Compare home insurance providers in Canada

Personalize your policy to your needs

Most home insurance providers offer pre-packaged policies that cover a wide-range of property. For example, you automatically get 10% of the building limit for detached structures (whether you have any or not). Other providers, like Square One, let you choose what property to insure so you only pay for what you need.

Provided below is a comparison of the types of property insured and limits of insurance offered by each major provider in Canada. This comparison is based on a house with a $500,000 rebuild value. After reviewing the comparison, decide whether a pre-packaged or a personalized policy is right for you.

	Square One	Aviva	Intact	RBC	RSA
Detached structures	Optional	$75,000	$50,000	$75,000	$1,250,000 single limit
Personal property	$25,000+	$400,000	$400,000	$400,000	$1,250,000 single limit
Specialty property
Audio + video media	Personal property	$1,000	$3,000	$1,000	Personal property
Bicycles	Optional	$1,000	$3,000	$1,000	$1,500
Business property	Optional	$2,000	$2,000	$2,000	$5,000
China	Optional	$10,000	$6,000	$10,000	Personal property
Collectible cards	Optional	$5,000	$8,500	$2,500	$10,000
Coin collections	Optional	$5,000	$8,500	$2,500	$1,000
Computers	Personal property	$5,000	$8,500	$2,500	Personal property
Fine arts	Optional	Personal property	Personal property	$10,000	Personal property
Garden-type tractors	Personal property	$5,000	$2,500	$2,500	$10,000
Jewellery + watches	Optional	$6,000	$7,500	$6,000	$7,000
Manuscripts + stamp collections	Optional	Personal property	$10,000	Personal property	$2,000
Money (including cash cards)	Not covered	Personal property	$10,000	Personal property	$10,000
Oriental rugs	Optional	Personal property	$10,000	Personal property	Personal property
Silverware	Optional	Personal property	$10,000	Personal property	Personal property
Sporting equipment	Optional	Personal property	Personal property	Personal property	Personal property
Student’s property	Personal property	$10,000	$1,000	$1,000	Personal property
Watercraft	Optional	$2,000	$1,000	$3,000	$3,000
Additional living expenses	$10,000+	$125,000	$100,000	$125,000	$1,250,000 single limit
Personal and premises liability	$500,000+	$1,000,000+	$1,000,000+	$1,000,000+	$1,000,000+
	Square One	Aviva	Intact	RBC	RSA

Not all providers classify specialty property in the same way. Some providers may classify certain types of specialty property as personal property. Moreover, they may not cover certain types of specialty property at all. And finally, the limit for specialty property may only apply for losses resulting from burglary, mysterious disappearance, theft, etc. For complete details, please refer to the policy wordings for each provider.

Protect against break-ins, fires and more

When buying home insurance, it’s important to determine what type of policy is being offered by the provider. The three types of policies available are:

1. Comprehensive: Protects against all types of loss except for those specifically excluded in the policy.

2. Named perils: Protects against only specific types of loss listed in the policy.

3. Broad form: Protects building on a comprehensive basis and personal property on a named perils basis.

Comprehensive policies offer the best protection and named perils policies offer the worst protection. That said; not all comprehensive policies are the same. In some cases, you are charged extra for critical protection against certain loss types. The chart below compares the policy and loss types offered by each provider.

	Square One	Aviva	Intact	RBC	RSA
Policy type
Comprehensive (Best)	Included	Optional	Optional	Included	Optional
Broad form	Not offered	Optional	Optional	Not offered	Optional
Named perils (Worst)	Not offered	Optional	Optional	Not offered	Not offered
Loss type
Earthquake	Optional	Optional	Optional	Optional	Optional
Inland (freshwater) flood	Included	Optional	Optional	Not offered	Optional
Water backup	Included	Optional	Optional	Optional	Optional
Water from external drains	Included	Included	Included	Included	Optional
Hail	Included	Included	Included	Included	Included
	Square One	Aviva	Intact	RBC	RSA

Inland (freshwater) flood may not be available in all areas of the country. Where it is available, some providers include the coverage automatically and others offer the coverage optionally. It’s also important to note that no home insurance provider in Canada currently offers protection against coastal (seawater) flood.

Save with discounts and deductibles

Provided below are the most common discounts offered by home insurance providers. While some providers list discount amounts on the policy, others simply incorporate them into the final premium. Either way, you’re still receiving the same savings.

Selecting a higher deductible is another way that you can save money. A deductible is the amount that you are responsible for paying before your policy will respond. With some providers, you can save up to 30% by selecting a higher deductible.

	Square One	Aviva	Intact	RBC	RSA
Discount
Age-related	45 years+	26 years+	50 years+	Included	45 years+
Claims free	3 years+	3 years+	Variable	Included	3 years+
Home age	Included	Variable	Variable	Included	Included
Monitored alarm	Included	Variable	Variable	Variable	Variable
Mortgage free	Included	Variable	Variable	Variable	Variable
Deductible (standard)	$500 to $5,000	$500 to $2,500	$500 to $2,500	$500 to $5,000	$500 to $5,000
	Square One	Aviva	Intact	RBC	RSA

In addition to the standard deductible listed above, your policy may be subject to several other deductibles. For example, there may be specific deductibles for losses from crime, water backup, and hail losses. Or, there may be deductibles for losses due to your home’s electrical or plumbing systems.