Square One Insurance Review (October 2022): Pros, Cons, Features, & Pricing

Are you looking for a home insurance policy and want to read the Square One Insurance review? Well, you’re at the right article. Home insurance can be a pretty big yet helpful insurance policy. It will offer you financial compensation when you want to repair your home in case of fire or vandalism. Additionally, you’ll also be able to replace your house belongings if they are destroyed.

Square One is a leading home insurance company in Canada that offers home and renters insurance. This leading company is changing the way you think about insurance. It has been serving the people of Canada for the past 11 years. With this Square One Insurance review, we’ll discuss why it is one of the top choices for the people of Canada.

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Last Updated: Sep 28, 2022

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Square One

  • Canada's most affordable home insurance
  • Superior protection on a digital platform
  • Get coverage personalized to you

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In this Square One Insurance review, we will delve into their services. We will also discuss the benefits and disadvantages of this loan provider. This will help us understand what makes Square One a popular choice amongst Canadians.

What Makes Square One a Good Option?

This Square One Insurance review section will discuss why Canadians prefer this insurance provider over others. Square one was started almost 11 years ago, on January 5, 2011. The company was started by a team of experienced professionals who have spent years working in different insurance companies.

When they realized the traditional home insurance wasn’t meeting the needs of Canadians, they decided to start a straightforward insurance company. Square One offers an entirely new home insurance system designed to the needs of homeowners. They eliminate all the unnecessary complexities which were present in traditional policies.

Square One makes it easy and convenient for Canadians to personalize their policies as per their needs. The company has more than 30,000 positive reviews from its most loyal customers. They try to make the process of home insurance more, whether you’re looking for a quote or filing a claim.

Square One has delivered quotes to more than 2,000,000 people and counting. If you don’t want to waste your time going to a broker and looking for policies, you can directly contact them. The company has responsive customer service that will send you a quote for your home insurance within five minutes. This makes the company a good option for new homeowners in our Square One Insurance review.

The Pros and Cons of Square One Inurance

When we talk about an insurance company, analyzing and weighing its pros and cons is just as necessary. In this Square One Insurance review blog, we would stress the benefits of this insurance company and the areas where it can improve.

Pros of Square One InsuranceCons of Square One Insurance
+ Low insurance costs
+ Personalized coverage
+ Monthly payment options available
+ Online application
+ Claims tracking
– Non-refundable premium
– No bundle options

The Pros of Square One Insurance

Square One Insurance offers great service with lots of pro’s to be highlighted in our Square One Insurance review:

  • Low insurance costs
  • Personalized coverage
  • Monthly payment options available
  • Online application
  • Claims tracking

Reduce Insurance Cost

Square One helps you reduce the overall cost of your home insurance policy plan. This is done by selecting the bare minimum insurance coverage and increasing your deductible.

Personalized Coverage

One of the best factors that make this insurance company stand out in our Square One insurance review is customized coverage. The company allows you to make your own plan without complications or hassle. You can receive a quote within five minutes of applying.

Pay Insurance Monthly

Most traditional insurance companies force you to pay your entire insurance amount at the starting of the year. However, with Square One, you can choose to pay a monthly premium without attracting any extra fees or interest.

Digital Process

Going into an insurance office and waiting in line for your turn can be a nightmare. Square One offers all its services online, so you never have to step out of your house. You can get a quote online and apply for insurance digitally too. If you have any questions or doubts, you can always talk to their support team by phone or online chat.

Easy to Read

Traditional home insurance policies are usually filled with complex insurance jargon, making them difficult to understand. However, Square One insurance policies use terms that are easy to understand. This makes it simple for you to understand all the terms and conditions.

This is another factor that makes this company stand out in our Square One Insurance review. All your policy documents are immediately sent to you in PDF via your registered email.

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Track Claims

Most insurance companies make filing and tracking claims a nightmare for their customers. On the other hand, Square One allows you to track the status of your claims with an interactive dashboard.

The Cons of Square One Insurance

Here are some of the things we found could be improved as part of our Square One Insurance review:

  • Only online options
  • Detailed questionnaire
  • Non-refundable premium
  • No bundle options

Online Insurance

While most people have started trusting the internet, there is still a section of people who prefer doing things offline. Since you can only access Square One online, this might not be as convenient for people who are not tech-savvy.

Detailed Questions

When looking for a quote for your home, you would have to answer a couple of detailed and personal questions. This might take up a few minutes. The questions range from whether you have a dog to short-term rentals. You would have to type out the answer to each one of them.

