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Purchasing your home turns out to be demanding in terms of the financial commitment it deserves. However, how do you plan to protect your property? While purchasing your home might be a struggle in itself, things turn even trickier when narrowing down your options to purchase home insurance.
Finding multiple quotes can be challenging unless you work closely with one of the insurance brokers like Surex. Moreover, homeowners hardly get the time to research the pros and downsides of each insurer. Thus, it makes sense to loop the advisors in.
Click here to check out multiple quotes from the best home insurance companies in Canada.
Choosing The Right Home Insurance Company in Canada
Homeowners cannot afford to go wrong when it comes to something as serious as home insurance. One wrong decision and you would be at a loss, and your claim would be rejected.
Choosing the best home insurance companies Canada has to offer involves considering several parameters that brokers work on. Being industry experts, they can help you remain on track while choosing your insurer. For instance, reputed insurance advisors would scrutinize the following parameters while recommending the right policy to you:
- Features of the policy
- Annual premiums
- The reputation of the insurer
- The flexibility of the scheme
- Claim settlement rate
- Add-on features
With dozens of home insurance companies offering various policies, you might be in a dilemma while picking your scheme. Professionals can guide you as you struggle to research intensely on these parameters.
List of Best Canadian Home Insurance Companies
Have a look at the best Canadian home insurance companies that offer affordable and comprehensive coverage to your property.
Intact is a trusted home insurer in Canada, offering a wide portfolio of products. It is a reliable insurance company committed to reducing the premiums for its clients. They offer several policies to cover homes, condos, tenants, home-based businesses, rented dwelling spaces, and cottages.
You can also bundle home and auto insurance policies with Intact to save on your premiums. The standard package of its home insurance policies covers personal liability, voluntary medical payment, property damage, detached private structures, dwelling buildings, and additional living expenses.
The add-on coverages provide you with the provision of overland water coverage and protection against most other perils. The home insurance premiums from this provider are reasonable, which makes it one of the most reliable companies to bank on.
Aviva Insurance Canada currently covers more than 850,000 homes in Canada. It is a subsidiary of Aviva PLC, a UK company. One of the largest home insurers in Canada, the experience and size of Aviva demonstrate its reputation. The company offers more affordable premiums than many of the other insurers around.
Some of the insurance policies of Aviva seem focussed on urban homes. This might help you personalize your insurance policy, excluding some coverages like flood damage. However, these policies might not suit your needs if you reside in coastal or rural areas. Thus, you can find affordable packages with Aviva if you reside in low-risk zones in urban areas.
Aviva has an international network and offers different add-ons as well as discounts with bundles. Ranging from accidental property damage to damage incurred by fallen objects, the policies cover all sorts of perils. Certain insurance schemes also cover unit content, lift upgradation, living expenses, and fraud.
Founded in 1871, Economical Insurance is one of the oldest insurance companies in Canada. The wide array of coverage and commitment makes Economical Insurance one of the best Canadian home insurance companies. You can purchase home insurance, condo insurance, farmhouse insurance, cottage insurance, and tenant coverage at affordable premiums.
The hassle-free claims and service programs make this company one of the most trusted providers in Canada. Considering the affordability, the insurer has come up with reasonably low premiums for many of its policies. Besides, the stable corporate foundation makes it a great home insurer to bank on.
Wawanesa Home Insurance
Another top home insurance company in Canada, Wawanesa, is headquartered in Winnipeg and owns assets of more than $11 billion. Originally, the company was founded in 1896, and it focused only on farmers. Over the years, Wawanesa expanded its portfolio to emerge as one of the best home insurance companies in Canada.
Even today, homeowners with special requirements like covering farmhouses reach out to this insurer. The competitive rates and generous discounts on premiums make the policies affordable.
Some of the policies cover all perils, and these schemes involve relatively high premiums. Nevertheless, it pays to remain covered against all possible dangers. Some of the add-ons include extended water damage coverages. Besides, you can benefit from the coverage for personal liability, rebuilding to code, additional living expenses, unit improvements, and legal home assistance.
Gore Mutual Home Insurance
Gore Mutual has been a reliable home insurer in Canada. It is known for designing innovative solutions for homes. So, if you are looking for customized policies to cover your property, Gore Mutual Home Insurance might be suitable for you. The insurers address the specific requirements of homeowners. This makes the policy suitable for them when they have several conditions to fulfill.
Some of its insurance schemes are explicitly designed to cover homes and condos. Besides, you have customized insurance policies to cover tenants and landlords. Even seasonal home insurance policies are available with this reputed provider in Canada.
Ranging from the contents in your home to external attachments like sheds, the policies cover your property against all perils. Most importantly, the coverage for liability, additional living expenses, and stolen identity is generous indeed.
5 Best Home Insurance Companies in Canada — Endnote
Even after choosing the right home insurance company in Canada, the owners might need professional support during renewals and making claims. This explains why most Canadians consult reputed insurance brokers. Experienced professionals like insurance brokers understand the policies of each insurer in and out.
Accordingly, they help their clients to remain on the right track. With dedicated support from these insurance advisors, you can secure your home.