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The 12 Best Home Insurance Companies in Canada For 2023

By Arthur Dubois | Published on 21 Aug 2023

a house with a porch and a lawn

    Whether you’re taking the first steps into homeownership, considering a change in your coverage, or revisiting your existing policy, aligning with the right insurance provider is key. In this in-depth guide, we shine a light on the standout home insurance companies in Canada, assessing their product offerings, track records, and dedication to customer satisfaction. While our main focus remains on the home insurance companies, we’ll also touch upon notable home insurance brokers who can offer tailored guidance in navigating the insurance landscape. Dive in with us to ensure that your home isn’t just insured, but optimally protected.

    Best Home Insurance Brokers in Canada

    While the spotlight often shines on insurance companies, it’s important to recognize the critical role brokers play. Many home insurance companies in Canada exclusively sell their policies through brokers, making them indispensable for homeowners seeking those specific coverages. Brokers not only offer access to these companies but also provide homeowners the opportunity to get multiple quotes, ensuring they find a plan tailored to their needs and budget.

    SquareOne

    Dedicated to delivering personalized home and tenant insurance policies, SquareOne stands out as a Canadian insurance broker offering bespoke solutions. By furnishing pertinent information and detailing your desired coverage, you’ll be presented with a custom quote. The entire experience is designed for speed and convenience, allowing you to select and purchase the optimal policy online. SquareOne is a great platform for Canadians who want a modern and streamlined process to acquire home insurance.

    Google Rating: 4.8/5 (3,575 reviews)

    Apple Store Rating: 5/5 (17 ratings)

    Surex

    Surex is a Canadian-focused online insurance broker facilitating homeowners and renters in comparing insurance quotes. Within minutes, you can explore a variety of competitive insurance rates that align with your preferences. To utilize Surex’s services, head over to their website, respond to a few queries, and sift through numerous insurance quotes. When you pinpoint an ideal policy, the transaction can be completed directly on the Surex platform. Overall, Surex is a great choice for Canadians looking to buy home insurance online.

    Google Rating: 4.7/5 (818 reviews)

    Apollo

    Apollo Insurance, a pioneering Canadian digital insurance broker, leverages innovative technology to streamline the insurance acquisition journey. Through its online portal, Apollo dispenses both car and home insurance policies, emphasizing instantaneous digital policy delivery for added convenience. To get started, navigate to their website, choose your desired insurance category, and input some basic details. Upon receiving a suitable quote, you can proceed to purchase your policy online. A bonus insight: bundling home and auto insurance might net you some savings.

    Google Rating: 4.7/5 (1,070 reviews)

    Best Home Insurance Companies in Canada

    Homeowners in Canada have a vast array of insurance companies to choose from. Each brings to the table its distinct policies, service standards, and benefits. In this section, we’ll focus on the top home insurance companies, showcasing what they offer and how they differentiate themselves in a crowded market.

    iA Financial Group

    Established in 1892, iA Financial Group, originally known as Industrial Alliance, has grown to be one of Canada’s largest insurance and wealth management companies. The company’s head office is situated in Quebec City, Quebec. When it comes to home insurance, Industrial Alliance provides a spectrum of products tailored to the varied requirements of Canadian homeowners. Their suite of home insurance products comprises standard homeowners’ insurance which covers the home, its contents, and liability. In addition, they offer insurance solutions for condominium owners, tenants, and those seeking coverage for secondary or seasonal residences. Clients have the flexibility to customize their policies with additional riders and endorsements based on individual needs, such as increased protection for high-value items or extended water damage coverage. A significant aspect of Industrial Alliance is its expansive range of digital products that allow individuals to monitor and file group insurance claims with an easy to use mobile app.

