A Buyer’s Guide to Home Insurance Companies in Canada
Intact, Co-operators, and Aviva are Canada’s leading providers of homeowners’ insurance, but dozens of other carriers offer competitive rates, reliable claims service, and other advantages to their customers.
The most popular home insurance companies in Ontario include:
- Allstate Canada
- Aviva
- Belairdirect
- CAA Insurance
- Co-operators
- Desjardins
- Economical Insurance
- Intact
- National Bank Insurance
- Pembridge Insurance
- RBC Insurance
- Sonnet
- Square One
- TD Insurance
- Wawanesa Mutual
Learn more about each carrier below.
No single home insurance company is the best for all homeowners in Canada. Choosing a home insurance provider is a complex, personal decision that depends on a wide range of factors.
If you’re looking for a detailed analysis of Canadian home insurers’ strengths and weaknesses, complete with numerical rankings and expert recommendations, check out our guide to the best home insurance in Ontario.
Large home insurance companies
According to 2023 revenue data from S&P Global, Intact, Co-operators, and Aviva are Canada’s three largest personal home insurance companies:
- Intact Insurance: $4.64 billion
- Co-operators: $2.03 billion
- Aviva Insurance: $1.91 billion
- Wawanesa Mutual: $1.74 billion
- Economical Insurance Group: $1.49 billion
- Certas Home and Auto Insurance (Desjardins): $0.81 billion
- Allstate Canada: $0.81 billion
Buying home insurance from a large company comes with certain advantages, which might include greater financial stability, more resources for processing claims, and customer perks like 24/7 support and mobile apps. However, larger companies often earn a mixed reputation from customers who may have negative experiences or feel like “just a number” rather than a valued client.
Small home insurance companies
Working with a smaller home insurance company often means access to personalized customer service. You may even find competitive rates or unique coverage options not available from larger corporations.
Ontario is home to dozens of small insurance companies offering home, tenant, condo, and other types of property insurance. Many of these are mutual insurance companies owned by policyholders, often with a focus on rural properties and farm insurance:
- Commonwell Mutual Insurance
- Dufferin Mutual Insurance
- Grenville Mutual Insurance
- Halwell Mutual Insurance Company
- Heartland Farm Mutual
- HTM Insurance
- Portage Mutual Insurance Company
- Trillium Mutual Insurance Company
In addition to Ontario’s many small mutual insurers, you may choose to do business with a smaller digital-first company like the following:
- Sonnet Insurance
- Square One Insurance
Are small insurance companies cheaper? Not necessarily. While small insurance companies may have fewer business expenses compared with larger corporations that spend millions on advertising and staffing, they’re also more likely to be directly dependent on customer premiums compared with larger carriers with complex investment strategies.
To be sure you’re getting the best rate as well as the service and perks you want from your insurer, it’s a good idea to compare home insurance quotes from both large and small insurance providers.
Home insurance companies specializing in high-value homes
If you own a home worth $750,000 or more, you may need a specialized approach to home insurance, especially if you also have a high net worth or high-value personal property. Four Canadian insurers offer specialized programs for high-value homeowners:
- Aviva Ovation®: Aviva’s Ovation service for high-value home insurance offers higher coverage amounts and personalized claim service to meet the needs of homeowners with expensive homes, multiple homes, and/or valuables that raise special challenges for insurance.
- TD Insurance Private Client Advice: TD’s high-value home insurance services match homeowners with a Private Client Advice Appraisal Team to provide a complimentary appraisal and expert advice for insuring a high-value home. You’ll also get specialized claims service and extended coverage options, including personal umbrella insurance.
- Intact Prestige: Intact’s high-value home insurance services include tailored coverage options, personalized risk assessment, and a dedicated team of experts.
- Chubb Canada: Chubb specializes in insuring high-value homes in the U.S. and Canada, with risk consulting, extended coverage, and property management for seasonal homes built in.
- PURE Insurance: Like Chubb, PURE focuses on luxury home insurance. High coverage limits and risk management services are built into your policy.
Home insurance companies with home and auto bundles
Virtually all property and casualty insurance companies offer home and auto insurance bundles that can reduce your rates for both types of coverage. To find the best bundled home and auto quotes, check out our review of the best home and auto bundles in Ontario.
Allstate Canada
Aviva
Belairdirect
CAA Insurance
Co-operators
Desjardins
Economical Insurance
Intact
National Bank Insuance
Pembridge Insurance
RBC Insurance
Sonnet
Square One
TD Insurance
Wawanesa Mutual
Note: This isn’t an exhaustive list of all companies selling home insurance in Canada.
How coverage options differ between home insurance companies
The coverage included in all home insurance policies in Canada is fairly standard; part of your policy will protect your home’s structure and personal belongings, and part will cover your personal liability.
But within these standard coverage structures, each home insurance company defaults to a coverage package that distributes financial protection and costs differently. When you compare home insurance quotes, it’s important to also compare the coverage offerings you receive from each insurer.
Let’s compare the default coverage offered by three leading home insurance companies: Intact, Co-operators, and Aviva. We requested quotes for the same detached single-family home in London, Ontario and received three different coverage packages:
- Intact’s coverage recommendation had the highest dwelling coverage limit along with generous sewer backup coverage, but didn’t include any mention of additional living expenses. If you’re looking for a simple policy that keeps costs low without overcomplicating coverage, Intact could be a good fit.
- Co-operators’ coverage recommendation had the highest personal liability coverage, but dwelling and other home coverage was set at a lower level, and the 2% water damage deductible would result in much higher claim costs than the flat deductibles offered by Intact and Aviva. If you’re looking for a balanced option with generous liability limits, Co-operators may be a good fit.
- Aviva’s coverage recommendation set dwelling coverage at $100,000 less than either competitor, but included higher limits for detached structures and additional living expenses. If you’re willing to take on a higher level of risk in exchange for lower premiums, Aviva could be a good fit.
Remember: home insurance coverage is customizable. The packages we reviewed above are the defaults offered by each insurer, but you can always adjust your coverage limits, deductibles, and add-ons to make sure your policy (and your premium!) matches your needs.
How to compare home insurance companies
Whether you’re comparing online quotes or working with a local insurance broker, never go with the first offer you receive. Take the time to compare multiple home insurance companies to find the right fit.
What does the right fit look like? Consider how each insurer measures up in the following areas:
- Coverage: Look for a carrier whose coverage offerings match the risks and costs you’re most concerned about. (Working with an advisor is especially helpful here.)
- Cost: The cheapest option isn’t always the best, but you should avoid overpaying for coverage you don’t need or a package that’s available elsewhere at a lower price. Discounts can help you save money; carrier pricing models matter, too.
- Clarity: When you buy home insurance, you should understand what you’re paying for. Look for an insurance company that makes that easy for you, either through robust online tools or expert in-person advisors.
- Service: Ask friends and family who have worked with an insurer about their experience getting service or filing claims. If you don’t know anyone who’s had that insurance, head online to see reviews or discussions on Reddit and other public forums.
- Other products: If you already have a client relationship with an insurer, such as a bank account or car insurance policy, you may be eligible for discounts. You may also benefit from the convenience of managing your whole insurance portfolio in one place.
FAQ: Home insurance companies
This article is for general information only and is not insurance or legal advice. Examples and any sample quotes or rate ranges are illustrative and do not constitute an offer or guarantee of coverage, price, or eligibility. Actual coverage, discounts, and premiums depend on your individual circumstances and the insurer provider; if there is any discrepancy, your policy and insurer documentation govern. For advice about your situation, speak with one of our licensed insurance professionals.