Home Insurance

During the time we were looking for a house, I canvassed for the cheapest home insurance that we can get. That time TD insurance was the cheapest. It was several hundred dollars less than what my preferred insurer RBC. I prefer to get it from RBC because it is where I have all my financial accounts. I was happy with the premium I paid for the first year with TD insurance.

I found out that the happiness was shortlived. Like everything else, the premium increases every year. On this third year of my renewal, I again canvassed rates from other companies I did not call before. I got a quote that was $150 lower than what I was going to pay TD so I changed my insurance provider to CAA.

There is a caveat:My Home and auto will not be insured by TD insurance, which results in loosing my multi-product discount. In effect my auto insurance will go up in which based on my calculation would total more than what I would save by transferring my home insurance. However, come December when my auto insurance expires, I can move it to CAA as well. Hopefully, when that happens, I will get a multi-product discount and realize the savings I was anticipating from this change.

Personal Home Insurance

There is a new requirement being implemented by Landlords here in Toronto, They are requiring you to get a personal home insurance before they endorse the keys. The insurance will cover the contents of your apartment against theft, fire, water damages and other calamities. I guess they are just worried they might be sued if tenants lose their valuables in fires. It is an additional expense to shell out however, it can make you feel that your valuables are covered when unexpected things happen.


I immediately searched the internet for companies that charge cheap. I canvassed from 4 and got the best quote from TD Insurance which is CAD 180.00. They all have the same coverage when I phoned them but their quote varied. Some quoted over $300.

Now I have submitted a proof of insurance to the building superintendent and I will be able to get the keys this coming Friday.