    Google Rating: 4.5/5 (122 reviews)

    Aviva Canada

    Aviva Canada is a key part of Aviva, one of the world’s largest insurance groups whose origins can be traced back to the Hand in Hand Fire & Life Insurance Society established in London in 1696. Aviva made its direct entry into the Canadian market in 2004 with the acquisition and subsequent rebranding of the Pilot Insurance Company. With its head office in Markham, Ontario, Aviva Canada now serves over three million customers as a leading property and casualty insurance group. The company offers a comprehensive range of home insurance products, including standard homeowners’ coverage, condominium-specific policies, and tenant insurance. These policies cover the dwelling, personal contents, and provide liability protection. Customers can also augment their base coverages with specialized endorsements, such as water damage protection or increased limits for specific items. Aviva Canada is also known for its focus on digital innovation, such as with the Aviva Journey mobile app that allows users to track their driving behaviour in real-time and gives safe drivers significant premium discounts. However, Aviva does not have an app that allows customers to submit and monitor home insurance claims.

    Google Rating: 4.1/5 (2,259 reviews)

    Belair Direct

    Founded in Montreal, Belair Direct offers tailored insurance solutions for Canadians. As a subsidiary of Intact Financial Corporation, it provides comprehensive home insurance, covering both structures and their contents. Recognizing the diverse housing preferences of Canadians, they have developed specialized insurance options for condominium owners, ensuring they’re adequately protected against the unique challenges of condo living. Furthermore, renters aren’t left out; Belair Direct extends coverage to those leasing homes, protecting their personal belongings and offering liability safeguards in rented properties. With an understanding that every homeowner’s situation might be unique, Belair Direct has provisions for enhancing base policies with additional covers, catering to the nuanced risks some may face. Their commitment to flexibility and broad-based protection makes them a go-to choice for many seeking peace of mind for their homes. Furthermore, Belair Direct also features a mobile app with which customers can submit and monitor all their insurance claims.

    Google Rating: 4.1/5 (3,966 reviews)

    Apple Store Rating: 4.4/5 (34,800 ratings)

    Google Play Rating: 4/5 (20,300 ratings)

    Sonnet Insurance

    Launched in 2016, Sonnet Insurance represents one of Canada’s newer entrants in the insurance sector but has quickly become known for its digital-first approach. Operated by Economical Insurance, one of Canada’s oldest property and casualty insurers, Sonnet’s headquarters are based in Waterloo, Ontario. As a digital-native insurance provider, Sonnet offers a simplified online buying experience, allowing customers to obtain quotes and manage policies exclusively through its platform. In terms of home insurance, Sonnet provides a range of products suitable for various homeowner needs. This includes standard homeowners’ insurance, policies designed for condo owners, and tenant insurance to protect renters’ possessions and potential liabilities. Within their offerings, clients have the flexibility to adjust coverages, such as enhanced protection for valuable items, water damage, and more. One of Sonnet’s distinguished features is its straightforward, transparent online platform, which aims to demystify the insurance purchasing process for Canadians, providing clear insights into policy details and costs.

    Trustpilot Rating: 4.1/5 (3457 ratings)

    Intact Financial

    Founded in 1809, Intact Financial Corporation has established itself as Canada’s largest provider of property and casualty insurance. With its head office located in Toronto, Ontario, the company has a long-standing history in the Canadian insurance market. When it comes to home insurance, Intact offers a range of products designed to cater to diverse needs. These include comprehensive homeowners’ coverage, condo insurance, tenant insurance, and coverage for cottages or vacation properties. Additionally, policyholders have the option to enhance their standard coverage with endorsements like water damage protection, identity theft coverage, and more. Intact’s digital platform, which includes a mobile app, allows customers to easily manage their policies and file claims online.

