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First, we need to know about you and your home. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 50+ Canadian providers. It’s free, with no commitment.
When you find the best quote, secure your home insurance rate by talking to a licensed broker or agent.
Our home insurance calculator will help you make an informed decision about your home insurance needs.
It also only takes about three minutes to fill out.
To get your estimates right now, enter your postal code above.
Need more info? Here are the steps involved with getting estimates on LowestRates.ca.
Enter your postal code, then you’ll be prompted to enter your address.
Our quoter gathers information about your home – like its age, square footage, and proximity to fire hydrants, for example – saving you a step.
Next, we'll ask about:
The third step is when we figure out what discounts you may be able to receive. These are the questions we’ll ask to determine that:
Once the questionnaire is filled out, you will receive:
That's it, and in minutes you'll be connected with the provider of your lowest quote so you can get a new home insurance policy the same day. It's free and simple to use.
Home insurance calculators can help you better understand the various factors that affect your insurance premium, ultimately empowering you to make informed decisions and potentially save money. Calculating your own insurance rate requires access to complex underwriting models used by insurance companies, which aren't available to consumers. Calculators can assist you since they have access to these advanced models. Below, we outline some of the key variables that insurance calculators consider to estimate your home insurance premium.
Coverage needs: This can vary depending on the amount of coverage you want. You can purchase additional coverage for damage caused by earthquakes, sewer backups, or roof ice damming.
Rebuilding expenses: As average home prices rise across Canada, your policy may not cover the whole cost of rebuilding your home. To address this concern, some homeowners add a guaranteed replacement cost to their provision, which may in turn bump up their insurance premiums.
The value of your contents: There’s often a limit on how much coverage is available for contents. If the limit is lower than the value of your contents, you will likely want to purchase additional coverage.
Determining home insurance premiums in Canada involves many factors. Here are some of the criteria insurance companies consider when calculating your premium.
The square footage of your home: Larger homes generally cost more to repair. These homes usually also have more furnishings and belongings to replace.
Contents and quality of construction: A home with state-of-the-art construction will likely have fewer problems and be cheaper to insure. Homes with knob and tube wiring (common in dwellings built up until the 1960’s) and construction that may no longer be up to code may run into more problems and be more expensive to insure.
Your insurance claims history: Home insurance providers will look at past claims histories to determine your future behaviour. The more claims you have, the higher the risk you are. Unfortunately, this goes for the claims history of your neighbourhood as well. Homeowners tend to make more claims in the summer, so it’s good to prepare in advance so that you don’t have to be one of them.
The age and condition of your home: A home is more susceptible to damage as it ages. Old pipes leak and roofs deteriorate. Renovating and repairing your home to avoid age-related issues can lead to lower premiums. A new roof, especially, will decrease your premium since it will last longer and keep the elements out.
Your location: If your neighbourhood has a higher number of claims relative to other neighbourhoods in the insurance pool, your insurer might charge you more coverage. At the same time, living near a fire station could lead to lower premiums since there’s a reduced chance of substantial property damage. However, it could result in higher premiums if your home is in a rural or remote area. In urban areas, this isn’t much of an issue.
Your home’s heating system: A home with oil heating usually has a higher risk profile than those with a gas furnace or electric heating because of the possibility of a leaky oil tank. Additionally, a wood stove can increase the risk of a house fire or carbon monoxide poisoning. As a result, if your home has either of these, you may need to pay higher premiums.
Having a pool: Permits to install backyard pools soared in Canada when COVID-19 restrictions were still in force. However, pools will increase your premium since they’re considered a liability by insurance companies; accidental injuries to a guest on your property are covered by home insurance and the likelihood of injury claims increases when you have a pool.
Additional fees: You may face extra fees if you don’t pay your premiums on time. For example, if you make automatic payments using a credit card and you cancel the card without providing the insurance company with a new method of payment, the insurance company can charge you a late fee. Avoiding additional fees can be an effective way to save on your home insurance premiums.
Bundle your policies: Most insurance providers will offer a discount for your loyalty when you bundle home and auto insurance under one company. It saves them money, and that is passed down to you.
Increase deductibles: By agreeing to pay more upfront for repair and replacement costs, you are taking some of the risk factor away from your provider. The lower the risk, the more you can save on your home insurance premium.
Pay a lump sum: Paying your home insurance premiums once a year saves your provider administrative costs and headaches that occur when you pay once a month. Some of that savings is passed on to you.
Leverage your memberships: Some organizations such as alumni groups or unions offer their members discounts on home insurance.
Rethink making a claim: Home insurance providers look at past claim histories to predict your future claims. The more you have, the higher risk you are. Staying claims-free will help keep rates down.
Invest in a security system: Protecting your home with a good security and smoke detection system can reduce the risk of damage and costs to your home.
