A recent home insurance survey conducted by LowestRates.ca found that the majority of Canadians don’t know key details about their homes, meaning when it comes time to get home insurance, their initial quote might not match the final price. This also means comparing prices to get the best rate is often time consuming and a pain.
The survey found that 59.24% of respondents do not know the replacement cost of their home — essentially, what it would cost to replace the structure they inhabit. Many homeowners mistake this as the price they paid for their home when they bought it or what they could sell their home for now.
The survey also found that 30% of Canadians don’t know what year their property was built, 43% don’t know what the square footage of their property is when including the basement and one in four don’t know how close the nearest fire station is to their home.
Knowing this information is crucial to getting an accurate home insurance quote.
“These results are pretty surprising,” says LowestRates.ca’s Co-Founder and CEO Justin Thouin. “Having the right information is crucial to getting an accurate home insurance quote, but more importantly, incorrect information can invalidate your home insurance.”
Respondents fared better in other areas of the survey: 81.11% of homeowners are aware of the kind of primary and secondary heating their homes use. But in all areas, there was a significant percentage of Canadians who weren’t aware of basic details of their homes.
LowestRates.ca has simplified the home insurance quoting process by introducing a brand new comparison tool that automatically pulls all this information for homeowners. The new quoter is now live in British Columbia, Alberta, Ontario, Quebec, Nova Scotia, the Yukon and the Northwest Territories, and will go live in the rest of Canada in the coming months. Canadians can use the quoter to quickly and easily compare prices from leading brokers and insurance companies to find the best price.
“This will eliminate errors when it’s time to get home insurance,” says Thouin. “We’re thrilled to launch this brand new, innovative quoter, which will allow Canadians to quickly and easily compare home insurance quotes online so everyone can save money and get the right policy for their unique needs.”
The LowestRates.ca survey results show that the majority of homeowners, 75.44%, currently have home insurance, while just over half (50.36%) of homeowners have gotten a quote for home insurance during the past year. The survey asked how much time Canadians think it takes to get a home insurance quote — 40.76% of respondents reported they thought it takes ten minutes, while 20.43% believed it takes twenty minutes. The remaining responses are split down the middle: 19.40% of respondents reported that they thought it takes less than five minutes to get a home insurance quote, while 19.40% indicated that they thought it would take more than thirty minutes.
With the new LowestRates.ca home insurance quoter, however, it’s possible to get more than 15 quotes in just three minutes.
“We want to make sure that homeowners have the coverage they need to protect their homes, and to be aware of the costs associated with unexpected events,” said Thouin.
The LowestRates.ca home insurance survey was conducted from July to August 2019 and sampled 969 respondents across Canada.
LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca’s mission is to help Canadians become more financially literate, with the goal of saving them $1-billion in interest and fees.