Home insurance

More than just home insurance

Our coverage extends beyond the home. Unauthorized debit or credit card use, identity fraud recovery expenses, and coverage of your personal property while you are moving are just a few of the standard coverage items that you might not expect out of your home insurance plan. Plus, if you need more, you can purchase optional insurance to cover additional items.

Condominium insurance

Our condominium coverage takes into account your responsibility for damage to common areas and improvements you make to your unit, as well as including many of the advantages of a standard home insurance policy.

Tenant insurance

We have tenant insurance plans that can be customized for almost any situation.

Seasonal homes

Whether your seasonal home is a cottage on a lake or a mobile home in a campground, Co-operators has a seasonal policy that can cover you.

Online tools

Get an online quote right now for your home insurance, or find a financial representative near you to get started on creating the right policy for you. If you already have insurance with us, you can view policy details and submit claims using our online services or the Co-operators app.

Credit score and home insurance

Co-operators uses credit score, where permitted by provincial regulations, as a rating factor to determine home insurance premiums. The value of using credit score has been demonstrated as a useful and accurate predictor for future home insurance claims. In fact, most major property insurers in Canada have been using credit score for years. Credit score is used with other more traditional rating factors such as claims history, age of home and geographical location to determine the level of risk and appropriate premium.

Credit score reflects a client’s level of responsibility and behaviour when it comes to managing their finances. Analysis shows a direct link between a person’s credit score and the frequency and severity of claims. By using this factor, we are able to more accurately rate individual clients by customizing rates and charging an appropriate premium for the risk. Clients with good credit scores will benefit by receiving the most competitive premium. The good news is that most Canadians have a “fair” to “good” credit score.

How does credit score impact a client’s premium?

The factors used to determine the premium a client pays for their home insurance are specific to individual coverage needs. The premium amount is directly related to a number of rating factors, including:

• the age, size and features of your home
• the materials used to build your home
• the estimated cost of reconstruction
• where your home is located
• your property claims history

Other rating factors could include:

• whether your neighbourhood is prone to sewer backup
• the crime rate in your neighbourhood
• the value of your personal belongings
• how close you live to a fire station and fire hydrant
• how your home is heated
• your credit score
• the type of coverage and deductible you choose
• any applicable discounts

Will a Co-operators credit inquiry affect my credit score?

No. The presence of a “soft” credit inquiry will not impact your credit score. A common misconception is that every inquiry decreases your credit score by a certain number of points. This is not true. While all inquiries are recorded on your personal credit report, a credit score inquiry for insurance purposes will not impact your credit score.

Does the use of a credit score constitute a discriminatory practice?

No. We value integrity, accountability and transparency. We have conducted our own analysis and found no discriminatory links. Credit score is only a reflection of the person’s level of responsibility to meet their financial obligations. We are confident that using credit score is both a scientifically valid and ethical practice.

How can I obtain my credit report and credit score?

You can check your credit report and score by requesting it by mail or online. We use TransUnion as a supplier of credit scores. You can reach them at 1-866-525-0262 or visit their website.