Best Home Insurance Companies
Top Insurers Compared
| Company |
Best For |
Rating |
| TD Insurance |
Bundle discounts |
★★★★☆ |
| Intact |
Largest, many products |
★★★★☆ |
| Aviva |
Online convenience |
★★★★☆ |
| Desjardins |
Quebec, competitive rates |
★★★★☆ |
| Wawanesa |
Customer service |
★★★★★ |
| The Co-operators |
Member benefits |
★★★★☆ |
| Economical (Definity) |
Value pricing |
★★★★☆ |
| CAA |
Member discounts |
★★★★☆ |
Company Details
TD Insurance
| Feature |
Details |
| Pros |
Bank bundle savings, wide coverage |
| Cons |
Claims process varies |
| Best for |
TD banking customers |
| Discount |
Up to 15% multi-product |
Intact Insurance
| Feature |
Details |
| Pros |
Largest insurer, many options |
| Cons |
Not always cheapest |
| Best for |
Comprehensive coverage |
| Note |
Owns many smaller brands |
Wawanesa
| Feature |
Details |
| Pros |
Excellent customer service |
| Cons |
Not available everywhere |
| Best for |
Service-focused customers |
| Rating |
High satisfaction scores |
Average Home Insurance Costs
By Province
| Province |
Annual Average |
| Ontario |
$1,400-$2,200 |
| Alberta |
$1,400-$2,400 |
| British Columbia |
$1,200-$1,800 |
| Quebec |
$800-$1,400 |
| Manitoba |
$1,100-$1,600 |
| Saskatchewan |
$1,200-$1,700 |
| Nova Scotia |
$900-$1,400 |
| New Brunswick |
$800-$1,300 |
Why Costs Vary
| Factor |
Impact |
| Property value |
Higher = more premium |
| Location |
Urban vs rural |
| Claims history |
Past claims raise rates |
| Coverage amount |
More coverage = costs more |
| Deductible |
Higher = lower premium |
| Age of home |
Older may cost more |
What Home Insurance Covers
Standard Coverage (All-Risk)
| Component |
What’s Covered |
| Dwelling |
Main structure |
| Other structures |
Garage, shed, fence |
| Personal property |
Contents inside |
| Liability |
If someone injured |
| Additional living expenses |
If displaced |
Coverage Amounts
| Component |
Typical Coverage |
| Dwelling |
Rebuild cost (not market value) |
| Contents |
50-70% of dwelling |
| Liability |
$1M-$2M recommended |
| ALE |
20% of dwelling |
Common Exclusions
Not Typically Covered
| Exclusion |
Add-On Available? |
| Overland flooding |
Yes (important!) |
| Sewer backup |
Yes (recommended) |
| Earthquake |
Yes (BC especially) |
| Normal wear |
No |
| Intentional damage |
No |
| Business use |
Separate policy |
Important Add-Ons
| Coverage |
Why Important |
| Sewer backup |
Basement flooding common |
| Overland flood |
Climate change increasing |
| Home business |
If you work from home |
| Jewelry rider |
High-value items |
| Identity theft |
Growing risk |
Factors Affecting Cost
Property Factors
| Factor |
Effect on Premium |
| Home value |
Higher = more expensive |
| Construction type |
Wood costs more |
| Age of home |
Older = higher risk |
| Roof age |
Old roof = higher rates |
| Electrical |
Knob-and-tube adds cost |
| Heating |
Oil heat costs more |
Location Factors
| Factor |
Effect |
| Fire department distance |
Farther = more expensive |
| Claims history area |
High-claim areas cost more |
| Flood zone |
Significant premium |
| Crime rate |
Higher crime = higher rates |
Personal Factors
| Factor |
Effect |
| Claims history |
Past claims raise rates |
| Credit score |
Some insurers check |
| Occupancy |
Primary vs rental |
How to Save on Home Insurance
Available Discounts
| Discount |
Typical Savings |
| Bundle with auto |
10-20% |
| Claims-free |
5-15% |
| New home |
10-15% |
| Security system |
5-10% |
| Smoke/carbon detectors |
5% |
| Mortgage-free |
5-10% |
| Loyalty |
5% |
| Senior |
5-10% |
Other Strategies
| Strategy |
Savings |
| Higher deductible |
10-25% |
| Shop every 2-3 years |
10-30%+ |
| Update coverage |
Don’t over-insure |
| Improve home |
Modern systems |
| Pay annually |
Avoid fees |
What Deductible to Choose
| Deductible |
Trade-off |
| $500 |
Higher premium, low out-of-pocket |
| $1,000 |
Balanced approach |
| $2,500 |
Lower premium, higher risk |
| $5,000 |
Lowest premium, significant risk |
Types of Home Insurance
By Policy Type
| Type |
Coverage Level |
| Comprehensive |
All-risk (most common) |
| Broad |
Named perils for contents |
| Basic |
Named perils only |
| No-frills |
Minimal coverage |
By Property Type
| Property |
Policy Needed |
| House you own |
Homeowner’s policy |
| Condo |
Condo insurance |
| Rental property |
Landlord insurance |
| Renting |
Tenant/renter’s insurance |
Filing a Claim
Steps
| Step |
Action |
| 1 |
Prevent further damage |
| 2 |
Document everything (photos) |
| 3 |
Contact insurer promptly |
| 4 |
Get claim number |
| 5 |
Keep receipts |
What to Document
| Item |
Details |
| Damage |
Photos, video |
| Inventory |
List of damaged items |
| Receipts |
Original purchase if possible |
| Temporary repairs |
Keep receipts |
| Communication |
Written records |
Claim Impact
| Consideration |
Details |
| Small claims |
May not be worth it |
| Rate increase |
Possible after claim |
| Claims history |
Follows you 5-10 years |
| Deductible |
You pay first |
Special Considerations
Condo Insurance
| Need to Cover |
Details |
| Unit improvements |
Upgrades you made |
| Personal property |
Your belongings |
| Liability |
Inside your unit |
| Loss assessment |
Your share of building claim |
Landlord Insurance
| Coverage |
Why Important |
| Property damage |
Building protection |
| Loss of rent |
If property unrentable |
| Liability |
Tenant injuries |