Square One Home Insurance Review (2026)
Square One home insurance: The basics
- Founded: 2011 (15 years in business)
- Parent company: Square One
- Underwriting companies: Mutual Fire Insurance Company of British Columbia
- Website: www.squareone.ca
- Phone number: 1-855-331-6933
- Availability: Alberta, British Columbia, Manitoba, Ontario, Quebec, Saskatchewan
- Home insurance products: Home, condo, tenant, and rental property
What does Square One home insurance cover?
Square One home insurance covers the basics—your home’s physical structure, your personal belongings such as clothing and furniture, and your legal liability anywhere in the world—along with more robust coverage options like extended water damage.
By default, all Square One home insurance policies offer comprehensive all-risks coverage, which means that your policy will cover all causes of loss except those listed in your policy as exclusions. Key exclusions for Square One home insurance include wear and tear, coastal flooding, and earthquakes.
Standard coverage options
All Square One home insurance quotes include the following standard coverage options:
- Building coverage: Usually called dwelling coverage, this covers the main structure of your home along with attached structures like a built-in garage. Square One calculates the amount of building coverage you need, but you can enter a custom limit as long as it’s higher than Square One’s default.
- Personal property coverage: This covers your personal property such as furniture, clothing, appliances, and electronics. Be aware that Square One’s default “expert suggested” limit is well below the 50–80% of dwelling coverage that’s standard with other insurers.
- Additional living expenses coverage: Also called loss of use, this will cover increases in living expenses due to a temporary displacement from your home in response to a covered event. Square One’s default limit is well below the 20–30% that’s standard with other insurers, so consider raising this to a custom limit.
- Personal and premises liability coverage: Liability coverage offers financial protection if you’re found responsible for unintentional injury or property damage anywhere in the world. Most insurers don’t offer limits below $1 million; Square One allows homeowners to set liability as low as $500,000 or as high as $3 million.
- Standard deductible: Square One’s recommended deductible is $2,500, but you can go as low as $250 or as high as $5,000.
- Sewer backup coverage: Most home insurance companies only offer this as a standalone endorsement for an added cost, but Square One builds sewer backup coverage into its base policy with no need for an extra endorsement.
Optional coverage and endorsements
In addition to the core set of coverages listed above, Square One allows customers to build out their policy with the following options:
- Detached structures, fences, and landscaping coverage: This covers structures or landscaping features on your property that aren’t attached to your house, such as sheds, fences, trees, or retaining walls. It’s a mandatory inclusion with most insurers, but Square One allows homeowners to skip this coverage.
- Bicycles, sporting equipment, and watercraft coverage: This covers things like small boats, golf carts, and mountain bikes. For Square One’s default amount of $5,000, this will add around $2/month to your premium.
- Business property coverage: This endorsement covers any property you use for work, like computers, tools, or Etsy inventory. The default amount of $5,000 will add about $3/month to your premium.
- Fine arts and collectibles coverage: Think paintings, fancy rugs, silverware, figurines, hobby collections, and anything collectible that can’t be easily replaced. Square One recommends $6,000 of coverage, but you can enter a custom amount based on the actual value of your property.
- Jewellery and watches coverage: Square One’s expert-suggested coverage is $6,000, but you can select a custom amount as high as $1,000,000 or more.
- Identity theft and financial loss coverage: This protects against costs associated with identity theft. Square One recommends $10,000 of coverage, but you can choose a higher custom amount.
- Legal protection coverage: This endorsement offers unlimited access to a legal telephone hotline as well as $100,000 in legal costs arising from certain situations. You can either skip this coverage or add it for about $8/month.
- Service line protection: If a municipal service line breaks on your property, a service line endorsement can help to cover the cost of repairs. It’ll add around $4/month to your premium.
- Glass deductible waiver: You have the option to set a $0 deductible for glass damage or keep the standard deductible.
- Earthquake protection: Only offered in certain areas, this endorsement covers damage caused by earthquakes, which is otherwise excluded from Square One’s policies. Your deductible can be set at $25,000, $50,000, or $100,000.
- Inland flood coverage: Only offered in certain areas, this coverage will protect against costs associated with flooding caused by fresh water or wastewater. You’ll choose a separate inland flood deductible, which can be either $2,500 or $5,000.
In order to get home insurance quotes from Square One Insurance, you’ll need to have a lot of information on hand. Be ready to provide:
- The address of the home you want to insure
- The type of home you’re insuring (e.g. detached house, mobile home, duplex, or row house)
- The year you purchased the home
- The number of people who will live in the home
- The breed of any dogs in your household
- The year the home was built
- The number of stories in the home
- The construction type (e.g. wood frame, concrete, masonry) of your home
- The type of roof
- The year the roof was last replaced
- Whether the home’s exterior or interior show signs of damage, including water damage
- The size of the garage (if applicable)
- The size of the deck (if applicable)
- The size of the basement and what percentage is finished
- The type of swimming pool (if applicable)
- The total square footage of the home
- The number of bathrooms in the home
- How many fireplaces or wood stoves are in the home
- Whether the home has Kitec plumbing
- The year the hot water heater was last replaced
- How many times the home has experienced water-related damage in the past three years
- A description of any detached structures on the property
- Your name and contact information
- Your insurance history, including past claims or cancellations
Square One home insurance discounts
Square One advertises 11 potential discounts available to home insurance customers:
- Senior discount: Square One rates all policies based on age, but seniors are eligible for additional savings.