Non-Refundable Premium

The first $50 of your premium fee is non-refundable. It is charged by Square One to maintain its website and seamless delivery of services.

Proof of Value

While registering for home insurance, especially for your personal belongings, you’ll have to submit proof of value. If you fail to do this, the claims for your damaged or lost items would be limited to $3,000-$6,000.

Exclusion From Water Damage

If you leave your house for more than seven days in winter and experience water damage, you wouldn’t be compensated. However, if you drain pipes, leave your heater on, or are leaving due to a medical emergency, this clause doesn’t apply.

Cannot Bundle Policies

Most people prefer buying multiple policies from an insurance provider and paying a lower premium. However, Square One does not offer any auto insurance policy. This means you cannot bundle your policies and enjoy a cheaper premium.

Types of Insurance Offered by Square One

We have already discussed the company’s overview and the advantages and disadvantages of taking insurance from this insurance provider. In this Square One insurance review, we will now talk about the range of services.

Square One Insurance Review Office-Comparewise

Home Insurance

Every homeowner should get a home insurance policy to protect their house and belongings from unforeseen damage. In this section of the Square One insurance review, we’ll discuss the home insurance policy offered by this company.

Square One offers Canada’s first personalized policy. You can customize your coverages, deductibles, and limits. This gives you control over how much premium you could spend in a year. In simpler words, the company allows you to choose what to insure and how much to insure it for.

Their home insurance policy offers protection against fire, windstorms, or break-ins. The company also offers guaranteed building replacement coverage. When you agree to their suggested limit and incur a loss, the company will rebuild your home. This would be done even if the cost of the building exceeds your insurance coverage.

The claim process for their home insurance policy is also pretty simple and digital. The company assigns a dedicated adjuster to work with you from start to finish. Square One pays out 90% of claims on time. Additionally, the company allows you to make interest-free monthly payments against your insurance premium.

Home Coverages

This section of the Square One insurance review will discuss the home coverages offered in this policy. Under the home insurance policy, you can protect your building. The coverage protects your house on a guaranteed replacement cost basis. The building includes the main structure of your house, along with hot tubs, swimming pools, and garages.

Apart from the main building, you can also choose to cover additional structures located on your property. This includes workshops, garages, decks, lawns, fences, retaining walls, or gazebos.

Tenant Insurance

This section of the Square One insurance review will discuss the tenant insurance offered in this policy. If you rent a place in Canada, the house owner will probably have a home insurance policy. However, it is always best to secure your belongings with a tenant’s insurance policy. Additionally, most homeowners prefer tenants who have renter’s insurance.

Under the tenant insurance policy offered by Square One, you are free to choose your deductible, coverage, and limits. This helps you personalize your own policy based on your budget. The policy would protect you against loss that occurred to your rented house, including fire, theft, or accidental damage.

Square One gives you the option to get optional, additional coverages under both home insurance and tenant insurance.

Personal Property Coverage

In this section of the Square One insurance review, we will discuss the personal property coverage offered in this policy. This includes pre-packaged protection and protection for specialty property. The optional coverage allows you to protect your belongings from unforeseen damage.

Square One’s home insurance policy gives you the option to cover personal or portable equipment used for recreational activities. This includes hockey, fishing, golf, hand gliding, hunting, paragliding, snowboarding, or surfing. You can also choose to cover visual arts and collectibles. These include sculptures, limited edition prints, carpets, hand-knotted rugs, first edition books, porcelain crockery, or sports card collections.

Under this home insurance policy, you can also choose to cover personal goods like electronics, clothes, or furniture. In case you love to collect ornaments and watches, you can choose to cover them as well. These include watches, bracelets, rings, earrings, and precious stones.

Square One Insurance Review Reception-Comparewise

Liability Protection

This section of the Square One insurance review will discuss the liability protection coverage offered in this policy. The optional coverage in the policy includes any additional living expenses. It protects against any extra costs incurred when you can’t live in your home. This could be due to damage to your home due to an accidental event.

The liability protection also offers unlimited access to a telephone helpline. You can receive legal or tax-related advice from the company’s legal experts. The personal and premises liability coverage protects you against an amount you’re legally responsible for paying. This could be because you unintentionally damaged property or injured somebody.

Here are the types of insured properties under the company as per our Square One insurance review.

