage or injury to a third party. This can include actions taken by your children and pets toward others. You will receive legal shelter if someone sues you. Liability coverage includes:

Personal liability: Coverage for lawsuits against you by people who have been injured on your property. Up to $5 million.
Voluntary medical payments: You unintentionally injure someone on your property. Your insurer will cover medical expenses up to the defined plan limit. Up to $10,000.
Voluntary property damage: If you or your dependents accidentally cause damage to another property. For example, your child hits a baseball, and it smashes a neighbour's dining room window. Your insurer will help reimburse the owner. Up to $6,000.

Additional living expenses

Situations arise where you may lose access to your house. For example, after a fire. This is when additional living expenses can be very helpful.

Knowing your policy will help with living expenses if you are ever in this situation gives you peace of mind. Coverages and packages can differ by province. Most will provide you with expenses up to 30% of replacement cost.

What threats (perils) are covered in a typical home insurance policy?

a house in the middle of autumn forest in Canada

Many things pose a risk to your property. These threats are called a home insurance peril - an event that causes damage or loss to your property. Home insurance policies are designed to protect you from most of them.

Standard insurance policies offer safety from the following risks:

Fire, lightning, and smoke damage (excluding fireplaces): Lightning strikes your house during a storm and causes a fire. Or you have a fire.
Theft: You come home from work to find that your home was compromised and your valuables were stolen.
Wind and hail: A wind and hail storm causes damage to your roof and siding. A large tree branch falls onto your home.
Electrical current: A power surge runs through your home, damaging your electronics or appliances.
Power outage: A storm causes an extensive power outage, which can spoil food and damage some home systems.
Explosion: An explosion from a gas leak, system failure, or external explosion from an unexpected source.
Vandalism: Some kids in your neighbourhood spray paint your garage and damage your landscaping.
Water damage: Your dishwasher or washer overflows, a water main breaks, and water leaks into your basement. Not all water damage is covered by standard policies.
Broken windows: A thunderstorm breaks a couple of windows. A tree branch falls and breaks your sliding glass door. Or kids accidentally hit a baseball through your living room window.
Falling objects: An electrical pole or street light falls and hits your house. Debris from a plane damages your property.
Property damage: Your property is damaged by the actions of a third party.
Forest fire: A forest fire breaks out, and fire damages your property. Additional insurance is required.

Exceptions may apply. Consult with your home insurance company or advisor for a more detailed understanding of what is included in your policy and how you can get additional coverage for what's not included.

What are the biggest threats to your home?

Your home is exposed to many potential threats. Water, fire, and break-ins are the most common (and expensive).

Flooding

Around 11% of all homes (over 1 million) are in danger

Wildfires

Average of 8,000 fires per year (1980-present)

Earthquakes

About 4,000 per year

Burglaries

161,291 in Canada (2019)

What is not covered by your home insurance policy?

All home insurance policies have exclusions. These are risks your insurance company will not cover. Pay attention to the policy wording and make note of exclusions and limitations. Never make assumptions about what is included. Here are some uninsured activities that are not covered:

Business use: You will not be covered for damage resulting from business activities your insurer is not aware of. You’ll need to add a home business policy or endorsement to protect your business and your home.
Pre-existing issues: When you purchase a new property, you will not be covered for damage that already exists. Insurers may require you to repair existing issues before they give you a policy.
Home-sharing: Leasing your home on short-term rental sites like Airbnb requires you to have a separate policy. Not all insurers offer Airbnb and home-sharing insurance.
Criminal acts: Damage, loss, or liability because of criminal activities is not included.
Fraud: Deliberately misleading or lying on your insurance application or during a claim will result in claim denial. It could lead to criminal charges.
Moral risk/neglect: Failure to care for your property or disregarding safety measures to protect your dwelling because you know insurance will cover it. For example, not installing a fire alarm because you know the insurer will cover fire damage.
Jewellery collections: You’ll have minimal coverage for things like jewellery in a standard plan. Take out a jewellery insurance policy to protect your keepsakes.
Cash: Large sums of cash are not covered.
Rare art, collectibles, and furs: You can get separate coverage for these items. Speak with your broker to ensure you have the right protection in place.
Some types of sporting equipment: Specialized equipment or expensive gear is not included in standard policies.
Frozen pipes: Damage from frozen pipes is not covered if you are away from home or fail to take preventative measures.
Vacant properties: Leaving a property vacant increases risk. Therefore, you’ll need to take out a vacant home insurance policy to protect your dwelling while it's uninhabited.
Damage from wear and tear: Homeowners have an inherent responsibility to maintain their property. Failure to do so is not a peril covered by insurance providers.
Damage by rodents, vermin, and insects: This is considered preventable damage. This is considered wear and tear.
War, terrorism, and nuclear events: These events are not covered by insurance.

