We’ve taken a look at the Best Canada Property Insurance Companies along with which of their products and services have helped make them so. Our findings reflect the average responses of Lowest Rates.ca users in 2021, who used our quote tool, selected one of the quotes they received and connected with a broker to secure the associated policy.
What is home insurance?
Home insurance can help protect your home and everything in it from various events, like theft, fire, and even someone hurting themselves on your property. This includes damage caused to the inside, outside, and the property surrounding your home. Although home insurance is not mandatory in Canada, if you have a mortgage, your bank or lender may require you’re insured. And either way, if you have a home, getting home insurance is an important way to protect what is probably your most valuable asset.
How home insurance works
Getting a great rate on home insurance requires two things: first, you need to know what coverage you need and what you can do without, and second, you need to know how to get quotes from a wide range of home insurance providers.
To assist you in that process, we’ve taken a look at the most popular home insurance companies in Canada along with which of their products and services have helped make them so.
The 10 Best Canada Property Insurance Companies, are:
1. Intact Group
Direct Premiums Written: $10.3 billion
Market Share: 14.3%
2. Desjardins Group
Direct Premiums Written: $5.7 billion
Market Share: 8.0%
3. Aviva Group
Direct Premiums Written: $5.6 billion
Market Share: 7.8%
4. Lloyd’s Underwriters CAB
Direct Premiums Written: $4 billion
Market Share: 5.6%
5. Wawanesa Mutual Insurance Company
Direct Premiums Written: $4 billion
Market Share: 5.5%
=6. Co-operators Group
Direct Premiums Written: $3.9 billion
Market Share: 5.4%
=6. TD Insurance Group
Direct Premiums Written: $3.9 billion
Market Share: 5.4%
8. RSA Group
Direct Premiums Written: $3.1 billion
Market Share: 4.3%
9. Economical Group
Direct Premiums Written: $2.8 billion
Market Share: 3.9%
10. Northbridge Group
Direct Premiums Written: $2.3 billion
Market Share: 3.2%
All other carriers represented $26.3 billion in written premium and 36.5% of total market share, up from $4.1 billion in 2019.
Which Home Insurance Companies Are The Best
J.D. Power has been a trusted advisory expert for many industries since 1968 and this includes the insurance sector too. Their verdict is regarded as the ultimatum in rating a company based on various parameters to monitor performance standards.
As per their ratings for the home insurance sector in 2016, Belairdirect ranked highest in the Atlantic region (score of 799). The next best performer was the Co-operators (score 796) in the same region followed by Intact Insurance (score 791). In Western Canada, the BCAA ranked highest and had a score of 792. The Alberta Motor Association was ranked 2nd with a score of 774 and the Co-operators held the 3rd rank with a score of 773. Belairdirect ranked highest (score of 814) in Quebec followed by Promutuel (score of 809). The 3rd position was a tie between Desjardins General Insurance, La Capitale and Intact Insurance, each with a score of 806. These ratings and scores were based on 7438 homeowner insurance customer responses.
How Are Home Insurance Companies Rated
J.D. Power conducts an annual survey of homeowner insurance customers and asks them to rate insurers on certain criteria. They examine 5 main factors for rating an insurance company. These include non-claim interaction, price, policy offerings, billing & payment, and claims. There are 3 sub-factors for non-claim interaction such as local broker or agent, website and call center service representative. The survey calculates satisfaction level on a scale of 1000 points.
How our ranking works
We work with the best home insurance companies in Canada, and describe many of them below.
We do so to ensure that you can be confident that whatever policy you end up with is from a reputable provider with products that will serve you well.
Our findings reflect the average responses of LowestRates.ca users in 2021, who used our quote tool, selected one of the quotes they received and connected with a broker to secure the associated policy. These users did not know the name of the home insurance company, just the rate.
While they provide helpful context for when you’re deciding on which provider to take a home insurance policy with, your individual profile is the single most significant factor in determining your rate.
In other words, regardless of what others say about which companies offer the best home insurance in Canada, ultimately, it’s the details of your unique profile – including the coverage type you seek, the type of property you’re insuring and your personal details – that are going to nudge your costs in one direction or another