  • Condominiums
  • Vacation properties
  • Detached homes
  • Semi-detached homes
  • Multiplexes
  • Townhouses
  • Rental properties

How Safe and Legitimate is Square One?

When dealing with an insurance provider, you need to check the company’s legitimacy. This section of the Square One insurance review will discuss whether the company is safe for getting an insurance policy.

Square One was started almost 11 years ago in 2011. It has served quotations to more than 2,000,000 Canadians. With a stellar claim approval rate of 90%, the company ensures that you are covered in case of an unforeseen accident.

The company is run by a team of experienced professionals who have spent years working for other insurance companies. They have a combined experience of more than 100 years.

The insurance company, Square One, is underwritten by the Mutual Fire Insurance Company of British Columbia. It has one of the best financial strength ratings. This means that the company has the financial strength and ability to meet its ongoing insurance policy and coverage obligations.

Square One Customer Service and Support

This section of the Square One insurance review will discuss this insurance company’s customer service and support. Square One offers you different options to reach out to their customer service executives. They have a dedicated email for queries and complaints, the fastest way to reach them.

Square One’s customer executives are also available by fax and phone. They have a toll-free number you can call to get a quote, change your policy, or report a claim. The sales and service team is available from Monday to Saturday during business hours. However, their emergency claims team is available 24 hours a day.

They have a pretty knowledgeable staff. All their customer care executives can answer all the questions asked by their customers. They are kind enough to explain to you everything in detail.

How Is The Square One’s Website

Since Square One is a digital insurance company, it is essential to analyze how easy their interface is. In this section of Square One insurance review, we’ll discuss whether their website is user-friendly or not.

The website has a pretty interactive and easy-to-understand layout. Square One has mentioned everything they offer in utmost detail on their website pages. Their website also has a live chat option. You can directly connect to an agent and get your queries sorted out. The company claims that they send quotes to their customers within five minutes.

They have listed out in detail the five steps required to get a quote for your home insurance or tenant insurance. Square One allows you to customize your policy depending upon your budget.

Square One also has a dedicated page for claims and support. Once you have reported a claim, you can easily track its status on your personalized dashboard. This makes it easier for you to get real-time updates. The website also offers a library of helpful articles, helping to understand all there is to home insurance.

Square One Insurance Review Apartment - Comparewise

How to Get Started

This section of the Square One insurance review will discuss how to get started with this insurance provider. With Square One, you can get started by directly chatting on calling one of their customer care executives. They will guide you through the entire process and help you clear out all the doubts you may have.

If you want to get a direct quote from the company, it can be done in a few simple steps. You need to click on the “Get Quote” option on the top-right-hand corner of the screen. The website will redirect you to another page. You have to enter your address to confirm you belong to a serviceable area.

Once you have chosen the type of insurance you need, Square One offers you a list of additional coverages. You can add or delete from your insurance policy. This helps you manage your monthly/yearly premium as per your budget. These include personal property coverage, liability coverage, identity theft, and many more.

When you have customized your policy, you will be redirected to another page. This page has a list of detailed questions that will allow the company to determine your coverage. Answer them correctly to get an accurate quote. Once you have submitted the form, you will receive a quote for your customized insurance policy in less than 5 minutes.

Alternatives to Square One

Suppose you have applied for insurance, and the company is not serviceable in your area. Or maybe you want to compare the policy. In that case, there are other insurance companies that you can try. These companies work in a very similar manner, and there is a good chance you’ll get a reasonable quote. In this Square One insurance review, we will discuss the alternatives to this insurance company.

Economical Mutual

Economical Mutual is one of the leading alternatives to Square One. It is one of the oldest insurance companies in Canada, started in 1871 and offers a different range of insurance options. Unlike Square One, this company provides home, auto, and business liability insurance. It allows you to bundle up the package and get a cheaper yearly premium.

Suppose you’ve applied for a home insurance policy. In that case, you are eligible for the discounts they offer on a yearly premium. These include special deals for mortgage-free policyholders who have never reported a claim.

Economical Mutual has a stellar customer service team. More than 600 claim professionals are available to policyholders 24 hours a day.

CAA

Originally known as Canadian Automobile Association, the company now offers competitive home insurance policies. They are available for houses, rented apartments, and condos. The competitive premiums provided by the company make it one of the most like insurance companies in Canada.

Like Square One, CAA also has an excellent customer support team available to its policyholders. You can make unlimited calls to their helpline number. Their executive will assist you from getting a quote to tracking your claim. The robust helpline system supports pet health, identity theft, legal matters, and home maintenance queries.

