Compare Home Insurance in Canada

Live offers

20 live offers compared from 15 providers, from C$180 /year. Updated daily.

What is home insurance in Canada?

Home insurance protects your property and belongings against loss from fire, theft, water damage, storms and liability claims. While not legally required, it is effectively mandatory because mortgage lenders insist on it, and for most owners the home is their largest asset. Policies cover the building, its contents, additional living expenses if you are displaced, and personal liability.

Renters and condo owners buy tailored versions — tenant insurance for contents and liability, condo insurance for the unit interior and belongings beyond the building's master policy.

How the Canadian market works

Policies come as comprehensive (broad all-perils coverage) or named-perils (only listed risks), with comprehensive the common choice. Water damage has become a major focus, with overland flood and sewer-backup coverage often sold as add-ons given Canada's flooding and freeze-thaw risks. Premiums reflect the rebuild cost, location, claims history, and features like the roof age and proximity to a fire hydrant. Bundling with auto insurance typically earns a discount.

Insurers are almost all private; there is no public home-insurance system, so shopping around across companies and brokers pays off.

Benefits

Property protection — covers rebuilding or repairing after fire, storms and other insured perils.

Contents cover — replaces belongings lost to theft or damage, at home and sometimes away.

Liability — protects you if someone is injured on your property or you damage others' property.

Living expenses — pays for temporary accommodation if your home becomes uninhabitable.

How to choose

Insure for the cost to rebuild, not the market value, and make sure contents coverage reflects what you own — consider replacement-cost rather than actual-cash-value settlement. Add water-related endorsements (overland flood, sewer backup) if your area is at risk, since standard policies often exclude them. Compare quotes across insurers and brokers, weigh the deductible against the premium, and bundle with auto for a discount.

Leading providers in Canada

Intact Insurance is the largest home insurer, alongside Aviva Canada, Belairdirect, TD Insurance, CAA Insurance, Sonnet, Desjardins and Economical. Desjardins is particularly strong in Quebec, and CAA offers member discounts. Many buyers use a broker to compare several insurers at once, or go direct with a company like Sonnet or Belairdirect for online convenience.

What it costs

Home insurance premiums vary widely by property, location and coverage, with typical policies commonly landing in the region of a few hundred dollars a month for higher-value or higher-risk homes, and considerably less for basic condo or tenant policies. The rebuild cost, deductible, claims history and water-risk add-ons are the biggest drivers. Bundling and higher deductibles lower the premium.

Protections and regulation

Home insurers are solvency-regulated federally by OSFI and licensed provincially by bodies such as FSRA in Ontario and the AMF in Quebec, which also oversee broker conduct. If a property-and-casualty insurer becomes insolvent, valid claims are backstopped by PACICC. Because coverage terms differ, reading the exclusions — especially around water and flooding — is essential.

Common questions

Is home insurance mandatory? — Not by law, but mortgage lenders require it, so in practice most owners must carry it.

Is flooding covered? — Not always; overland flood and sewer-backup are usually optional add-ons worth buying in at-risk areas.

Should I insure for market value? — No; insure for the cost to rebuild, which can differ substantially from the sale price.

Home Insurance in Canada — FAQ