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What Type of Home Insurance Do You Need?

Homeowner's Insurance

I own a home.

Tenant Insurance

I rent an apartment, condo unit, or home.

Condo Insurance

I own a condo unit.

Seasonal or Other Property Insurance

I need to insure a seasonal home, revenue property or second home.

How to Save on Home Insurance

Increase your deductible(s)

If you increase the amount you pay on claims, your premiums will go down.

Water monitoring

Help prevent water damage with a centrally monitored water alarm.

Security alarm and monitoring system

Install a centrally monitored alarm system to take precautions against fire or theft.

Group discount

Reduced rates for members of organizations sponsoring a group home and auto plan through us.

Update your policy coverage and limits

Review your policy regularly to ensure you have the right coverages and amounts.

Newer builds

Insurers usually consider newer homes less likely to have issues.


Enjoy Extra Savings When You Combine Home and Auto Insurance

Save up to 15% on your home insurance when you insure your home and car through RBC Insurance.

Advice & Learning About Home Insurance


Nine Ways to Save on Home Insurance

Your home is likely the largest purchase you'll ever make. So it's important to protect your investment with the right home insurance product and the right amount of coverage. But that doesn't mean you have to spend a lot.


Should I Spend Money On Tenant Insurance?

If you're a renter, you may be wondering whether you should add tenant insurance to your monthly expenses. After all, you might think, your stuff isn't that valuable – is it really worth it to insure it?


Five Surprising Ways Home Insurance Covers You Outside Your Home

Home insurance is one of those important items you look to purchase when you buy a home so that you are covered for things like a fire or water damage. Home insurance can actually help protect you for a lot more. Here are just five of those surprising and helpful ways.

Read More in Advice & Learning

Frequently Asked Questions

Insurance companies consider many different factors when calculating your home insurance premiums. Things like where you live, the type and age of your building, type of wiring and heating systems, your claims history, and the types and amounts of insurance coverage your home needs are some of the considerations used to determine the cost of your home insurance 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 covers unexpected property damage and insures your personal belongings, like jewelry, electronics and furniture, up to the limits set by your policy. Besides the home itself, your insurance may cover other permanent structures on your property, like fences, sheds, and garages. Reasonable living expenses are also covered if you can’t live in your home as a result of a covered claim.

Homeowner’s insurance also includes liability coverage, which helps protect you if someone is injured on your property, if you accidentally damage someone else’s property, or if you unintentionally injure someone—no matter where in the world the incident occurred.

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.

Your policy should take into account your needs and the specifics of your home and its contents. To determine the coverage that’s right for you, it’s important to assess the risks your home could face and the financial or personal impacts those risks could have. For example, some locations may face a risk of flooding, so if you have a finished basement or store items in your basement, you may want increased water damage protection.

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

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.

Almost all plans will cover sudden and accidental water damage. You may also be able to add protection for sewer back-up and flooding by natural sources like lakes and rivers. Water damage poses a significant risk to homes. You may be able to save on your premiums if you install a centrally monitored water alarm.

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

Home insurance isn’t mandatory the same way auto insurance is. However, lenders require home insurance before they’ll agree to give you a mortgage, so you’ll need to maintain a policy at least until your home is fully paid for. At that point, opting out of home insurance risks both your home and all the money you put into it, so it’s strongly recommended to keep your home insured. As well, many landlords require their tenants to have tenant insurance.

You could save up to 15% on your home insurance when you insure your home and car through us. It may also be possible to lower your home insurance premiums by installing a centrally monitored water alarm system or a centrally monitored security alarm system. 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.

Whatever your needs, we can help

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Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.
The information on this website is intended as a summary only. All terms and conditions are contained in the applicable insurance policy. We also encourage you to speak to an RBC licensed insurance advisor to get professional advice.
The centrally monitored water alarm discount through RBC Insurance is not available in New Brunswick, Nova Scotia or Prince Edward Island. It is also not applicable to tenant insurance or property insurance for rental locations.
The RBC Insurance home security system discount is not available in Ontario, Alberta or British Columbia and is not applicable to condo and tenant insurance policies. There are specific eligibility requirements to qualify for the home security discount.
All savings opportunities are based on filed discounts and rates in force and vary based on each individual’s insurance profile and are not guaranteed. When you combine your home and auto insurance through RBC Insurance, home insurance savings may range from 10% to 17%, and there may be additional savings on your auto insurance. Savings vary by the province or territory you live in. Certain conditions, limitations and exclusions may apply. The bundle and save discount also excludes endorsements (any additional, usually optional, enhancements that you add to your policy). For detailed information about how savings could apply to you, speak with a licensed RBC Insurance advisor.
Liability coverage is subject to the terms, conditions, limitations and exclusions in the policy.