RBC is one of Canada’s oldest and largest banks. If you’re an RBC customer and are purchasing a home, it’s logical to consider RBC for your insurance needs as well. As with all Canadian banks, you can’t buy home insurance from your local branch. You’ll need to speak to an insurance agent, over the phone or through an RBC Insurance Store location.
Also be aware that RBC sold their insurance arm to an insurance company, Aviva, in 2016. RBC markets their home insurance, but it’s Aviva who administers the insurance policies and handles claims. Unfortunately, recent reviews since the partnership with Aviva haven’t been great.
RBC home insurance features
Here are the main features of RBC home insurance.
Why You Want It
Free online quotes available + Innovative home repair bundle.
Eligibility
- Canadian citizen
- Age of majority
Provinces
ALL
Features
Liability Insurance
Personal Valuables Coverage
Actual Replacement Cost Of Home And Personal Belongings
Full Sewer Backup
Overland Water Coverage
Hail Coverage
First Claim Forgiveness
Replacement Cost Guarantee
Enhanced Deductible Waiver
Green Coverage
See Issuer for Details
Additional Living Expenses
Home Sharing
Home Security Savings
Multi Home Savings
Newly Built Home Savings
RBC home insurance product rating: 4.2 stars
RBC home insurance has most of the traditional features of a home insurance company, with some extra benefit of being backed by one of the biggest banks in Canada.
Unfortunately, it falls short by not having green coverage, which pays for energy-efficient upgrades after a claim. They also don’t have coverage for the home sharing options, which is popular these days.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of RBC home insurance
These are some reasons why you should consider RBC home insurance.
Pros
RBC home insurance is marketed by Canada’s largest and oldest bank
Royal Bank of Canada is a reliable, trusted company, in business for over 150 years. If you’re already an RBC customer, you likely already have an established relationship with the company and feel more comfortable buying more products.
Their home repair bundle endorsement is an innovative add-on
This endorsement bundles 3 features: Home Repair Assure (covers the cost of certain home repairs), Claim Prevent (pays for detection devices), and HALO Assist (provides phone access to home repair and legal advice). This can help you prevent future claims, which can result in some nice savings for you over the long run.
They have an anonymous claims advice line
You can call for advice on whether or not to submit a claim, without it affecting your premium. This is a nice feature to give you some peace of mind, which should be the main goal of insurance.
Came in 2nd place for customer satisfaction
In JD Power’s 2019 study of customer satisfaction with home insurance companies, RBC Insurance came in 2nd place in the Atlantic/Ontario region. Though this is great, it’s important to note that RBC’s insurance arm was sold to Aviva in 2016, which came dead last in the same region.
You’re rewarded for being claims-free
If you don’t submit any claims in a year, your policy deductible is less the next year. This is pretty common, but still a nice feature to have.
The cons of RBC home insurance
On the other hand, these are some of the negatives.
Cons
Reviews aren’t great
Insureye gives RBC home insurance an average rating of 1.5 out of 5. They seem to fall short on customer service, to say the least. Since 2016, RBC home insurance has been marketed by RBC but administered by Aviva, which rates well below average in the 2019 J.D. Power study.
You can’t buy RBC home insurance from your local bank branch
Federal government regulations prevent insurance from being sold in bank branches. You’ll need to go to an RBC Insurance store, advice centre, or buy through an independent broker. And even if you have your mortgage through RBC, you need to cancel your home insurance separately when you sell your home.
It’s not so simple to get the coverage you need
RBC advertises: “Life is complicated. Insurance shouldn’t be.” But there are many add-ons and limitations with RBC home insurance. As with any insurance policy, you’ll need to study your documents carefully.
RBC home insurance alternatives
Let’s see how RBC Insurance compares to some standalone insurance companies.
 |  |  |  | |
|---|---|---|---|---|
| Account | RBC Home Insurance | Square One's home insurance | Allstate Home Insurance | Sonnet Home Insurance |
| Genius Rating | ||||
| Why You Want It | Free online quotes available + Innovative home repair bundle. | Rates start as low as $12 per month + Coverage is fully customizable and online. | Get a disappearing deductible + Extra discount options. | Become insured in only 5 minutes + Convenient 24/7 customer service. |
| Liability Insurance | | | | |
| Personal Valuables Coverage | | | | |
| Actual Replacement Cost Of Home And Personal Belongings | | | | |
| Full Sewer Backup | | | | |
| Overland Water Coverage | | | | |
Show More | ||||
| Get a quote See more RBC products Compare | Get a quote See more Square One products Compare | Learn More See more Allstate products Compare | Learn More See more Sonnet products Compare |
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FAQ
Can I get an online quote for RBC home insurance?
Like most insurance companies, RBC insurance has the option to obtain an online quote on their website. You have to provide your name, phone number and email address in order to get a quote, and may need to provide additional information over the phone, depending on your situation. Click here to see what RBC offers for home insurance.
Does RBC offer home and auto insurance bundles?
Yes, RBC Insurance allows you to bundle your home and auto insurance, which should reduce the total premium you pay. Note that RBC doesn’t offer auto insurance in British Columbia, Saskatchewan, or Manitoba. Here’s how RBC compares to other home insurance companies.
How can I cancel my RBC home insurance?
RBC home insurance can be cancelled over the phone, by speaking to a customer service representative. As with all home insurance, it’s best to follow up with a request in writing. Also be aware that you may need to pay a penalty if you cancel part way through the policy year. Click here to learn more about RBC home insurance.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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