Aviva

Aviva is another popular insurance provider in Canada. They have policyholders in almost all provinces and territories of Canada. More than 860,000 homes have been insured with this company. Not just in Canada, Aviva has customers all over the globe. The amount for over 33 million insurance policies.

The company is known for offering unique discounts to its customers. This includes being a non-smoker, buying a new house, or mortgage-free. Aviva also encourages customers who adopt energy-efficient upgrades in their homes and offer them a discount.

Aviva is famous for its disappearing deductible feature. This means it awards its customers each year they go claim-free. You have the option to reduce your premium every year that passes without a claim.

Allstate

Allstate is an exclusive property insurance provider in Canada. It offers insurance policies for a condo, tenant, home, rental, tenant, and seasonal insurances. Like Square One, they have a digital platform that lets you look for a policy online. Additionally, you can also pay your premium online with their mobile application.

The company has a wide variety of discounts available on their premiums. They also have a responsive customer support team that is available 24/7. This allows you to report a claim efficiently and track its status.

However, Allstate does not allow you to personalize your home insurance policy. They also do not offer additional living expense coverage if your house got wrecked in an accident. You get access to personal property and liability coverage with this insurance provider.

Square One Insurance Review Renters-Insurance-Comparewise

Co-Operators Home Insurance

Co-operators home insurance is one of the leading insurance companies in Canada. They offer a wide range of options and add-ons for your policies. Similar to Square One, the company also allows you to get an instant quote digitally. They also have an app for iOS.

The insurance policy covers liability coverage of up to $3 million, identity fraud, and personal property. However, you cannot customize your plans or reduce yearly premiums based on your budget. Since it sells auto and home insurance, the platform allows you to bundle your policies together. You can save up to 20% by bundling your policies.

Square One Insurance Review Takeaway

As we come to the end of this Square One insurance review, here’s what you should remember about this insurance provider.

Square One offers an easy way to get home insurance policies in Canada, trusted by thousands of Canadians. The company allows you to customize your insurance plan as per your budget. They also make sure that they payout 90% of claims.

This home insurance provider aims at making insurance accessible and easy to understand for everyone. They offer responsive customer care service via online chat, email, fax, and phone. Here, customer care executives help you understand your policy and clarify your doubts. And they can send you a quote in less than five minutes.

Square One is a safe and legitimate insurance provider that can help you protect your home and personal belongings. Before deciding on an insurance policy, make sure that you thoroughly read the terms and conditions. To make the policy more accessible, Square One makes sure not to use insurance jargon. Instead, they prepare their policies in easy-to-understand terms.

With Comparewise, you can save a lot of money on all types of financing in Canada. We help you instantly match the best financing deal in your area and immediately get all kinds of loans.

Are you looking for a home insurance policy & considering Square One? Here is a detailed Square One insurance review to help you get started. Thanks for checking out our Square One insurance review.

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FAQs about Square One Insurance

How Much Does Square One Home Insurance Cost?

Square One allows you to customize your own home or tenant insurance policy as per your budget. You can add or delete the optional coverages from your policy. Additionally, You can get a home insurance policy for as low as $12 per month. The cost of your home insurance depends on your property’s age, the type of insurance you need, and other personal details.

How Do I Get a Quote From Square One?

As discussed in our Square One insurance review, the company is a digital insurance provider. You can scroll through their website and find the Get Quote option on the top-right corner of the screen. Simply add your address, answer a few questions and get a quote in less than 5 minutes. Square One also allows its customers to call the support team and get a quote for their home.

How Do I Make a Home Insurance Claim with Square One?

Making a claim at Square One is relatively easy compared to traditional insurance providers. Report a claim online on their website easily. You will be assigned a dedicated adjuster who will work with you all day long. Square One pays out 90% of its property claims. You can also report a claim by contacting their toll-free number.

Which Provinces Is Square One Available in?

Square One is available in Ontario, Manitoba, Alberta, Saskatchewan, and British Columbia. It has also started expanding and has moved into the US, with services available in Nevada, Oregon, and Arizona.

How Do I Cancel My Policy?

Square One allows you to change or cancel your policy anytime. However, you should know that you won’t get your first $50 premium back. That fund is non-refundable. There are different ways to cancel your policy.

  • Call their toll-free customer service number.
  • You can email their customer service executive.
  • Log in to your account and cancel your policy from the dashboard or online chat.

February 27, 2022
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