See how our customers save big on home insurance.
| Type of home | Location | Previous claims | Lowest rate | Average rate | Saved |
|---|---|---|---|---|---|
Quote from January 06, 2025 Type of home Detached 990 sq ft | Location Hamilton | Previous claims None | Lowest Rate $128/mth $1,533/yr | Average rate $173/mth $2,076/yr | Saved $45/mth $540/yr (26.00%) |
Quote from January 06, 2025 Type of home Townhouse 1,460 sq ft | Location Kitchener | Previous claims None | Lowest Rate $69/mth $823/yr | Average rate $83/mth $998/yr | Saved $15/mth $180/yr (18.00%) |
Quote from January 06, 2025 Type of home Detached 2,705 sq ft | Location Unionville | Previous claims None | Lowest Rate $152/mth $1,820/yr | Average rate $233/mth $2,800/yr | Saved $82/mth $984/yr (35.00%) |
To calculate insurance estimates, we need some basic information about the policyholder and the residence. Here’s why they matter for your quote.
Living at the same address for a long period of time can sometimes indicate that the resident is well acquainted with the property, knows how to maintain it, and has likely made some structural improvements to it.
Overall, the length of time you've lived in an address provides hints to insurers about your claims risk.
Not having an active policy suggests that you may have lapsed on your home insurance coverage.
Lapsing on insurance can indicate inattention to maintaining protective measures and also financial instability.
Home insurance coverage gaps can occur due to financial hardship, property renovations, temporary unoccupancy, policy transitions, changes in home ownership, or during moving and storage periods.
Insurers will penalize gaps caused by unoccupancy or non-payment of premiums with higher rates, while being more lenient with transitions, ownership changes, and moving periods.
Insurers care about these gaps because they can signal financial instability, increased risk of claims, or lapses in property maintenance, all of which impact the insurer's risk assessment and pricing decisions.
Insurers pay attention to how long you've been insured with your current company because a longer insurance history often signals customer loyalty and stability, suggesting you're a lower risk to insure.
A consistent record without frequent changes in providers can also imply reliability and a lower likelihood of filing risky claims, which encourages insurers to offer better rates and discounts.
Ultimately, a solid insurance history helps insurers assess your risk profile more favorably, potentially leading to more competitive pricing and benefits for you.
A history of claims indicates that you might make more claims in the future – which will cost the insurance company.
The type of claims also matters. It provides some insights into the type of risks that affect your property.
For example, they might suggest that your property has ongoing issues that could lead to future claims.
Repeated water damage claims due to plumbing leaks can suggest ongoing issues with the property, indicating persistent maintenance problems and an increased risk of future claims.
A one-off home insurance claim that an insurer might forgive could be accidental damage from a small kitchen fire. Such claims are often forgiven because they represent rare, isolated incidents without ongoing risk or negligence.
Keeping a consistent payment history helps you qualify for better insurance rates and ensures you remain in a favorable risk category.
Staying current with your payments can make it easier to access and maintain the coverage you need.
Having even one cancellation of home insurance due to non-payment will affect your rate and put you into a higher risk category, which will make it tough to get coverage.
The number of mortgages considered too many for a home insurer isn't explicitly defined, but having multiple mortgages can increase perceived financial risk.
Multiple mortgages suggests financial instability, which is risky for the insurer; it means the homeowner may not be able to pay their premiums or keep the house in a good state of repair.
It's important to maintain financial stability to ensure favorable insurance terms. If you have specific concerns, it's best to consult directly with your insurer for guidance tailored to your situation.
Looking for more info about your home insurance quotes? Check out our Home Insurance Buying Guide or the Help Centre.
You can start your buying journey on comparison sites like LowestRates.ca. A few minutes of your time and some information about your home insurance needs, and we’ll help you find the cheapest quotes from Canada’s top home insurance providers.
We’ll also connect you to a licensed insurance professional who can talk you through your best options.
Similarly, you can engage a home insurance broker who represents multiple insurance agencies or directly to an insurance provider to see what offers and discounts they may offer. The choice is yours.
Yes, you can get estimates for condo insurance and tenant insurance on LowestRates.ca.
Joel Kranc
About the Author
Joel Kranc is an award-winning writer, author and journalist. Most of his experience lies within the institutional investment and financial services space. He also covers a variety of business topics for publications in North America and the UK.
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Home InsuranceThis article has been updated from a previous version. From trees and lights to candles and ornament...
*Shoppers in Canada who obtained a home insurance quote on LowestRates.ca from January to December 2023 saved an average of 32% The average savings percentage represents the difference between the shoppers’ average lowest quoted premium and the average of the second and third lowest quoted premiums generated by LowestRates.ca. Excludes condo and tenant insurance.