Where’s The Best Place to Compare Home Insurance Rates Online?

There are several hundred active home insurance companies throughout Canada, both in the private sector and public, all of which offer different policies containing different protection plans, coverage options, discount opportunities, and more. How does one choose? One of our biggest decision-making factors tends to be price; no one wants to pay more than they have to, especially with insurance. But how do we compare home insurance rates when there are so many companies to choose from? Where’s the best place to compare home insurance rates online?

Enter Excalibur Insurance’s Rate Reducer. Here at Excalibur, we do all the work for you and simplify the home insurance quote process so you can protect your family faster. Here’s why it’s so important to have an easy way to compare home insurance rates online.

A little about home insurance.

Home insurance is designed to protect our personal properties from risks like fire, vandalism and theft, hailstorms, and more. It can be a great investment to protect what is probably your biggest asset.

Of course, home insurance is not a requirement by law in Ontario, or anywhere else in Canada. That being said, the purchase of a new home tends to be accompanied by a mortgage from a specific lending company, and lenders will often require some form of protection for their investment. As such, home insurance may be a requirement in this case, but it’s otherwise only a recommendation.

Required or not, home insurance is something you shouldn’t consider going without.

The rates comparison process.

Shopping for insurance involves the comparison of various coverage options, discount options, and of course, rates. No one insurance company is created equal. The bottom line is that you’ll want to choose a policy/company that best fits your coverage needs for the right price. Don’t be tempted to just go with what’s the most affordable – you could end up paying more later down the road if something happens to your home and you don’t have enough protection!

Excalibur’s Rate Reducer helps you get the lowest rates with home insurance quotes from well over 40 of Canada’s top insurers. But insurance is more than just pumping out quotes. Excalibur helps you find the right policy for the most affordable price, and always does the right thing when advising you on your final decision.

What information do we need from you when undergoing the rates comparison process? We may ask for the following when you fill out a quote form:

• Your name, first and last
• Your contact information – including your phone number and email
• Your street address, city, and postal code
• Details about your home
• Type of property insurance policy

Excalibur will guide you through each step of the process so that the policy package you wind up with is the best one for both your budget and your family’s peace-of-mind.

What goes into my rates?

Comparing home insurance rates makes more sense when you understand what factors into those rates. Excalibur is known for going beyond the quote-getting process in its efforts to do the right thing, including providing you with the advice you need to understand how rates work. You don’t need to go into your home insurance blind. Traditionally, your home insurance rates are calculated by two things: factors you can control and factors well out of your control. Let’s start with the factors that you can control. Those may include –

• Your coverage options
• Your deductible
• Policy add-ons
• Insurance history
• Special use (i.e., renting out to tenants)

What it boils down to is risk. More coverage options means more risk being insured by the company, and as such, your policy is likely to cost more. With your deductible, the lower the number, the more risk you are asking the insurance company to assume and therefore, potentially causing your rates to increase.

Things like add-ons and special use will also raise your rates. The more you incorporate, the more protection you will have and the more it will cost.

An insurance history of numerous severe claims will hike your rates, as you will be perceived as more likely to make future claims.

What about factors out of your control? There are a few, including:

• Rising labour costs
• Material costs (supply and demand)
• Global losses due to weather events
• Crime rates

Things like labour costs rising and material costs rising due to inflation are out of your control, but they’ll change how much your home is worth to replace. You’ll need to purchase added insurance, which will inevitably cost you more to insure.

Global losses as a result of weather events will cause insurance companies to pay out more for claims, ultimately meaning they’ll have to raise their rates to be able to afford to pay out claims. Crime rates may fall into the same category; if your area has started to see crime rates spike, your rates may rise as well to reflect the added risk.

No home insurance company in Ontario is created equal, but Excalibur Insurance can help you find the one that fits your family and your needs best for the most affordable price with Rate Reducer. If you’re still wondering where’s the best place to compare home insurance rates online, look no further than Excalibur’s Rate Reducer. Click below to get started.