    Google Rating: 3.8/5 (698 reviews)

    Apple Store Rating: 4/5 (65,000 ratings)

    Google Play Rating: 3.9/5 (26,300 ratings)

    Wawanesa Insurance

    Founded in 1896 in the village of Wawanesa, Manitoba, Wawanesa Insurance has grown over the years to become one of Canada’s largest mutual insurance companies. With its Canadian headquarters situated in Winnipeg, Manitoba, the company has remained true to its roots, continuing operations as a mutual insurer, meaning it’s owned by its policyholders rather than external shareholders. In the realm of home insurance, Wawanesa offers a broad spectrum of products tailored to meet the diverse needs of Canadian homeowners. This includes standard homeowners’ insurance, coverage designed for condominium owners, and tenant insurance for those renting their residences. Each of these policies typically includes protection for the dwelling, personal belongings, and personal liability. Customers are also provided with the option to enhance their base coverage with additional riders or endorsements, which can cover specific risks like overland water or sewer backup. An integral aspect of Wawanesa’s service is its strong focus on broker distribution, emphasizing personalized service and advice through its vast network of insurance brokers across the country. While Wawanesa’s life insurance branch does have a mobile app with which you can submit health, dental, drug, and paramedical claims, Wawanesa Insurance does not have a mobile app to submit and monitor claims for home insurance.

    Google Rating: 3.7/5 (48 reviews)

    The Co-operators

    Founded in 1945, The Co-operators Group Limited is a prominent Canadian insurance company with roots as a cooperative, meaning it’s owned by its member-owners rather than shareholders. The company has its head office in Guelph, Ontario. When discussing home insurance, The Co-operators offer a broad array of products tailored to the diverse needs of Canadians. Their home insurance portfolio includes standard homeowners’ insurance, condominium insurance, tenant insurance, and seasonal or vacation property insurance. Additionally, the company provides optional add-ons for clients who wish to enhance their primary coverage, such as water damage extensions and identity theft protection. A noteworthy aspect of The Co-operators is its commitment to sustainable practices, having received numerous accolades for its corporate citizenship and sustainability initiatives. Their digital tools enable clients to efficiently manage policies and initiate claims, streamlining the insurance process for Canadians from coast to coast.

    Google Rating: 3.5/5 (36 reviews)

    Apple Store Rating: 3.2/5 (61 ratings)

    Google Play Downloads: +50,000 downloads

    RBC Insurance

    RBC Insurance, the insurance subsidiary of the Royal Bank of Canada (RBC), operates under the umbrella of Canada’s largest bank, which was founded in 1864 in Halifax, Nova Scotia. The insurance division’s head office is strategically located in Mississauga, Ontario. Over the years, RBC Insurance has solidified its reputation by offering a myriad of insurance solutions, including a comprehensive range of home insurance products tailored to the unique Canadian landscape. Their home insurance portfolio encompasses standard homeowners’ insurance to protect properties and their contents, condominium insurance specifically designed for condo unit owners, and tenant insurance, catering to those who rent their residences. Each product type covers potential liabilities, ensuring policyholders have peace of mind regarding personal legal responsibilities. For those seeking enhanced protection, RBC Insurance provides options to append specialized endorsements to their policies, addressing specific concerns like water damage or valuable item coverage. While RBC Insurance does have a mobile app called My Benefits that allows users to submit a variety of claims, the app does not give users control over their home insurance policy.

    Google Rating: 3.4/5 (97 reviews)

    Economical Insurance

    Founded in 1871, Economical Insurance has a long-standing history in the Canadian insurance sector, marking it as one of the country’s oldest property and casualty insurers. With its corporate head office located in Waterloo, Ontario, Economical has expanded its reach over the decades, providing a wide range of insurance solutions to Canadians across the nation. In terms of home insurance, Economical’s product suite is both diverse and comprehensive. They offer standard homeowners’ insurance, which covers the structure of the home, its contents, and associated liabilities. Additionally, policies tailored for condominium owners and renters are available, ensuring that a broad spectrum of housing situations can be accommodated. Customers can also avail themselves of various endorsements, allowing for customization based on specific needs, such as added coverage for water-related damages or protection for high-value possessions. In late 2021, Economical announced that they had officially completed demutualization. This is the process of transitioning from ownership by policyholders to ownership by shareholders, which can lead to higher benefits for policyholders.

