Home Insurance Saskatchewan: Rates, Quotes, Consumer Tips

What are average Home Insurance cost In Saskatchewan?

This chart identifies typical renter’s and homeowner’s insurance premiums across several provinces in Canada. You will note that renter’s insurance premiums are lower. Why? This is due to renter’s, also known as tenant’s, insurance only covering contents and liability. Homeowner’s insurance covers the building, the property, the liability and some extras (via riders) such as protection for gardens and trees.

Homeowners in Saskatchewan spend less than many other Canadians for home insurance because there is much less of an earthquake risk (unlike British Columbia and Quebec), and there is not much of a history of extensive flooding.

Cheap Home Insurance in Saskatchewan: 10 Tips

1. Heating matters: Oil heated homes cost more to insure than the more modern options of forced-air gas or electric furnaces.
2. Renovate the pipes: Do you have galvanized or lead pipes? Upgrade to copper or plastic.
3. Annual vs. monthly payments: It costs insurers less to administer (paperwork, filing, etc.) annual homeowner’s insurance payments, so you save money if you pay annually instead of monthly.
4. Upgrade: Older homes mean older components. Upgrade to better roofing, plumbing, etc., to save money on your insurance.
5. Wiring: Aluminum wiring is very expensive to insure, and that is if you can even find an insurer willing to give you coverage. If you do find an insurer, the home will be subject to a very detailed electrical inspection.
6. Water damages is an indicator of something wrong: See water damage in a home you want to buy or rent? Be careful. This can indicate major problems behind the drywall. Ask an inspector to check things out.
7. Smoking is risky: Since smoking increases fire risk, insurers increase your premium.
8. Swimming pools: Pools make insurers uncomfortable because of the liability risk. Pools also increase your home’s value. These two facts drive up your home insurance premiums in Saskatchewan.
9. Bundle: If your insurer also sells auto insurance, bundle up to get a discount.
10. Business Insurance: Do you work from home but your inventory is just a computer and some basic office equipment? Compare the difference between home and business insurance. If there are not many high-value business assets to insure, home insurance may be the cheaper option.

5 elements that will increase your Home Insurance costs

1. Oil-based heating: Oil heaters are a fire and environmental hazard. Forced-air gas and electric heaters are, therefore, cheaper to insure.
2. Fireplaces and woodstoves: While aesthetically pleasing, fireplaces and wood stoves can cause fire and smoke damage. This risk can increase your insurance premium.
3. Business property: Your liability increases if you run a business from your home or on your property. Your contents are also a higher risk from clients visiting on site and/or having inventory stored on the premises.
4. Roofing: Wood and shingle roof shingles are cheaper to buy, but insurers prefer your home to have longer-lasting options like metal.
5. Expensive items: Your contents coverage has a maximum, so if you own a wine collection, expensive art, fine jewellery, rare musical instruments, etc., you may need a separate rider.

Saskatchewan Home Insurance quotes, examples

Saskatchewan home insurance quote #1: Homeowners House Insurance for a 1-store detached house without garage, basement 50 sq feet, located in Prince Albert:

Price: $82 per month ($995/year)

Saskatchewan home insurance quote #2: Homeowners house insurance for a 2-store semi-detached house, located in Saskatoon:

Price: $68 per month ($817/year)

Saskatchewan home insurance quote #3: Tenant house insurance for 1-storey detached house with basement (75 sq feet), located in North Battleford, brick:

Price: $24 per month ($288/year)

Saskatchewan home insurance quote #4: Homeowners house insurance for a 2-store detached house, with basement and attic, located in Melfort:

Price: $117 per month ($1,410/year)

5 Home Insurance Myths to Know

Myth #1: The government mandates homeowners insurance

This is commonly misunderstood. Auto insurance is mandatory, but homeowner’s insurance is not. That being said, if you have a mortgage, the lender can ask you to insure your home and list them as a beneficiary, and a landlord can insist that you get tenant’s insurance. In these cases you can be denied a mortgage or a rental if you don’t comply.

Myth #2: Claims increase my insurance

Not all insurers increase the premium with each claim. Some allow the first claim to pass without penalty. Some just revoke the “claim free” discount.

Myth #3: Older home, cheaper insurance

The opposite is usually true. Older homes have older components such as old shingles, oil heaters, and aluminum wiring. Unless the home has been upgraded and well maintained, and older home can cost you more, not less, to insure.

Myth #4: All home insurance policies are the same

Policies differ widely among insurers. Some offer protection for things like hail and flooding, while others only offer that coverage via a rider – or not at all. Be sure to fully understand the policy you wish to purchase, and compare options to ensure you are getting the best coverage.

Myth #5: If I am away on vacation, my house is covered

Your policy lists how many times your home must be checked while you are away on a business trip or vacation. Alternately, your policy may require you to shut off the water supply and empty the pipes if you are away for an extended period of time in the winter. Failure to comply with the policy’s vacation rules can result in a claim denial.

Home Insurance companies in Saskatchewan

There are many P&C (Property and Casualty) home insurers in Saskatchewan including:

• Saskatchewan Government Insurance
• Intact Insurance
• TD Insurance (owned by TD Bank)
• Aviva
• RSA Insurance
• Economical Insurance (includes Sonnet Insurance)
• Desjardins Insurance

Mid-size insurers include:

• Square One Insurance
• RBC Insurance (as Aviva)
• Travelers
• Gore Mutual Insurance
• CAA
• The Co-Operators
• Wawanesa Insurance
• Several others

You have several options as to where you purchase your home insurance. It is available through insurance companies, agents, brokers, and some banks.