We have big news at LowestRates.ca: we're introducing a brand new home insurance comparison quoter for consumers that makes it easier than ever to check insurance providers and discover the cheapest price.
Our new quoter pulls all of the key important information to get a quote – we've partnered with Canada Post and insurance valuation service, iClarify, to make filling out the shape fast and simple.
“We're thrilled to launch this brand new, innovative quoter, that will allow Canadians to quickly and easily compare property insurance quotes online so everyone is able to cut costs and obtain the best policy for their own needs,” says LowestRates.ca's co-Founder and CEO, Justin Thouin.
Our new quoter is nice news for Canadians, just because a recent survey we did discovered that many homeowners don't know information about their homes – making their quotes potenitally inaccurate. Beginning in July, we asked nearly 1,000 Canadians* questions regarding the homes they reside in, such as the square footage of the property and just how close they're to a fire station.
We discovered that a lot of Canadians we surveyed didn't know the answers.
Knowing these key details about your home is important when obtaining a property insurance quote. Providing incorrect information for your insurer could be cause for voiding an insurance policy – that is something you really do not wish to happen when you're staring down a $43,000 basement repair bill after your basement floods.
A closer look at what Canadians don't know about their homes
We asked 10 questions about property insurance, and found many Canadians lack knowledge about their homes. For example, 59.24% of Canadians don't know the rc of their home. It is really an important piece of information: it's the price it might cost to exchange your home whether it was completely destroyed (something many residents experienced throughout the Fort McMurray wildfires in 2021). Rc is often wrongly identified as the price you paid whenever you bought your home: but that price includes the need for the land your home sits on.
The number of Canadians getting these key details wrong is surprising, says Thouin. “Having the right information is crucial to getting an accurate property insurance quote, but more importantly, incorrect information can invalidate your house insurance.”
We also discovered that nearly one out of three Canadians doesn't understand what year their property was built, while 43% of Canadians can't tell you the sq footage of the home when including the basement.
In a period of flooded basements, worsening wildfires and increasingly powerful storms, getting property insurance is much more important than ever before. But as our survey shows, for many Canadians, it's really a messy experience.
And again, the stats above are worrying, because the reprecussions for providing incorrect information throughout a quote ranges from getting quoted a significantly higher final price, to using your insurance voided.
Our new quoter is currently obtainable in British Columbia, Alberta, Ontario, Quebec, Quebec, the Yukon and also the Northwest Territories. We expect it to go reside in the remainder of Canada after the year.
So give it a spin (you'll find a hyperlink within the first sentence of this blog post). Hopefully it not only helps save money on home insurance, however it might also teach you a thing or two about your home that you might not have access to known.