Home insurance in Canada 🏡

Home insurance in Canada varies but could offer cover for extreme events such as your home being destroyed in a fire, right through to more common everyday incidents like accidental damage to your home or contents – a window smashed by a stray ball, or a carpet stained by a spillage for example.

This guide walks through the basics you need to understand including insurance types, costs and providers.

This guide is for information only and does not constitute advice. Different types of insurance are suitable for different individual needs. Get professional advice and support to choose the right policy for your unique situation.

Introduction to home insurance in Canada 🏡🇨🇦

Insurance in Canada is regulated by both Federal bodies like the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC), and Provincial and Territorial regulators.

Canadian insurance sector reports suggest that some 99% of people asked have some form of home insurance – although some respondents weren’t confident about the levels of cover they were actually paying for.

💡 It’s important to understand your home insurance requirements as there are several different types of home insurance which can differ a lot.

The Canadian government names condo, tenants and home business insurance as common types of insurance selected, while the Insurance Bureau of Canadagoes further, splitting out the following types of home insurance:

• Homeowners insurance
• Tenant or renters insurance
• Seasonal or secondary residence insurance
• Heritage home insurance
• Short term rental insurance
• Condo/strata cover (for people who own condo buildings)

This guide covers the most commonly used types of insurance so you can decide which is a good fit for your needs.

Can you use home insurance from another country in Canada?

Generally you’ll need a specific policy which is licensed and regulated in Canada, to cover a Canadian property. This means it’s not normally possible to use home insurance from another country in Canada.

Managing cross-border finances for insurance payments

Wise can help you manage your finances – even when working across borders – with the mid-market exchange rate and minimal fees for transfers.

The Wise multi-currency account simplifies managing properties and payments in multiple currencies. Open online or in-app, to hold 40+ currencies including CAD, and receive payments in 20+ currencies. No ongoing account fees apply.

You can also send money from Canada to 140+ countries, with quick or instant delivery times* and the mid-market rate for conversion. That makes paying your insurance bills simple, even when you’re living across countries.

*The speed of transaction claims depends on individual circumstances and may not be available for all transactions

Home insurance companies in Canada

To get an insurance quote you can sue a comparison site like Rate Hub or take a look at bank and specialist insurers like these:

• RBC – full range of homeowner’s insurance, condo owner insurance, tenant insurance, and seasonal property insurance
• TD Bank – generate an instant quote for insurance which covers a broad range of customer needs
• Allstate – basic, comprehensive of VIP coverage levels, with discounts when you buy home and auto insurance together

Understanding home insurance costs 💰

💡 Home insurance costs can vary a lot depending on a range of factors.

Insurers and banks generally offer individualised quotes based on your specific situation – you’ll need to answer a series of questions about your property, belongings and cover requirements to generate a fee estimate.

Factors which make a difference include:

• The type of property and what it’s made of
• Age, size and value of the property
• Value of contents including any high value named items
• Location of your property related to fire fighting resources like a fire hydrant or a fire station
• Crime rate in your neighbourhood
• Your own claims history and the specific the type of policy selected

You may also find you can change the costs of your insurance quote by altering the amount of your deductible.

⬇️ The deductible is an amount you’ll need to pay if you make a claim – you contribute a fixed amount, and then the insurer agrees to cover the additional costs after this amount. A higher deductible may mean a cheaper policy.

⚠️ It’s important to note that insurance costs can be impacted a lot by the location of the insured property. Rural properties may have higher costs for example, because of increased risks from extreme weather and distance from services like fire stations.

➡️ To learn more about the likely costs for your specific property you can use a site like Rate Hub to compare home insurance options- or you can go directly to an insurer or a bank like RBC and get an insurance quote online.

Tenants or renters insurance in Canada

Tenants insurance which may also be called home contents insurance or renters insurance is useful if you’re living in a rental property and looking for insurance to cover your belongings and any accidental damage to the building.

Tenants insurance can also offer personal liability insurance cover – if there’s an injury to visitors to your property for example.

Having personal liability insurance may be a legal condition in a lease – so this insurance may be mandatory as part of your lease agreement.

Items usually covered by renters insurance include:

• Damage to or loss of your belongings
• Property stolen from your vehicle
• Accidental damage to your home
• Any injury to visitors in your home

Your policy may pay out to cover the costs of damaged or lost items – and if you’re unable to live in the property you might also find you’re covered for additional living expenses, up to an agreed policy limit.

