As president of KBD, Curtis aims to simplify insurance for his clients. He’s helped lead KBD to become one of Canada’s fastest 400 growing companies according to the Globe & Mail.
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Looking for the best Canadian home insurance companies? Here are the top companies in Canada, so that you can choose the right one for you, no matter in which province you reside.
Whether you’re purchasing your first home or looking to switch providers, understanding which Canadian home insurance companies to choose from can help you make the right coverage choices.
We’re here to break it all down for you.
And if you’re searching for a tailored quote, we’ve got you covered there as well.
Click here to learn what you need:
- What are the best Canadian home insurance companies?
- How much does the average Canadian pay for home insurance?
- Are you legally required to have home insurance in Canada?
- Who is the largest provider of property and casualty insurance in Canada?
What are the best Canadian home insurance companies?
Choosing the right home insurance is a key part of protecting your property and assets.
The right home insurance provider for you will depend on your personal situation and in which province you reside.
Here’s a breakdown of some of the top Canadian home insurance companies known for their reliability and customer service:
Ps: Looking for a quick home insurance quote? Click below.
Top Canadian home insurance companies that operate country-wide:
- Intact Insurance: Intact Insurance is one of Canada’s largest providers of home insurance, and offers comprehensive coverage and customizable policies to meet the needs of homeowners across the country. They work through a broker model. For example, KBD Insurance works with Intact to provide home insurance policies to clients in Ontario and Quebec. Call us for a quote.
- TD Insurance: TD Insurance is Canada’s largest direct to consumer insurance provider, and offers a range of home insurance products with flexible coverage options and competitive rates. Their customer service and claims handling processes are highly rated.
- Desjardins Insurance: Desjardins Insurance provides tailored home insurance solutions with various coverage options across Canada. Desjardins also made our list of the biggest insurance companies in Canada, with $407 B in assets in 2022.
- Aviva Canada: Aviva Canada offers comprehensive home insurance coverage with options for additional endorsements to suit individual needs. Their online tools and resources make it easy for homeowners to manage their policies.
- Co-operators Insurance: The Co-operators Insurance provides customizable home insurance policies with flexible coverage options across Canada.
- Economical Insurance: Founded in 1871, Economical is a prominent property and casualty insurance company in Canada. They offer home insurance across the country.
- iA Financial Group: iA Financial offers banking and insurance services – including home insurance – to individuals and businesses across the country.
- Fairfax Financial: Fairfax is a holding company headquartered in Toronto that offers property and casualty insurance. They offer home insurance through their subsidiaries.
- Belairdirect: Belairdirect focuses on offering auto and home insurance policies. Headquartered in Montreal, they service customers nation-wide.
- CAA Insurance Company: The company most known for sending tow trucks when your car breaks down also offers auto insurance. CAA operates Canada-wide.
- Wawanesa Insurance: This company is headquartered in Winnipeg, and was founded in 1896. They offer home insurance across Canada.
- Beneva: Beneva is the result of a merger in 2023 between SSQ Insurance and La Capitale.
- RBC Insurance: The Royal Bank of Canada also offers insurance, including home, auto and business insurance. They operate country-wide.
- National Bank Insurance: NBI primarily operates in Quebec, Ontario, New Brunswick and British Columbia.
- AllState Insurance Canada: Founded in 1953, AllState Canada operates under The AllState Corporation in the US. They operate in Alberta, Ontario, Quebec, New Brunswick and Nova Scotia.
Regardless for the company that you choose, it’s always a good idea to look at ratings and reviews to get a gauge of customer satisfaction.
That way you can know what to expect when it comes to a company’s client services.
Need home insurance in Ontario or Quebec?
How much does the average Canadian pay for home insurance?
If you’re looking to purchase your first home, understanding average home insurance costs can help you plan ahead.
As a Canadian homeowner, you can expect to pay between $800 to $2,000 annually for home insurance coverage. However, this can vary significantly based on individual circumstances and coverage needs.
In addition, there are a few other factors that influence premiums:
- Provincial variations: Home insurance premiums tend to be higher in regions prone to natural disasters or high crime rates, such as urban centers.
- Factors influencing premiums: Insurance companies assess risk factors like the age and condition of the home, proximity to fire hydrants, and the homeowner’s claims history when determining premiums.
Remember: It’s important for homeowners to compare quotes from multiple insurance companies to find the best coverage at the most competitive rates.
The brokers at KBD can help you shop.
Are you legally required to have home insurance in Canada?
Unlike auto insurance, there is no federal or provincial law mandating homeowners to carry home insurance in Canada.
However, mortgage lenders will require you to obtain home insurance as a condition of the loan agreement. This protects the lender’s financial interest in the property.
So that said, even though home insurance is not legally required, it is highly recommended to protect your investment. It helps to safeguard against unexpected events such as fires, theft, or natural disasters.
Home insurance policies offer a range of coverage options. These include dwelling coverage, personal property coverage, liability protection, and additional endorsements for specific risks.
Need a home insurance quote?
Who is the largest provider of property and casualty insurance in Canada?
The largest provider of property and casualty insurance in Canada is Intact Financial Corporation.
With its subsidiaries, including Intact Insurance and belairdirect, Intact serves millions of customers across the country.
Intact holds a significant market share in the Canadian insurance industry. They offer a wide range of insurance products for homes, automobiles, businesses, and specialty lines.
Choosing Intact for your insurance needs:
- Trust and reliability: With its reputation and reliability, Intact Financial Corporation is a preferred choice for Canadians seeking quality insurance coverage and peace of mind.
- Personalized service: Intact’s dedicated team of insurance professionals is committed to delivering personalized service and expert guidance to policyholders, ensuring that their insurance needs are met effectively.
- Industry leadership: As the largest provider of property and casualty insurance in Canada, Intact Financial Corporation sets the standard for excellence in the insurance industry, earning the trust and confidence of customers nationwide.
Want a home insurance quote from Intact?
Wrap-up
Navigating the realm of Canadian home insurance companies can seem daunting.
Take time to compare policies, assess coverage needs, and consider customer satisfaction ratings.
Remember, your home is your haven, and securing it with reliable insurance is paramount.
Your home deserves the best – so it’s worth taking the time to assess Canadian home insurance companies to deliver.
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