The 6 Best Home Insurance Companies in Canada For 2024 (2024)

Whether you’re taking the first steps into homeownership, considering a change in your coverage, or revisiting your existing policy, aligning with the right insurance provider is key. In this in-depth guide, we shine a light on the standout home insurance companies in Canada, assessing their product offerings, track records, and dedication to customer satisfaction. While our main focus remains on the home insurance companies, we’ll also touch upon notable home insurance brokers who can offer tailored guidance in navigating the insurance landscape. Dive in with us to ensure that your home isn’t just insured, but optimally protected.

Best Home Insurance Companies in Canada

Homeowners in Canada have a vast array of insurance companies to choose from. Each brings to the table its distinct policies, service standards, and benefits. In this section, we’ll focus on the top home insurance companies, showcasing what they offer and how they differentiate themselves in a crowded market.

iA Financial Group

Established in 1892, iA Financial Group, originally known as Industrial Alliance, has grown to be one of Canada’s largest insurance and wealth management companies. The company’s head office is situated in Quebec City, Quebec. When it comes to home insurance, Industrial Alliance provides a spectrum of products tailored to the varied requirements of Canadian homeowners. Their suite of home insurance products comprises standard homeowners’ insurance which covers the home, its contents, and liability. In addition, they offer insurance solutions for condominium owners, tenants, and those seeking coverage for secondary or seasonal residences. Clients have the flexibility to customize their policies with additional riders and endorsem*nts based on individual needs, such as increased protection for high-value items or extended water damage coverage. A significant aspect of Industrial Alliance is its expansive range of digital products that allow individuals to monitor and file group insurance claims with an easy to use mobile app.

Aviva Canada

Aviva Canada is a key part of Aviva, one of the world’s largest insurance groups whose origins can be traced back to the Hand in Hand Fire & Life Insurance Society established in London in 1696. Aviva made its direct entry into the Canadian market in 2004 with the acquisition and subsequent rebranding of the Pilot Insurance Company. With its head office in Markham, Ontario, Aviva Canada now serves over three million customers as a leading property and casualty insurance group. The company offers a comprehensive range of home insurance products, including standard homeowners’ coverage, condominium-specific policies, and tenant insurance. These policies cover the dwelling, personal contents, and provide liability protection. Customers can also augment their base coverages with specialized endorsem*nts, such as water damage protection or increased limits for specific items. Aviva Canada is also known for its focus on digital innovation, such as with the Aviva Journey mobile app that allows users to track their driving behaviour in real-time and gives safe drivers significant premium discounts. However, Aviva does not have an app that allows customers to submit and monitor home insurance claims.

Belair Direct

Founded in Montreal, Belair Direct offers tailored insurance solutions for Canadians. As a subsidiary of Intact Financial Corporation, it provides comprehensive home insurance, covering both structures and their contents. Recognizing the diverse housing preferences of Canadians, they have developed specialized insurance options for condominium owners, ensuring they’re adequately protected against the unique challenges of condo living. Furthermore, renters aren’t left out; Belair Direct extends coverage to those leasing homes, protecting their personal belongings and offering liability safeguards in rented properties. With an understanding that every homeowner’s situation might be unique, Belair Direct has provisions for enhancing base policies with additional covers, catering to the nuanced risks some may face. Their commitment to flexibility and broad-based protection makes them a go-to choice for many seeking peace of mind for their homes. Furthermore, Belair Direct also features a mobile app with which customers can submit and monitor all their insurance claims.

Sonnet Insurance

Launched in 2016, Sonnet Insurance represents one of Canada’s newer entrants in the insurance sector but has quickly become known for its digital-first approach. Operated by Economical Insurance, one of Canada’s oldest property and casualty insurers, Sonnet’s headquarters are based in Waterloo, Ontario. As a digital-native insurance provider, Sonnet offers a simplified online buying experience, allowing customers to obtain quotes and manage policies exclusively through its platform. In terms of home insurance, Sonnet provides a range of products suitable for various homeowner needs. This includes standard homeowners’ insurance, policies designed for condo owners, and tenant insurance to protect renters’ possessions and potential liabilities. Within their offerings, clients have the flexibility to adjust coverages, such as enhanced protection for valuable items, water damage, and more. One of Sonnet’s distinguished features is its straightforward, transparent online platform, which aims to demystify the insurance purchasing process for Canadians, providing clear insights into policy details and costs.

Intact Financial

Founded in 1809, Intact Financial Corporation has established itself as Canada’s largest provider of property and casualty insurance. With its head office located in Toronto, Ontario, the company has a long-standing history in the Canadian insurance market. When it comes to home insurance, Intact offers a range of products designed to cater to diverse needs. These include comprehensive homeowners’ coverage, condo insurance, tenant insurance, and coverage for cottages or vacation properties. Additionally, policyholders have the option to enhance their standard coverage with endorsem*nts like water damage protection, identity theft coverage, and more. Intact’s digital platform, which includes a mobile app, allows customers to easily manage their policies and file claims online.

Wawanesa Insurance

Founded in 1896 in the village of Wawanesa, Manitoba, Wawanesa Insurance has grown over the years to become one of Canada’s largest mutual insurance companies. With its Canadian headquarters situated in Winnipeg, Manitoba, the company has remained true to its roots, continuing operations as a mutual insurer, meaning it’s owned by its policyholders rather than external shareholders. In the realm of home insurance, Wawanesa offers a broad spectrum of products tailored to meet the diverse needs of Canadian homeowners. This includes standard homeowners’ insurance, coverage designed for condominium owners, and tenant insurance for those renting their residences. Each of these policies typically includes protection for the dwelling, personal belongings, and personal liability. Customers are also provided with the option to enhance their base coverage with additional riders or endorsem*nts, which can cover specific risks like overland water or sewer backup. An integral aspect of Wawanesa’s service is its strong focus on broker distribution, emphasizing personalized service and advice through its vast network of insurance brokers across the country. While Wawanesa’s life insurance branch does have a mobile app with which you can submit health, dental, drug, and paramedical claims, Wawanesa Insurance does not have a mobile app to submit and monitor claims for home insurance.