HOME INSURANCE
Canada’s best home insurance rates
Your house and home insurance go hand in hand. Buying a home in Canada is a big financial commitment. Home insurance helps to protect one of the biggest investments you will make in your lifetime.
When shopping for home insurance it’s important to focus on protection, savings, and service. ICD can help you find all three!
We make it easy to get a home insurance quote and find the coverage that suits your lifestyle and fits your budget. Most importantly, protect your valuable assets.
Personalized home insurance protection just for you
No two homes are alike and each requires customized coverage. Our experienced brokers recommend the best protection possible.
We are partners with the leading home insurance companies in Canada. So, we can offer flexible policy options that others can’t. Our home insurance experts will guide you through the process and explain coverage options. You’ll get a home insurance policy designed specifically for you and your house and belongings will be protected properly.
Our large selection of home insurance companies means you save
ICD’s large selection of home insurers not only means you get great coverage, but you can save hundreds when you compare the lowest rates. Get started by requesting a quotes online (by clicking above) or give us a call.
Keep reading to learn more about home insurance in Canada. Find out how policies work and get tips on how you can save on your home insurance premiums.
What type of home insurance do you need?
Home insurance comes in many variations. There are four main types of properties you can insure – houses, condos, seasonal properties (cottages), rentals, and rented dwellings. Each one has unique insurance considerations and requirements.
Canada’s best home insurance rates
Your house and home insurance go hand in hand. Buying a home in Canada is a big financial commitment. Home insurance helps to protect one of the biggest investments you will make in your lifetime.
When shopping for home insurance it’s important to focus on protection, savings, and service. ICD can help you find all three!
We make it easy to get a home insurance quote and find the coverage that suits your lifestyle and fits your budget. Most importantly, protect your valuable assets.
Personalized home insurance protection just for you
No two homes are alike and each requires customized coverage. Our experienced brokers recommend the best protection possible.
We are partners with the leading home insurance companies in Canada. So, we can offer flexible policy options that others can’t. Our home insurance experts will guide you through the process and explain coverage options. You’ll get a home insurance policy designed specifically for you and your house and belongings will be protected properly.
Our large selection of home insurance companies means you save
ICD’s large selection of home insurers not only means you get great coverage, but you can save hundreds when you compare the lowest rates. Get started by requesting a quotes online (by clicking above) or give us a call.
Keep reading to learn more about home insurance in Canada. Find out how policies work and get tips on how you can save on your home insurance premiums.
What type of home insurance do you need?
Home insurance comes in many variations. There are four main types of properties you can insure – houses, condos, seasonal properties (cottages), rentals, and rented dwellings. Each one has unique insurance considerations and requirements.
Rented dwelling insurance is designed for properties that you lease to tenants. With rented dwelling insurance, you can have peace of mind knowing that your property and finances are protected.
While each one of these types of property insurance is slightly different, the overall goal is the same – to protect it against common threats and perils. You can also add plans for an investment property, vacation home, and other types of dwellings.
What is home insurance?
Home insurance is a form of protection for your property and assets against damage or a significant financial loss.
Commonly referred to as homeowners or house insurance, it’s a type of insurance for principal residence dwellings. The purpose of home insurance is to spread the financial risk of a few homeowners among many should an unforeseen event occur
Homeowners typically buy home insurance in a package that includes protection for your structures, contents, and personal liability. You can also add endorsements and additional coverage to customize your policy. These additions include, add coverage for jewellery, flood, sewer back up and rental income.
Your level of protection will depend on your plan details and limits. No two plans are the same. Coverage options, deductibles, and plan limits vary by provider. Home insurance is different from mortgage insurance or your home warranty.
Plans are offered directly through insurance companies via an insurance broker distribution network.
Why do I need home insurance?
You can legally own a home in Canada without insurance. However, not having house insurance is ill-advised. If your home is damaged, you would have to pay for repairs out of your pocket. Here’s why you should always be insured:
Protect your investment: Insurance protects your home from a variety of threats. It protects your investment.
Reduce financial loss: Insurance reduces the chance of financial loss. Without it, fire or flood could cripple you financially.
