Best Home Insurance Services in Canada - Comparewise

Browse services by area

Alberta plays a signif...

British Columbia is th...

Compare the best online services in Canada with Co...

Manitoba is a central province in Canada, located ...

New Brunswick is an ea...

Nova Scotia is one of ...

Ontario is the largest...

PEI, or Prince Edward Island, is the smallest prov...

Quebec is a predominantly French-speaking province...

Saskatchewan is a cent...

Vancouver is a thrivin...

Best Home Insurance Services in Canada

Home insurance premiums are lower for rental properties than for owned properties. This is because rentals have limited coverage.

Insurance only covers personal property and liability for renters. However, coverage applies to the dwelling, personal property, and liability for homeowners.

Canada’s home insurance premiums have been steadily rising over the past few years. A surge in weather-related claims and rebuilding costs are among the reasons.

recent analysis by financial comparison website RATESDOTCA uncovered the drastic fluctuations in house premiums in the past decade. The analysis found that the average home insurance premium rose over three times the inflation rate.

The average premium in Ontario was $782 in 2011, but it stood at $1,284 in 2021. That amounts to a dramatic growth of 64%. As for Alberta, average home insurance rates rose 140%, from $741 in 2011 to $1,779 in 2021.

The cost of home insurance in Canada is the most expensive in British Columbia. We explore why in the next section.

Common Risks Per Province

  • British Columbia: Earthquakes pose the most significant risk in BC, mainly since Victoria and Vancouver lie on the edge of two tectonic plates. Earthquake insurance is, therefore, more expensive in this province. Rebuilding costs are also higher because of the seismic building code requirements.
  • Quebec: Montreal and Quebec City have several older houses. The outdated electrical systems and plumbing pose a high risk of claims, making insurance more costly.
  • Alberta: Forest fires and flooding are the two most significant factors impacting home insurance
  • Ontario: Flooding is a significant risk factor.
  • Prince Edward Island: Rising sea levels, high winds, and powerful storms have the greatest impact on home insurance.
  • Nova Scotia: The most significant risks residents face are hurricanes and flooding, especially in Dartmouth and Halifax.
  • New Brunswick: High windstorms and inland flooding pose the greatest risk.
  • Newfoundland and Labrador: Flooding, hurricane damage, and wind damage have the highest effect on home insurance.
  • Saskatchewan: Because of the extreme weather in this province, pipe damage is the most significant risk.
  • Manitoba: While earthquakes and flooding are unlikely, areas near Winnipeg have suffered damage when the Red River overflows.

Discover Investment Opportunities

Make your money do more.

12 Results

Advertiser disclosure

Offers shown here are from third-party advertisers. We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer. Information is provided by the advertiser and is shown without any representation or warranty from us as to its accuracy or applicability. Each offer is subject to the advertiser’s review, approval, and terms. We receive compensation from companies whose offers are shown here, and that may impact how and where offers appear (and in what order). We don’t include all products or offers out there, but we hope what you see will give you some great options.

Young investors can trade stocks and ETFs, all for free.
Min Investment
$0
Target Return
Varied
Get 50 Free Trades on Canada's #1 trading platforms.
Min Investment
$0
Target Return
Varied
Get $20 CAD of BTC with promo code: COMPAREWISE
Min Investment
$100
Target Return
4-7%
Earn passive income, start investing in real estate.
Min Investment
$1
Target Return
Varied
Use code KKZH8A when you sign up to get 2 free stocks
Min Investment
$1
Target Return
Varied
Get a $50 bonus when you sign up and deposit $250.
Min Investment
$50
Target Return
Varied
A new passive income asset class, peer-to-peer lending.
Min Investment
$1
Target Return
Varied
Retire up to 30% wealthier with Questwealth Portfolio.
Min Investment
$1
Target Return
Varied
Earn rewards when you buy and sell crypto on BlockFi
Min Investment
$1
Target Return
Up to 8.6%
Buying and seucring gold has never beeng more simple and affordable.
Min Investment
$1
Target Return
Varied
Get a $25 bonus when you sign up and trade.
Min Investment
$10
Target Return
Varied
Online real estate investment in one platform
Min Investment
$25,000
Target Return
9-24%
November 25, 2022
Fact Checked

FAQs about Home Insurance Services

What is homeowner's insurance?

Homeowner's insurance is a policy that provides coverage for a home, townhouse, condo, or apartment that you own. Coverage can be customized to include things like theft, fire, flood, earthquakes, and more.

What is renter's insurance?

Renter's insurance is a policy that cover's your rented home, apartment, townhouse, or condo. Renter's insurance policies can be customized to include your furniture and belongings in addition to the home you rent.

Do I need renter's insurance?

Most landlords require a renter's insurance policy to be in place when you move in. So generally, renter's insurance is something you're required to buy.

Car loan?
Personal Loan?

Top deals await you just a short
application away!