The best Home insurance quotes in Canada 2023
If you own or rent a home in Canada, you may want to protect your property and belongings from unexpected events such as fire, theft, or water damage. Home insurance is a type of contract that covers you for various financial risks that come with owning or renting a property. For example, if your home is damaged by a fire, your home insurance policy can help pay for the cost of repairing or rebuilding your home and replacing your belongings. Home insurance can also cover you for liability lawsuits if someone gets injured on your property or if you accidentally damage someone else’s property. Additionally, home insurance can cover your additional living expenses if you have to temporarily move out of your home due to an insured loss.
How to get home insurance quotes in Canada
There are different types of home insurance policies available in Canada, depending on whether you own or rent your home, and what kind of coverage you need. The most common types are:
- Homeowner’s insurance: This covers your dwelling, outbuildings, personal property, liability, and additional living expenses. It is suitable for people who own their homes.
- Tenant insurance: This covers your personal property, liability, and additional living expenses. It is suitable for people who rent their apartments, condos, or homes.
- Condo insurance: This covers your personal property, liability, additional living expenses, and any improvements you made to your condo unit. It is suitable for people who own their condo units.
- Seasonal or other property insurance: This covers your dwelling, outbuildings, personal property, liability, and additional living expenses for properties that are not your primary residence. It is suitable for people who own seasonal homes, revenue properties, or second homes.
To get home insurance quotes in Canada, you can shop around online or contact an insurance broker or agent. You will need to provide some information about yourself and your property, such as:
- Your name and contact details
- Your address and postal code
- The type and size of your home
- The age and condition of your home
- The value of your home and belongings
- The type of heating system and security system in your home
- The number of people living in your home
- The amount and type of coverage you want
- The deductible amount you are willing to pay on claims
Based on this information, you will receive different quotes from different insurers. You can compare the quotes based on the price, coverage, limits, exclusions, discounts, and customer service. You can choose the quote that best suits your needs and budget.
How to save money on home insurance in Canada
Home insurance premiums vary depending on various factors such as the location, age, condition, and value of your home, the type and amount of coverage you choose, the deductible amount you select, and your claims history. However, there are some ways you can save money on your home insurance in Canada, such as:
- Increasing your deductible: This is the amount you agree to pay out of pocket before your insurer pays the rest of the claim. By increasing your deductible, you can lower your premium as you are taking on more risk.
- Installing a water monitoring system: This is a device that detects water leaks in your home and alerts you or shuts off the water supply automatically. By installing a water monitoring system, you can prevent water damage and qualify for a discount from some insurers.
- Installing a security alarm and monitoring system: This is a device that detects intruders or fire in your home and alerts you or a central monitoring station. By installing a security alarm and monitoring system, you can enhance the security of your home and qualify for a discount from some insurers.
- Joining a group discount program: Some insurers offer reduced rates for members of organizations that sponsor a group home and auto plan through them. You can check with your employer, union, alumni association, or professional association if they have such a program.
- Updating your policy coverage and limits: You should review your policy regularly to make sure you have the right coverage and limits for your current situation. You may be able to lower your premium by adjusting your coverage or limits based on the changes in your home or belongings.
- Choosing a newer build: Insurers usually consider newer homes less likely to have issues than older homes. If you are buying a new home or renovating an existing one, you may be able to get a lower premium from some insurers.
- Bundling your home and auto insurance: Some insurers offer discounts if you buy both your home and auto insurance from them. You can save money and simplify your payments
You can use Ratehub.ca1 or LowestRates.ca2 to compare home insurance quotes from 50+ of Canada’s leading insurance providers in just a few minutes. You can also use RBC Insurance3 to get a free online quote for home insurance and enjoy extra savings when you combine home and auto insurance. These websites can help you shop around and find the best home insurance quotes in Canada.
What are some ways to save on home insurance?
There are several ways to save on home insurance, depending on your situation and preferences. Here are some common tips that may help you lower your premiums:
- Shop around and compare quotes from different providers. You can use websites like Ratehub.ca1 or LowestRates.ca2 to find the best deals for your needs.
- Bundle your home and auto insurance with the same insurer. This can help you save up to 15% on your home insurance.
- Increase your deductible, which is the amount you pay out of pocket before your insurance kicks in. This can lower your premium by up to 12%1, but make sure you can afford the higher deductible in case of a claim.
- Install a security system and fire alarms in your home. This can reduce the risk of theft and fire damage, and earn you a discount of up to 20%1.
- Make safety improvements around your house, such as installing storm shutters, sprinkler systems, or backwater valves. These can prevent or reduce damage from weather, fire, or water, and qualify you for a lower rate4.
- Improve your credit score, which can affect how insurers view your risk level. A higher credit score can indicate that you are more responsible and less likely to file a claim, which can lower your premium2.
- Don’t file small claims for minor damages or losses. This can help you maintain a claim-free record, which can earn you a discount from some insurers. It can also prevent your premium from going up due to claims history1.
- Ask about other discounts that may apply to you, such as being a senior, a non-smoker, a member of a professional association, or having multiple policies with the same insurer2.
- Review your policy regularly and update your coverage and limits according to your current needs. You may be able to reduce your coverage if you have made changes to your home or belongings that lower their value or risk level1.
What are some safety improvements You can make to my home?
Some safety improvements you can make to your home are:
- Install smoke detectors and carbon monoxide detectors on every level of your home and test them regularly. These devices can alert you to fire or gas leaks and save your life1.
- Install a fire extinguisher in your kitchen and other areas where fire hazards may occur. A fire extinguisher can help you put out small fires before they spread and cause more damage1.
- Install a security system and alarm system in your home. A security system can deter burglars and alert you and the authorities if someone tries to break in. An alarm system can also notify you of other emergencies, such as fire, flood, or medical issues2.
- Install grab bars and handrails in your bathroom, stairs, and other areas where you may need extra support. Grab bars and handrails can prevent falls and injuries, especially for seniors and people with mobility issues3.
- Keep your floors dry and clear of clutter. Wet or slippery floors can cause slips and falls, while clutter can create tripping hazards. Use mats, rugs, or towels to absorb moisture and keep your floors clean and tidy4.
- Keep your windows and doors locked and secure. Windows and doors are the main entry points for burglars, so make sure they are closed and locked when you are away or sleeping. You can also use window bars, deadbolts, or smart locks to enhance your security2.
- Keep your water heater at a low temperature of 120 degrees Fahrenheit or less. This can prevent scalding burns from hot water and save energy. You can also install anti-scald devices on your faucets and showerheads to regulate the water temperature1.
- Keep space heaters at least a few feet away from anything flammable, like curtains, furniture, or bedding. Space heaters can cause fires if they tip over or overheat. You should also turn them off when you leave the room or go to bed1.
- Keep poisonous substances out of reach of children and pets. This includes cleaning products, medications, pesticides, antifreeze, and other chemicals. Store them in locked cabinets or containers with child-proof caps. You should also have the number of the poison control center handy in case of an emergency1.
- Keep sharp objects and firearms away from children and unauthorized users. This includes knives, scissors, tools, guns, and ammunition. Store them in locked drawers or safes and use safety locks or trigger locks on your firearms. You should also teach your children about the dangers of these items and how to handle them safely1.