Top Home Insurance Companies in Canada [2022]
For most people, a home is one of the most valuable assets they can have. That’s why it’s vital to protect it with homeowner’s insurance.
Homeowner’s insurance is a way for people to financially protect their residences in case something tragic occurs. It covers the expenses required to renovate and repair, including lost personal belongings, the cost of hotel stays if needed, and other legal expenses.
The best way to obtain home insurance is to talk to a company agent or go through an independent broker. This allows you to compare policies across several agencies. Independent agents don’t work for a specific insurance company and can provide unbiased advice on the best policy for you.
For an insurance broker to provide accurate quote estimates, you may need to provide the following information:
- The address of your home
- Insurance appraisal
- Prior insurance inspection reports
- Lender requirements
- Personal details (occupation, social security number, and so on)
Your chosen home insurance provider will also perform an inspection of your property to ensure that everything you provided to them is in order.
How To Evaluate and Pick the Best Home Insurance Company
There’s no one-size-fits-all home insurance company for anyone. You’ll want to find a company that offers policies in your state and choose the one that offers the coverage you need at the most affordable cost. Look for companies that offer discounts, like bundling your home and auto insurance. Comparing companies before you buy is the best way to arrive at the right choice.
There’s a lot that goes into choosing an insurance company, from coverage options to discounts to online tools. The key is finding one that best fits your situation.
So which insurance company will offer you the most affordable option for the coverage you need? To help, here’s a list of the best home insurance companies in 2022.
How Home Insurance Companies Are Ranked
To create this list, statistics were analyzed, ratings were reviewed, and studies were considered. The result is a list of the best home insurance companies in Canada from sources such as J.D. Power, A.M. Best, and Consumer Reports.
Best Home Insurance Companies by Classification
The following are the best insurance companies for customer satisfaction, policy discounts, green homes, new homebuyers, and fast quotations.
Best Home Insurance Company For Customer Satisfaction: The Co-Operators
In terms of customer satisfaction, The Co-Operators scored one of the highest satisfaction ratings out of all homeowners insurance providers in Canada. The company provides residences with a wide range of insurance coverage. Homeowners can even decide to combine their home and auto insurance so that they can avail themselves of great rates.
As of December 2020, The Co-Operators have assets that amount to $7.41 billion and rank extremely high for customer satisfaction in the Atlantic/Ontario region.
Best Home Insurance Company For Policy Discounts: Allstate
When talking about cost savings for homeowners insurance, Allstate provides the best in terms of policy discounts. It features eight discounts in total, so there’s no shortage for people looking to trim their insurance premiums.
Canadians who decide to bundle their home and auto policies with Allstate can save as much as 25%. For those who haven’t filed a claim recently, they can save up to 20% instead.
Best Home Insurance Company For Green Homes: Travelers
Travelers Insurance Provider has been around for more than 160 years and has over 13,000 independent brokers and agents that represent the insurance company in Canada, the United States, the United Kingdom, and Ireland. It’s a great fit for those of you who prefer working with an agent when deciding to buy insurance.
Besides basic homeowners insurance coverage, Travelers provides specialized coverage for green homes and full home replacement. Their green home discount allows homeowners to save up to 5% if their home is certified by LEED.
Best Home Insurance Company For New Homebuyers: BCAA
For first-time homebuyers who have never dealt with an insurance agency before, BCAA could be your best option. They provide users with an intuitive website that offers quick access to educational resources while having an easy quotation process.
Best Home Insurance Company For Fast Quotations: RBC Insurance
RBC Insurance takes first place when it comes to providing homeowners with a quick and seamless quoting experience for their home insurance. Their simple homeowner insurance quotations can provide people with an idea of how much they need to spend with no obligations attached.
Best Home Insurance Companies By Region
These are the best insurance companies by region in Canada:
Best Home Insurance Company In Atlantic/Ontario: The Co-Operators
As mentioned earlier, The Co-Operators take the top spot for overall customer satisfaction rankings in the Atlantic/Ontario region.
According to a study by J.D. Power, The Co-Operators had a score of 791 out of a 1,000 point scale and 5 power circle ratings from consumers.
Best Home Insurance Company In Quebec: The Personal
The Personal ranks at the top spot for homeowner insurance companies in Quebec with 830 points and 5 power circle ratings.
Best Home Insurance Company In the Western Region: BCAA
Finally, we have BCAA as the highest score for overall customer satisfaction ratings in the Western region with 800 and 5 power circle ratings from consumers.