    Google Rating: 2.6/5 (129 reviews)

    Travelers Canada

    Travelers Canada is a part of The Travelers Companies, a leading provider of insurance services that originated in the United States in 1853. Entering the Canadian market in a significant way with the acquisition of The Dominion of Canada General Insurance Company in 2013, Travelers has since then continued to strengthen its presence in the country. The company’s Canadian head office is based in Toronto, Ontario. Catering to the diverse needs of Canadian homeowners, Travelers Canada offers a comprehensive range of home insurance solutions. This includes traditional homeowners’ insurance that covers the dwelling, its contents, and personal liability. In addition, they offer specialized insurance products for condominium owners and those renting their living spaces. Each policy is designed to provide peace of mind, with coverage tailored to the unique challenges and requirements of the Canadian environment. For homeowners seeking additional protection, Travelers Canada allows for policy enhancements, addressing concerns like water damage or specialized coverage for valuable items. Travelers Canada also has a mobile app called IntelliDrive that allows users to track their driving behaviour and receive insurance premium discounts for safe driving, but the company does not have an app to file and monitor property insurance claims.

    Google Rating: 2/5 (83 reviews)

    Pembridge Insurance

    Founded in 1999, Pembridge Insurance has quickly established itself as a reliable provider of insurance products in Canada. Its corporate head office is situated in Markham, Ontario. Pembridge’s growth can be attributed to its dedication to servicing the varied needs of Canadians through its broad range of insurance solutions, complemented by a commitment to strong broker relationships. In the realm of home insurance, Pembridge offers a comprehensive suite tailored to the Canadian homeowner. Their offerings encompass standard homeowners’ insurance, covering the physical structure, contents of the home, and liability protection. Additionally, they have curated products for condominium owners, ensuring that specific nuances associated with condo living are addressed. For renters, Pembridge provides renters insurance, safeguarding personal belongings and potential liabilities within rented dwellings. For those who desire customized protection, Pembridge presents the option to enhance base coverages with specific endorsements, such as protections against unique risks like sewer backup or overland water. Pembridge Insurance, like many others, also has a mobile app called MY_BRIDGE that allows users to monitor their driving behaviour and in turn receive insurance premium discounts for safe driving. However, the mobile app does not give you the ability to file home insurance claims.

    Google Rating: 1.7/5 (595 reviews)

    Beneva

    Beneva emerged in 2020 as a result of the merger between La Capitale and SSQ Insurance, two major players in the Canadian insurance landscape. With its headquarters located in Quebec City, Quebec, Beneva touts itself as the largest mutual insurance company in Canada. When focusing on home insurance, Beneva offers a comprehensive range of products to fit the varied requirements of homeowners throughout the country. Their home insurance portfolio encompasses standard homeowners’ coverage, insurance tailored for condominium owners, and policies for renters. These products cover not just the physical dwelling but also the personal belongings within, with liability protection included. Customers have the option to further personalize their coverage with specific endorsements, such as extended water damage protection or additional coverage for unique or high-value possessions. As a mutual company, Beneva differentiates itself with a business model where clients are considered members, and profits are often reinvested in the company or returned to members in the form of dividends or reduced premiums. Beneva also has a mobile app with which customers can file group insurance claims and monitor home insurance payments.

    Google Rating: 1.2/5 (63 reviews)

    Apple Store Rating: 4.4/5 (1,800 ratings)

    Best Home Insurance Companies in Canada: The Bottom Line

    Choosing the ideal home insurance hinges not only on the company but on individual needs and circumstances. The perfect fit for one homeowner might not be suitable for another. Hence, it’s paramount to take the time to compare home insurance quotes in Canada. By doing so, you ensure that the coverage you select not only provides the necessary protection but also aligns seamlessly with your specific requirements and budget. Remember, in the realm of home insurance, one size does not fit all.

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    Arthur Dubois is a personal finance writer at Hardbacon. Since relocating to Canada, he has successfully built his credit score from scratch and begun investing in the stock market. In addition to his work at Hardbacon, Arthur has contributed to Metro newspaper and several other publications