How to compare home insurance companies

Published On: February 19, 20210 Comments on How to compare home insurance companiesTags: Last Updated: February 8, 20246.2 min read

In Canada, several insurance companies offer similar home protection for every house owner. That’s why it can be difficult to compare all of them and choose the ideal one for your property. Then, you might be wondering, how can I narrow down all my options? Well, there is not a magic formula for finding the best home insurance companies in Canada, but there are some things you can take into account. When you start looking for homeowners insurance, you will learn that the price of your premium is determined by several factors. Your home’s age, location, material and type of construction are just some of the elements that affect your policy. Also, according to the policy you choose, you can get more coverage for an affordable price.

How to compare home insurance companies

It might come as a surprise that the best Canadian home insurance companies are not the ones that offer the most expensive policies. On the contrary, the top providers are the ones that give homeowners complete coverage plus ways to broaden it, if needed. We understand that it might be difficult to identify the top insurance companies in Canada, especially if you are purchasing your first property. To help you out, we have created a list that will allow you to classify your options before making a decision. If you’re specifically looking for the best insurance policies in Manitoba, check out Surex to get access to the right policy for you. The best home insurance companies in Canada are those that have experienced agents and give you more benefits attached to your policy. There are different ways in which you can identify these providers.

Online Reviews

Looking at what people are saying on the internet about the insurance company can give you an idea of what to expect. Online reviews can help you get to know the company a little better before contacting them for a quote. However, keep in mind that the people who have a good experience, the majority of the time don’t write reviews. Also, the bigger the company, the more users it has. This means large corporations could have a series of negative comments. Online reviews are a good way to conduct an initial search, but you shouldn’t rely 100% on them. You also need to do a personal investigation. Talk to the insurance agents and maybe even some current clients of the company.

Size of the company

In the market, you can find large insurance companies and smaller ones. Most people prefer buying their policies with insurance companies that have been in the business for several years. But, if you are looking for a more personal service, small providers are the only ones who can offer that. Remember, in Canada, you don’t have to worry about whether the company has enough assets to pay for the claims. Here the government makes sure every provider is financially sound. This means they are capable of responding to your inquiries and provide you with everything you need in case of an accident.

Determine your type of insurance

Depending on the characteristics of your home, you might need a special kind of homeowners insurance. Here are some cases in which standard protection would not be enough for your house.

  • When you have high-value items in your house, such as fine art or collectibles.
  • If you live in a high-risk home that has an old structure and a deteriorated piping system.
  • The property is a second residence, such as a summer cottage.
  • Mobile homes or trailers.
  • In case you are renting the property.

If you want to learn more about the different types of protection available for the properties above, and you live in Manitoba, visit Surex.

How to compare home insurance companies - insurance

Top home insurance companies in Canada

Now that we know what to look for when choosing a provider, we will take a look at the best Canadian home insurance companies.

Pembridge Insurance Company

Pembridge was founded in 1999, and it is an insurance leader offering comprehensive policies for homeowners. If you are looking for home insurance, you have to ask for a quote from this company since it lets you customize your policy. Plus, you can get a variety of discounts. Don’t forget to ask about the valuable coverage add-ons, in case, you want to protect fine art or jewelry.

Intact Insurance

Intact is not only one of the largest insurance companies in Canada, but it is also the top choice for the majority of homeowners. This company allows you to personalize your policy and choose your priorities. Another great thing about Intact is that you have the option to bundle policies. Further, when it comes to the payments Intact Insurance gives you options that will help you keep your budget.

RSA Insurance

RSA Insurance is one of the insurance companies that offers the best customer service. It also has more than homeowners policies, including auto, business and travel protection. Even though it is part of the best home insurance companies in Canada, RSA is more popular in Quebec compared to other provinces.

Aviva Canada

Aviva Canada offers one of the most complete insurance services in the country. This company has a variety of policies that adjust to your individual needs, plus several add-ons you can purchase. The best part about buying homeowners’ insurance with Aviva Canada is that they will make sure the exterior and interior of your home are protected.

Wawanesa Mutual Insurance

Wawanesa has three different levels of coverage when it comes to home insurance. You can choose between basic, broad and special, to personalize the protection for your house. This company also has other types of insurance policies, including condo and renters insurance. Wawanesa Mutual is the go-to insurance company for most residents located in the Western region.

SGI Canada

This insurance company located in Saskatchewan is committed to offering the top insurance products in the market. SGI Canada lets you choose between different kinds of home packages depending on the protection you want. Also, we encourage you to check out the other insurance paks they have.

Gore Mutual

Gore Mutual is a company that does not only care about giving you the best protection. They also want to make a positive impact on our society. This means the company also cares deeply about its customers. That’s why they offer discounts and flexible payment plans. If you decide to buy your home policy with this company, in case of an unfortunate event ,they will reply to your claim in no time.

Economical Insurance

Economical is an incredible company that puts the customer first. It doesn’t matter at what time you want to file a claim since they offer service 24 hours a day. When it comes to home insurance, they have comprehensive coverage, including additional living expenses and identity theft. Further, you can get discounts when you install a security system and fire alarms.

CNS Insurance

The homeowner’s insurance that CNS offers applies to all types of properties. Detached homes, apartments, townhomes, among others, will have proper coverage. They also have a variety of payment plans such as one, two and three pay installments. Further, you can also schedule an automatic withdrawal from your bank account. That way, you won’t have to worry about paying the bill every month.

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