Home insurance

Home insurance is a policy that helps protect your home, belongings, and liability if something unexpected happens. RBC Insurance home coverage can help pay for damage to your house, theft or damage to personal property, liability if someone is injured on your property, and temporary living costs if you cannot stay in your home after a covered event.

Home insurance costs vary depending on your location, home type, coverage limits, deductible, and claims history. Other factors such as your postal code, construction type, and heating systems can also be considered when calculating your premium.

The easiest way to get a better idea of your home insurance costs is to use our online quote tool or talk to an RBC Insurance Advisor about the coverage that’s right for you.

Home insurance usually covers damage to your home, personal belongings, liability protection, and temporary living expenses after a covered loss. RBC Insurance home policies may help cover events such as fire, wind, hail, and theft. If your home becomes uninhabitable after a covered event, your policy may also help pay for hotel stays and other temporary living expenses.

Home insurance is not legally required in Canada, but most mortgage lenders require it before approving a mortgage. Even if you own your home without a mortgage, RBC Insurance recommends coverage because it helps protect your home, belongings, and finances from major covered loss.

Home insurance works by helping pay for covered damage or losses after you pay your deductible. You pay a premium for coverage, and if a covered event damages your home or belongings, you file a claim.

Generally, you should consider enough home insurance to rebuild your home, replace your belongings, and provide liability protection. Coverage is based on replacement cost, not market value. RBC Insurance also recommends reviewing your coverage regularly, especially after renovations or major purchases.

Please speak to an RBC Insurance Advisor to get the right coverage for your situation.

Home insurance typically covers sudden and accidental water damage, such as a burst pipe or appliance failure. Often, protection for losses such as sewer backup or overland water may require optional coverage. Damage from gradual leaks, seepage, or coastal flooding are not covered. Coverage details should be reviewed carefully.

Please speak to an RBC Insurance Advisor to get the right coverage for your situation.

You could save up to 15% on your home insurance when you insure your home and car through us⁵. It may also be possible to lower your home insurance premiums by installing a centrally monitored water alarm system³ or a centrally monitored security alarm system⁴. Or you can choose a higher deductible, which is the amount you pay out of pocket in the event of a covered claim.

Yes, you can cancel your insurance at any time — cancellation fees may apply.

Your home’s location provides a lot of information on what potential risks it may face. The lower the risks, the lower your insurance premiums. The location tells the insurer whether your home is at risk for things like flooding or fire damage, the odds of break-ins or vandalism in your area, and other things that might result in an insurance claim. Factors like nearby buildings and services can also be considered, like the distance between your home and the nearest fire station.

Newer homes are generally charged lower premiums. As a building ages, parts of it may wear down, leading to higher risks of things like broken pipes or electrical issues

Yes. Generally, homes with electric and natural gas cost less to insure than homes with oil or wood furnaces. Oil has a risk of leaking, which is difficult and expensive to prevent or fix, while wood furnaces may raise the risk of house fires.

Because your condo corporation will have its own policy that covers common areas, your condo insurance will focus on the contents and improvements made to the standard unit. You can insure your unit and possessions against water, theft or fire, to help protect yourself from liability claims, and to receive reasonable living expenses, up to the limits in your policy, if you’re unable to live in your unit because of repairs to the building.

Tenant insurance (sometimes called renter’s insurance) is similar to home insurance, but with some notable differences. Tailored for people who rent or lease their home or apartment from a landlord, tenant insurance premiums are typically much lower than home insurance. Policies cover the contents of your home in case of theft or damage, help provide you with liability protection, and pay for reasonable living expenses, up to the limits in your policy, if you can’t live in your unit as a result of a covered claim.

To file a home insurance claim, contact RBC Insurance as soon as possible and provide details about the incident and the damage. You may need to submit photos, receipts, or other supporting documents. A claims advisor or adjuster will review the loss and confirm what repairs or damages are covered under your policy.

Home insurance premiums for a primary residence are generally not tax deductible in Canada. However, if you rent out your property or use part of your home for business purposes, you may be able to deduct a portion of the insurance cost related to that income producing use. For tax advice specific to your situation, speak with a qualified tax professional.