- Claims-free discount: Customers who haven’t made a claim in the past three years may be eligible for a discount.
- Fire protection discount: You can see a lower premium if your home is close to a fire hall or hydrant or if your home has fire-resistant features like a non-combustible roof.
- Insurance score discount: Like most insurers, Square One uses credit-based insurance scores to evaluate customers’ financial health and may award a discount to policyholders in better financial standing.
- Loyalty discount: Square One offers “long-term” customers discounts at renewal, but doesn’t specify how long you have to stay in order to qualify.
- Mortgage-free discount: If you own 100% of your home with no active mortgage, you’ll get a discounted premium.
- New home discount: New-build homes or homes that are only a few years old tend to have lower insurance premiums that match their lower risk of claims.
- New hot water heater discount: A newer hot water heater (e.g., less than 5 years old) can reduce your premium because it lowers the risk of claims.
- New roof discount: If your roof was replaced within the last several years, you’ll likely see a lower rate — but this discount only applies to detached homes.
- Payment history discount: If you pay your insurance premium on time and have no cancellations for non-payment, you’ll get a better rate.
- Sump pump/backflow valve discount: For homes in areas with elevated sewer backup risk, a backwater valve or sump pump can reduce the cost of insurance.
Square One has a discount for customers who bundle home and auto insurance, but it only applies to your car insurance policy. You can’t reduce your home insurance premiums with Square One by bundling.
How much does Square One home insurance cost?
On average, Square One charges around $137/month for home insurance in Ontario, with rates as low as $79/month for bare minimum coverage and as high as $172/month or more for policies with all optional endorsements.
Square One’s average rates are considerably lower than the competition—but so are its default coverage levels, with far less coverage for detached structures, personal property, and loss of use than competitors. Be aware of how your coverage level and price interact and consider raising your coverage limits to match the industry standard.
Keep in mind that your actual quotes from Square One may be higher or lower than the average due to key factors like:
- Province: We’ve looked specifically at rates in Ontario, but Square One also offers home insurance in Alberta, British Columbia, Manitoba, and Quebec, all of which face significant climate threats that may impact pricing.
- Home location: On a local level, your home’s proximity to fire services and possible flood threats can change not only the price of your policy, but which coverage options you’re eligible for.
- Home age: Newer homes qualify for lower rates with Square One.
- Roof age: You’ll pay less for coverage if your roof was recently upgraded or replaced.
Square One home insurance rates in Ontario
* All quotes are for a 45-year-old male applicant with a detached or semi-detached two-storey home built between 2000 and 2015 with a roof upgraded in 2020.
** Recommended and Enhanced quotes include inland flood protection ($2,500 deductible).
*** Recommended and Enhanced quotes include earthquake insurance ($50,000 deductible).
The Square One home insurance claims process
To file a home insurance claim with Square One, you’ll need to follow the process outlined below.
- Report your claim: The more information in your initial report, the better, but be sure to have your policy number, the date, and details of your loss on hand.
- Wait to be contacted: Square One promises that an adjuster will reach out within two hours of your claim submission if the situation requires an emergency response, or within one business day in all other cases.
- Secure your home or make emergency repairs: If your home is exposed to further loss (e.g., by a hole in the roof that could let in rain or a broken lock from a burglary), you’re responsible for taking steps to secure the property and prevent further loss.
- Work with your adjuster: Once your claim is established and your home is secure, your adjuster may request documentation, an inventory of lost or damaged property, receipts for additional living expenses, and any other materials necessary to process your claim.
- Receive payment: For small claims, you may receive a direct payment right away. For more involved claims that require extensive home repair, you might get partial payments over time as the work is completed.
Report a claim to Square One by logging into your online account and clicking the “Report a claim” button under the “Claims” tab. If you prefer to file a claim by phone, you can call 1-855-331-6933.
Is Square One good for claims?
Square One states that they pay out on over 90% of claims submitted by policyholders and typically settle within 60 days. But is their claims service as good as they say?
We turned to Reddit for insights. The consensus: mixed. While some say Square One is “great” for claims, others mention customer service issues, drawn-out claims, and dropped policies.
How Square One home insurance compares to other providers
Here’s how Square One home insurance compares to two other major insurance companies in Canada.
* Average monthly cost of “recommended” coverage tier.
Is Square One home insurance right for you?
Square One home insurance may be the right option for you if you’re confident in customizing your policy with the coverage you need.
Square One’s biggest selling point is its low rates, but those low rates often reflect a low level of default coverage. If you’re not sure how much home insurance you need for full financial protection, you may risk underinsuring your property. On the other hand, if you know how to build your policy to meet your needs, Square One’s home insurance product may be a budget-friendly win.
FAQ: Square One home insurance
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.