Types of home insurance policies available in Canada

There are several types of home insurance coverage you can choose from. Each one adds more protection, but it will also cost more. You can choose a basic plan, get a comprehensive plan, and even customize it with endorsements. The type of policy you require will depend on your location, dwelling type, needs, and a variety of other personal factors. For example, whether your home is new or older, you have a swimming pool, or you are living in an area with greater flooding potential.

Most people opt for comprehensive coverage because it covers more expenses. However, all plans are subject to a deductible, which can vary depending on the plan type and your preference.

Here is an outline of the different types of protection available:

Basic coverage / named perils

Basic named home perils coverage includes everything explicitly stated in the policy. It is an ideal choice for people looking to save money. It is the cheapest option, providing the most savings but the least protection. It’s the least popular coverage option among our customers.

Broad coverage

Broad coverage provides comprehensive protection on the building and named perils coverage on contents. It is a more affordable option.

You have coverage for most types of damage or loss to the structure of your home (some limitations may apply). However, you only have protection for belongings listed in your policy.

Comprehensive coverage

Comprehensive home insurance coverage provides you with the greatest amount of coverage against the largest range of threats. For this reason, it's the most popular among our policyholders.

It covers your structure and its contents. You will be insured unless a peril is specifically excluded.

This does have a few exclusions – sewer backup, overland flooding, and earthquake. These can be added as endorsements.

No frills coverage

Not all insurers offer this. It provides basic protection for homes that are not typical properties. This could include properties under construction, vacant properties, and other uncommon situations.

Get Home Insurance in Canada

Find more affordable home insurance by comparing quotes online. Save on personalized coverage that protects your home, property and belongings.

Compare home insurance quotes from Canada's top providers

Helping homeowners find the best home insurance

Important things to know about home insurance in Canada

How to get a home insurance quote

1) Start your quote

2) Enter your home details

3) Compare rates

Choose your policy

5 star home insurance

What is home insurance coverage?

Why do I need home insurance?

Why does home insurance continue to get more expensive?

How to get cheap home insurance quotes

How much does home insurance cost in Canada?

Home insurance rates by region

Quarterly home insurance rate increases

Home insurance premiums and property claims increase by year

Recent home insurance quotes from ThinkInsure

Home insurance for all property types

What does a home insurance policy cover?

Building & detached structures

Personal contents and belongings

Liability

Additional living expenses

What threats (perils) are covered in a typical home insurance policy?

What are the biggest threats to your home?

What is not covered by your home insurance policy?

Types of home insurance policies available in Canada

Basic coverage / named perils

Broad coverage

Comprehensive coverage

No frills coverage

Optional home insurance protection with add-ons and endorsements

Overland water

Sewer backup

Guaranteed replacement cost

Scheduled personal articles

Claims forgiveness

Umbrella

Earthquake

Mass evacuation

Identity theft and fraud

Freezer foods

Lock repair

Rebuilding property to code

Eco-friendly rebuild

Enhanced limits

Riders

What factors impact your home insurance quote?

Location (postal code and address)

Replacement cost (home value)

Property type and size

Construction type

Electrical wiring

Plumbing system

Roof age and type

Heating source

Special use for commerce

Claim history

Pools and yard accessories

Security system

Renovations and home improvements

Credit score

Pets

Smoking

Save more by comparing home insurance quotes

Home insurance FAQs

Is home insurance mandatory in Canada?

How high do I need to set my home insurance limits?

Who has the best home insurance?

What information is needed to get a home insurance quote?

Is a credit check required to get home insurance?

What is a good deductible for home insurance?

What is the home replacement cost for home insurance?

What is the difference between actual cash value (ACV) vs replacement cost in a home insurance policy?

What is a home insurance endorsement?

Is home insurance required for Airbnb?

What is a home insurance peril?