Property or homeowners insurance in Canada

Homeowners or property insurance is usually split into two distinct areas of cover: personal property and personal liability.

This covers damage, loss or theft of property, and also liability if someone is injured on your property for example. Policies may extend to the policy holder and their family, although exact coverage does vary.

⚠️ Property insurance is not mandatory by law, but could be a requirement of your mortgage provider. Cover generally incudes:

• Damage, loss or theft caused to your building, contents and outbuildings – policies may cover things like garden sheds and garages for example
• Personal liability if you cause an injury to someone, or if someone is injured on your property

If your property sustains damage and you can’t live there, you may find your insurer pays for you to live in alternative accommodation as well as covering the costs of repair. Items which are lost or stolen may be replaced by your insurer as well.

💡 Homeowners insurance policies do vary a lot, so it’s important to review your own policy carefully.

Liability insurance in Canada

Personal liability insurance is commonly included in home insurance policies including homeowners and tenants insurance. Cover levels vary a lot so you’ll need to review the options available to make sure they suit your needs.

How to choose your home insurance in Canada

To choose your home insurance in Canada you’ll need to shop around, looking at available policies and prices. Banks and providers offer no obligation quotes – and you’ll often find there are discounts if you combine policies. For example it might make sense to combine contents, property and liability insurance to reduce costs, or to get car insurance from the same provider to earn discounts.

You’ll be able to model different insured values and deductibles to get different quotes based on your specific requirements – and can then compare the market to see which might be a good fit.

Cost isn’t the only thing to take into consideration of course. You’ll also want to review the claims process to make sure it’s simple to get help if you’re ever unlucky enough to need it. It’s also well worth looking for reviews online to check what current customers say about the provider – sites like Trustpilot are a good place to start.

Applying for home insurance in Canada

You’ll usually be able to apply for home insurance in Canada online. Providers offer individual quotes based on your property type, location, value and other factors. You’ll need to give information about your requirements as part of your application, and it’s important to answer questions as honestly as possible.

Once you’ve selected the quote you prefer, you can then pay online and receive all your policy documents digitally for convenience.

How to make a home insurance claim in Canada

Home insurance claims in Canada can usually be submitted online for convenience.

However some banks like RBC also offer an anonymous number you can call to talk through your claim before you formally submit it – this can help you decide what you need to provide for your case.

When you submit your claim you’ll need to enter your policy number and your contact details, and upload information and documents which can vary depending on the claim type.

You might be prompted to provide the following for example:

• An inventory and detailed information about what’s happened
• Photos or videos if your property or belongings have been damaged
• A police report if items have been stolen or subjected to criminal damage
• Invoices and receipts for any expense you’ve incurred related to your claim
• Receipts for any property that was lost or damaged

Once submitted, your claim is passed to a claims handler who may need to ask you for more information or documents. Your insurer will guide you through the process from there.

Cancelling a contract or changing provider

Check your provider’s policy on cancellation – generally this will be possible, but you may find there’s a fee to pay if you end a policy early.

Making a complaint about a home insurance company in Canada

If you need to make a complaint about a home insurance company in Canada you can get more information and short from the Financial Consumer Agency of Canada (FCAC).

Generally you’ll need to complain to your provider in the first instance, before turning to your Province or Territory authorities to pursue the case if you can’t sort it out amicably at that stage.

Holiday home insurance in Canada

Seasonal or secondary residence insurance is a common requirement in Canada. You may find you can add your vacation home to your existing policy, but the cover you get in this case may be more limited compared to your main residence.

For full insurance cover you might prefer to get a separate policy for your holiday home – bear in mind that different policies may be offered if you use your property as a business, renting it out for example.

Managing property expenses from abroad

Open a Wise account to hold 40+ currencies and make it easier to manage your property expenses and pay for things when you visit.

You may be able to get a Wise card for easy ATM withdrawals, and convenient card payments online or in stores.

Exact product availability does vary depending on where you live, but you’ll get the mid-market exchange rate when you need to convert between currencies, with easy and intuitive ways to manage your day to day finances.

💡 You can go to wise.com and choose your location, or check this list of countries where you can open a Wise Account from.

Useful resources

Information last checked 13th of March, 2026.

• Canadian government – home insurance explainer
• Insurance Bureau of Canada – types of home insurance
• Rate Hub – compare home insurance options
• RBC – get an insurance quote online