Best home insurance in Canada

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By Amanda Lee

🗓️

Updated: April 21, 2026

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The best home insurance companies in Canada protect your home and its contents against unexpected circumstances. We compare the benefits and options to help you choose the right policy for your needs.

Your home is likely the biggest purchase you'll ever make. So it makes sense to protect your investment from the unexpected. Whether you're a first-time homeowner or renewing an existing policy, we've compiled a list of the best home insurance companies in Canada to help you compare your options and find the coverage that fits your life. 

How home insurance coverage works

Home or property insurance is a policy that protects your house and your possessions against unforeseen circumstances, such as fire, water damage, theft or damage to the inside and outside of your property. It may also cover your additional living expenses if you need to vacate your home and live elsewhere while repairs are being made.

In Canada, home insurance is not legally required (unlike auto insurance), but most mortgage lenders will insist on it as a condition of approval. Even if your home is mortgage-free, having coverage protects one of your most significant financial assets.

Best home insurance providers in Canada

Not all home insurance is the same. Shop around and compare quotes before you commit to a home insurance provider. Here are some of the best home insurance companies in Canada:

Compare the latest rates at Rates.ca

Rates.ca is a Canadian online comparison platform that lets you shop for home insurance quotes from from over 50 providers at once. Rather than contacting each insurer individually, you can fill out a single form and receive competing quotes side-by-side, which makes it easier to find the coverage you need at a price that works for you.

Beyond home insurance, Rates.ca also compares auto insurance, life insurance, mortgages and credit cards — making it a one-stop resource for Canadians managing their overall financial picture. The platform connects you with licensed brokers who can help you finalize your policy with a trusted Canadian insurer.

APOLLO Insurance is a digital-first provider primarily recognized for its tenant and small business insurance. While they have expanded to offer condo and some homeowner options, their platform is optimized for renters, featuring unique add-ons like Tenant Shield for accidental property damage. Their fully automated system allows users to get a quote and receive their policy documents via email in as little as five minutes, completely bypassing the need to speak with an agent.

Square One Insurance

Square One offers a highly customizable, "build-your-own" insurance model where you only pay for the coverage you need. Their platform manages the entire lifecycle of a policy, from quoting and purchasing to submitting claims, online. They specialize in home, condo, and tenant insurance, including specialized home-sharing coverage for Airbnb hosts.

All policies cover most common personal items such as laptops, smartphones and furniture, and you can purchase additional coverage for specialty items like bicycles and artwork. Policies also protect you against water damage and theft, and the company will cover the costs of rebuilding your home to meet the latest bylaw or code changes.

Note on Credit: While Square One is accessible, they may perform a soft credit check where permitted by law. While they offer interest-free monthly payments, your credit score can still influence your premium or eligibility.

The Co-Operators

Founded in 1945, The Co-operators is a major Canadian-owned financial co-operative with over 80 years of history. They offer comprehensive home insurance that includes unique standard features like coverage for unauthorized debit and credit card use and identity fraud recovery. Their modern mobile app allows clients to manage policies and track claims digitally. As a co-operative, they are also notable for their industry-leading commitment to sustainability, aiming for net-zero emissions in their operations by 2040.

Allstate Home Insurance

Allstate Canada provides a personalized approach to home insurance through its tiered "Your Choice Home" packages, which let you select between Basic, Comprehensive, and VIP coverage. Their policies stand out for rewarding homeowners with features like a Disappearing Deductible and Claim Forgiveness, which helps keep premiums stable even after a first claim. Using the myAllstate app or a local agent, you can easily customize your policy with add-ons for identity theft, garden landscaping, or specialized sports equipment.

TD Home Insurance

TD Insurance is one of Canada’s largest direct-response insurers, offering robust coverage for unique needs, such as protection for parents living in senior care facilities and enhanced "eco-efficient" rebuilding options. A standout feature is the TD Insurance Service Centres, which provide a one-stop shop for claims and repairs. Customers who bundle home and auto insurance can receive significant discounts and access to a network of professional home contractors for advice and repairs.

Types of coverage

Insurance isn't one-size-fits-all and the best home insurance company for you depends on your needs and lifestyle. Typically, there are five different categories available in Canada:

Basic

Basic or standard insurance also goes by the moniker “named perils.” It covers the risks to your home and contents that are specifically named. Basic home insurance is usually more affordable as you as the homeowner carry the financial risk of paying for some of your losses. This might be a good option if you’re looking to keep premium costs to a minimum or you’re prepared to pay for some losses out of your own pocket.

Comprehensive

As the name suggests, comprehensive (or "all-perils") home insurance covers all risks to your house and contents, except for any exclusions listed in the policy. It's important to read your policy carefully. A good choice for homeowners who want peace of mind.

Broad

If basic coverage is the entry level and comprehensive is the top tier, broad coverage sits in between. It generally protects your home from all risks (except for named exclusions in your policy) as well as named perils coverage on your contents. With this type of coverage, any damage to your home caused by a peril not listed in your policy may not be covered. However, it's a good choice if you're looking to save a little money on home insurance.

Personal liability

Home insurance covers your property and your belongings. However, it doesn't cover you against liability. Personal liability insurance covers legal issues relating to your home — it could be an accident where someone slips on ice on your driveway, or a fire that spreads to your neighbour's property.

No Frills

No frills coverage is sometimes called a "basic fire policy." It provides a minimum level of protection and is generally offered to properties that don't meet the standard requirements for regular home insurance — for example, a home that needs significant repairs. Coverage is limited and typically covers only the most basic of risks. This might not be a long-term solution but can provide minimal protection while repairs or upgrades are underway.

Not sure which type of coverage is right for you? Rates.ca lets you filter options by coverage type and budget, so you can compare policies from multiple Canadian insurers before you decide.

What does home insurance cover?

What your insurer will cover partly depends on the type of coverage you opt for. While there's no hard and fast rule, home insurance companies typically cover the following:

• Damage or loss of your home and other structures on your property
• Damage, loss or theft of your personal belongings
• Injury or property damage to others who visit your property
• Accidental damage you cause to someone else’s property
• Personal property stolen from a vehicle
  

It's important to read your policy carefully so you understand what is — and isn't — covered. When comparing policies on a platform like Rates.ca, you can review what's included and excluded before you commit, which makes it easier to spot gaps in coverage. For instance, home insurance doesn't cover damage resulting from lack of maintenance, such as damage from freezing pipes or normal wear and tear. It also won't cover you for unexpected events such as earthquakes, but you can buy additional insurance for these risks.

Similarly, not all valuables may be covered under your existing policy. If you have expensive electronics, high-end camera equipment or inherited items, you may need to pay a bit more to have them properly insured. Don't assume they're automatically covered, especially if a single item is worth over $3,000.

Something else to factor in is whether you plan to have guests in your home. For many homeowners, renting out a room or a suite through a platform like Airbnb is a smart way to offset mortgage costs. However, it's important to understand what your protection covers. Square One Insurance offers Airbnb home insurance for about $40 per month, and several other providers offer home-sharing coverage as an add-on. Be sure to confirm you're properly insured before you hand the keys to someone else.

Editor's note

Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

Amanda Lee Contributor

Amanda Lee Contributor

Amanda Lee has been a freelance lifestyle writer for 10 years. She is the former Managing Editor of Toronto.com, which is owned by the Toronto Star. Her bylines have appeared in major Canadian publications, including the Toronto Star, WestJet Magazine and Today's Parent. Amanda is enrolled in an MFA in Creative Nonfiction at King's College and working on her first book.

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