stmWant to know the best home insurance companies in Canada? You’re at the right place. This article features a list of the top 10 home insurance companies in Canada presently. Read on!
Home insurance helps you protect your home and everything in it from various events. These events may include; theft, fire, and even when someone gets hurt on your property. It also includes damage caused to the inside, outside, and the property surrounding your home.
The exact insurance coverage you’ll get depends on your insurance policy, but most insurance policy usually include some combination of personal property coverage and liability coverage.
The personal property coverage protects the things you own, and the liability coverage will protect you in the case that your property causes damage to other people’s property. For example, in the case of a fire outbreak from your property and it extends and destroys your neighbor’s property.
Types Of Home Insurance
There are different types of home insurances in Canada. Some of them are listed below;
1) Buildings Insurance: This covers the structure of your home as well as any permanent fixtures like roof, kitchen slab, door etc.
2) Content Insurance: This is the most complete form of insurance coverage, it protects you against almost any of your stuffs you can think of as long as it’s in your building. Although, there are some things that are specifically listed as an exclusion in your policy.
3) Landlord Insurance: This coverage is suitable only when you’re a landlord and you’re responsible for the upkeep and maintenance of the building that you’re renting out.
4) Students Insurance: Sometimes the standard insurance policy covers your stuffs when you’re with family or in the University. But in a case where it doesn’t, the student insurance comes in. It covers your stuffs in school such as laptops, phones etc.
5) Holiday Home Insurance: Holiday homes insurance are not normally covered in the same way as your main house insurance because they’re liable to burglary since they are mostly empty.
6) Unoccupied Home Insurance: Unoccupied home insurance which is also known as empty home insurance covers an empty property for longer than general home insurance. Although, most insurance companies do not like properties to be empty for more than 30 days in order to reduce burglary.
Here’s A List Of The Top 10 Home Insurance Companies In Canada
Below is a list of the top 10 home insurance companies in Canada, this ranking is based on customers satisfaction and total assets
| Rank | Company | Customer’s Satisfaction (out of 1,000) | Total Assets (2021) |
| 1 | The Co-operators | 791 | $56.4 B |
| 2 | RBC Insurance | 774 | $1.336 T |
| 3 | Allstate | 764 | $120 B |
| 4 | The Personal | 762 | $282 B |
| 5 | Belairdirect | 761 | $35.11 M |
| 6 | Economical Insurance | 761 | $6.5 B |
| 7 | Johnson Insurance | 756 | $174.89 B |
| 8 | Intact Insurance | 753 | $35.11 M |
| 9 | TD Insurance | 749 | $1.41 T |
| 10 | Travellers | 746 | $110.11 B |
Final Words On Home Insurance Companies In Canada
Homeowners insurance is not necessary in many states. However, most banks and mortgage lenders insist you buy home insurance or else you won’t be entitled to loan. Moreover, it is essential to buy home insurance since you don’t know what the future holds.
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