Proof of insurance to get a mortgage: Mortgage lenders require the borrower to carry home insurance before they will release the funds for a mortgage.
There has been an increase in floods, fires, and other weather-related threats. Insurance protects you from them.
Peace of mind: Simply having peace of mind in knowing you are covered if your home is damaged is reassuring.
What does a home insurance policy protect?
It’s important to understand what types of coverage form your insurance policy. There are four main areas you should know about in your home insurance:
Building and Detached Structures:
Your plan will cover your physical dwelling or house as well as detached structures. This includes your primary residence, garage, shed, garden, deck, and other structures on your land. Your coverage amount is based on the replacement value of your home.
Liability:
Personal liability insurance will help protect you financially if you accidentally cause bodily injury to a third party or you negligently damage someone else’s property. This can include actions taken by your children and pets to others liability coverage includes:
Personal liability: Coverage for lawsuits against you by people who have been injured due to your negligence. For example, a delivery person slips and falls on your steps because they are icy. Your dog bites one of your neighbours. Coverage can be purchased up to $5 million.
Voluntary medical payments: You unintentionally injure someone. Your insurer will cover medical expenses up to the defined plan limit. Up to $10,000. For example, Aunt Lina from Ireland visits your home and makes herself a pot of tea. While boiling the kettle, she burns herself. While you weren’t necessarily negligent for her injuries, but she was using your kettle and your policy may pay for her medical expenses voluntarily without litigation.
Voluntary property damage: If you or your dependants accidentally cause damage to another property. For example, you child hits a baseball, and it smashes a neighbours dining room window. Your insurer will help reimburse the owner. Up to $6,000.
Personal Contents:
Your personal belongings and contents are covered under this coverage. You are protected against financial insured loss of these items because of damage, loss, or theft. This includes personal items such as your clothing, furniture, equipment, and electronics. It also includes appliances, décor, tools, and other items.
Additional Living Expenses:
Situations arise where an insured loss may cause your home to be uninhabitable. For example, if your home was damaged in a fire and deemed unfit to live in. Under this coverage you will be compensated for any additional costs incurred by you such as the additional cost to stay at a hotel or dine out in a restaurant. This gives you peace of mind in knowing your policy will help with living expenses if you are ever in this horrible situation. Coverages and packages available can differ by province. Most will provide you with additional living expense limits up to 20% of replacement cost of your dwelling.
What threats or perils are covered in a typical home insurance policy?
Many perils pose a risk to your property. Home insurance policies are designed to protect you from most of them. Homeowner’s insurance policies can offer financial protection from the following risks or perils:
Fire, lightning, and smoke damage
Theft
Wind and hail
Electrical current surge
Explosion
Vandalism
Water damage
Falling objects
Exceptions may apply. Consult with your home insurance company or advisor for a more detailed understanding of what is included in your policy and how you can get additional coverage for what’s not included.
Levels of home insurance protection in Canada
There are several levels of protection you can choose from. Each one adds more protection, but it will also cost more. You can choose a basic plan, a broad plan or even a comprehensive plan. You can even customize it with endorsements and additional coverages. The type of policy you require will depend on your location, dwelling type, needs, budget and a variety of other personal factors.
Most people opt for comprehensive because it provides you with maximum protection for your dollar. All are subject to a deductible.
How much does home insurance cost in Canada?
Determining the average cost of home insurance in Canada is challenging. It varies significantly based on where you live and the features of your property.
Your premiums are based on multiple complex factors. Each insurance company uses a unique set of variables to assess your level of risk and assigns a rate accordingly. The size and type of construction, age of the home, rebuild amount, weather conditions in your region and many additional considerations are used.
Home insurance premiums can range from as little as $800 or less per year to more than $2,000, depending on where you live. The average Canadian homeowners insurance policy is about $1,200 annually
Many experts within the industry are expecting home insurance to increase by about 10% in 2023. This is a result of inflation and the increased cost of materials/labour, supply chain issues left over from the pandemic and climate change. Home insurance rates have been trending upward and will continue to rise in the foreseeable future.